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.
(204) The Regulation states that "[i]n general, as applied to stocks or securities [in section 1233], the term ['substantially identical'] has the same meaning as the term 'substantially identical stock or securities' used in section 1091, relating to wash sales
of stocks or securities." (205) In turn, when analyzing [section] 1.1233 as though it were explaining "substantially identical" for use in [section] 1091, it becomes clear that the exceptions to the general rule that securities of different corporations may not be substantially identical primarily involve situations where the securities are transferable into other securities, (206) which is not the case here.
An SFC investigation found that Hu, Ng, and Chang, were negligent in relation to a series of trades that they carried out on behalf of one of their clients at UBS which constituted wash sales
and may have misled the market.
The book explains the mark-to-market rules, wash sales
, short sales, straddles and foreign-currency-dominated instruments.
(EDS: ADDING INFO ON WASH SALES
DISCLOSED BY OSE AT 7TH-9TH PARAS)
* Beware of the Wash Sales
Trap (see sidebar, Page 18).
If you are one of the increasing number of active traders with potential wash sales
in your portfolio, visit with your accountant about techniques you can use to recognize these losses and lower your tax bill.
Britain's biggest independent petrol retailer Save Group pinpointed the world's greatest soccer tournament as one reason for a sharp drop in car wash sales
in the first half of the year.
Unlike its experience with many other HBC categories, the food channel has thus far managed to go head to head with mass discounters and bury drug when it comes to gel and body wash sales
. According to IRI's InfoScan, at the end of 1995, mass merchandisers held 42% of gel and body wash sales
; food, 38%; and drug lagged behind with 20% of sales.
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
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