UNION PACIFIC CHAIRMAN URGES ELIMINATION OF WASH SALE WAITING PERIOD.
DEC. 4, 1987
UNION PACIFIC CHAIRMAN URGES ELIMINATION OF WASH SALE WAITING PERIOD.
DOCUMENT ATTRIBUTES
- AuthorsLewis, Drew
- Institutional AuthorsUnion Pacific Corp.
- Code Sections
- Index Termswash sale
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 87-7926
- Tax Analysts Electronic Citation87 TNT 239-49
=============== SUMMARY ===============
Drew Lewis, Chairman of the Union Pacific Corp., New York, N.Y., has urged Treasury to consider altering the wash sale provisions in Code section 1092. Lewis says that, if this provision were changed to eliminate the 31-day waiting period, it would allow investors the right to realize a given loss for tax purposes and then be able to subsequently, and promptly, repurchase the same security. Lewis feels that Treasury will lose revenues as a result of the current realization of offsetting losses by investors and is concerned whether this type of liquidation program will cause another calamitous decline on Wall Street, given the constraints on wash sales. Lewis also feels that, if this 31-day period is eliminated, it may even produce revenue.
DOCUMENT ATTRIBUTES
- AuthorsLewis, Drew
- Institutional AuthorsUnion Pacific Corp.
- Code Sections
- Index Termswash sale
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 87-7926
- Tax Analysts Electronic Citation87 TNT 239-49
