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Technology Stocks : Zitel-ZITL What's Happening
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To: sheldon spivak who wrote (17157)9/1/1998 11:58:00 AM
From: Marconi  Read Replies (2) of 18263
 
Hello Mr. Spivak:
IRS Publication 550 could help. Please see:
p37 constructive sales
p44 worthless securities
p49 wash sales and short sale losses
p52 calls and puts (treament as short sales)
p54 straddles -- rules on losses, end of year valuation.
It is available on-line. For worthless securities, there is an official list declared of worthless securities. If ZITL were to make the list at some point, then from the 1997 Publication 550 instructions, it would be treated as if it were sold on the last day of the year that it became worthless. That definition could affect the holding period which in turn can affect tax rates. As always, the advice is to consult a qualified tax advisor, which I am not.
Best regards,
m
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