Set Up Wash Sales – Footnote 17c Schedules

There are two Wash Sales – Footnote 17c reports:

• Wash Sales – Footnote 17c. The Wash Sales – Footnote 17c report displays wash sales for a client at the summary level. This report complies with the NAIC specifications and displays statistics, by asset type and NAIC designation, for the number of wash sale transactions, the book value of the securities sold, the cost of the securities repurchased, and the gain/(loss) of sales.

• Wash Sales – Footnote 17c Detail. The Wash Sales – Footnote 17c Detail displays the detailed information that supports the summary report. For each of the financial values, the proportionate amount of each transaction is reported, based on the quantity that has been deemed as wash sales eligible.

You can submit both schedules for any quarterly or annual period for which the Statutory Wash Sales process has completed.

The Statutory Wash Sales process identifies wash sales at the client level, based on the statutory wash sales rules. You can perform the process for either an annual or quarterly period, with the selected period type determining the timeframe used to evaluate transactions.

There are several aspects to the Wash Sales process to consider, prior to generating the report. These include Wash Sales database considerations, Wash Sales processing considerations, Wash Sales sell/buy matching logic, and Wash Sales process initiation.

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