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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.42

+1.9%

Dec 19 9:30 AM EST

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To: Time Traveler who wrote (14691)	6/23/1998 1:34:00 PM
From: Lynn	Read Replies (1) of 77400

I telephoned Schwab and the person I spoke with said pulling a stunt like this is possibly the best way he has heard of yet to have the sirens go off over at the IRS--one is asking for an audit (and possibly, a fine on top of taxes owed). Sale resulting in any gain = paying the IRS and most States their share, no matter how soon new shares are purchased in the same company Sale resulting in a loss = a deduction on Schedule D _unless_ the same stock is repurchased within 30 days, in which case one can not take the loss Time Traveler, if you have (not)reported capital gains in the past because you believed the advice you gave here was correct, I strongly suggest you refile those tax years. I'm not kidding. The IRS is not to be taken lightly and its better to fix things on your own rather than wait and get raked over the coals by them for trying to pull a fast one. Lynn

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