Question
Robert Small is a dentist. Tired of looking in peoples mouths, he attends a Wade Cook seminar on Two Bad Years and Up We Go.
Robert Small is a dentist. Tired of looking in peoples mouths, he attends a Wade Cook seminar on Two Bad Years and Up We Go. He becomes fascinated with Cooks stock market strategies. Small begins to give up his dentistry practice, and within a year he is a full-time day trader on Wall Street. In 2020, Small has substantial ordinary income from the sale of his dental practice and suffers significant losses from his day trading. He consults you about deducting his losses and expenses from day trading against his ordinary income. What is your advice? Please use code sections or IRS revenue rulings for support. (Robert is a citizen of the United Sates)
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