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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Jack Chen who wrote (190)	2/27/1998 8:49:00 PM
From: Colin Cody	Respond to of 1383

Yes, you may pay a bona-fide consulting fee as a deductible Trader's Expense (or as an Investor's expense). . The Service has not indicated HOW a taxpayer elects 475(f), but the Law says you MAY elect for the period June 8th 1997 through December 31, 1997 inclusive. . The Law also indicates that they WILL eventually be allowing taxpayers to do so after December 31, 1997. . If you are a TRADER then I'd suggest a good CPA and Financial Planner be consulted with before you make the "permanent" election to mark-to-market. . There are lots of pitfalls, and few benefits that I see to make the election. Only in VERY SPECIAL cases can I think of a reason to want to make the permanent switch in accounting methods. . Colin