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To: oilbabe who wrote (54599)	11/12/1999 2:32:00 PM
From: Jon Cave	Read Replies (1) \| Respond to of 95453

OT tax loss I think your right. If you already have 500 shares of MDR and buy another 500. And then sell 500 for a loss. You can detuct the loss. You must wait 30 or 31 days ? before you buy MDR again or you loose your tax loss unless you sell your remaining shares.

To: oilbabe who wrote (54599)	11/12/1999 2:55:00 PM
From: Wallace Rivers	Read Replies (1) \| Respond to of 95453

Partially correct - if you don't specify, you use FIFO. You can specify (if I do I just have it placed on the ticket versus purchase). Another way you can do it (I think) is on an average cost basis. If you want to buy, then sell shares against the higher basis stock, remember the 30 day wash sale rule - I usually hold 31 days minimum in this instance. As well, you should consult your accountant.

To: oilbabe who wrote (54599)	11/12/1999 2:57:00 PM
From: CommanderCricket	Respond to of 95453

Not an accountant, (but I play one on SI <VBG>. I currently have the same situation with MEXP. I am told the IRS wash rules requires 31 days after selling a stock to be able to repurchase. Michael

To: oilbabe who wrote (54599)	11/12/1999 3:05:00 PM
From: Sunny Jim	Read Replies (1) \| Respond to of 95453

Sorry, oilbabe, I don't think you can flip the stock (ie, buy some at a lower cost and sell the higher cost portion) for a loss for 30 days or you run into the wash rule. However, you could sell it all for a loss and be able to take the loss on your taxes.

To: oilbabe who wrote (54599)	11/12/1999 3:11:00 PM
From: Aggie	Read Replies (1) \| Respond to of 95453

Oilbabe, howdy, No accountant, me...but I think you have the choice of using first in - first out, or alternatively using first in - last out. The thing is, you have to be consistent with your treatment of stock sales when submitting to the IRS. Once you settle on a method, you must stick to it. Razorback, you're the money man here - what's your opinion? Regards to all - into MDR at 8-3/8. And pulling on my respirator. Aggie

To: oilbabe who wrote (54599)	11/12/1999 3:20:00 PM
From: Jack Be Quick	Respond to of 95453

No accountant, but I believe the wash sale rule applies to the purchase of a substantially identical security within the period from 30 days before to 30 days after (60 days). Naturally, you'll want to double check this with your accountant <g>.

To: oilbabe who wrote (54599)	11/12/1999 3:49:00 PM
From: gpphantom	Read Replies (1) \| Respond to of 95453

Sorry, Redundant message re tax loss. I came back and made mine go away.

To: oilbabe who wrote (54599)	11/12/1999 7:41:00 PM
From: James F. Hopkins	Respond to of 95453

OILBabe; The 30 day wash rule for tax loss has a +/- like you sell today and rebuy that don't wash with the IRS..if you using FIFO ( first in first out ) and you buy today..then wait 31 days before you sell the old ones. I guess your talking MDR..it's a good deal. BTW that's often why you see a stock make a double bottom, or at least correct some about a month after it makes the first one. Jim PS I'm hooked up and hard over and jumping on this MDR overkill with the black smoke rolling. My guess is someone got caught in a margin squeeze on something else and decided to dump this baby.