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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (89851)	2/23/2001 4:37:18 PM
From: Tommaso	Respond to of 132070

Addendum to my post: "Moreover, the IRS doesn't usually look at IRA holdings. ''No one is required to report transactions in an IRA,'' says Al Blomquist, a financial adviser in Franklin Lakes, N.J. ''And the government isn't required to audit them.'' But that doesn't mean that the IRS wouldn't disallow the tax deduction if you should be audited. Since the strategy hasn't been tested in the courts, more conservative planners steer clear of it. ''There is no proscription against the strategy in the law,'' says Beth Rodriguez, a wealth strategist at the private bank of J.P. Morgan. ''But would the IRS attack it if they found out? We think yes.''" businessweek.com

To: Tommaso who wrote (89851)	2/23/2001 5:16:27 PM
From: Mama Bear	Read Replies (1) \| Respond to of 132070

She has done a 180 on that opinion: "BW: Sell a loser in your taxable account and buy it back in an IRA. I disagree with this point, as well. We discussed this topic a couple of weeks ago. And my sources were pretty confident that you cannot sell a stock at a loss in your taxable account and buy it back in your individual retirement account without triggering the wash-sale rule. "It is an indirect sale between related parties," says Willens." thestreet.com Regards, Barb