You must set up the entity accounting basis to allow wash sale processing before you can process trades for those entities. For each accounting basis that is eligible for wash sale processing, set the Wash Sale Inhibit Indicator field (tag 775) to No. This field is available in the Create/Edit Entity panel, the Create Master Fund panel, the Edit Master Fund/Sector panel, and the Add a Basis to a Portfolio panel.
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The system calculates wash sale disallowances and reversals for corporate action transactions and adjusts taxable corporate actions to create the same wash sale effect as the system applies to buys and sells. In addition, the system adjusts non taxable corporate actions to move the original and remaining disallowed loss values, including the holding period, to the To side lots. In the case of partial corporate actions, it moves those values in proportion to the action.
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If you set up entities to allow wash sale processing, be aware that you can additionally set up entities for same lot selection. Same lot selection allows Eagle's investment accounting solution to close the same lots across multiple accounting bases of an entity despite differences in cost and lot structure. |