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Non-Tech : Wit Capital - The way of the future? -- Ignore unavailable to you. Want to Upgrade?

To: eDollar.com who wrote (4473)	6/4/1999 10:39:00 AM
From: bh	Read Replies (1) \| Respond to of 16809

I was also wondering about the frequency that they run this job. Nightly might be overkill, since IPOs don't come out every day. However, I doubt they are tight on their batch window, processing all 900 daily trades. :) Hopefully is monthly, so my flips this week won't show up for a while.

To: eDollar.com who wrote (4473)	6/4/1999 10:44:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 16809

Condider this scenario: I get 100 shares of stock X in my account at WIT. The day it opens I buy 100 More from the open market of the same stock Next day I sell it 100. Now is this flipping? Not in my opinion. I can argue I sold the chunk I bought in open market. interesting question. If you use tax treatment as an indicator then it is flipping. The IRS now assumes that any shares sold are the first shares purchased, which in this case would be the IPO, unless there was a previous selection to treat all sales as the the most recently purchased. Once you select Fifo or Lifo it is used for all holdings and cannot be changed. The way around this would be to transact through a different broker.