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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Scott Overholser who wrote (33251)	6/25/1999 9:59:00 PM
From: JohnG	Respond to of 152472

Short sales on a down tick--Read the referenced thread. Chearly, this rule is only enforceable if short and long position are in an account w/ a single broker. Say I establish a short position at E-trade in QCOM and an equivalent long position aas a day trader at All Tech. I can go short on a down tick by selling off my long position at All Tech. No one can stop me and I don't expect to see the FBI surrounding the building w/ bull horns in hand. I am not sure what the tax consequences would be. Do I understand from you that IRS would not allow Long term cap gains treatment if I held the hedged position in the separate accounts for 12 mo (w/ profit in the long position) and then closed out both positions 31 days apart? John G