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

To: Kaye Thomas who wrote (478)	8/30/1998 10:22:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Kaye, thanks for your thoughts. I brought it up because there seem to be SOME elections that can be made by filing a 1040X (and after the normal extended 1040 due date), such as to defer gain from involuntary conversions under 1.1033(a)-2 or electing out of treatment as debt secured by a residence so it will be deductible under the general interest tracing rules under Sec 163 or the Lump-sum distribution elections under Sec 402(d). . And even some other elections can be made/revoked by filing a 1040X BEFORE the extended due date of the 1040 return such as accruing interest for US savings bonds under 1.454 or Sec 179 expensing. . I could also note that if you delinquently file your form 1040, that the Sec 179 expensing election (see above) can still be made at that time! . Of course every TRADER should be making the 475(f) election NOW, if desirable, and not waiting and wishing one was made after it is possibly too late! . Colin