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To: grasshopper who wrote (2501)	2/14/1998 12:05:00 AM
From: kimberley	Respond to of 4903

OFF TOPIC!! grasshopper, i appreciate the fact that you are obviously trying to make a point, but i would ask you to go back and reread my post. i never brought up wash sales... my point had nothing to do with wash sales. I'm still a little baffled by how wash sales got into this conversation... and i'm well aware of the rules for such. thanks, kim

To: grasshopper who wrote (2501)	2/14/1998 5:57:00 PM
From: Barry Dryer	Respond to of 4903

OT -Grasshopper, with all due respect, I think you may be the one spreading "wrong information". Are you sure you understand "wash sales"? You wrote: >>If you sell a stock for a GAIN, and then buy it back within 30 days and then sell for a LOSS, you CAN'T DEDEUCT YOUR LOSS!!!!!!<< Please re-read the Schedule D Instructions and Pub. 550, as I see absolutely no basis for your assertion. Again, it is a LOSS that potentially triggers the wash sale rule, not a GAIN. If you sell a stock for a gain, as you said above, and now have no position in that stock...then you buy it back within 30 days and later sell this new block for a loss...that earlier GAIN would not affect your ability to deduct the LOSS on your second purchase. I'm certainly no expert in tax matters, but don't feel I need to seek professional help to interpret the tax code. Application of common sense generally helps. Think about what happens if your loss is disallowed because of a "wash sale"...the amount of the loss is added to the basis of the stock you still hold. If you sold it for a gain before establishing the second position, this wouldn't make any sense. This is my last reply on this off-topic subject. Barry