Wall Street Rule
1) On investments: Sell a stock rather than try to change the company's policies.
2) On taxes:
(a) The Internal Revenue Service cannot attack the tax treatment of a transaction if there is a long-standing and generally accepted understanding of its expected treatment.
(b) The Internal Revenue Service is deemed to have acquiesced in the tax treatment of a transaction if the dollar amount involved is of significant magnitude. The Internal Revenue Service warns against relying on 2(a) or 2(b).
© Copyright 1996, 1999 Gary L.Gastineau. First Edition.
© 1992 Swiss Bank Corporation.