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 [原创] 作期权真的很难吗 - 大结局 |
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[原创] 作期权真的很难吗 - 大结局 -- sapientaf - (2345 Byte) 2007-1-14 周日, 13:04 (2459 reads) |
frankn
头衔: 海归下士
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加入时间: 2007/01/16
文章: 4
海归分: 231
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作者：frankn 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Several experienced option traders have discussed how options can be used to make money. Here I just want to add this tidbit about another use of options as a tax planning tool.
This use simply uses these relationships (simplified for the sake of discussion):
long stock = long call + short put
short stock = short call + long put
Suppose you bought 100 shares of GILD at $50/share on Nov. 4, 2005 after it broke out of the trading range, and now it is Nov. 6, 2006. The stock is at ~$68/share, and you've already got $18 long-term gain per share. If you want to lock in this gain, but don't want to take the gain and pay tax in 2006, then you can buy a Jan. 07 $70 put, and to offset the cost of the put a little, sell a Jan. 07 $70 call. (short call + long put = short stock). After these two options positions are taken, you are flat with GILD, and what ever happens, you lock the $20 gain (minus the net cost of the options) and can take the gain in Jan. 2007.
However, with the US tax law, this is only good if you have a long-term gain already when you sell the put option. If not, then your holding period gets reset to zero and stuck at zero as long as you have the put.
**Frank**
作者：frankn 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [原创] 作期权真的很难吗 - 大结局 -- sapientaf - (2345 Byte) 2007-1-14 周日, 13:04 (2459 reads) - Options as a timing tool for taking long-term gain -- frankn - (1236 Byte) 2007-1-16 周二, 05:59 (378 reads)
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