long-term loss

From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: long-term loss
Date: Wed, 10 Jun 1998 15:22:13 -0500

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hi: i have a question regarding long-term capital losses. do i have to
use LT losses to offset LT gains or can i use them to offset short term
gains? the reason is obvious, my LT gains are taxed at 20% and ST gains
at 28% and i would rather offset 28% gains than 20% gains. 

but i am sure that in its infinite wisdom, congress will make me offset
LT gains before ST gains encouraging ST behaviour.

also, does the same apply to 'worthless stock'? i have some stock for a
company that filed for bankruptcy and i do not see any hopes of getting
anything for that stock. (for the curious, it is Venture Stores)

thanx, bip


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