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Technology Stocks : Brite Voice (BVSI) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Willoughby who wrote (445)	2/3/1999 8:18:00 PM
From: Bosco	Read Replies (1) \| Respond to of 495

G'day all - Mark, T.T. should be able to flag the washsales, but not so sure how that works anymore... Back to BVSI, something is definitely cooking. Another gap up today and volume was accelerating I'll bet a cyber fried chicken dinner a new CEO in the pipeline [any taker <G>?] best, Bosco

To: Mark Willoughby who wrote (445)	2/3/1999 8:34:00 PM
From: James B. Barnes	Respond to of 495

Uh oh. I quit preparing tax returns in 1995, except my own. Up until that time and until this present day, as far as I know, there has been what they call "wash sale" rules. This may be too much of a generalization, so read the actual rules, but the jist is if you want to deduct a tax loss on your tax return in any given year you must sell the (in this case) shares of stock and not repurchase the same or similar shares for thirty days. After thirty days pass you can get back in. It doesn't matter what time of year one does this, if you sell a 100 shares of XYZ for a loss and turn around and buy them back two days later, it's a "wash sale" and not deductible. For instance if you sell all your BVSI on December 23, 1998, you can take the tax loss your 1998 tax return as long as you don't repurchase any BVSI shares prior to January 23, 1999. I don't use Turbo Tax, but I suspect they have the rule for you. I also suspect that their software doesn't automatically catch such a mistake and prevent you from making an error. I don't know if any of the off the shelf products catch this. I'm using Tax Cut this year for the first time. I'll have to test it and see if it does. Good luck, James