wash sale

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Related to Wash Sales: wash trade

wash sale

n.
The sale and repurchase of a security within a short period of time, especially in order to realize a loss that can be deducted from taxable income.

wash sale

n
(Stock Exchange) US the illegal stock-exchange practice of buying and selling the same securities at an inflated price through a colluding broker to give the impression that the security has a strong market
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Revenue and owner profit come from store sales, gasoline sales, and car wash sales.
The body monitoring the performance of state-run corporations has sought the explanation of Development Bank of the Philippines (DBP) regarding its wash sales transactions last year.
The book explains the mark-to-market rules, wash sales, short sales, straddles and foreign-currency-dominated instruments.
Beware of the Wash Sales Trap (see sidebar, Page 18).
Gains resulting from wash sales are taxable in the year of sale.
Four common problems are determination of cost basis, loss on sale of shares held six months or less, exchanges of shares within families of funds, and unintended wash sales.
Watch for Wash Sales -- Under the Wash Sale Rule, investors who sell stock at a loss, but then buy a substantially identical security within 30 days before or after the sale, are not allowed to recognize that loss for tax purposes.
THE DEVELOPMENT Bank of the Philippines (DBP) has imposed administrative sanctions for breach of ethics and professionalism on three treasury group officers directly involved in the bank's P717-million loss due to so-called wash sales.
3, makes accurate cost basis reporting, including adjustments for corporate actions and wash sales and correctly reporting whether gain/loss is long-term or short-term, mandatory.
According to Badilla, the DBP could have turned over to the government more than P5 billion in earnings this year had it not been for the losses it suffered from the wash sales.
Maxit reduces the complexity of the challenging investment tax decision process by analyzing actionable cost basis scenarios, simplifying tax reporting, eliminating the need for research on corporate actions and identifying wash sales.
Wash sales are illegal because they distort open market dynamics, artificially increasing the trading volume of the transacted securities even when there is no real change in beneficial ownership at the end of the day.