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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: sheldon spivak who wrote (17148)8/31/1998 9:50:00 PM
From: Michael  Read Replies (2) | Respond to of 18263
 
SHORT TO ONE CENT

<< ZIT approaches zero, you buy an equivalent amount of stock in an
IRA account to box your position.
Then you never have to pay the taxes.
You are short in your taxable account and long in your IRA account.>>

Sounds too good to be true.
I did short 21,500 shares of Zit at $12.65 avg.
I will do what you say in a mil-second if it is true.
Short to $0.01



To: sheldon spivak who wrote (17148)9/1/1998 2:48:00 AM
From: Michael  Read Replies (1) | Respond to of 18263
 
My friend Sheldon:
I do not think you are correct, IRS tax code states that
Open shorts are considered (Taxable) in the year when security
becomes "worthless". IRS would not carry about a box position,
All IRS would want is tax due on short from a "worthless" security.

Sure is a Nice Day, Michael


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