@ BruceEdwardsEA
Yes, to me it seems an incredibly difficult process and requires quite a bit of tax know-how. From what I have seen, day trading seems to pop up in a year like this one, where there are no jobs to be had. By the time all the hoops are jumped through and the proper forms filed, it is likely the person has found a job and no longer has the time to make this his profession. This is why my tendency has been to let them know about the 475f election made in the prior year that the fact that you have to change your accounting method via Form 3115.
I have not actually seen a day trader return, since no one has ever stuck with the process.
