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Technology Stocks : Net Perceptions, Inc. (NETP)
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To: JOHN CHEN who wrote (369)5/6/1999 9:33:00 AM
From: James Yu   of 2908
 
Wash Sale ---

Assuming that he has to be taxed as a resident ---
My understanding is: based on the wash sale rule, if he bought
at $26 and out at $24, and then re-entered at $20, he cannot
claim the $2 loss until he sells the replacement, so his cost
base for this stock will be $20+($26-$24)=$22 instead of $20.
If he sells this stock next year, say for $100, then his profit
will be $78, not $80. If he sells the stock this year, then it
really does not matter.

Please correct me if I am wrong...

Thanks.

--James

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