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

To: Tim Lumley who wrote (693)2/4/1999 9:59:00 PM
From: Colin Cody  Read Replies (1) | Respond to of 1383
 
Tim, that's a catch 22. (g)

The IRS says you can identify which shares you are using the tax basis from when selling. The IRS also says the shares sold do not need be the ones represented by the actual certificate surrendered upon sale. i.e. you can substitute a certificate.

Maybe you could tell you broker you are selling shares held elsewhere for tax purposes, but you are substituting the shares he has for physical delivery purposes.

This is obscure stuff. In practice I never see an application of it.

Colin



To: Tim Lumley who wrote (693)2/4/1999 10:55:00 PM
From: PerryA  Read Replies (1) | Respond to of 1383
 
When you ask a broker to sell the shares purchased on a specific date, all they do is add a note to your trade confirmation. That note serves as proof that you identified specific shares at the time of sale. Hope that helps.
PerryA


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