GTC Biotherapeutics (fka GTCB)

[Lewis R Goudy]

I have long since checked it and now dispense it.
Let us note that the terms "wash sale" and "wash sale rule"
differ in denotation.

A "wash sale" is a disposition of property at a loss
(reckoned against the idiosyncratic, ie share by share, basis)
which is economically defeased within the 61 day forbidden window centered
on the date of the sale.

The "wash sale rule" is a feature of the IRC that disallows
the writeoff and adjusts the basis of the replacement
property, so that the benefit, as one says "intangible tax
asset" is deferred in its realization.

It is a common misconception that wash sales have no tax
repercussions provided the wash sale rule is not triggered.
Among the panoply of tax rules is one called the "related
persons rule". Just as one may not sell at a loss while one's
spouse simultaneously repurchases the property and thereupon
claim the writeoff sans exposure to authentic risk (substance
always trumps form in the realm of US taxation), so
one may not sell at a loss in a taxable account while buying
the same property back in a qualified tax-deferred domicile.
That is, an IRA, no less than a spouse, is considered a
"related person", so that wash sale effects can indeed be
brought into play by transactions effected in retirement
accounts.