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Technology Stocks : Applied Magnetics Corp -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (11169)	12/30/1997 1:07:00 PM
From: Mike McCauley	Read Replies (1) \| Respond to of 12298

To all: APM was a high flyer this time last year. Could someone please tell me in a nutshell what brought this company down and do you think it has a chance to rebound. I'm sorry for not taking the time to read the previous 10,000 posts. Thanks

To: tom pope who wrote (11169)	12/30/1997 1:20:00 PM
From: jhild	Respond to of 12298

Tom, it's my understandiong that trades up through tomorrow will count as this year. You may well be right that the tax selling is over, but I think you can still count sales in 1997 through tomorrow. I am unsure whether you still have the option of counting sales today and tomorrow as next year or this year, by choosing sale date or settlement date, but I recall that this was the case. You may also be interested in Publication 550 from the IRS: ftp://ftp.fedworld.gov/pub/irs-pdf/p550.pdf that goes into investment related income issues in greater detail (short sales, wash rule, etc.). I haven't read it all as yet, and don't recall seeing this December 31 selling discussion specifically there. But it is full of info. Publication 17 or instructions for Schedule D, may have the info you are looking for. In any event, I think you are right that the tax selling is over.

To: tom pope who wrote (11169)	12/30/1997 1:50:00 PM
From: LK2	Read Replies (1) \| Respond to of 12298

*Off Topic*Tax selling. The IRS rules for holding period were changed at least a few years back. It used to be that you reported capital gains/losses based on the settlement date. But now you report capital gains/losses based on the trade date. So if you sell a stock on Dec 31, 1997, the trade date is Dec 31, 1997, and the transaction has to be reported on your 1997 income tax filing. (I'm assuming this is not a short sale, which wouldn't have to be reported until the year the position was closed.) I'm talking about income tax rules for the individual. Maybe the rules are different for mutual funds/hedge funds/whatever. -LK