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Microcap & Penny Stocks : Micronetics Wireless (NOIZ)
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To: Thomas G. Magnani who wrote (74)12/30/1997 10:25:00 AM
From: Len Giammetta  Read Replies (1) of 160
 
Correction:

With respect to stock traded in the OTC market or on an exchange, a share is generally treated as purchased or sold on the date that the taxpayer enters into a binding contract to buy or sell the stock. This is referred to as the "trade date," as distinguished from the "settlement date" on which delivery of the stock certificate(s) is actually effected and payment made (on the fifth business day after the trade date in a "regular way" transaction). For tax years beginning after 1986, the recognition of gain or loss from the sale of stock on an exchange takes place on the trade date for both cash and accrual method taxpayers.<32> The trade date also is the beginning (or end) of the taxpayer's holding period. Where stock is sold in a private transaction, the general rules of commercial law governing sales of property apply; the facts, circumstances, and the terms of the contract must be examined to determine the tax consequences.
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