Wash Sale
Legal definition for Indian law research
Definition
wash sale
[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.
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.