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FindLaw Legal Dictionary

The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.

Wash Sale

wash sale n

[probably from the comparison of such a sale to the act of washing, which does not affect the nature of the thing washed]
: a sale and purchase of securities that produces no change of the beneficial owner
;specif
: a sale of securities within 30 days before or after the purchase of substantially identical securities NOTE: Any loss from such a sale is not deductible for most taxpayers under the Internal Revenue Code.



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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