Not until 1988 will the distinction between long-term and short-term gains be eliminated for all taxpayers.

The difference between gains and profits lies in the intent to earn a profit.

Managers of both high- and low-turnover funds have been struggling to deal with a market that can toggle almost daily between huge losses and gains.

Overall, the blue-chip index swung between gains and losses during the session.

The distinction between short-term and long-term gains remains important only for those investors in the 35 and 38.5 percent tax brackets.

He also drew a distinction between gains in productivity over the last year or so, and gains still to come.

The change in tax laws eliminating the difference between short-term and long-term gains argues against going into less-liquid stocks.

As a result, the day was volatile, with prices swinging wildly between gains and losses but finishing generally higher.

After this year, the distinction between short-term and long-term gains disappears, and all profits will be taxed as ordinary income.

Continue this strategy over the course of a year, and that disparity between average gains and likely losses widens.