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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: chester lee who wrote (3204)1/9/1999 2:22:00 PM
From: Mama Bear  Read Replies (1) of 122087
 
"In that case, you must recognize gain as if the short sale were closed when the property became substantially worthless.

Sheesh, it could be argued that all manner of companies are 'substantially worthless' yet still trade. My understanding was that the Fed actually makes a designation of 'substantially worthless'. Therefore a short of BXMNF which is substantially worthless and has been declared so has taxes due this spring, versus not due on a short of PNDA which is also substantially worthless but has not been declared so. This example assumes that BXMNF has been declared 'substantially worthless', of which I have no knowledge.

Barb
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