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To: JohnG who wrote (33192)	6/25/1999 5:58:00 PM
From: Scott Overholser	Read Replies (1) \| Respond to of 152472

shorting against the box: here's an excerpt regarding tax consequences: 1. Deferring capital gains. The IRS did away with the short against the box position which allowed a trader to establish a boxed position for tax purposes. In maintaining the long position in the type 2, margin, account and maintaining the short position in the type 3 account, the investor avoided paying taxes until the two positions were netted through a request by the investor. The "short against the box" advantage was disallowed by the IRS last year. here's a link to the post: Message 7852132