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I have a two page memo which I prepared for one of my tax clients who in fact did
make the election. It saved him $98,000.00 in taxes for 1997. We have not been
audited (yet). Still 2+ years to go. This memo may help you. If anybody wants a
copy just call, email or fax me. I will return it to you by fax or US Mail. I dont
have time to get it into my computer therefore I can not email it to you. It
talks about the law but it is not the code. This thing is very complicated and is
not for everybody. Do some very good tax research yourself or get a professional
to do it for you. I have traded the S&P for the last 6 years. I have been a tax
professional for 35 years. I will talk to anyone about it and try and send then in
the right direction. Call if you want O.K. during the trading day. This is not an
ad. I am not looking to do your taxes. I will if you want but just trying to give
back to the list. I have received trading help from the list. Thanks to all
Brent phone 1-925-283-1999 fax 1-925-283-5624 email you have.
Robyn Greene wrote:
> Brent August wrote:
>
> > Your cpa is most likely wrong. (I do not know all the facts in your case) but
> > tell him/her to check irc sec. 475(f)...
>
> Could you tell us what 475(f) says (apparently it's a new code section which
> hasn't been incorporated in the IRC on line yet)? Robyn
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