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To: ratan lal who wrote (11472)6/28/1998 9:58:00 PM
From: Dave Mansfield  Respond to of 27307
 
Bill & ratan,

I believe the feds at the direction of our lovable prez Clinton have done away with that loophole of not paying capital gains on shorted stocks which go bankrupt. Not only will one have to pay taxes on gains resulting from shorting bankrupt stocks, but I believe the gains are taxed at your regular marginal tax rate not 20%. Thanks Billy boy. Any other comments on this issue are welcomed.

Dave

p.s. Short at $134.75 (shorted a week too soon)



To: ratan lal who wrote (11472)6/28/1998 11:32:00 PM
From: Bill Wexler  Read Replies (2) | Respond to of 27307
 
<<Is that true. Are you suggesting that if the co. goes belly up, the money you received for short selling is NOT TAXABLE>>

in certain cases it is technically possible never to cover your short sale thereby not creating a taxable event by closing your position.


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