Robert Gordon, principal of Twenty-First Securities, a friend and one of the foremost experts on tax related investment issues, recently sent an alert regarding the House Ways and Means Committee draft proposal for the reform of tax laws dealing with financial products. Obviously it’s early in the process; however, many of the provisions may well be a hint of what’s coming. For example, included is a provision that would eliminate lot basis sales and require average costs on all transactions and a related party rule for wash sales that would extend to spouses, dependents and related corporations, trusts or estates under the control of the taxpayer.

His full report is at http://twenty-first.com/articles/proposed_tax_reform_fin_products.htm.

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