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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (11380)	5/21/2001 12:05:12 AM
From: Theophile	Respond to of 15615

You might like to review the tax code... No, I <never> like reviewing the tax code...I always find some new way I am being fleeced. My comment was suggesting this: 1. as a short-sided trader, you must have greater inventory of GX long than short, as I would expect a short to be using the Long Term-long GX to cover any shorted GX and would therefore not have any LT treatments of your present inventory (which comment by you prompted my musings) 2. "losses (WRT selling tomorrow) are agnostic to hold-time on Sched D" Which comment by myself was geared to all short-sided transactions (without long-common inventory). I apparently equate your screen name to the short-side of the equation, and I failed to be clear about that. I guess the right thing to say here would be: Any GX you have left over today after closing any of your GX short positions, could be treated as LT hold if you were to sell tomorrow. Gee, that is quite an endorsement of GX, to see a confirmed short, long the common on this one...even after closing any shorts. But then again, you might simply be holding it to be prepared for the future shorts you may wish to bring to GX, thus affording again an LT covering. Thus, your comment defending your position WRT your current inventory of GX as being subject to LT treatment is moot, WRT the intended thrust of that comment which was to justify yourself as a LT "investor" of GX. Simply having LT holds does not of itself substantiate the intent of your holdings. Corrections are welcomed, since I am not at all current on the new rules WRT shorting against the box, although I had heard they mostly applied to tax-year-end events rather than in-general. Perhaps you could direct me to a good resource, or even your own explanations if not too much trouble, and this might help me get clear about that. Martin Thomas