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To: Iceberg who wrote (19426)	3/3/1999 6:07:00 PM
From: Ron McKinnon	Read Replies (1) of 53068

IRS wash sale actually this is straight forward is essence, if you sell a stock at a loss then buy it back the IRS assumes you only sold it to take the tax loss, thus they do not allow it you need 3 transactions to kick in the wash; 2 buys, 1 sell if one of the buys is 30 days before or after the sell then no loss can be taken but you can adjust your cost basis on the shares held for people who elect true "day trader status"; the wash sale rule does not apply; they just mark to market and do not even have to report any transaction details if you trade a lot the IRS may never catch you on this but if they do, UGG!!!!!

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