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To: Iceberg who wrote (19426)	3/3/1999 6:07:00 PM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

IRS wash sale actually this is straight forward is essence, if you sell a stock at a loss then buy it back the IRS assumes you only sold it to take the tax loss, thus they do not allow it you need 3 transactions to kick in the wash; 2 buys, 1 sell if one of the buys is 30 days before or after the sell then no loss can be taken but you can adjust your cost basis on the shares held for people who elect true "day trader status"; the wash sale rule does not apply; they just mark to market and do not even have to report any transaction details if you trade a lot the IRS may never catch you on this but if they do, UGG!!!!!

To: Iceberg who wrote (19426)	3/3/1999 7:27:00 PM
From: AnnaInVA	Read Replies (2) \| Respond to of 53068

According to a CPA online, his name is Robert Green, and he is an SI member, a daytrader makes an election before April 15, 1999 for the tax year 1999 to be considered as a daytrader and "Marks to Market" his shares which he is holding by Dec 31, i.e. based on what your long shares are at Dec 31, that is how your gain/loss is determined when selling. The nice thing about declaring yourself a daytrader, all related expenses are deductible on Schedule C (without considering yourself a business) and trading gains/losses are still reported on Sch D. Ciao, anna