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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (2195)5/13/1999 12:33:00 AM
From: john rieck  Read Replies (2) of 5810
 
Question on wash sale rule:
say I buy AMZN on 5/5/99 @ 140.
on 5/6/99 I sell @ 138.
I buy it back on 5/7 @ 142.
then later that day it crashes and I sell (100 shares on all trades) @ 110.
Now, can I use my big loss (142>>110) and elect NOT to bother with the tiny loss (140>>138) for tax purpses? Or does the wash-sale rule demand that I use the tiny loss, which would mean that I cannot use the big loss as a ST Capital Loss?
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