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Non-Tech : Wit Capital - The way of the future?
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To: eDollar.com who wrote (4473)6/4/1999 10:44:00 AM
From: Henry Volquardsen  Read Replies (1) of 16809
 
Condider this scenario:
I get 100 shares of stock X in my account at WIT.
The day it opens I buy 100 More from the open market of the same stock
Next day I sell it 100.

Now is this flipping? Not in my opinion. I can argue I sold the chunk I bought in open market.

interesting question. If you use tax treatment as an indicator then it is flipping. The IRS now assumes that any shares sold are the first shares purchased, which in this case would be the IPO, unless there was a previous selection to treat all sales as the the most recently purchased. Once you select Fifo or Lifo it is used for all holdings and cannot be changed. The way around this would be to transact through a different broker.
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