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Non-Tech : Any info about Iomega (IOM)? -- Ignore unavailable to you. Want to Upgrade?

To: Triluminary who wrote (33404)	10/26/1997 10:40:00 PM
From: slipnsip	Read Replies (1) \| Respond to of 58324

<Tax purposes. If a company goes belly up there are no taxes due on the profits from a short position. > No accountant here, but I would love to see you cite the applicable tax code. That wouldn't make any sense. If you are long and the stock you own goes bankrupt you are allowed by most brokerage houses to sell it to them for a penny in order to have a documented loss. I imagine that shorts are the same. Either way I bet the applicable taxes apply.