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WDC 89.56+0.1%Apr 20 8:00 PM EDTNews

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From: reddy_s12/16/2017 2:35:35 PM
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franklin1

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Looks like the enforcement of First-in-first-out tading rule is taken out from the final tax bill, which is good for individual investors who trade some positions around their core positions of a stock.


House Bill
No provision.



Senate Amendment
The provision requires that the cost of any specified security sold, exchanged, or otherwise disposed of on or after January 1, 2018, be determined on a first-in first-out basis except to the extent the average basis method is otherwise allowed (as in the case of a taxpayer holding shares in a RIC). The provision does not apply to sales, exchanges, or other dispositions of specified securities by RICs. The provision includes several conforming amendments, including a rule restricting a broker’s basis reporting method to the first-in first-out method in the case of the sale of any stock for which the average basis method is not permitted. Effective date.-The provision applies to sales, exchanges, and other dispositions after December 31, 2017.


Conference Agreement
The conference agreement does not include the Senate amendment provision.


docs.house.gov
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