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

To: Bob Trocchi who wrote (17690)	1/28/1999 7:51:00 PM
From: g forrest	Read Replies (1) \| Respond to of 18263

Off topic...Tax consequences A previous poster said he would not cover his short because of the tax consequences. I took this to mean that by covering, you would be completing the transaction, and therefore, be liable for your gains. I received my 1099 yesterday which stated that proceeds from short sales are taxable when the funds are received, not when you close out your position by covering. Anyone have a take on this? If this is true, I would assume that when you do cover, the amount can be deducted from any gains made in the year. Thanks in advance, sorry for staying off the topic.