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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Zeev Hed who wrote (2267)7/23/1999 1:44:00 PM
From: Maywood  Read Replies (1) of 5810
 
Covering a short with a stock certificate:

I have a question. Suppose you short 1000 shares of a stock at $5 in your brokerage account. Some months later, you purchase 1000 shares of the same stock through an employee purchase plan at $3. You then take that certificate and mail it to your broker, which covers your short position. The question is, does that count as one transaction, since you really one made one sale and one purchase, or does that count as two transactions, a short sale/cover and a long buy/sell. If the latter (i.e. both positions were considered closed out when your broker received the certificate), then what price do you use for the closing transactions?
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