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I am thinking about taking a loss on Williams Communications (WCG) and buying Williams Companies (WMB) to replace it. Williams owns 85% of Williams Communications and they have anounced a possible spinoff to occur sometime after the first of the year. The spinoff has not yet been formally approved by the board and there is no guarantee that it will happen.

By buying Williams Companies am I buying "substantially" the same stock and thus precluded from deducting my losses on WCG? I do not foresee the spinoff occuring within 30 days of my sale.

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