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23-May-2017 20:41

Exceptions to matching buys and sells on the FIFO basis exist for mutual fund shares (for which taxpayers generally elect to use the rolling average cost basis) and for publicly traded partnerships (for which IRS Rev. 84-53 requires a rolling average cost basis, referred to as a unified/unitary basis, in the PTP units). 1.1223-3(c)(2)(i)(C) as follows: "The selling partner [may elect] partnership after September 21, 2000.An exception to the exception for PTP units is found in IRS Regs. The selling partner makes the election referred to in this paragraph (c)(2)(i)(C) by using the actual holding period of the portion of the partner's interest in the partnership first transferred after September 21, 2000 in reporting the transaction for federal income tax purposes." Also known as a accommodation sale or a fictitious sale is a security or commodity that is bought and sold, either concurrently or within a short period of time, to create artificial market activity with the intent to profit from the resulting change in the security's price.The IRS temporarily disallows (defers) such losses for tax purposes.The IRS also extends the wash sale prohibition to closing short sales.Consider this: If one were to sell prime real estate, raw acreage, to an investor...Only to find out later that the seller did not have perfected title to the land (or to make this analogy closer - that the land did not even exist)?Committees in both the House and Senate have held hearings on this and other market structure issues, most recently in the House Financial Services Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises on May 18, 2004.

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purchase 3/31/08." For online trades, you should immediately follow up with a phone call to specify your instructions.Specialists are allowed to hold an order for 30 seconds before either executing it or handing it off to another specialistand during that time, the price may change.Executives at the NYSE have defended the trade-through rule, saying it's good for small investors.Then when confronted by the bunko squad, offering the excuse "But sir, I was planning to buy the land back after it declined in value." Nowhere in the world would such a scheme be accepted, rather the perps would be locked up in the hoosgow immediately upon discovery!But the SEC protects the thieves and actually provides the mechanism that facilitates the activity.

purchase 3/31/08." For online trades, you should immediately follow up with a phone call to specify your instructions.

Specialists are allowed to hold an order for 30 seconds before either executing it or handing it off to another specialistand during that time, the price may change.

Executives at the NYSE have defended the trade-through rule, saying it's good for small investors.

Then when confronted by the bunko squad, offering the excuse "But sir, I was planning to buy the land back after it declined in value." Nowhere in the world would such a scheme be accepted, rather the perps would be locked up in the hoosgow immediately upon discovery!

But the SEC protects the thieves and actually provides the mechanism that facilitates the activity.

This FAQ is *not* intended as a comprehensive guide to trader status taxation.