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WASH SALE Definition & Legal Meaning

Definition & Citations:

In the language of the stock exchange, this is tlie operation performedby a broker who fills an order from one customer to buy a certain stock or commodityby simply transferring to him the stock or commodity placed in his hands (or ordered tobe sold) by another customer, instead of going upon the exchange and executing bothbuying and selling orders separately and on the best terms obtainable for the respectivecustomers. See McGlynn v. Seymour, 14 N. Y. SL Rep. 709.


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