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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (58427)	5/3/1999 9:53:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 132070

Don't know the answer, but I did download IRS pub 550, and will look there. You raise an interesting point. I have been thinking about getting out of litigation, and into something less physically stressful, and have been contemplating taxes and estates. Maybe I could set up some sort of "Ask A Tax Question" on the web and take credit card payments? Of course, by the time I got special training in taxes, there will probably be a zillion of those.

To: Tommaso who wrote (58427)	5/3/1999 10:18:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 132070

OK, Tommaso, I am going to quote what I think is the applicable statement in IRS Publication 550, on page 51. >>>>>If you sell the call or the put before you exercise it, the difference between its cost and the amount you receive for it is either a long-term or short-term capital gain or loss, depending on how long you held it.<<<<< You may want to double-check this, IRS Publication 550, like pretty much every IRS form, instruction and publication, is available for download at irs.gov I assume you have Adobe Acrobat. BTW, the site is pretty accessible on off hours, but don't try to access it on April 15.