Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Dan Duchardt who wrote (3080)	3/21/2000 11:20:00 PM
From: Gorak Shep	Read Replies (1) of 5810

Dan, I'll make this my last message on this topic. You make your latest argument turn on using the sales proceeds in the subsequent buy as the definition of replacement. This is unjustified. If I sell a position for a loss in one brokerage account (non-IRA) and buy it back with cash separate and already in a second brokerage account (non-IRA) within 30 days, this is still a wash sale. Of this I have no doubt and I suspect you would agree. So the argument you make here is without merit. Next, I did not imply you meant to or suggested subverting the wash sale rules. I said that I thought it subverted the wash sale rules if one acted as you advised. I have no doubt that you think your opinion is a fair and legitimate reading of the IRS regs. You are right that there is the inverse case of selling from the IRA account and then buying outside it. But we've had enough meat to chew in the one case so I left it alone. Finally, Ken's message points to Kaye Thomas' relevant web page (thanks Ken). See the last paragraph in particular. Seems that I stumbled on the same position he holds.

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