Skip to end of metadata
Go to start of metadata

You are viewing an old version of this page. View the current version.

Compare with Current View Page History

« Previous Version 3 Next »

The Wash Sales procedure builds the statutory wash sales data in the ISTAR database. The process is initiated using the Build Statutory Wash Sales panel. 

Wash sales database records are generated using the Lot Activity data in the ISTAR database. You must Refresh Insurance data for the appropriate monthly periods before you can execute the wash sales procedure. From the perspective of Insurance activity, sales are identified as wash sales when:

  • The NAIC Designation of Bonds and Preferred Stock is 3, 4, 5, or 6 at the time of the sale.
  • The security is a Common Stock or Mutual Fund with no designation assigned at the time of the sale.
  • A different lot of the same security is acquired by the client 30 days prior to the sale of the security or 30 days subsequent to the sale of the security.

When all or part of a sale is identified as a wash sale, database records are inserted to the ISTAR_WASHSALE_ACTIVITY table for the sell and corresponding buys that triggered the wash sale. These records are linked by the database instance, and include transactional information necessary for reporting, such as trade date, gain/loss, and so forth. Multiple buys may be linked to a single sell, and multiple sells may be associated to a single buy. Each sell identified as a wash sale creates a single record in the table. A separate record is inserted for each instance in which a buy is linked to a sell and one buy could be represented by multiple rows in the table.

On both the buy and sell record, the full transaction quantity and the quantity designated as wash sales eligible are populated. For buys that are deemed not eligible for wash sales, such as when the same lot was sold within 30 days of purchase, a buy record with a database instance of zero is posted to prevent that buy from matching to another sell.

Unlike wash sales treatment for tax purposes, statutory wash sales treatment does not perform updates to existing activity. Lots are not fractured, nor are costs transferred when a wash sale is identified. Per statutory requirements, sales that result in either gains or losses may be identified as wash sales.

Each time the wash sales process is performed, any existing data for the selected period is deleted, and the wash sales data is regenerated based on the existing transactions in the Insurance Lot Activity table at that time. The convention of an Allow Refresh vs. a Delta Refresh is not applicable to wash sales processing. Each execution represents a full refresh of the data.

The table following lists the fields maintained in the ISTAR_WASHSALE_ACTIVITY table.

Field

Database Field

Description

Primary Asset ID

PRI_ASSET_ID

Primary Asset ID

Instance

INSTANCE

Sell instance from Lot Activity – Buys matched to sell updated with Sell Instance

Entity ID

ENTITY_ID

Entity ID

Asset ID

ASSET_ID

Security Alias

End Date

END_DT

Quarter- or Year End Date

Annual/Quarterly Flag

ANN_QTR_FLAG

Annual or Quarter Flag (A or Q)

Level Source

LEVEL_SOURCE

Buy (150) or Sell (180)

Event Type

EVENT_TYPE

Buy, Sell or FndSpltMerg

Open Event ID

OPEN_EVENT_ID


NAIC Designation

NAIC_DESIGNATION

NAIC Designation of the security at the time of the transaction

Trade Date

TRADE_DT

Trade Date of sells / Original Acquisition date of opens

Book Value Base

BOOK_VALUE_B

Book value of the sold security at the time of sale

Actual Cost

ACTUAL_COST

Cost of the buy that created the wash sale

Total Gain/Loss Base

TOTAL_GL_B

Gain loss on the sale

Quantity Original

QUANTITY_ORIG

Total Quantity of Transaction

Wash Sale Quantity

WASH_SALE_QTY

Quantity Allocated as Wash Sale

Wash Sale Ratio

WASH_SALE_RATIO

Wash Sale Quantity / Quantity Original

Rate of Action

RATE_OF_ACTION

The split ratio for transactions affected by splits

Update Date

UPDATE_DATE

Date the wash sales process was executed

Update Source

UPDATE_SOURCE

User that ran the wash sales process

  • No labels