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Author: giraffeneck Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123155  
Subject: Deductions on Sold Shares in Trust Income Date: 4/15/2001 12:56 PM
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I`d appreciate if anyone could help out here. I`m not familiar with US tax law and my query goes like this:

About a year ago a dear realtive set up a trust for her grandchildren. She bought a fair number of tech shares and now are about 50% of their previous value. She does not want to part with any of the companies and believes them to be good. Would it be possible for her to sell all her stocks and deduct this loss for tax purposes even if she were to repurchase them a week later? Is this a genuinely legal way of claiming losses and reducing the tax bill?
I`d be grateful for anyone able to shed any light on my question.



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