To: Kayaker who wrote (475 ) 11/27/2001 12:42:51 AM From: russet Read Replies (1) | Respond to Yes, it is pretty clear that Arcorp, an incorporated company whose sole shareholder was a registered securities salesman who speculated in Vancouver stocks (many private placements) with a holding time of less than a year would not qualify,...but I assumed (perhaps in error) we are talking about private citizens, with no links to the security industry, other than trading a basket of stocks after much due diligence, using their discount or full service brokerage account. You can attend training seminars, conventions, conferences, go to head offices etc., as long as you do not become affiliated with the company or security dealer, except by owning the stock and intending to hold it until your price targets had been met. All this and still make the life-time capital gains election according to the senior auditors I discussed this with. The speculative nature of the trades, the duration of the hold, and the frequency of trade may come in to play in extreme cases, but for the ordinary private citizen who dabbles in the stock market while holding down a day job, or in his retirement, the auditors seemed to think the life time capital gains election would hold.
