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Technology Stocks : Compaq
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To: robbie who wrote (34127)10/8/1998 12:23:00 AM
From: Jimbo Cobb  Read Replies (2) of 97611
 
Robbie: You are clearly wrong whether or not you choose to admit it.

If you'd like to see for yourself, simply go to ftp.fedworld.gov

and read the section on Page 49 under "Wash Sales":

"You cannot deduct losses from sales or trades of stock or securities in a wash sale. Any gain from these sales is taxable as a capital gain. A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days BEFORE OR AFTER the sale you:

1) Buy substantially identical stock or securities,
2) Acquire substantially identical stock or securities in a fully taxable trade, or
3) Acquire a contract or option to buy substantially identical stock or securities.
...
If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities. The result is your basis in the new stock or securities. The effect of this adjustment is to postpone the loss deduction until the disposition of the new stock or securities. Your holding period for the new stock or securities includes the holding period for the stock or securities sold."

As I said before, it is not at all surprising that you got away with it...I would guess you could get away with it at least 99% of the time. Your use of the fact that you got away with it as justification that it was correct is ridiculous however....perhaps Bill Clinton has a job opening you might be interested in <g>.

Oh, by the way, you might want to get a new CPA while you're at it.

Or I could probably do your taxes and save you a bundle...

Jimbo.
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