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

To: Colin Cody who wrote (352)	12/29/1997 1:05:00 PM
From: C	Respond to of 5810

Colin and Everyone: What a informative thread. I want to thank everyone for sharing their knowledge on this sometimes very confusing subject. I have learned a great deal here and I am sure that I will continue to learn in the future. Thanks again. Clamenza

To: Colin Cody who wrote (352)	12/29/1997 3:00:00 PM
From: Czechsinthemail	Read Replies (2) \| Respond to of 5810

My understanding was that both gains and losses can be realized up through the last trading day of the year for 1997 tax purposes since they are realized as of the trade date. On another thread it was suggested that it might be settlement date. Could you please clarify. What is the last date for realizing gains or losses for 97? Thanks.

To: Colin Cody who wrote (352)	1/5/1998 7:44:00 PM
From: Ira Player	Read Replies (1) \| Respond to of 5810

Are you sure on this one? I saw it as: Dec 1, BASIS 1000@100 Dec 2, ST GAIN $20000 Dec 3, BASIS 1000@110 Dec 4, BASIS 200@100 (OPTIONS) Dec 19 ST LOSS $20000(OPTIONS) Dec 24, ST LOSS $5000 WASHED BY NEXT TRANSACTION Dec 26, BASIS 500@80 CHANGED TO 500@90 DUE TO WASH Dec 29, ST LOSS $20000 (FIFO, SELLING REMAINING 500@110 BASIS)OR ST GAIN $0 (SPECIFY 500@90 SALE, CARRY LOSS TO NEXT YEAR) Still the players call. If (s)he can use the loss, take it and continue with 500 @90. If not enough gains to offset this year, use it next year by continuing with 500@110. Right? Ira Dec 1, you BUY 1,000 shares of INTC at $100 Dec 2, you SELL 1,000 shares of INTC $120 Dec 3, you BUY 1,000 shares of INTC $110 Dec 4, you BUY 200 CONTRACTS of INTC Dec 100s at a premium of $1.00 (total cost w/o comm. = $20,000) Dec 19 the INTC Dec 100s expire worthless Dec 24, you SELL 500 shares of INTC at $100 Dec 26, you BUY 500 shares of INTC at $80 Dec 29, you SELL 500 shares of INTC at $90 Dec 29, you STILL OWN 500 shares of INTC today, which ends the day at $90. Due to the perceived January effect, you believe INTC will hit $120 by Jan. 15 and you are hesitant to sell any more because you are concerned about the wash rule.