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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Box-By-The-Riviera™ who wrote (732)3/8/1998 9:10:00 PM
From: James Unterburger  Read Replies (3) of 5810
 
My question was that given that all transactions regarding a certain
stock occur within one tax year (calendar year in my case), and given
that no position is entered into during the first 30 days of the following
tax year and that no position even exists going into the next tax year
(i.e., in the current tax year, all buys and sells resulted in a net of 0 shares
being held long or short after all the dust settled), then is it OK not to
declare wash sales for those that technically are. My reasoning being
that it's simply an accounting trick of moving disallowed losses into
the basis of the next transaction, and that the total numbers remain
the same whether or not you do this. The IRS guy said "sure".
But I still will demonstrate my mastery of these arcane rules by doing
the accounting trick even though I don't have to.
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