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" ... In 2008 IRS disallowed $29 million based on a valuation of $3.9 million. RERI filed a Tax Court petition and IRS revised its claim calling for no deduction because the transaction was a sham for tax purposes. In the alternative, it argued the deduction might be $2 million the amount that the University of Michigan actually received. ... "
" ... That means either 30 days before or 30 days after the sale. For example, you can buy 1,000 shares of a fund on January 1st, followed by a sale of 1,000 shares of the fund that you already owned, which had a loss on January 2nd. This will result in a wash sale, and any losses will be disallowed. ... "
" ... The House version of the law would have disallowed the deduction of amounts spent by state employees from tax-exempt salaries and amounts spent by landlords from rent received from state school tenants. The Senate version of the bill was intended to limit this impact. ... "
" ... The essential point is that WS loss disallowed in box 1g is for the entire tax year. However, WS losses deferred at year-end cause phantom income in the current tax year. Many WS losses during the year might fade away by year-end (see how below). Unfortunately, brokers do not report WS losses deferred at year-end, and clients need that information. If a trader uses trade accounting software, they need this information to reverse WS loss deferrals from the prior year-end on January 1 of the current tax year. ... "