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I don't want a memo. I'm a lawyer - somewhat experienced in tax matters (although not
in this precise area) - very experienced in construing federal law - and all I asked
you to do was type a few lines - i.e., the code section you're apparently relying on -
475(f) - which I couldn't find on line - so I could read it. I assume it's not all
that long - most code subsections aren't. I'll give my accountant a call tomorrow -
and ask him to fax me a copy - but I suspect from what I'm reading that it won't
support the contentions that have been made here.
P.S. For the benefit of others on this list - section 475 of the code deals in
general with *dealers* in securities. I tend to doubt that it would have much to do
one way or the other with traders - but I'll reserve judgment until I read it.
P.P.S. Don't mean to sound combative - but - when it comes to legal issues - and
that's what you're talking about here - I'm an "only the facts m'am" kind of guy.
Brent August wrote:
> 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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