BTW, the way I read it, if you maintain $25,000 equity, the rule doesn't apply. Am I correct?

Correct, although you'll still be classified as a pattern daytrader.

and if your equity falls below 25k you will get a margin call to bring it back up...

Okay, I got all that. But what other implications are there to being classified as a "pattern day trader?" I don't believe that automatically qualifies you as a "trader" for IRS purposes. Or does it?

Cap