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To: Zeev Hed who wrote (21069)	5/29/1999 1:54:00 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 93625

Zeev - (...I did not say that shorting against the box is impossible, I said that it is no longer possible to use it simply to convert short term gains to long term gains. One way around it is doing the long and shorts in separate accounts, and preferably under different names...) Nor did I say that you said it was impossible. What you did say was contrary to fact, taking into account that the IRS code really has no facts, only interpretations. Your reply above also is in error in that shorts against the box could not be used to convert short term holdings into long term even prior to the latest changes due to holding period disruptions, although taxable events could be delayed into later tax years. Since our tax system is 'voluntary', your hypothetical separate accounts would amount to tax fraud, pure and simple. It might be different if the broker were an assessment and collection agent, as opposed to simply being a reporting mechanism. My 'interpretations' should also not be depended upon. Regards, Don