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Pastimes : Organized Shorts - Could be watching your stock.
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To: JGoren who wrote (236)12/8/1998 5:06:00 PM
From: EL KABONG!!!   of 271
 
JGoren,

Before engaging in a short-against-the-box strategy, you'd better check with your accountant regarding the timing of doing such a thing. In one of the tax laws passed a year or two ago, Congress changed the way the taxing of that strategy works. There are (or were) time caps placed on the strategy as well as a specific date cap (12/31 of every year, if I remember correctly). If you stray from the mandated ranges you'll end up owing taxes regardless of when or if you cover. In essence the law prevents you from locking in capital gains (tax deferred) for an unspecified time period. The law specifies exactly what outside limits of tax deferral will be allowed.

KJC
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