id	sid	tid	token	lemma	pos
ftr-458	1	1	florida	florida	PROPN
ftr-458	1	2	tax	tax	PROPN
ftr-458	1	3	review	review	NOUN
ftr-458	1	4	volume	volume	NOUN
ftr-458	1	5	3	3	NUM
ftr-458	1	6	1996	1996	NUM
ftr-458	1	7	number	number	NOUN
ftr-458	1	8	i	i	PRON
ftr-458	1	9	another	another	DET
ftr-458	1	10	uneasy	uneasy	ADJ
ftr-458	1	11	compromise	compromise	NOUN
ftr-458	1	12	:	:	PUNCT
ftr-458	1	13	the	the	DET
ftr-458	1	14	treatment	treatment	NOUN
ftr-458	1	15	of	of	ADP
ftr-458	1	16	hedging	hedging	NOUN
ftr-458	1	17	in	in	ADP
ftr-458	1	18	a	a	DET
ftr-458	1	19	realization	realization	NOUN
ftr-458	1	20	income	income	NOUN
ftr-458	1	21	tax	tax	NOUN
ftr-458	1	22	deborah	deborah	PROPN
ftr-458	1	23	l.	l.	PROPN
ftr-458	1	24	paut	paut	PROPN
ftr-458	1	25	"	"	PUNCT
ftr-458	1	26	i.	i.	NOUN
ftr-458	1	27	introduction	introduction	NOUN
ftr-458	1	28	..................................	..................................	PUNCT
ftr-458	1	29	3	3	NUM
ftr-458	1	30	ii	ii	NOUN
ftr-458	1	31	.	.	PUNCT
ftr-458	2	1	doctrinal	doctrinal	ADJ
ftr-458	2	2	background	background	NOUN
ftr-458	2	3	of	of	ADP
ftr-458	2	4	the	the	DET
ftr-458	2	5	realization	realization	NOUN
ftr-458	2	6	requirement	requirement	NOUN
ftr-458	2	7	.....................................	.....................................	PUNCT
ftr-458	2	8	8	8	NUM
ftr-458	2	9	a.	a.	NOUN
ftr-458	2	10	benefits	benefit	NOUN
ftr-458	2	11	and	and	CCONJ
ftr-458	2	12	burdens	burden	NOUN
ftr-458	2	13	of	of	ADP
ftr-458	2	14	ownership	ownership	NOUN
ftr-458	2	15	...............	...............	PUNCT
ftr-458	2	16	9	9	NUM
ftr-458	2	17	b.	b.	NOUN
ftr-458	2	18	fungible	fungible	ADJ
ftr-458	2	19	assets	asset	NOUN
ftr-458	2	20	............................	............................	PUNCT
ftr-458	2	21	13	13	NUM
ftr-458	2	22	c.	c.	PROPN
ftr-458	2	23	special	special	ADJ
ftr-458	2	24	statutor	statutor	NOUN
ftr-458	2	25	'	'	PART
ftr-458	2	26	realization	realization	NOUN
ftr-458	2	27	rules	rule	NOUN
ftr-458	2	28	..............	..............	PUNCT
ftr-458	3	1	14	14	NUM
ftr-458	3	2	ii	ii	NOUN
ftr-458	3	3	.	.	PUNCT
ftr-458	4	1	a	a	DET
ftr-458	4	2	closer	close	ADJ
ftr-458	4	3	examination	examination	NOUN
ftr-458	4	4	of	of	ADP
ftr-458	4	5	the	the	DET
ftr-458	4	6	distinction	distinction	NOUN
ftr-458	4	7	between	between	ADP
ftr-458	4	8	holding	hold	VERB
ftr-458	4	9	and	and	CCONJ
ftr-458	4	10	disposing	dispose	VERB
ftr-458	4	11	...................	...................	PUNCT
ftr-458	4	12	17	17	NUM
ftr-458	4	13	a.	a.	NOUN
ftr-458	4	14	voluntary	voluntary	ADJ
ftr-458	4	15	action	action	NOUN
ftr-458	4	16	by	by	ADP
ftr-458	4	17	the	the	DET
ftr-458	4	18	taxpayer	taxpayer	NOUN
ftr-458	4	19	...............	...............	PUNCT
ftr-458	4	20	20	20	NUM
ftr-458	4	21	b	b	NOUN
ftr-458	4	22	.	.	PUNCT
ftr-458	5	1	risk	risk	NOUN
ftr-458	5	2	....................................	....................................	PUNCT
ftr-458	6	1	21	21	NUM
ftr-458	6	2	1	1	NUM
ftr-458	6	3	.	.	PUNCT
ftr-458	7	1	the	the	DET
ftr-458	7	2	concept	concept	NOUN
ftr-458	7	3	of	of	ADP
ftr-458	7	4	risk	risk	NOUN
ftr-458	7	5	...................	...................	PUNCT
ftr-458	7	6	21	21	NUM
ftr-458	7	7	2	2	NUM
ftr-458	7	8	.	.	PUNCT
ftr-458	7	9	sales	sale	NOUN
ftr-458	7	10	and	and	CCONJ
ftr-458	7	11	risk	risk	NOUN
ftr-458	7	12	.......................	.......................	PUNCT
ftr-458	7	13	22	22	NUM
