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 : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Hagerty who wrote (217)	11/22/1997 1:25:00 PM
From: Colin Cody	Respond to of 5810

A taxpayer should recognize the profit or loss generalted by sales of the type you mentioned when they cover the short position with a purchase, or when the short expires/ends, or pursuant to the 1997 Tax Relief Act, when they become substantially worthless. . You may be thinking of certain commodities sales transactions where a taxpayer should "mark-to-market" on December 31 and recognise a gain or loss at that time. -- I that regard I was one of the group involved in the early 1980s that resulted in the landmark case (i.e. we lost) (g) that now forces all to mark-to-market. . Colin