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Pension and Employee Benefits: Code, ERISA, & Regulations
This series provides an authoritative and comprehensive reference to the full text of benefits-related provisions of the Internal Revenue Code, the full text of ERISA, and related proposed and final regulations, as well as the official IRS and DOL preambles, and Committee Reports.
Where an individual sells stock or securities for a loss and causes his or her traditional or Roth IRA to purchase substantially identical stock or securities within a specified period, the loss on the sale of the stock or securities is disallowed under the wash sale rules of Code Sec. 1091, according to an IRS ruling.
The ruling addresses the situation where a taxpayer sells stock or securities at a loss, then purchases substantially the same stock or securities within 30 days of the sale through his traditional or Roth IRA. The loss on the sale of stock would be disallowed for tax purposes under the wash sales rules of Code Sec. 1091, the IRS ruled, and the taxpayer’s basis in the IRA would not be increased. The ruling did not address any issue arising under the prohibited transaction rules of Code Sec. 4975.
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