Personal Income Tax Planning

This PodCast is about the Section 475(f) mark-to-market election.  The mark to market election under Section 475(f) can have a major impact for individuals that were unsuccessful in their attempt to become a day trader (which turns out to be the majority of those who try).  However, the election has rather strict requirements on when the election must be filed  - as the taxpayer in Knish v. Commissioner, TC Memo 2006-268, learned as he tried to unsuccessfully argue for the validity of his election  -  filed 18 months after the date that Revenue Procedure 99-17 required it have been filed.The materials for this podcast can be downloaded at http://edzollars.com/2006-12-31_Mark_to_Market.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com