Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: TimeToMakeTheInvs who wrote (35232)	4/3/2001 4:58:06 PM
From: djia101362	Respond to of 65232

Tim- I am currently looking into this and will let you know. I am also discussing this w/ a good friend that is a partner at a big 5 accounting firm. Rev Proc 99-17, which provided the procedure for making this election, say..."If a taxpayer described in section 3 of this revenue procedure makes an election under section 5 of this revenue procedure, and the taxpayer's method of accounting for its taxable year immediately preceding the election year is inconsistent with section 475, the taxpayer is required to change its method of accounting to comply with its election. Section 6 of this revenue procedure contains procedures for effecting this change. A taxpayer that makes a section 475(e) or (f) election but fails to change its method of accounting to comply with that election is using an impermissible method." The way I read this, although a 475(e) election is for the current year, it's telling you that you must go back and change the prior year, which is year 2000, to be consisent with the year for which the election is made, year 2001. Again, double check w/ your own tax advisor but I'm going to do this for 2000 on my return. With the FED giving us the shaft, I'm am willing to take an aggressive return position which I believe there is substantial authority for. To hell if I am going to have my cap losses out live me.