Also sprach Jeff Bone:
> My beef with this process: a transaction should not be a taxable event
> until and unless the underlying asset becomes liquid. I.e., there should
> be continuity of ownership when considering exchanging one illiquid asset
> for another. Without that continuity --- under current tax and SEC law
> --- it's too easy for ANYBODY --- from the board room operative down to
> the mail room clerk --- to get into the above situation.
Amen! Preach on, brother Jeff!
(I have never sold a single share of BBSW stock. But I did make the
mistake of exercising a bunch of options at $one-ish a share when the
stock was at $15+ a share. Now the stock is at the option price, yet I
am taxed on a profit I never saw and never will see. FUCK FUCK FUCK.)
- Joe
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