Add training workflow, datasets, and runbook

training_data/curated/text/38c16cec3d93b1705e040fa0d96f75281cf4cef4354f9757590b7ee0664f82f8.txt

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+930 
+Option 
+XYZ January 70 LEAPS call 
+XYZ January 80 LEAPS call 
+Cost 
+$1,300 
+$1,100 
+Part VI: Measuring and Trading Volatllity 
+Proceeds 
+$2,000 
+$ 700 
+Goin/Loss 
+$700 long-term gain 
+$400 short-term loss 
+No taxes would be owed on this spread since one-half of the long-term gain is 
+less than the short-term loss. The investor with this spread could be in a favorable 
+position since, even though he actually made money in the spread - buying it at a 6-
+point debit and selling it at a 9-point credit - he can show a loss on his taxes due to 
+the disparate treatment of the two sides of the spread. 
+The above spread requires that the stock move in a favorable direction in order 
+for the tax advantage to materialize. If the stock were to move in the opposite direc­
+tion, then one should liquidate the spread before the long side of the spread had 
+reached a holding period of one year. This would prevent taking a long-term loss. 
+Another type of spread may be even more attractive in this respect. That is a 
+spread in which nonequity options are spread against equity options. In this case, the 
+trader would hope to make a profit on the nonequity or futures side, because part of 
+that gain is automatically long-term gain. He would simultaneously want to take a loss 
+on the equity option side, because that would be entirely short-term loss. 
+There is no riskless way to do this, however. For example, one might buy a pack­
+age of puts on stocks and hedge them by selling an index put on an index that per­
+forms more or less in line with the chosen stocks. If the index rises in price, then one 
+would have short-term losses on his stock options, and part of the gain on his index 
+puts would be treated as long-term. However, if the index were to fall in price, the 
+opposite would be true, and long-term losses would be generated - not something 
+that is normally desirable. Moreover, the spread itself has risk, especially the tracking 
+risk between the basket of stocks and the index itself. 
+This brings out an important point: One should be cautious about establishing 
+spreads merely for tax purposes. He might wind up losing money, not to mention that 
+there could be unfavorable tax consequences. As always, a tax advisor should be con­
+sulted before any tax-oriented strategy is attempted. 
+SUMMARY 
+Options can be used for many tax purposes. Short-term gains can be deferred into 
+the next tax year, or can be partially protected with out-of-the-money options until 
+they mature into long-term gains. Long-term losses can be avoided with the purchase 
+of a put or sale of a deeply in-the-money call. Wash sales can be avoided without giv­
+ing up the entire ownership potential of the stock. There are risks as well as rewards