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To: JR2 who wrote (2586)	12/27/1997 8:35:00 PM
From: Ben Antanaitis	Read Replies (1) \| Respond to of 5036

Jason: Buying calls and selling stock is not a wash sale situation unless you take the stock within 30 days of any sale of stock methinks. WRONG! From IRS Pub 550: You cannot deduct losses from wash sales or trades of stock or securities. However, the gain from these sales is taxable as a capital gain. A wash sale occurs when you sell stock or securities at a loss and within 30 days before or after the sale you buy or acquire in a fully taxable trade, or acquire a contract or option to buy, substantially identical stock or securities. If you sell stock and your spouse or a corporation you control buys substantially identical stock, you also have a wash sale. You add the disallowed loss to the basis of the new stock or security. You stand corrected..... :-) Ben A.