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

To: Brendan W who wrote (508)	1/28/1998 10:31:00 PM
From: Terry Lyon	Read Replies (2) \| Respond to of 5810

I am new to this thread and this is really my first year to sell both mutual funds and stocks and I am trying to appreciate the math. Please help me. I am trying to simplify the problem. Do these equations look correct: 1. Gain or (Loss) = Sale Proceeds - Cost Basis 2. Cost Basis = Sum(Security Costs + Commissions) + Reinvested Divs 3. Sale Proceeds = Gross Sales Price - Commission = Net Sales Price The Sum term includes all security costs and commissions and the reinvested dividends refers to taxable dividends. I have scratched by small pea brain head and your message helps except I need a little further clarification. Thank You, Terry

To: Brendan W who wrote (508)	2/25/1998 11:06:00 PM
From: Brendan W	Read Replies (2) \| Respond to of 5810

Does anyone know how tax liability on joint accounts is determined? My broker only allows one margin account per individual tax ID, and I want to have two (one for trading), so I'm setting up a joint account with a brother. I realize the brokers only report the tax information on one ID (which will be mine), but I want to be sure the Service cannot claim the joint account holder is liable for any taxes. What do I do to ensure this (write a notarized letter to my brother)? It will be my capital and any withdrawals will go to me.