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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: Robert A. Green, CPA who wrote (423)7/16/1998 12:21:00 PM
From: Colin Cody  Read Replies (1) of 1383
 
Get a life, bud, Colin and the SI thread has taken the opinion (including myself after being muscled by Cody and others) that all realized trading gains and losses should be reported on Schedule D whether or not the trader elects mark-to-market accounting.
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No, I have not stated that. As a matter of fact I have stated the opposite on several occasions!
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I am THE person who brought the issue/problem (of post August 1997, mark-to-market - what and which schedule to report on) to the attention of Congressional tax bill writers.
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I reported this on S.I. after my discussions and suggested that hopefully Congress would be clarifying this in 1998 with a technical corrections bill. It was under my urging and commentary that Congressional writers LOOKED at the issue, and went with one of the suggestions/possibilities that I discussed with them. i.e. The technical corrections that you are referring to.
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If you made the change you are subject to a 4 year averaging for Section 481 adjustments. Check with us on 481 adjustments (its confusing).
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This is what I have stated all along, contrary to your earlier misinformed posts here suggesting people could take all losses at once, I see you have once again updated the paper you peddle here with my pro-bono contributions. Is that fair? I CONTRIBUTE and you SELL my work? Methinks not.
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Colin

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