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training_data/curated/text/30b905d4c8223596c22fc85c082fe295db5ce8845d40bbb198e11a765ad3bc97.txt

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+Chapter 41: Taxes 927 
+Thus, the risk in this strategy is greater than that in the previous one (buying a put), 
+but it may be the only alternative available if puts are not traded on the underlying 
+stock in question. 
+Example: An investor bought an XYZ February 50 call for 3 points in August. In 
+December, the stock is at 65 and the call is at 15. The holder would like to "lock in" 
+his 12-point call profit, but would prefer deferring the actual gain into the following 
+tax year. He could sell an XYZ February 45 call for approximately 20 points to do this. 
+If no assignment notice is received, he will be able to liquidate the spread at a cost 
+of 5 points with the stock anywhere above 50 at February expiration. Thus, in the end 
+he would still have a 12-point gain - having received 20 points for the sale of the 
+February 45 and having paid out 3 points for the February 50 plus 5 points to liqui­
+date the spread to take his gain. If the stock should fall below 50 before February 
+expiration, his gain would be even larger, since he would not have to pay out the 
+entire 5 points to liquidate the spread. 
+The third way in which a call holder could lock in his gain and still defer the gain 
+into the following tax year would be to sell the stock short while continuing to hold 
+the call. This would obviously lock in the gain, since the short sale and the call pur­
+chase will offset each other in profit potential as the underlying stock moves up or 
+down. In fact, if the stock should plunge downward, large profits could accrue. 
+However, there is risk in using this strategy as well. The commission costs of the short 
+sale will reduce the call holder's profit. Furthermore, if the underlying stock should 
+go ex-dividend during the time that the stock is held short, the strategist will be liable 
+for the dividend as well. In addition, more margin will be required for the short stock. 
+The three tactics discussed above showed how to defer a profitable call gain into 
+the following tax year. The gain would still be short-term when realized. The only way 
+in which a call holder could hope to convert his gain into a long-term gain would be 
+to exercise the call and then hold the stock for more than one year. Recall that the 
+holding period for stock acquired through exercise begins on the day of exercise - the 
+option's holding period is lost. If the investor chooses this alternative, he of course is 
+spending some of his gains for the commissions on the stock purchase as well as sub­
+jecting himself to an entire year's worth of market risk. There are ways to protect a 
+stock holding while letting the holding period accrue - for example, writing out-of­
+the-money calls - but the investor who chooses this alternative should carefully 
+weigh the risks involved against the possible benefits of eventually achieving a long­
+term gain. The investor should also note that he will have to advance considerably 
+more money to hold the stock.