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Technology Stocks : Ascend Communications (ASND)
ASND 200.28-1.0%Dec 3 3:59 PM EST
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To: Kevin who wrote (16005)10/1/1997 7:07:00 PM
From: Scott   of 61433
 
Under the 1997 Tax Act, Short Against the Box investors must specifically identify offsetting short and underlying stock positions before September 4, 1997 in order to qualify for continued tax deferral.

The IRS has not published a specific set of rules detailing how an investor is supposed to make this identification. Apparently, investors should simply use their best efforts.

In order to receive a step-up in basis at death, the Short Against the Box position must be closed either (1) at the later of two years from your original transaction date or before September 4, 1997 or (2) more than 3 years before death.
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