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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Box-By-The-Riviera™ who wrote (403)1/6/1998 12:48:00 PM
From: Brendan W  Read Replies (2) of 5810
 
Joel, my CPA got back to me on trader status. I'll add his contribution to the mix. He said the IRS does not acknowledge the existence of trader status. Trader status has been established in court cases only... there are no revenue rulings, regs, etc. As you've indicated the key test is average holding period. Because it's all different court cases it's hard to know how that would be interpreted. His interpretation was that despite 90+ percent of your tax lots being short-term (hours/days) that if the majority of your capital was tied up in long-term stock holdings that it wouldn't fly.
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