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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: Patricia Smith who wrote (3555)5/30/1999 12:18:00 PM
From: John Booth  Read Replies (1) of 5541
 
Here you go Patricia.

Short term capital gains is less than a year, long
term greater than a year. See below for more
detail.

From ftp.fedworld.gov

I have heard things about holding
beyond 2 years but I think that's slated to happen after
2002 or around there--so if your thinking real long term
then that may be applicable. I would say that
if your holding it that long then depending the stock it
may be more favorable to take your gain you received
after the year and re-invest that money than to hold.

Example. You are a cash method, cal-endar
year taxpayer. You sold stock at a gain
on December 30, 1998. According to the rules
of the stock exchange, the sale was closed
by delivery of the stock 3 trading days after
the sale, on January 5, 1999. You received
payment of the sale price on that same day.
Report your gain on your 1998 return, even
though you received the payment in 1999.
The gain is long term or short term depending
on whether you held the stock more than 1
year. Your holding period ended on Decem-ber
30. If you had sold the stock at a loss, you
would also report it on your 1998 return.

Holding Period
If you sold or traded investment property, you
must determine your holding period for the
property. Your holding period determines
whether any capital gain or loss was a short-term
or a long-term capital gain or loss.
Long-term or short-term. If you hold in-vestment
property more than 1 year, any
capital gain or loss is a long-term capital gain
or loss. If you hold the property 1 year or
less, any capital gain or loss is a short-term
capital gain or loss.
To determine how long you held the in-vestment
property, begin counting on the date
after the day you acquired the property. The
same date of each following month is the
beginning of a new month regardless of the
number of days in the preceding month. The
day you disposed of the property is part of
If your basis is determined by the fair
market value of the property, your holding
period starts on the day after the date of the
gift.

Securities traded on an established mar-ket.
For securities traded on an established
securities market, your holding period begins
the day after the trading date you bought the
securities, and ends on the trading date you
sold them. Ignore the settlement dates for tax
purposes.
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