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Microcap & Penny Stocks : UNIVERSAL EXPRESS INC - USXP
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To: lakers17 who wrote (884)7/5/1998 6:47:00 AM
From: Steve Morytko  Read Replies (1) of 2493
 
The IRS may have a different view ...

After you acquire your second lot you must wait 31 days before you buy or sell in order to incur any tax loss benefit. In your scenario you'd have to wait 31 days after buying the second lot before you "sell your original 1,428 shares" in order to receive any tax loss on the original shares.

Otherwise, 1428 shares of the second purchase would be considered a wash sale, there would be no tax loss benefit, and you'd be holding 1572 shares at a cost basis of your presumed $1.88 price.

Of course, I'm no expert so standard disclaimers apply. However, it seems to me that the rules are quite clear on this and can be found in any tax guide.
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