Replies to post #38254 on World Surveillance Group Inc (fka WSGI)

[gbrazell]

The answer to all three questions is YES; but I would wait 31 days to buy back. Also I suggest you call your Tax man because there is different rules for your third question. Sorry not to be of more help.

[WarpCore61]

As another poster stated, YES to all 3 questions.

Any loss you incur from the sale of Globetel (oops, Sanswire) shares can be used to offset any capital gains in the year of sale. If there are no capital gains to fully offset the loss, you can deduct up to $3000 of the loss against ordinary income, such as wages, interest and dividends.

The remaining unused loss will be carried forward to subsequent years, where it can be used to offset capital gains and/or ordinary income in those years, until the original loss amount is fully deducted. The $3000 maximum still applies to each subsequent year for offsetting ordinary income.

Hope this makes it clearer.