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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (2166)	4/22/1999 7:43:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

I wouldn't be in any rush to sell. Don't push the IRS to the wall. If it says "one year", heck wait an extra week and make darn sure you are over 366 days. What's the difference anyway? If you are concerned the price will drop??? Well you shouldn't have held 12 months in fear of a price drop just for a break in the gains tax rate to begin with! If you are real uneasy because of a recent development, sell the stock SHORT and then cover in a few weeks. Sometimes a/k/a "short against the box." I have an audit going on right now where there was "a questionable item". (we discussed this issue here back in October, BTW). Off the top of one's head it might be subject to misapplication. The auditor picked up on it an disallowed the deduction. I had to research it and then provided the actual printed IRS regulation to the auditor that said the taxpayer was correct. Apparently the auditor would rather rely on a "gut feeling" than the printed Regulations. We go to "Appeals" next month. MORAL: Who needs this? Don't push it just because you are "right". Give some leaway to the IRS and AVOID confrontations. Colin