) Investor vs. trader – a very important distinction for federal income tax purposes. In reasonable detail, remind me – why the distinction is important in terms of tax reporting, and how to determine...

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Investor vs. trader – a very important distinction for federal income tax purposes. In reasonable detail, remind me –

1. why the distinction is important in terms of tax reporting, and

1. how to determine whether a client who claims to be a day trader really is one (i.e., a Schedule C stock trader).