Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (430)	1/10/1998 11:06:00 AM
From: Box-By-The-Riviera™	Read Replies (1) of 5810

Colin,..... based on my experiences.....i could not agree with you more re: the knowledge level out there re: these issues.... it would be a risky business relying solely upon the average expertise that currently exists in the professional accounting community re: these issues... second.... i think there is an argument to be made (no doubt in tax court) that frequent trading can be accomplished only where frequent opportunities exist....and therefore it is not logical to assume that because a tax payer qualifies in one year and not in another.... that it is "his" fault that he cannot regularly qualify for this status..... it is only by virtue of the frequency of opportunity that the situation arises in the first place which creates a "trader" for example.... the changes in automatic order transactions from 1000 shares to 100 shares on the SOES certainly eliminated many potential candidates for trader status...a change that eliminated certain trading strategies entirely through no fault of the traders who are affected.... last.... i would agree that taking a risk with sched c is not worth it unless there are going to be real worthwhile tax savings.... Joel

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