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Non-Tech : CyBerCorp.com -- Ignore unavailable to you. Want to Upgrade?

To: Patrice Gigahurtz who wrote (594)	5/8/2000 7:33:00 PM
From: dpl	Respond to of 1001

traderstatus.com

To: Patrice Gigahurtz who wrote (594)	5/8/2000 8:01:00 PM
From: brec	Read Replies (1) \| Respond to of 1001

does simply opening a CyberCorp account and buy and shorting stocks in and of itself qualify a person to be classfied by the IRS as a professional trader whom the wash sale rule doesn't apply ? No. Whether you have trader status for tax purposes depends on the nature of your activities and not on the broker you use. For details please consult a tax practitioner or a WWW site of specialized tax practitioners. Examples of such sites are traderstatus.com and greencompany.com The wash sale rule does not prevent you from re-buying a stock within 30 days of selling it; it merely affects the tax treatment of such transactions. The intent of the wash sale rule is to prevent taking a capital loss (or gain, but loss is the real motivation for the rule) for tax purposes and then immediately (within 30 days) reestablishing the position. Under the wash sale rule, the re-purchase within 30 days makes the previous sale a "wash sale" that does not establish a capital loss (or gain) for tax purposes; instead, the tax loss (or gain) is postponed until the new position is liquidated and not re-entered within 30 days. It is possible for a professional trader to elect to be treated, in effect, like a securities dealer, in which case the wash sale rule does not apply.