Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.80

+0.3%

Dec 5 9:30 AM EST

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To: jazzcat2000 who wrote (60870)	1/8/2000 7:33:00 AM
From: Wyätt Gwyön	Read Replies (2) of 152472

re: taxes, Here is a reason why 1% flat rate instead of by-trade commissions is bad (according to my accountant): commissions become part of your basis--they increase your cost of buying and reduce the profit on sale, thus resulting in a smaller net profit or greater net loss for tax reporting purposes. In contrast, a flat rate is just a miscellaneous investment expense (like subscribing to Gilder) which you cannot deduct unless it exceeds 2% of your income. That is the interpretation I was given by my accountant (basically, only commissions and margin interest become part of basis--all else apparently goes into the 2% bin). If that is true, then I don't see why anybody would want a flat-rate structure in a taxable account. Not to mention that 1% could be a lot of money depending on the principle basis. Mucho

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