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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Robert A. Green, CPA who wrote (2001)3/22/1999 1:09:00 PM
From: Robert A. Green, CPA  Read Replies (1) of 5810
 
1998 mark-to-market elections.

We have heard from some of our many Trader Tax Preparation clients that they saw some conflicting statements on SI about when Traders need to elect mark-to-market treatment for 1998.

One of our clients sent us this email. "An SI poster (Colin Cody): "On April 16, 1999 **ALL** securities-trader Mark-to-Market elections not yet made will be forever BARRED for any tax-year prior to calendar year 2000. NO EXTENSIONS OF TIME are provided for in the law. As a matter of fact extensions are specifically prohibited." Is this true?

Here is the exact wording from Rev. Proc. 99-17, 1999-7 IRB 1, IRC Sec(s). 47 - Mark to market accounting method for dealers in securities - election for traders and dealers

For 1998

.02 Elections effective for other taxable years beginning before January 1, 1999. For a taxpayer to make a section 475(e) or (f) election that is effective for a taxable year which begins before January 1, 1999, and for which the original federal income tax return is filed on or after March 18, 1999, the taxpayer must make the election by attaching a statement that satisfies the requirements in section 5.04 of this revenue procedure to an original federal income tax return for the election year that is timely filed (including extensions).

Our 1998 Trader Tax Guide & Questionnaire has our full analysis of these rules and a copy of the entire IRS Revenue Procedure.

Perhaps Colin and other experts can resolve this conflict.

Only trying to help, not to pick any fights with Colin, who we think has done a great job on this SI thread.

tradertax.com
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