IRS Notice 2013-48: proposed revenue procedure on money market 'wash sale' losses.
| Author | Josephs, Stuart R. |
| Position | IRS news |
De minimis losses from a "wash sale" of certain money market fund shares would be treated as normal losses in specified circumstance under a proposed revenue procedure described in IRS Notice 2013-48, issued July 3. Losses up to 0.5 percent of a taxpayer's bases in a share would not be disallowed and would not affect the basis of any property. This percentage would apply only for purposes of the proposed revenue procedure.
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Generally, a "wash sale" occurs when a taxpayer sells or otherwise disposes or stock...
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