Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : SkyMall (SKYM) -- Ignore unavailable to you. Want to Upgrade?

To: UCLAlumnus who wrote (438)	12/28/1998 2:39:00 PM
From: Arrow Hd.	Respond to of 987

You bring up an interesting point. Though I am not an accountant I do recall earlier this year that my accounting firm, during a quarterly review, mentioned that the Tax Simplification Act of 1997 changed an accounting practice that affects year end transactions. Previously, you could select trade date or settlement date as long as you were consistent with every transaction for that year. That would mean you could sell on Tuesday, take profits, claim settlement date and have a 1999 transaction. But now the rule is trade date across the board. The settlement date has been eliminated as an option. That was my understanding at the time. Any accountants on the thread want to comment?