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Technology Stocks : PairGain Technologies
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To: MichaelJ who wrote (18120)12/29/1997 7:59:00 AM
From: Ron Morse  Read Replies (2) of 36349
 
Michael: Wash Sale

This is my understanding of a wash sale. The repurchase of a stock 30 days before or after the sale (at a loss) of same or like stock. Lets say you purchased 100 shares of Pair at 25 and sold it at 20. You have a 500 dollar loss. Now you repurchase it at 15 within the 30 day time limit. You cannot claim the loss on the original sale. You have to add the 500 dollar loss to the cost of the second purchase. This would give you a cost basis of 20 dollars. When you sell these shares you will realize the loss for the original purchase. I checked into this last year and got the same response from Motley fool and the tax advisors on AOL. Anyone else want to give this try?

Ron
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