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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: oilbabe who wrote (54617)	11/12/1999 3:23:00 PM
From: Sunny Jim	Respond to of 95453

I used to think that, but a friend read the rule to me and the wording was something like "a buy and a sell and vice versa within a 30 day period" (however, read the rule yourself and so you can get real confused). I thought I was pretty crafty at the time for thinking of the buy first and then sell, but my friend convinced me that I was just trying to interpret it to cover over my violation. Since then, I respect the 30 day wait. That's why I will hold what I bought yesterday for 30 days and then sell for a tax loss, unless the price recovers to 14-5/8 by then. Meantime I could also sell what I bought yesterday plus what I bought today for $12 and come out whole and not have to worry about any stupid wash rule violation. Investing has enough risks without the IRS setting land mines like the wash rule for us to trip over.