Netscape -- Giant Killer or Flash in the Pan? Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Netscape -- Giant Killer or Flash in the Pan?

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: grasshopper who wrote (2501)	2/14/1998 5:57:00 PM
From: Barry Dryer	of 4903

OT -Grasshopper, with all due respect, I think you may be the one spreading "wrong information". Are you sure you understand "wash sales"? You wrote: >>If you sell a stock for a GAIN, and then buy it back within 30 days and then sell for a LOSS, you CAN'T DEDEUCT YOUR LOSS!!!!!!<< Please re-read the Schedule D Instructions and Pub. 550, as I see absolutely no basis for your assertion. Again, it is a LOSS that potentially triggers the wash sale rule, not a GAIN. If you sell a stock for a gain, as you said above, and now have no position in that stock...then you buy it back within 30 days and later sell this new block for a loss...that earlier GAIN would not affect your ability to deduct the LOSS on your second purchase. I'm certainly no expert in tax matters, but don't feel I need to seek professional help to interpret the tax code. Application of common sense generally helps. Think about what happens if your loss is disallowed because of a "wash sale"...the amount of the loss is added to the basis of the stock you still hold. If you sold it for a gain before establishing the second position, this wouldn't make any sense. This is my last reply on this off-topic subject. Barry

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next