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To: Winnie Cui who wrote (1051)	3/8/1999 8:06:00 AM
From: Keith A Walker	Read Replies (1) \| Respond to of 6531

Thanks for that explanation Winnie. EOM.

To: Winnie Cui who wrote (1051)	3/8/1999 3:08:00 PM
From: Jock Hutchinson	Read Replies (1) \| Respond to of 6531

To the contrary, no one uses short the box as a tax strategy anymore. When one shorts the box, it is now considered a "constructive sale", so there are no tax advantages to shorting the box because one loses any long-term capital gain with a constructive sale. Moreover, you are giving the impression that using a short the box strategy is somehow "against short sell rule". Just what rule are you talking about? Clearly, shorting the box is an excellent way to avoid the down-tick rule, but I fail to see where that makes the use of this technique a violation of any short rule.