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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: bostonmthn who wrote (131)	3/26/1998 7:32:00 PM
From: Richard Haugland	Respond to of 3044

"being totally out of a stock for 31 days". You are correct that if you sell only 500 shares at a loss and do not replace it within 31 days you get to write it off without adjusting the basis of the "other" 500 shares. If one sells stock at a loss and buys it back within 30 days then one must adjust the basis instead of realizing a loss. However profits must be declared whenever they are realized. Moreover, without asking the broker to sell specific stock the IRS says that one must usually (or always?) take the profits against the oldest purchase of the stock (FIFO) rather than stock purchased for instance early in the day and sold later in the same day. What was referring to was that it is not necessary to match trade against trade if one TOTALLY liquidates one's position for 31 days, which makes it simpler to do IRS reporting when one day trades several times. I am still holding the MLNM I bought at 19 last week for a "day trade" because it did not quite get to my sell price of 19 7/8. Its gotten close several times at 19 3/4 but then dropped back.