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To: Andrew Vance who wrote (13191)	4/7/1998 8:02:00 PM
From: Andrew Vance	Read Replies (2) of 17305

AV--An interesting side note to the CCI situation. Running some numbers. $150 profit taxed at 20% equals $30 capital gains tax (or is it $30 taxed at your ordinary tax rate of 33% making the actual tax $10?<GG>). Well, with the $15 drop today in price and the ~$15 made on the CALLs ($10 if you consider taxes of 33% ordinary or short term gain), it looks like Mom "Beat the Street" and managed to keep her entire profits on 50% of her holdings, at a minimum. Question for the night is, "What is wrong with this picture??" Did we figure out a great play to realize close to 100% of the gains w/o a tax liability. It almost makes sense for her to buy back the shares when it bottoms out and create a new basis price going forward. Doesn't look like she is out of pocket any $$$ for doing this. Andrew

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