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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: tracker4x4 who wrote (3880)7/30/2001 9:23:40 PM
From: Colin Cody  Read Replies (2) of 5810
 
tracker4x4, When using a stock broker - the rules require that this broker confirm in writing the specific lot sold, otherwise it is FIFO. IRS pub #550

Adequate identification. You will make an adequate identification if you show that certificates representing shares of stock from a lot that you bought on a certain date or for a certain price were delivered to your broker or other agent.

Broker holds stock. If you have left the stock certificates with your broker or other agent, you will make an adequate identification if you:
1) Tell your broker or other agent the particular stock to be sold or transferred at the time of the sale or transfer, and
2) Receive a written confirmation of this from your broker or other agent within a reasonable time.

Single stock certificate. If you bought stock in different lots at different times and you hold a single stock certificate for this stock, you will make an adequate identification if you:
1) Tell your broker or other agent the particular stock to be sold or transferred when you deliver the certificate to your broker or other agent, and
2) Receive a written confirmation of this from your broker or other agent within a reasonable time.

Stock identified this way is the stock sold or transferred even if stock certificates from a different lot are delivered to the broker or other agent.

If you sell part of the stock represented by a single certificate directly to the buyer instead of through a broker, you will make an adequate identification if you keep a written record of the particular stock that you intend to sell.
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