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To: smolejv@gmx.net who wrote (2716)	5/1/1998 8:52:00 AM
From: Jurgen Trautmann	Read Replies (2) of 11051

Janko, please be fair. Option-trading CAN be tax-free in Germany. It can be taxfree (like trading stocks) if - you wait more than 6 month till you sell your contracts (this will probably be changed in 12 month soon) - this obviously was not a professional way of invest in any way (there is no precise rule who is a professional investor and who's not.) What if you're not seen as private investor? You will be declared as "investing company" and must pay - under the line - exactly 50% tax. Not 20-28% maximum as a US-investor must pay. This is why so many "capital" is leaving Germany. When you sit in front of a court, Germany is a banana-republic like every other free western nation - especially in questions of tax. Jury

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