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To: Bill Wexler who wrote (11505)	6/30/1998 8:26:00 AM
From: trenzich	Respond to of 27307

<Bill, I suggest you read the tax bill that was passed last year, they closed that loophole.>> You can longer box a position in order to defer taxes, however, let's say the following happens...you are short company XYZ at 5 and it subsequently dropsa into the BB for pennies where it languishes for years, or it goes bankrupt - as long as you don't buy back the stock you never close the position - therefore you don't pay the tax. Bill, like i said, reread the bill. If it languishes for a time you are correct, however when the value is nil, there is a fair value test and you will be assummed to close you position and have to pay your taxes. the tax committee referred to it the Asensio clause.