Lucent Technologies (LU) Message Board

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Technology Stocks : Lucent Technologies (LU)

LU 2.560

+0.4%

Dec 2 3:59 PM EST

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To: yu who wrote (20966)	10/16/2002 8:50:31 AM
From: GVTucker	Read Replies (1) of 21876

yu, RE: I remember an interesting question on another board long time ago. If you never cover your short before it went BK, do you need to report capital gain on your tax return? A long time ago, you never needed to report the game. A couple of decades ago the IRS reinterpreted the law so that when the bankruptcy was completed (i.e. a liquidation or a reorg that wiped out common shareholders, stuff like that), then the gain had to be recognized. Practically, once a company files Chapter 11, often the stock gets pretty hard to borrow and many short sellers cover soon thereafter.

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