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Q. Explain about Wash Sale?
Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 days after or before the sale. Stock or securities for this purpose comprises contracts or operations to acquire or sell stock or securities. Losses incurred in a wash sale can't be deducted. It doesn't matter if total 60 day period begins in one tax year and ends in another. Though disallowed loss isn't permanently lost. Instead, basis in the newly acquired stock or securities is the same basis as of stock or securities sold, adjusted by the difference in price of stock or securities.
what is tolerable error?
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Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
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Planning for Stock taking Stock taking should be planned well in carried out and advance carefully and systematically through persons fully informed of the duties involved. Th
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