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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (48107)12/15/2000 11:20:07 AM
From: Gary M. Reed  Read Replies (2) of 436258
 
Indeed...back in my maverick broker days ~10 yrs ago, we ramped a POS stock from $6 to $22 in 2 months. My best client bought 150,000 shs btwn 6 and 8. When it hit 20, I started bailing...about a week into the dump phase, he calls me from his CPA's office, emphatically tells me not to sell anymore of the stock, says his CPA went bananas over the tax implications of what we'd already dumped.

Reminded him that we knew the thing was a P.O.S. when we bought it...he said "f*ck that, I'm not writing the IRS a check for half my profits...hold it til January and then we'll dump the rest."

That was in September...by January, the thing was trading at 50 cents. Voila! He got his wish--no more tax liability.

The moral of the story is and always will be: never let the IRS dictate your exit strategy on a stock.
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