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Phil,
I think you are confusing Trader status with the Section 475 election.
Trader status still allows the 60/40 split. At least that is my
understanding.
Tom
-----Original Message-----
From: Phil Lane <accumulator@xxxxxxxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Wednesday, September 15, 1999 9:15 AM
Subject: trader status gotcha
>Trader status is great if you have short-term losses in excess of $3000 and
>you'd like to use them against other income.
>
>However, just in case somebody actually MAKES MONEY trading, trader status
>will cause all your trading income to be taxed at the VERY HIGH short-term
>rate - you lose the 60/40 split. And also once having elected trader status
>you can't go back again without a major hassle!
>
>This is my understanding - pls correct me if I'm wrong..
>
>phil
>
>
>
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