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Technology Stocks : Wind River going up, up, up!
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To: Anthony Tran who wrote (2323)11/1/1997 9:18:00 AM
From: Logain Ablar  Read Replies (1) of 10309
 
Anthony: Wash Sale Rule

In accordance with Internal Revenue Code  1091(a) and Regulation  1.1091-1(a) -

No loss deduction is allowed for any loss from any sale or other disposition of stock or securities (including contracts or options to acquire or sell stock or securities) if within a period beginning 30 days before and ending 30 days after the sale the taxpayer acquires, or has entered into a contract or option to acquire, substantially identical stock or securities.

Losses on the sale of stock or securities (or contract or option to acquire or sell such) are not deductible if, within a period beginning 30 days before the date of the sale and ending 30 days after the date of the sale, the taxpayer acquires or has entered into a contract or option to acquire stock or securities that are substantially identical.

Example:
June 1: Taxpayer buys 100 shares of Corp A stock for $15 per share.Dec. 2: Taxpayer buys 100 shares of Corp A stock for $10 per share.Dec. 30: Taxpayer sells the 100 shares of Corp A stock bought on June 1 for $10 per share realizing a $500 loss.Result: No loss deduction allowed because substantially identical stock was purchased less than 30 days before the sale. The same result would occur if the second purchase (Dec. 2) had been made on the following Jan. 29.

I hope this helps to clear up any confusion.

Best regards,

Tim
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