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Old 09-18-2006, 03:34 PM
GreenTrader Tax GreenTrader Tax is offline
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Election out of IRC 988 forex for futures

Yes, its good to elect out of IRC 988 at the start of your trading year; Jan 1 if you start then, or later in the year if you start later.

Yes, a simple internal election statement is all that is required. One idea is to send yourself an email as that is timestamped.

It would certainly be more helpful if the IRS would clarify the election wording a little.

Thanks.
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