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training_data/curated/text/511e0a5c928504dcf4470a8758aac4b4cae1761dd43bd4964e55e7733bff76d7.txt

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+Chapter 41: Taxes 911 
+Alternatively, if the stock had fallen in price by October expiration and the October 
+50 call had expired worthless, the call buyer would have lost $525 - his entire net 
+cost. If he had held the call until it expired worthless, he would have a short-term 
+capital loss of $525 to report among his taxable transactions. 
+PUT BUYER 
+The holder of a put has much the same tax consequences as the holder of a call, pro­
+vided that he is not also long the underlying stock. This initial discussion of tax con­
+sequences to the put holder will assume that he does not simultaneously own the 
+underlying stock. If the put holder sells his put in the option market or allows it to 
+expire worthless, the gain or loss is treated as capital gain, long-term for equity puts 
+held more than one year. Historically, the purchase of a put was viewed as perhaps 
+the only way an investor could attain a long-term gain in a declining market. 
+Example: An investor buys an XYZ April 40 put for 2 points with the stock at 43. 
+Later, the stock drops in price and the put is sold for 5 points. The commissions were 
+$25 on each option trade, so the tax consequences would be: 
+Net sale proceeds ($500 - $25) 
+Net cost ($200 + $25) 
+Short-term capital gain: 
+$475 
+-225 
+$250 
+Alternatively, if he had sold the put at a loss, perhaps in a rising market, he would 
+have a short-term capital loss. Furthermore, if he allowed the put to expire totally 
+worthless, his short-term loss would be equal to the entire net cost of $225. 
+CALL WRITER 
+Written calls that are bought back in the listed option market or are allowed to expire 
+worthless are short-term capital gains. A written call cannot produce a long-term 
+gain, regardless of the holding period. This treatment of a written call holds true even 
+if the investor simultaneously owned the underlying stock (that is, he had a covered 
+write). As long as the call is bought back or allowed to expire worthless, the gain or 
+loss on the call is treated separately from the underlying stock for tax purposes. 
+Example: A trader sells naked an XYZ July 30 call for 3 points and buys it back three 
+months later at a price of 1. The commissions were $25 for each trade, so the tax gain 
+would be: