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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (3858)7/29/2001 7:09:38 AM
From: tracker4x4  Read Replies (1) of 5810
 
Colin, Regarding specific identification, I have seen a reference to "adequate identification" of certificates representing shares of stock from a lot you bought on a certain date or for a certain price as a method for establishing the basis in a sale. In normal trading online I receive a specific and unique trade order number, date, time (to seconds), secruity, number of shares, ownership confirmation immediately followed by hardcopy confirmation of the trade. The certificates (assumed to be some kind of electronic record, not actual paper certificates,) are to be held by the broker. When I sell I match the selected prior buy order to the sell order and record it. I call my broker and advise any rep that I wish the sale to be those shares aquired in the trade number of the specific buy. Does the resulting electronic confirmation which contains a specific and unique trade number with or without the paired sale trade number qualify as the specific identification you refer to?

Brokers also offer email trade cofirmations which I can pair with the buy in my records, but don't refer to the corresponding buy in the actual email.

In the electronic age what are ways to meet the specific indentification requirement? Do you have any references on the matter you can point me to.

Can you direct me to any IRS rulings or cases published on the subject?

Thanks
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