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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 165.03+1.0%3:59 PM EST
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To: freeus who wrote (72849)5/30/2000 6:42:00 PM
From: waverider  Read Replies (3) of 152472
 
QCOM OPTIONS:TAXES/EXERCISE Update:
No I am not talking about jumping jacks, although we all should be a little slap happy today...
Anyway, about those option questions I had.
I have contacted a lot of people and dug as deep as I can and here is the scoop (talked to my accountant, other traders, IRS, read pubs, etc.). NO WHERE is there a definitive explanation of the wash rule in terms of options. The IRS doesn't even have a clue. So the general perspective is this:
When you sell an option on a stock for a loss, then rebuy within the 30 wash period an option on the same stock BUT at a different strike...then it is a different security and does not fall under the wash rules. A stronger case could be made if you buy an other option with a different expiration date as well. If the IRS wants to fight you on it, then that's what they will have to do because there are no clear rules on the issue. Thanks to all of you who sent me notes on the matter.
About the prob I had with Fidelity regarding their refusal to exercise my $10 QCOM LEAPs. Well, I am going to have to wait because I don't have the money now to exercise...took advantage of the recent Q slump and used it all up darn it. But when December comes, I plan on exercising, so stay tuned.
Rick
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