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To: Bill Martin who wrote (1804)	10/26/1997 8:05:00 PM
From: Harve Wolfe	Respond to of 2574

Bill, I think he is refering to the taxes owed on the gains on the stocks that are sold in January of 1998. That is defering a tax liability until the 1998 tax year as compared to having a nearly immediate tax liability for the 1997 tax year. Someone doing this would have a bearish outlook for 1998 and would also want to defer income tax payments for a while. At least that's my read???? Harve

To: Bill Martin who wrote (1804)	10/26/1997 9:19:00 PM
From: Phillip Crone	Read Replies (2) \| Respond to of 2574

Bill, it's not that people owe money in 1997, it's that they want to take profits today but they can wait a few months and delay their tax payments until 1999. The new capital gains tax law states that holding held 18months or longer are subject to 20% capital gains. A majority of the big money made has been made since the summer of 1996. Bill, I have many wealthy friends (people with 7 figures) and this is what the so called smart money is going to do. Most people will do anything to "delay" taxes. January will be the first change to take advantage of the first delay and still have one year and 4 months to use the money. Hope this explains.