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+Chapter 41: Taxes 92S 
+Another usage of the put purchase, for tax purposes, might be to avoid a long­
+term loss on a stock position. If an investor owns a stock that has declined in price 
+and also is about to become a long-term holding, he can buy a put on that stock to 
+eliminate the holding period. This avoids having to take a long-term loss. Once the 
+put is removed, either by its sale or by its expiring worthless, the stock holding peri­
+od would begin all over again and it would be a short-term position. In addition, if 
+the investor should decide to exercise the put that he purchased, the result would be 
+a short-term loss. The sale basis of the stock upon exercise of the put would be equal 
+to the striking price of the put less the amount of premium paid for the put, less all 
+commission costs. Furthermore, note that this strategy does not lock in the loss on 
+the underlying stock. If the stock rallies, the investor would be able to participate in 
+that rally, although he would probably lose all of the premium that he paid for the 
+put. Note that both of these long-term strategies can be accomplished via the sale of 
+a deeply in-the-money call as well. 
+SUMMARY 
+This concludes the section of the tax chapter dealing with listed option trades and 
+their direct consequences on option strategies. In addition to the basic tax treatment 
+for option traders of liquidation, expiring worthless, or assignment or exercise, sev­
+eral other useful tax situations have been described. The call buyer should be aware 
+of the wash sale rule. The put buyer must be aware of the short sale rules involving 
+both put and stock ownership. The call writer should realize the beneficial effects of 
+selling an in-the-money call to protect the underlying stock, while waiting for a real­
+ization of profit in the following tax year. The put writer may be able to avoid a wash 
+sale by utilizing an in-the-money put write, while still retaining profit potential from 
+a rally by the underlying stock. 
+TAX PLANNING STRATEGIES FOR EQUITY OPTIONS 
+DEFERRING A SHORT· TERM CALL GAIN 
+The call holder may be interested in either deferring a gain until the following year 
+or possibly converting a short-term gain on the call into a long-term gain on the stock. 
+It is much easier to do the former than the latter. A holder of a profitable call that is 
+due to expire in the following year can take any of three possible actions that might 
+let him retain his profit while deferring the gain until the following tax year. One way 
+in which to do this would be to buy a put option. Obviously, he would want to buy an