Zeev's Turnips Patch-No Politics (ZEEV)

[BobMcP]

george8: Please pardon me for jumping in here on the mark-to-market rules.

Mark to market is an election to change one's method of accounting and is binding on the taxpayer unless revoked with consent of the Commissioner. In other words, you would not have the discretion to choose whether to apply the mark-to-market rules once it is elected.

One of the better explanations of tax law for traders that I have found is here: http://www.irs.gov/taxtopics/page/0,,id%3D26945,00.html.

Hope this helps,

Bob McP