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Microcap & Penny Stocks : VLVT (was CSMA) -- Ignore unavailable to you. Want to Upgrade?

To: Joey who wrote (3541)	12/14/1997 10:42:00 AM
From: TraderGreg	Respond to of 11708

In my post where I talked about taking the tax savings from a tax loss and then waiting 30 days (into January) to buy back in and hopefully wind up with more shares.... I say IRS states that if you sell a stock at a loss, you must wait 30 days before buying it back; otherwise, the loss just lowers your basis in the new buy back and you can't apply it until you sell the new buyback. At that point, the30 day wait period starts again. My friend, who works at the IRS, says you don't have to wait 30 days. If this was true, why would people wait til Dec to do the tax loss thing? Can anyone provide a DEFINITIVE answer to this? BTW, if I was wrong, then it would provide an even more compelling argument to do the tax loss sale. You wait a few minutes and buy back and all it may cost you is the commish and spread. TG