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If you look in your tax manual (page D-4 of the IRS 1998 1040 tax manual) under
short term capital gains, it references two methods that one may use to Defer
the payment of "Short Term" capital gains. One of the methods is to purchase
common stock within 60 days of selling a security which will be subject to short
term capital gains. I am simply looking for a definition of common stocks and,
weather or not can I purchase Common Stock for Microsoft or AOL from my

Never hear of this and do not know the book you site.
Do the footnotes reference a code section or rev rule? Is there a publication number for the tax manual?

I think common stock would be any publicaly traded company. This can not be correct because may of use have short term profit and buy common stock within 60 days of the sale and pay tax on the gain. But I think we are all willing to learn new tricks.
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