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training_data/curated/text/6b1f7ae9528e47dde52c88796ff240d6ff2a9ad9ad3fb80afe9db62b82b67939.txt

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+912 
+Net sale proceeds ($300 - $25) 
+Net cost ($100 + $25) 
+Short-term gain: 
+Part VI: Measuring and Trading Volatility 
+$275 
+-125 
+$150 
+If the investor had not bought the call back, but had been fortunate enough to be 
+able to allow it to expire worthless, his gain for tax purposes would have been the 
+entire $275, representing his net sale proceeds. The purchase cost is considered to 
+be zero for an option that expires worthless. 
+PUT WRITER 
+The tax treatment of written puts is quite similar to that of written calls. If the put is 
+bought back in the open market or is allowed to expire worthless, the transaction is 
+a short-term capital item. 
+Example: An investor writes an XYZ July 40 put for 4 points, and later buys it back 
+for 2 points after a rally by the underlying stock. The commissions were $25 on each 
+option trade, so the tax situation would be: 
+Net put sale price ($400 - $25) 
+Net put cost ($100 + $25) 
+Short-term gain: 
+$375 
+-125 
+$250 
+If the put were allowed to expire worthless, the investor would have a net gain of 
+$375, and this gain would be short-term. 
+THE 60/40 RULE 
+As mentioned earlier, nonequity option positions and future positions must be 
+marked to market at the end of the tax year and taxes paid on both the unrealized and 
+realized gains and losses. This same rule applies to futures positions. The tax rate on 
+these gains and losses is lower than the equity options rate. Regardless of the actual 
+holding period of the positions, one treats 60% of his tax liability as long-term and 
+40% as short-term. This ruling means that even gains made from extremely short­
+term activity such as day-trading can qualify partially as long-term gains. 
+Since 1986, long-term and short-term capital gains rates have been equal. If 
+long-term rates should drop, then the rule would again be more meaningful. 
+Example: A trader in nonequity options has made three trades during the tax year. 
+It is now the end of the tax year and he must compute his taxes. First, he bought S&P