RE: This one project is a companyGroundhog
Here's the way it works.
If you repurchase the shares after 30 days then you can't use it for your original loss or gain which you will submit on this years tax return. You are not allowed to re-adjust your cost base. You start a new ACB with the new purchase.
If you repurchase the same shares you sold before 30 days then you re-adjust your cost base. Here's an example below. July 26 to Aug 1 is not 30 days. If you did purchase Aug 27,2008 instead of Aug. 1 then you would use 9260-13900-9.99 to claim a loss in this tax year. Then you would use the 13980 for the ACB to calculate your loss or gain when you do your next sell on the shares. Clear as mud.
| Date | shares | Expensis | ACB | Proceeds |
| | | | | |
| July 24,2008 | 6000 | 9.99 | 13900 | |
| July 26,2008 | 6000 | 9.99 | | 9260 |
| Aug 1,2008 | 6000 | 9.99 | 13980 | |
| | | | | |
| Total | 10000 | 29.97 | 27880 | 9260 |
Usually tax loss selling is done at the end of the year to offset any gains you have made in order to reduce your tax that you have to pay to the government. I do believe the selling right now has nothing to do with tax loss selling but the overall market is in the tank.
Sold my G.to today and it probably will head higher now. I put a new order in for 30 bucks again.
MM