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Do the IRS rules pertaining to wash sales also apply in reverse, partically as relates to LT vrs ST capital gains?
For example, On May 1 I purchase 100 shares ABC at $10. On November 1 I sell those 100 share at $15. Within 30 days, on December 15 I repurchase 100 shares of ABC at $17. Does the wash sale rule allow, or maybe even compell, me to claim the $2 per share increase as current income, while allowing the cost basis to remain at $10 for LT capital gains consideration?
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