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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: NASDBULL who wrote (35211)	12/28/1998 9:40:00 PM
From: QuietWon	Respond to of 119973

imo, Sale today settles Thurs so is realized for '98. Sales 2 morrow settles in Jan so is a gain for 1999 and you pay tax in 1999. If u shorted against the box today instead of selling today, then sold tomorrow, the gain cud hav been pushed to 1999.

To: NASDBULL who wrote (35211)	12/28/1998 10:00:00 PM
From: Baker Street	Respond to of 119973

The relevant date for tax purposes is the date of sale. Settlement date does not matter for tax purposes. If you sell on 12/31/98, its still 1998 tax year. A CFP guy on CNBC today agreed with this too.

To: NASDBULL who wrote (35211)	12/28/1998 10:01:00 PM
From: Donna Carey	Respond to of 119973

NASDBULL, answer to your tax question. from Ernst & Young: "For securities traded on an established securities market, your holding period begins the day after the trading date you bought the securities and ends on the trading date you sold them. Ignore the settlement dates for tax purposes."

To: NASDBULL who wrote (35211)	12/28/1998 10:20:00 PM
From: Mr. Generic	Respond to of 119973

NASDBULL: The New Tax Bill Changed Things ..... .... The date for tax purposes is now the date of sale. Settlement date does not matter anymore for tax purposes. If you sell on 12/31/98, it counts for the 1998 tax year. It used to be that you could take the choice of the settlement date or the actual trade date, but you had to do it consistently for all your transactions, whichever method you chose. As part of simplifying the Tax Code this year (or was it last year?), Congress decided to keep it simple and make everyone use the actual trade date. A number of analysts were discussing this over the weekend on various shows, including CNBC after the early close on Thursday. My CPA also confirmed this. Hope that helps. George