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Posted by R. C. White on March 11, 2007, 11:29 am
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Hi, Ira.
Thanks for confirming that at least SOME of what I remember is still true.
;<)
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
>> Hi, Ira.
>>
>>> identified as a mutual fund? If not, you can only use the specific share
>>> method.
>>
>> Did LIFO and FIFO get eliminated since I retired? Or have I
>> misunderstood the question - or your answer?
>>
>> RC
>
> I suspect you misunderstood one or the other. FIFO is still the default
> method for determining the cost basis on a sale. You can also choose to
> specify which shares were sold provided you follow the rules about getting
> confirmation of your instructions from the broker. However, you can't
> choose to use an average cost basis unless you are selling a mutual fund.
> As far as I know, these rules haven't changed in many years, maybe never.
>
> Ira Smilovitz
430 No such article
Hi, Ira.
Thanks for confirming that at least SOME of what I remember is still true.
;<)
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
>> Hi, Ira.
>>
>>> identified as a mutual fund? If not, you can only use the specific share
>>> method.
>>
>> Did LIFO and FIFO get eliminated since I retired? Or have I
>> misunderstood the question - or your answer?
>>
>> RC
>
> I suspect you misunderstood one or the other. FIFO is still the default
> method for determining the cost basis on a sale. You can also choose to
> specify which shares were sold provided you follow the rules about getting
> confirmation of your instructions from the broker. However, you can't
> choose to use an average cost basis unless you are selling a mutual fund.
> As far as I know, these rules haven't changed in many years, maybe never.
>
> Ira Smilovitz
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