Very clever, Ira, but no. The return shows a large short term gain, a modest long term loss, and so an overall gain. LTCG rates do not apply - gain is taxed as ordinary income. Tax liability really is the same...Agreed... but it wasn't obvious from the original post that this was so.In this case I wouldn't waste the time to file an amended return. If the IRS resumes the suspended K-1 matching program, and if it catches the discrepancy between the corrected K-1 and the filed 1040, the computer should reach the same conclusion that you did -- no change in tax liability. Nor is there any carryforward loss to worry about.Ira
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra