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Technology Stocks : COMS/USRX
COMS 0.001300.0%Nov 4 10:50 AM EST
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To: David Pletcher who wrote (1123)3/28/1997 12:42:00 AM
From: Wayne Lian   of 1384
 
David Pletcher, the book "Your Income Tax 1994" suggest you should send a letter with lot specification to the broker before settlement's date, and have the broker signed and sent back to you. This will be your best proof in an audit. I am not sure though if the brokers are willing to do it.

E*Trade reply to my question regarding on-line lots specification is:
"You are not allowed to specify which lot, but existing lots and tax records can be altered to reflect the one you wanted sold. Thank you for your email."

Some people suggest you don't need much proof of lots specification as long as you have clear brokerage records. I wonder will it stand in an audit. For now I will use a temporary solution. Before entering an order electronically, I will fax my order with lots specification to the fax number of my broker. I will keep a copy of the fax, and the phone bill listing the time and date of my call to the fax number. These two will prove something to the IRS.

Wayne
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