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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: timers who wrote (39304)	12/26/2000 1:11:25 PM
From: Chris	Read Replies (1) \| Respond to of 42787

yes, always triple check in circumstances like this.. you dont want IRS to pounding on your door --gg-- i checked with fidelity, and they also said last day to sell is FRIDAY.

To: timers who wrote (39304)	12/26/2000 1:40:01 PM
From: adcpres	Read Replies (2) \| Respond to of 42787

Tax sales have no restrictions as to how close to the end of the year you sell. The only restriction is if you wish to sell a security at a loss near the end of the year, you are prohibited to purchase that same security for 30 days to avoid the "wash sale" rules. You can reinvest in a different stock within the same sector within 30 days but not the one you just sold if you wish to deduct the loss. If you purchase the same security after the loss sale, the disallowed loss is added to the cost of the new stock and becomes part of the new basis for that purchase. The effect of this adjustment is to postpone the loss deduction until you sell the new stock. It is quite plain in the 1040 schedule D instructions and spelled out in detail in chapter 4 of publication 550. For you day traders, the rules spelled out by the IRS is going to give you nightmares. Take for example this statement in pub 550 "Loss from a wash sale of one block of stock or securities cannot be used to reduce any gains on identical blocks sold the same day". Have fun. At 12:34 the NASDAQ volume is 946M on Friday at the same time is was 1191M Starting to go LONG on CIEN and QLGC. Closed out the shorts from Friday. Good luck to all. GH