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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: J R KARY who wrote (2295)9/15/1999 6:48:00 PM
From: Kaye Thomas  Read Replies (1) | Respond to of 5810
 
The wash sale rule applies if, within the wash sale period, you buy replacement stock, or enter into a contract or option to acquire replacement stock. If I understand your idea correctly, you're out of luck on that basis alone — without even getting into the question of whether the IRS can disregard the sale because it isn't a bona fide transfer of ownership.

Kaye Thomas, author
Fairmark Press Tax Guide for Investors
fairmark.com



To: J R KARY who wrote (2295)9/27/1999 9:51:00 AM
From: Colin Cody  Read Replies (2) | Respond to of 5810
 
You find an associate who is in a similar position. You then pay him CHECK for his shares, which he deposits, and he takes his loss. He then pays you a CHECK for your different company shares and you take your loss.

As Kaye said you MUST be at risk with no contract, option or understanding that either of you will be made whole should the stock's price move during the 31 days.

Colin


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