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To: John O'Neill who wrote (60397)	7/15/1998 11:56:00 AM
From: mark weston	Read Replies (1) \| Respond to of 186894

cramer on intel fnews.yahoo.com

To: John O'Neill who wrote (60397)	7/15/1998 11:57:00 AM
From: TTOSBT	Respond to of 186894

Re: "I expect INTC to test $84-$85 (I have the Jan 98 puts though)" Jan 98 puts? they have expired for sure! TTOSBT

To: John O'Neill who wrote (60397)	7/15/1998 12:58:00 PM
From: Tushar Patel	Read Replies (2) \| Respond to of 186894

When you buy puts against long stock, does that represent a taxable event? I read the tax guide prepared by Ernst & Young on the CBOE website and it seems to imply that if one buys puts while holding long stock, the IRS considers it to be equivalent to shorting against the box which would result in a "constructive sale" and thus a taxable event (unless you buy puts on the same day as the stock in which case it is considered a "married put" and exempt from this). Is my understanding correct? Or am I missing something? Tushar Patel