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To: Redman who wrote (34804)	1/11/1999 2:11:00 PM
From: marc chatman	Read Replies (3) \| Respond to of 95453

Thanks Red. So, if the fund purchases new shares to close the short positions, leaving them with the original long position, will the date of purchasing the original long position eventually be used for determining whether the cap gain is long or short term?

To: Redman who wrote (34804)	1/11/1999 2:42:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

re: FGI shorts ....."Bingo'' <<However, considering it is a hedge fund that Slider mentioned, they are probably going off charts and were hedging their position while the technicals looked bad and were not looking to go net long again until they turned up. Once Techs turn up, they will purchase shares to cover their short and remain long once again.>> right on the money... just a matter of time.

To: Redman who wrote (34804)	1/11/1999 4:43:00 PM
From: Wallace Rivers	Read Replies (1) \| Respond to of 95453

This is my understanding, and anyone should check with his or her accountant before acting - one can short "against the box", but the delivery of borrowed shares (effectively closing out the position) must take place within the first month of the next calendar year. I.E. short against the box 1/11/99, January '00 is the only month you can close out your position (go net flat position). EDIT: Have not heard about the 4 month holding period, as posted by others - will look into it. Again, everyone, please check with a professional before doing ANYTHING.