I have short term gains this quarter and would like to balance them against some paper losses in my portfolio without relinquishing my position. Is the following acceptable:Assume I bought 1000 shares of ABC at $50/share less then 1 year ago for a cost basis of $50,000. Like the company and want to be a lonterm investor.Current price is $50/share showing a loss of $25,000.Purchase 1000 shares today at $25 for a new position of 2000 total shares.At least 30 days later assume the price is still $25/share can I sell $1000 shares of ABC using 'first-in-first-out' and take the loss thereby lowering the cost basis of the holding.There may be other approaches to achieve the same thing but following this protects me from a runup that may be missed during the period if I just sold the entire position.Any comments?John
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