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To: Richard Nehrboss who wrote (35511)	1/21/1999 9:21:00 AM
From: Redman	Respond to of 95453

Nothing other than a gain or loss on the options. The IRS is only concerned with hedging during the first year, after that it does not matter as it is a long term gain any way you look at it. If you were still under a year holding period, and bought puts to hedge your position, the IRS would say that as long as those option puts are held, your holding period would be put on "pause". I am not very knowledgable on most issues, I just happen to go through with my accountant very very closely the rules and what the IRS is expecting with respect to short sales, options etc, when trying to hedge to move your postion to "long term" gain or into another year before selling. Red