As for the investigation of the wash sales
, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have the jurisdiction to investigate, Barte noted.
The wash sales
trap potentially applies to any disqualifying disposition in which an employee, within 30 days--before or after the stock sale--repurchases company shares.
Losses from wash sales
will carryover to the next identical stock purchase until gains eliminate the loss or until the stock is sold outside of the 61-day period.
Because of automatic reinvestment, it is possible that a sale of fund shares at a loss can result in an unintended wash sale
Not only can the Wash Sale
Rule prevent you from taking a loss, but failing to account for wash sales
can result in costly errors in cost basis calculations for both the stock sold at a loss and the security that triggered the wash sale
," said Conlon.
are prohibited by banking and securities regulations because they distort financial markets by misleading third parties as to the volume and price of the securities being traded, when in fact, no real change in ownership of the securities occurs at the end of the day.
These solutions calculate, track and report corporate actions, cost basis, capital gains and losses, and wash sales
They said the officials of these two DBP units, who were involved in the wash sales
, do not have professional licenses and lack the qualification, competency and work experience mandated by law.
Some banks try to go around the restriction by using a process-also prohibited by regulators-known as a wash sale
wherein the securities are sold to another financial institution and bought back at a pre-agreed price, usually on the same day or shortly thereafter, to make auditors believe that these are new purchases rather than merely transfers meant to make their books look better.
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