MIDL .... A Real Sleeper Message Board

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Microcap & Penny Stocks : MIDL .... A Real Sleeper

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To: E Richter who wrote (4729)	11/22/1998 12:25:00 AM
From: Kurt N	Read Replies (1) of 7039

Noticed your comment about selling and then subsequently buying. When selling and buying the SAME security, you need to be aware of the 30 day wash sale rule. MIDLP, MIDL, and MIDLW are considered different securities by the SAME company. You probably want to ask/double-check with your accountant about this. In a nut-shell if you sell a stock (at a loss) and you buy that same security within 30 days you cannot take the loss, instead your basis price is adjusted. Ex1: (loss on first sell not allowed) Buy 1000 shares WXYZ 1/1/98 @ $14/share Sell 1000 shares WXYZ 11/20/98 @ $4/share Buy 1000 shares WXYZ 11/30/98 @ $2/share [wash sale, basis = 14-4+2 = $12/share] Sell 1000 shares WXYZ 3/1/99 @ $5/share [1000(12-5) = $7,000 loss] Ex2: (loss on first sell allowed) Buy 1000 shares WXYZ 1/1/98 @ $14/share Sell 1000 shares WXYZ 11/20/98 @ $4/share [1000(14-4) = $10,000 loss] Buy 1000 shares WXYZ 12/21/98 @ $2/share Sell 1000 shares WXYZ 3/1/99 @ $5/share [1000*(5-2) = $3,000 gain] [$7,000 net loss] Kurt

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