Ask Rande 10,000+
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» Rande - Re: wash sale
In response to message posted by Thruhiker:
Thru,
As far as the IRS is concerned, you and the missus are considered one economic unit when it comes to such things as wash sales. I think there's a passage in the Code somewhere that goes something like, "...and the two shall become one flesh for purposes of the wash sale rule." 
-- posted by Rande
» SPYDR22000 - wash sale
A couple of days ago there was a wash sale ques-tion regarding the sale of spy and mdy and the
purchase of vti. Your answer was no wash sale
problem. My question is, might the IRS consider
the sale of spy and mdy in combination which then
might be substantially identical to vti?
-- posted by SPYDR22000
» Kirk - Re: wash sale
In response to message posted by SPYDR22000:SPY is 500 stocks
How many are in MDY? 400 I think
http://www.mobydata.com/comp/mid.htm
so this totals 900 stocks
Vipers is supposed to cover 7,000 or the Wilshire5000...
Doesn't seem like a wash if you replace 900 with 5,000 to 7,000 stocks.
-- posted by Kirk
» Rande - Optimism
Hopefully, those historical comparisons of how the market rebounded after past disasters proved helpful to some in the past few weeks. Looks like we might have another one to add to the history books now. Is there reason to be optimistic about the future? Always. Kellner gets a little more specific:
Take a chance on me
Commentary: Economy, market should recover
By Dr. Irwin Kellner, CBS.MarketWatch.com
Last Update: 10:05 AM ET Oct. 12, 2001
http://cbs.marketwatch.com/news/story.as...
NEW YORK (CBS.MW) -- If equities could talk, they would be singing the words of the show-stopping tune from the soon-to-open Broadway musical, "Mamma Mia," imploring investors to "take a chance on me."
When the stock market re-opened on Sept. 17, equities had their worst week since the Great Depression. Everyone, it seemed, had turned bearish and wanted out.
With interest rates in the process of descending to 40-year lows, the stock market became a screaming buy at the close of business on that previous Friday (see my column of Sept. 21).
So when investors changed their minds on Sept. 24, equities were first in line. Stocks may not have been free, but at the open that day, they all but seemed to be.
In the past three weeks the market has made up just about all the losses sustained since the terrorist attacks.
What has changed to warrant such renewed interest in stocks? In a few words, there is less uncertainty today than there was in the immediate aftermath of the attacks.
To be sure, America's war against terrorism has only just begun. But the point is it so far appears to be successful.
Uncertainty by its very nature cannot be quantified. And when confronted with something like this, investors tend to sell, causing stock prices to tumble.
The financial markets can deal with risk. Indeed, that's what investing is all about.
Darkest before the dawn
In this regard, the economic outlook, if anything, has worsened -- but only for the near term. There is no doubt that business has been affected by the attacks, turning a situation that was dicey to begin with into a decline.
It goes without saying that this climate has blitzed corporate profits. Earnings very likely took a header in the third quarter and will do a repeat performance during the final three months of the year.
But that was then, this is now. Investing has always been about the future, not the past. And 2002's profits, for several reasons, could well end up coming in stronger than many now expect.
First, of course, being compared with this year's dismal results will help next year's earnings look good.
Aside from that, however, profits will also benefit from the decline in interest rates and energy costs. Also, most companies have slimmed down, thus cutting their operating expenses even further. So once sales improve, earnings will rise even faster.
Although retail sales tumbled in September (see story), they will recover as long as uncertainty dissipates and no new bad news develops.
And don't forget all that money that has been injected by the Federal Reserve, as well as the tax cuts past and future, and the additional spending to beef up our defenses, increase national security and rebuild lower Manhattan and the Pentagon.
-- posted by Rande
» Happy - Re: Re: wash sale
In response to message posted by Rande:To answer the other part of Thruhikers question, Would a sell in a tax deferred account and an immediate buy in a taxable account meet the wash sale rule?
Answer: I don't think it matters since there would be no capital loss generated by selling a security in a deferred account.
-- posted by Happy
» Rande - Re: Re: Re: wash sale
In response to message posted by Happy:Norm,
This is a bit of a gray area where there's some disagreement. Many practioners would say that the sale at a loss in a taxable account and repurchase in a tax-deferred account within 30 days would be a wash sale rule violation since the law is silent with respect to any exemption for such a transaction. On the other hand, the layman might wonder how on earth the Service would ever trace such a transaction, even if they bothered to look. Especially if there aren't that many zeros involved.
-- posted by Rande
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