IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: mod who wrote (564)	11/16/1998 9:45:00 AM
From: Colin Cody	Read Replies (1) of 1383

Dennis, I read that link you posted. Very interesting how the author QUOTED the tax expert (and not just any expert, but one who ADVISES THE IRS). Most of the quotes were ambiguous enough that I was saying to myself that the expert (Calderaro) was telling the truth, but that the author, being a non-tax-expert mis-construed what was being said. But one line (not a direct quote) said "There are court cases on this point ... a day trader who has no other job but buying and selling from his own portfolio, is still considered an investor..." This while using the word "portfolio" makes it potentially ambiguous - still I can't read it any other way to give Calderaro the benefit of the doubt. It seems Mr. Calderaro is simply mistaken. What concerns me is that this gentleman is THE IRS ADVISOR TO IRS AUDITORS!!! This story points out the up-hill battle a person filing as a "Trader" should be prepared for. "No one" knows the law, even as this story points out, the top IRS consultants advising their auditors on how to enforce "the law." Colin

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