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Tax Analysis of Securities Transactions (TAST)
We want to try and help make it easier for you to calculate disallowed losses on your portfolios and still remain fully compliant with the tax code. Our resource page offers tax practitioners and compliance officers both general as well as more in-depth information and definitions for wash sales, tax straddles, constructive sales, qualified dividends and dividends received deduction as well as deep explorations of the concepts “substantially identical securities” and “offsetting positions.”
What is Tax Analysis of Securities Transactions (TAST) ?
The idea behind tax analysis for securities transactions is rather simple: compute accurate portfolio tax liabilities triggered by sections of the tax code pertinent to securities transactions. This is no easy task. It requires in-depth knowledge of BOTH the U.S. tax code (wash sales, straddles, constructive sales, qualified dividends, dividends received deduction and short sales) AND securities trading.
Here’s what’s involved:
- analyze reams of trade data
- identify taxable events, such as wash sales, straddles, constructive sales, qualified dividends, and dividends received deduction
- understand how these taxable events impact capital gains and losses, both on an individual level and how they interact with one another (i.e. a non-wash sale becomes a wash sale because of the effects of a straddle)
- use all this information to determine actual realized gains and losses, which determines how much you will owe the IRS.