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Wash Sale Rules

Seward & Kissel LLP

Greenbook Tax Proposals

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Tax reform, like spring, is in the air. The Biden Administration recently released its fiscal year 2025 revenue proposals, known as the annual “Greenbook.” The Greenbook’s 250+ pages of tax reforms include six potential...more

ASKramer Law

The Wash Sales Rule and How Cryptocurrencies are Categorized

ASKramer Law on

In December 2022, I was quoted in an article in “Tax Notes” by Lee Sheppard to the effect that the wash sales rule in Internal Revenue Code (Code) Section 1091(a) (losses from wash sales of stock or securities) doesn’t apply...more

Bowditch & Dewey

Cryptocurrency Wash-Sale Loss Harvesting

Bowditch & Dewey on

The IRS wash-sale rule does not currently apply to cryptocurrency because the IRS considers virtual currencies to be property rather than securities. In general, a taxpayer who exchanges cryptocurrency for goods, services or...more

ASKramer Law

Taxation of Derivatives Held by Investors: What to Know

ASKramer Law on

The taxation of derivatives and financial products has developed in an uncoordinated and piecemeal fashion. Tax rules have largely been enacted in response to what the government has perceived as abusive transactions —...more

Polsinelli

The Proposed Build Back Better Act Moves Forward After the House Passes a Revised Version of the Bill

Polsinelli on

Overview - Over the past year, several tax law changes have been proposed by the Biden administration and, in September 2021, draft legislative language was circulated, which set forth proposed changes to the Internal...more

Cadwalader, Wickersham & Taft LLP

House Passes Build Back Better Act

Here's a summary of the tax provisions in the Build Back Better Act, as passed by the House. I. Introduction - On November 19, 2021, the House of Representatives passed the Build Back Better Act (the BBBA)....more

Winstead PC

SEC Charges Case Featuring Alleged Wash Sales Involving Options of “Meme Stocks”

Winstead PC on

The United States Securities and Exchange Commission recently charged two individuals— Florida residents, Suyun Gu, and his friend, Yong Lee—for their involvement in allegedly fraudulent wash sales involving out-of-the-money...more

McDermott Will & Emery

When Virtual Currency Positions Are Subject to the Wash Sales Rule

McDermott Will & Emery on

Under the wash sales rule, taxpayers cannot deduct a loss on the sale of stock or securities if the taxpayer purchases the same or substantially similar assets a short time before or after the sale that triggered the loss....more

Katten Muchin Rosenman LLP

Bridging The Week - October 2019 #2

A broker-dealer and its chief executive officer settled charges brought in 2017 by the Securities and Exchange Commission that the firm facilitated manipulative conduct by a customer, despite being alerted by regulators and...more

Dickinson Wright

Wash Sales

Dickinson Wright on

If you own stock that is currently worth less than what you paid for it you might wish to consider selling it and then reacquiring it by purchase -- if you think that the stock has reached its low point but feel that it is...more

Katten Muchin Rosenman LLP

Bridging the Week - July 2017

Trading Firm and Individual Trader Settle CFTC Allegations of Engaging in Wash Sales to Obtain Exchange Fee Rebates: Rosenthal Collins Capital Markets LLC (now named DV Trading LLC), a proprietary trading firm, settled...more

Katten Muchin Rosenman LLP

Bridging the Week - September 2016 #3

Advantage Futures LLC, Joseph Guinan, its majority owner and chief executive officer, and William Steele, who until May 2016 was Advantage’s chief risk officer, settled charges brought by the Commodity Futures Trading...more

Katten Muchin Rosenman LLP

Bridging the Week - June 2016 #4

Broker-Dealer Sanctioned US $415 Million by SEC for Violating Customer Protection Requirements: Two Merrill Lynch entities agreed to pay sanctions of US $415 million to resolve charges brought by the Securities and...more

Stinson - Corporate & Securities Law Blog

Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

K&L Gates LLP

New Tax Guidance Would Simplify Rules for Shareholders of Institutional Money Market Funds

K&L Gates LLP on

On July 23, 2014, the Securities and Exchange Commission (SEC) adopted final rules governing the structure and operation of money market funds (SEC MMF Reform Rules). See our client alert entitled “SEC Adopts Floating-NAV and...more

Dechert LLP

IRS Proposes De Minimis Exception to Wash Sale Rules in Connection with SEC Money Market Fund Floating NAV Proposal

Dechert LLP on

The U.S. Internal Revenue Service (IRS) has proposed a new Revenue Procedure (Proposed Revenue Procedure) regarding the application of the wash sale rules under Section 1091 of the U.S. Internal Revenue Code (Code) to...more

Morrison & Foerster LLP

Tax Talk -- Volume 6, No. 2 -- July 2013

In This Issue: IRS Leaves Potential REIT Conversions Hanging; IRS Proposes to Relax Wash Sale Rules for Floating NAV Money Market Fund Share Redemptions; IRS Confirms Mexican Land Trust Is Not Trust Under U.S. Tax Law;...more

Orrick, Herrington & Sutcliffe LLP

House Ways and Means Proposals for Financial Products Tax Reform

On January 24, 2013, the House Committee on Ways & Means released a discussion draft of legislative provisions (the “Draft” or the “Proposal”) that would make fundamental changes in the taxation of certain financial products....more

Skadden, Arps, Slate, Meagher & Flom LLP

"House Ways and Means Committee’s Tax Reform Proposals for Financial Products"

On January 24, 2013, Rep. Dave Camp (R-Mich), the chairman of the House Ways and Means Committee, released a “discussion draft” of a bill relating to the taxation of derivatives and other financial products (the Discussion...more

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