TITLE

Y2K Plus 10? Cost-Basis Rules Producing Technical Jitters

AUTHOR(S)
Hintze, John
PUB. DATE
March 2010
SOURCE
Securities Industry News;3/8/2010, Vol. 22 Issue 5, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reveals the impending crisis facing brokers and dealers at Wall Street which could be similar to the Y2K problem that faced computer users at the turn of the 21st century. The cause is a proposed tax rule that requires brokers and dealers to provide accurate information on the original cost-basis of client securities. This will create the problem of how to handle data-intensive wash sales in the middle of high-frequency trading and could lead to fines from the U.S. Internal Revenue Service if the systems are not in place by January 2011.
ACCESSION #
48842262

 

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