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+Taxes 
+In this chapter, the basic tax treatment of listed options will be outlined and sev­
+eral tax strategies will be presented. The reader should be aware of the fact that tax 
+laws change, and therefore should consult tax counsel before actually implementing 
+any tax-oriented strategy. The interpretation of certain tax strategies by the Internal 
+Revenue Service is subject to reclarification or change, as well. 
+An option is a capital asset and any gains or losses are capital gains or losses. 
+Differing tax consequences apply, depending on whether the option trade is a 
+complete transaction by itself, or whether it becomes part of a stock transaction via 
+exercise or assignment. Listed option transactions that are closed out in the options 
+market or are allowed to expire worthless are capital transactions. The holding period 
+for option transactions to qualify as long-term is always the same as for stocks ( cur­
+rently, it's one year). Gains from option purchases could possibly be long-term gains if 
+the holding period of the option exceeds the long-term capital gains holding period. 
+Gains from the sale of options are short-term capital gains. In addition, the tax 
+treatment of futures options and index options and other listed nonequity options 
+may differ from that of equity options. We will review these points individually. 
+HISTORY 
+In the short life of listed option trading. there have been several major changes in the 
+tax rules. When options were first listed in 1973, the tax laws treated the gains and 
+losses from writing options as ordinary income. That is, the thinking was that only 
+professionals or those people in the business actually wrote over-the-counter options, 
+and thus their gains and losses represented their ordinary income, or means of mak­
+ing a living. This rule presented some interesting strategies involving spreads, 
+because the long side of the spread could be treated as long-term gain (if held for 
+908