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To: Wayners who wrote (56072)	5/8/1999 11:31:00 AM
From: Olu Emuleomo	Respond to of 164684

>>>How much gain does the IRS make you pay tax on? That's right, $997,000. That is flat out wrong. <<< Wayne, I whole-heartedly agree with you. I think there should be zero tax on investment gains, as long as it is not part of your job compensation. Why tax me twice? I have already paid taxes on the cash I invest in the mkt. It is just unfair. The govt shares part of my hard work and only wants to share 3K of my losses. (Yes, its hard work. 20hrs/week on the net, 90% of that time researching and staring at charts) But until the laws change, there is no way around this tax. But I dont let tax considerations affect my stock trades...otherwise, I'd have no tax liability at all :-(( --Olu E.

To: Wayners who wrote (56072)	5/9/1999 10:24:00 AM
From: tonyt	Read Replies (1) \| Respond to of 164684

<<I don't know about gladly. The problem is fairness. Lets say for example you make $1M this year :). But lets say you lost $1M last year :(. What is your net gain over 2 years? The big goose egg. How much tax should you have to pay on the big goose egg? Zero IMO. How much gain does the IRS make you pay tax on? That's right, $997,000. That is flat out wrong.>> If this is how you have been calculating your loss carryfwds, then you need to file an amended return and collect a big refund. Your point was probably that if you make $1MM this year and pay your tax, but next year you loose $1MM you can only get a $3k loss deduction as the IRS does not allow loss carrybacks.