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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 (369)	1/2/1998 1:08:00 AM
From: Brendan W	Read Replies (1) \| Respond to of 5810

Colin, early in this thread one of the resident experts intimated that you can not use specific identification to sell a higher basis lot that resides in another account. I am referring to a situation where you have 100 IBM shares with Merrill Lynch for which you paid $100 a share and 100 IBM shares with Schwab for which you paid $50 a share and you want to sell out of the Schwab account because of lower commissions, margin requirements, etc. I believe it was "Nasty P" that intimated this. Are there cites to back this up? This seems unreasonable to me as I doubt the IRS would let you apply the FIFO only within the account. Also, in reply "200" Zeuspaul references an IRS publication that seems to contradict this: >>>>>> Stock identified this way is the stock sold or transferred even if stock certificates from a different lot are delivered to the broker or other agent. <<<<<< Thank you SO much for your replies (and the other experts) on this thread ... I went back and read them all. I hope you guys are getting referrals out of this or something...