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

To: Colin Cody who wrote (474)	8/27/1998 11:55:00 AM
From: RookieTrader	Read Replies (1) \| Respond to of 1383

Thanks colin, But what about the wash sale rule? If I traded INTC 3 times with a net loss and then I took a short position in INTC how would that affect the wash sale rule? The way you explained it...it would seem to me that the wash sale rule would not effect a short seller. Thanks Rookie Trader

To: Colin Cody who wrote (474)	8/29/1998 8:06:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

ELECTING Sec 475(f) Stock Trader mark-to-market. TIME IS RUNNING SHORT!!! . Just a reminder that there are only 6 weeks remaining for those on "final extension" to properly elect the new 1997 mark-to-market rules, including the four-year 1997 phase in. . What is clear is that if you file a properly electing 1040 return on or before October 15th (and if you received a 2nd extension) that you can automatically change your accounting system to mark-to-market without getting permission from the Tax Commissioner first. . Traders who want to be sure they get this election made for 1997, should use certified mail, return receipt requested when sending in their return. . ------------------------------------------------- . What is NOT so clear to me, and I open this for discussion is: . Can a 475(f) election be made with a DELINQUENTLY filed 1040 return (one filed beyond the extended due date)? . Can a 475(f) election be made on an AMENDED 1040X filing within three years of filing a form 1040 that was silent to such election? . Can a 475(f) election be made in either of the two above cases if there were "open transactions" as of 12/31/97? i.e. if originally filed without marking-to-market for those open 12/31/97 trades, is this a de facto "election" NOT to elect 475(f) for the year? . Comments? . Colin