Kraig Biocraft Laboratories Inc (KBLB)

[SFSecurity]

I simply stated it was a tax benefit to not repurchase prior to 30 days.

Well, whether it is a benefit depends on the price you sold at and the price you bought it back. Say you sold it at $0.90 and bought it back at $0.80, as I understand it your basis would still be $0.90, a benefit if you use FIFO but not if you use LIFO. It's a mixed bag if you are allowed to average. However, if you sell at$0.80 and buy back at $0.90 then LIFO is better for taxes and FIFO is worse, and, again, if you can average it is a mixed bag. The fact is you can't change back and forth between FIFO and LIFO on a single position. Different positions I'm not qualified or knowledgeable enough to know the answer.

Wash sales are a pain in the bookkeeping.

I don't see how anyone wouldn't know of this benefit.

Easy, what with 77,000+ pages in the IRS tax code it is easy to miss even the simple stuff. I know having been caught in odd squeezes twice in audits. What is the proper rule for depreciation? Depends on which CPA/Tax Preparer you use and which auditor is assigned to look into your return. I won't bore you with some very strange audit results I have heard about, but, trust me on this, Alice would be even more confused in IRSland than she was in Wonderland.