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To: Kenya AA who wrote (60666)	5/6/1999 4:50:00 PM
From: Elwood P. Dowd	Read Replies (1) \| Respond to of 97611

K.... I don't know for certain about institutions, but pro tradrs could be a major gray area. For sure a few Mickey Mouse investors like myself will come back in about 5/9 if the stock shows promise. El

To: Kenya AA who wrote (60666)	5/6/1999 5:21:00 PM
From: Feathered Propeller	Read Replies (1) \| Respond to of 97611

KenyaAA:OT If someone has a handle on the "rules" governing professional traders, a higher return for teaching than investing could be in their future. The IRS does not even have a publication regarding the endeavor. FWIW: My limited inquiries have indicated that if you are not subject to the Investment Company Act of 1940, then you are safer playing by the wash rule and adding the non-deductible loss onto your basis for the repurchased stock. Admittedly, only an audit would probably expose you and the probability is slim of that. With the estimate of online trading now at, or in excess of the 25% of market volume and growing, my guess is the IRS is going to have to address the issue with more specifics. (I use the IRS regs in the trunk of my car for extra traction in the winter) JCC "The hardest thing in the world to understand is income tax." - Albert Einstein