Too Late to Elect

Another taxpayer found out well after filing his return with less than stellar results from his trading activities that there had been an option to file an election under §475(f) to use mark to market accounting which also converts the transactions from short term capital gain/loss to ordinary gain/loss.  Since the taxpayer had over $90,000 in net losses.

The materials can be downloaded at http://www.edzollars.com/2008-09-29_LateElection.pdf .

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