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training_data/curated/text/febc98d11c7e55544598b0048b871741d6161cff17bc84714c6ca57b6cb5047c.txt

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+Chapter 41: Taxes 921 
+Suppose he does this on July 20th, the day he receives the assignment notice on his 
+XYZ July 50 call. The confirmation that he receives from his broker for the sale of 
+100 XYZ at 50 - that is, the confirmation for the call assignment - should be marked 
+"Versus Purchase July 20th." The year of the sale date should be noted on the con­
+firmation as well. This long-term holder of XYZ stock must, of course, pay for the 
+additional XYZ bought in the open market for delivery against the assignment notice. 
+Thus, it is imperative that such an investor have a reserve of funds that he can fall 
+back on if he thinks that he must ever implement this sort of strategy to avoid the tax 
+consequences of selling his low-cost-basis stock. 
+PUT EXERCISE 
+If the put holder does not choose to liquidate the option in the listed market, but 
+instead exercises the put - thereby selling stock at the striking price - the net cost of 
+the put is subtracted from the net sale proceeds of the underlying stock. 
+Example: Assume an XYZ April 45 put was bought for 2 points. XYZ had declined in 
+price below 45 by April expiration, and the put holder decides to exercise his in-the­
+money put rather than sell it in the option market. The commission on the stock sale 
+is $85, so the net sale proceeds for the underlying stock would be: 
+Sale of 100 XYZ at 45 strike ($4,500 - $85) 
+Net cost of put ($200 + 25) 
+Net sale proceeds on stock for tax purposes: 
+$4,415 
+- 225 
+$4,190 
+If the stock sale represents a new position - that is, the investor has shorted the 
+underlying stock - it will eventually be a short-term gain or loss, according to pres­
+ent tax rules governing short sales. If the put holder already owns the underlying 
+stock and is using the put exercise as a means of selling that stock, his gain or loss on 
+the stock transaction is computed, for tax purposes, by subtracting his original net 
+stock cost from the sale proceeds as determined above. 
+PUT ASSIGNMENT 
+If a written put is assigned, stock is bought at the striking price. The net cost of this 
+purchased stock is reduced by the amount of the original put premium received. 
+Example: If one initially sold an XYZ July 40 put for 4 points, and it was assigned, 
+the net cost of the stock would be determined as follows, assuming a $75 commission 
+charge on the stock purchase: