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Technology Stocks : Zitel-ZITL What's Happening
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To: yuedong wu who wrote (2224)12/29/1996 2:03:00 AM
From: Chris M.   of 18263
 
<<Check last Friday's Wall Street Journal. One article mentioned that
last Friday was the last day for tax deduct sell/buy.
YD>>

yd,
I also was seeking this information, but no one replied to my previous
post, so I looked it up myself.

The following is found in IRS Publication 550 pg 50:
-----------------------------------------------------------------
Short Sales
A short sale occurs when you agree to sell
property you do not own (or own but do not
wish to sell). In this type of sale, you:

1) Sell short. You borrow property and de-
liver it to a buyer.
2) Close the sale. At a later date, you either
buy substantially identical property and
deliver it to the lender or make delivery
out of property that you held at the time of
the sale.

You do not realize gain or loss until delivery of
property to close the short sale. You will have
a capital gain or loss if the property used to
close the short sale is a capital asset.
--------------------------------------------------------------

My interpretation of this is that the delivery takes place
on the settlement date (within 3 business days of the trade)
so that makes Friday, December 27 the last day to claim a loss
on a short sale.

DOES ANYONE ELSE HAVE A DIFFERENT INTERPRETATION?
(Facts only please - not speculations or guesses)

In an earlier post I speculated that it was Dec 26 (3 days after
the trade - subtraction error on my part).

Matthew:
----------
I think you should ask your dad again.

Chris
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