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Gold/Mining/Energy : CDN. MOMO PUPPIES -- Ignore unavailable to you. Want to Upgrade?


To: Mr. Forthright who wrote (4151)7/28/1999 12:09:00 AM
From: Ed Pakstas  Respond to of 36688
 
Thanks Mr.F...I got it bookmarked for future reference...G'night...ed



To: Mr. Forthright who wrote (4151)7/28/1999 12:15:00 AM
From: keith massey  Read Replies (1) | Respond to of 36688
 
Most important part

11. Some of the factors to be considered in ascertaining
whether the taxpayer's course of conduct indicates the carrying on of a business are as follows:

(a) frequency of transactions - a history of extensive buying and
selling of securities or of a quick turnover of properties,
(b) period of ownership - securities are usually owned only for a
short period of time,
(c) knowledge of securities markets - the taxpayer has some
knowledge of or experience in the securities markets,
(d) security transactions form a part of a taxpayer's ordinary business,
(e) time spent - a substantial part of the taxpayer's time is spent
studying the securities markets and investigating potential purchases,
(f) financing - security purchases are financed primarily on margin
or by some other form of debt,
(g) advertising - the taxpayer has advertised or otherwise made it
known that he is willing to purchase securities, and
(h) in the case of shares, their nature - normally speculative in
nature or of a non-dividend type.

Although none of the individual factors in 11 above may be
sufficient to characterize the activities of a taxpayer as a business,
the combination of a number of those factors may well be sufficient for that purpose.

**I just plan to plead that although I trade often I have no knowledge of the security markets and spend no time researching stocks**** I just look on CSW and buy the one that is going up on volume. When it losses MOMO I sell.

Best Regards
KEITH



To: Mr. Forthright who wrote (4151)7/28/1999 5:56:00 AM
From: Buckey  Respond to of 36688
 
We discussed this at length and I actually posted a short example on my website with that exact link on how and why I did my taxes.

The summary is that day trades and any short term trades especially by those of us who trade regularly is definately taxable as income and NOT cap gains. I have confirmed this. That also allows all associated costs to be deducted against that income.