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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: rel4490 who wrote (6271)	9/13/1999 1:03:00 PM
From: edamo	Read Replies (1) of 54805

re: "short sale" the buying and selling or selling and buying of options not defined as a short sale. the irs code i quoted should better define the tax consequences. if i sell a put today...i am short the put, but it is not by tax definition a short sale. e.g 9/13/99 sell to open @ 10....9/13/01 buy to close at 2. net "long term gain" = 8. the seller never owns the security, but he owns the derivitive. unless things have changed, my copy of the tax code explanation states: 1)the loss on an expired option will be either short-term or long-term depending on how long the option was held. 4) if an option is sold prior to expiration, gain or loss will be either short-term or long-term depending on how long the option was held. the above was obtained from a cpa, in the form of explanation of the tax code(tdb 10/98 key issue 18e-3)...i'm not an accountant, not sure of the exact name of the tax service publication. appreciate if you could point out any error, as it is a rather important subject...thanks in advance, ed a.

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