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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Ken Richard who wrote (19890)	12/26/1998 12:38:00 AM
From: Greg Hull	Read Replies (1) \| Respond to of 29386

Ken, <However, what if now (the next day after the short) the stock price jumps to 10 ? From an equity point of view, it is a moot point, because the shorts are covered by the longs "in the box". But when the shorts are covered by the appreciated longs (after the $7. tax event), and particularly if it is done within 30 days after the short: 1. Is the covering of the short by the long at this point a taxable event? (For instance, an addition #3. gain?)>> If I lock in my $2 gain by selling short at $7, I forfeit any future gain. The IRS does not tax me based on what I could have gotten, but rather on what I did get. Covering a short with $10 shares still results in a gain of $200, of which the IRS would want their share. I sold (short) at a profit and so the wash rule would not apply. I can't believe I am offering opinions on tax matters. What hubris. Greg