Medinah Mining Inc. (MDHM) Message Board

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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)

MDMN 0.0001000

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Nov 21 9:30 AM EST

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To: john who wrote (21298)	12/30/1999 7:36:00 PM
From: David Colvin	Read Replies (1) of 25548

I believe the 28 Dec was last day for tax loss, settlement date for sales on Dec 28 would be Dec 31. Its the settlement date NOT the date you sell that counts for tax loss as I understand the rules. I don't know how this rumor got started (I've seen it "floated" on several stock boards now) but this is absolutely not true! I have three brokerage accounts at the same brokerage house and I recently called one of the special representatives assigned to me at that brokerage. I asked him this very question to make sure I was correct. The IRS accepts the trade date, not the settlement date as the date you incur a capital gain or loss in any given calendar year.....PERIOD! If you want a loss to "stick" and not incur a "wash" sale you must wait 30 calendar days before re-buying that particular stock (I'd wait 31 days to be sure, and re-buy on the 32nd day). The 3 business day settlement period (used to be 5 business days) is simply a "paperwork" period allowed by the SEC, and the representative said the SEC is considering reducing this period further (for stocks)....to only one day. FWIW, mutual funds have a 1 business day settlement period right now! Proof of this? Your brokerage statements always show the trade date for all transactions, not the settlement date. The trade date is the date that can be used for legal and IRS purposes should the need ever arise, and it has for me. Dave

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