Ascend Communications (ASND) Message Board

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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: Alec Epting who wrote (16072)	10/2/1997 10:37:00 AM
From: PerryA	of 61433

Re: Shorting against the box . . . Alec, the Taxpayer Relief Act of 1997 changes the rules so that long-term tax deferral is no longer possible with this technique. A short against the box is considered a constructive sale of the long position but there is an exception that allows short-term deferral (1 tax year) if you jump through some hoops. To make this work, the short position has to be closed out in the ninety day period ending thirty days after the close of the tax year (Jan 30 for calendar year taxpayer), and the long position must be retained (unhedged) for at least 60 days after closing the short position. Ths is my understanding of the new law . . . please do your own research to verify. Regards - PerryA

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