IRS, Tax related strategies--Traders Message Board

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

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To: WallStBum who wrote (381)	6/28/1998 11:48:00 AM
From: Colin Cody	Read Replies (3) of 1383

WSB, Yes CAPITAL losses are maxed at $3000 but a Trader, AFTER CAREFUL CONSIDERATION, may elect under IRC Sec 475 to have them treated as possibly "ordinary" losses.. . The reason I say POSSIBLY, is that Congress did not think through the ramifications of this before passing the massive 1997 Tax Relief Act. I have spoken to the actual drafter of this Code section and we discussed the ambiguity of the way such gains or losses would be actually put on form 1040. Hopefully the Tax Corrections Bill passed last week will address the items I brought up about Sec 475. . Colin

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