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To: John Pitera who wrote (48086)	6/18/1999 1:31:00 PM
From: wlheatmoon	Read Replies (1) \| Respond to of 86076

John, thanks for that explanation....I know there are many factors, but this is one I haven't known.....I've had this nagging question about dividends for a while...thanks again to you and AM.. mike

To: John Pitera who wrote (48086)	6/18/1999 1:33:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

to further explain the dividend capture deal, it has to do with differences in tax rates for some industries and some countries. japanese companies often were ones doing dividend capture. consider if you are exempt of taxes on dividends or pay a much lower rate on dividends than you do on capital gains or ordinary income. in the 80 example going down by 1 to 79...if the 1 is tax exempt and you can write off some or all of the 1 dollar capital loss, it can be worth it depending on the slippage of the execution and the commissions involved to in essence make no money, but achieve a tax benefit.