Appache 022,
I fully agree "wash up sale" in very short period of time with ONLY purpose to obtain capital loss is illegal.
It is not illegal if:
"Upon weighing the eight matters it would be concluded that the dominant purpose of ....in entering into and carrying out the scheme was not to obtain a tax benefit in the form of a capital loss. In particular the manner in which the sale and purchase were entered into, the form and substance of the scheme, the timing and other consequences of the scheme support this conclusion."
Do your own research this is not Tax advice
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