Hi Robert, I think we may be essentially saying the same things. I've started a private feed so we can make sure there's consistency in advice as to not confuse an already complicated topic. Any election made at a disregarded entity such as a single-member LLC is considered to be an individual election. If, for example, one houses their scalping activities within a single-member LLC then further evidence is given that the scalping activity is a separate trade or business from any sort of investing they have for purposes of trader status and 475 election. The holding period, turnover, etc. from investing activity should not be considered when determining trader status as the scalping activity is its own trade or business. Looking forward to hearing your comments on the private thread. Adam E. Spence, CPA