Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SargeK who wrote (53725)	10/31/1999 12:05:00 PM
From: SargeK	Read Replies (1) of 95453

Swapping FGI/HLX (Wash Sales Rule) Posted On YAHOO FGI & HLX message boards: post.messages.yahoo.com "Wash Sales Rule by: SargeK 10/31/1999 11:49 am EST Msg: 8413 of 8413 J.K. Lassers “Your Income Tax” manual: Wash Sales: “Under the wash-sale rule, your loss deduction is barred if within 30 days of the sale you buy substantially identical stock or securities, or a ‘put' or ‘call' option on such securities. The wash-sale period is 61 days –running from 30 days before to 30 days after the date of sale” Since FGI is in the “Oil Field Services” Industrial Sector: biz.yahoo.com and, HLX is in the “ Transportation-Shipping” Sector: biz.yahoo.com It would seem, at present, highly improbable the companies would be considered (even by the IRS) “as substantially identical stocks or securities”. However, stranger things have happened. Good Luck, SargeK Note: Recent Institutional selling of FGI and to a lesser extent HLX should reverse itself since today marks the end of FY99 for many mutual funds. Also, if I am correct on the Wash-Sales rule, there is still time to make the swap before the deal is consummated. FWIW"

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