Bonus unit anti-abuse rule treats losses on short-term purchases as cost of allotted bonus units. A new mechanism in section 94 treats losses from purchases made within three months prior to the record date and sold within nine months after that ... Summary
Bonus unit anti-abuse rule treats losses on short-term purchases as cost of allotted bonus units.
A new mechanism in section 94 treats losses from purchases made within three months prior to the record date and sold within nine months after that date-where additional units were allotted without payment and some such allotted units are still held-as ignored for income computation and deemed to be added to the cost basis of the allotted units retained on the sale date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
