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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: E_K_S who wrote (6195)12/26/1996 4:51:00 PM
From: Paul Fiondella   of 42771
 
Never believe your broker

The last trading date of this tax year is indeed December 31,1996 according to my brokerage firms Customer Service Department.

At least my brokerage firm reports stock sales to the IRS on the trade date, not the settlement date.

So even though you were to sell shares on 12/31/96 and would not receive the proceeds until 1997, it would be counted for tax purposes as a 1996 sell if you used my firm. Conversely if you bought on 12/31/96 you don't own until settlement, three business days later in 1997, but it is a 1996 buy. My firms does not report buy dates to the IRS until of course as Eric says the IRS changes the rules again.

So call your broker to find out their reporting policy or call your accountant, or call your broker then call your accountant and then search the IRS web site. If you finish all this by the close of trading on the 31st......what the hell did you want with the stock anyway!
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