IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: Len who wrote (116)	2/20/1998 5:39:00 PM
From: Colin Cody	Read Replies (1) of 1383

Len, OK that's why I asked the question to make sure what you thought. NO a Trader hold CAPITAL ASSETS reportable on Sch D. . Effective with 1997 a Trader MAY ELECT to convert these CAPITAL Gains/Losses to ORDINARY. This is an ELECTION, and one that I don't know at this stage if many people will need to avail themselves to. . REPORTING requirements are NOT 100% clear. . IMO Treasury will take the position that Sch C will NOT see the items transferred from Sch D. I know this is in contradiction to the Barrons story. You will note in the Barrons story he does not actually say you WILL REPORT on Sch C. He falls back to the word "Probably". . Since I've had much more time than the Barrons author to review this, I say that it will be something less likely than "probably". I;m think something closer to "it will be a cold day in hell" (g) . Colin

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