ftr-458	7	14	3	3	NUM
ftr-458	7	15	.	.	PUNCT
ftr-458	7	16	amount	amount	NOUN
ftr-458	7	17	of	of	ADP
ftr-458	7	18	risk	risk	NOUN
ftr-458	7	19	.......................	.......................	PUNCT
ftr-458	7	20	22	22	NUM
ftr-458	7	21	4	4	NUM
ftr-458	7	22	.	.	PUNCT
ftr-458	7	23	nature	nature	NOUN
ftr-458	7	24	of	of	ADP
ftr-458	7	25	risk	risk	NOUN
ftr-458	7	26	.......................	.......................	PUNCT
ftr-458	7	27	24	24	NUM
ftr-458	7	28	5	5	NUM
ftr-458	7	29	.	.	PUNCT
ftr-458	7	30	disposing	dispose	VERB
ftr-458	7	31	of	of	ADP
ftr-458	7	32	a	a	DET
ftr-458	7	33	portion	portion	NOUN
ftr-458	7	34	of	of	ADP
ftr-458	7	35	an	an	DET
ftr-458	7	36	asset	asset	NOUN
ftr-458	7	37	.........	.........	PUNCT
ftr-458	7	38	25	25	NUM
ftr-458	7	39	iv	iv	NOUN
ftr-458	7	40	.	.	PUNCT
ftr-458	7	41	hedging	hedging	NOUN
ftr-458	7	42	as	as	ADP
ftr-458	7	43	a	a	DET
ftr-458	7	44	substitute	substitute	NOUN
ftr-458	7	45	for	for	ADP
ftr-458	7	46	a	a	DET
ftr-458	7	47	disposition	disposition	NOUN
ftr-458	7	48	.........	.........	PUNCT
ftr-458	7	49	26	26	NUM
ftr-458	7	50	a.	a.	NOUN
ftr-458	7	51	hedges	hedge	NOUN
ftr-458	7	52	that	that	PRON
ftr-458	7	53	strongly	strongly	ADV
ftr-458	7	54	substitute	substitute	NOUN
ftr-458	7	55	for	for	ADP
ftr-458	7	56	dispositions	disposition	NOUN
ftr-458	7	57	....	....	PUNCT
ftr-458	7	58	27	27	NUM
ftr-458	7	59	b.	b.	NOUN
ftr-458	7	60	purchase	purchase	NOUN
ftr-458	7	61	of	of	ADP
ftr-458	7	62	a	a	DET
ftr-458	7	63	put	put	NOUN
ftr-458	7	64	or	or	CCONJ
ftr-458	7	65	sale	sale	NOUN
ftr-458	7	66	of	of	ADP
ftr-458	7	67	a	a	DET
ftr-458	7	68	call	call	NOUN
ftr-458	7	69	.............	.............	PUNCT
ftr-458	7	70	29	29	NUM
ftr-458	7	71	1	1	NUM
ftr-458	7	72	.	.	PUNCT
ftr-458	7	73	reduces	reduce	VERB
ftr-458	7	74	some	some	DET
ftr-458	7	75	risks	risk	NOUN
ftr-458	7	76	,	,	PUNCT
ftr-458	7	77	but	but	CCONJ
ftr-458	7	78	introduces	introduce	VERB
ftr-458	7	79	others	other	NOUN
ftr-458	7	80	.	.	PUNCT
ftr-458	8	1	.	.	PUNCT
ftr-458	9	1	29	29	NUM
ftr-458	9	2	*	*	PUNCT
ftr-458	9	3	cf	cf	NOUN
ftr-458	9	4	.	.	PUNCT
ftr-458	9	5	uneasy	uneasy	ADJ
ftr-458	9	6	compromise	compromise	NOUN
ftr-458	9	7	:	:	PUNCT
ftr-458	9	8	problems	problem	NOUN
ftr-458	9	9	of	of	ADP
ftr-458	9	10	a	a	DET
ftr-458	9	11	hybrid	hybrid	ADJ
ftr-458	9	12	income	income	NOUN
ftr-458	9	13	-	-	PUNCT
ftr-458	9	14	consumption	consumption	NOUN
ftr-458	9	15	tax	tax	NOUN
ftr-458	9	16	(	(	PUNCT
ftr-458	9	17	henry	henry	PROPN
ftr-458	9	18	j.	j.	PROPN
ftr-458	9	19	aaron	aaron	PROPN
ftr-458	9	20	et	et	PROPN
ftr-458	9	21	al	al	PROPN
ftr-458	9	22	eds	eds	PROPN
ftr-458	9	23	.	.	PROPN
ftr-458	9	24	,	,	PUNCT
ftr-458	9	25	1988	1988	NUM
ftr-458	9	26	)	)	PUNCT
ftr-458	9	27	.	.	PUNCT
ftr-458	10	1	*	*	PUNCT
ftr-458	10	2	*	*	PUNCT
ftr-458	10	3	assistant	assistant	NOUN
ftr-458	10	4	professor	professor	NOUN
ftr-458	10	5	,	,	PUNCT
ftr-458	10	6	benjamin	benjamin	PROPN
ftr-458	10	7	n.	n.	PROPN
ftr-458	10	8	cardozo	cardozo	PROPN
ftr-458	10	9	school	school	PROPN
ftr-458	10	10	of	of	ADP
ftr-458	10	11	law	law	NOUN
ftr-458	10	12	.	.	PUNCT
ftr-458	11	1	a.b	a.b	PROPN
ftr-458	11	2	..	..	PROPN
ftr-458	11	3	1986	1986	NUM
ftr-458	11	4	,	,	PUNCT
ftr-458	11	5	j.d	j.d	PROPN
ftr-458	11	6	..	..	PROPN
ftr-458	11	7	1989	1989	NUM
ftr-458	11	8	,	,	PUNCT
ftr-458	11	9	harvard	harvard	PROPN
ftr-458	11	10	university	university	PROPN
ftr-458	11	11	;	;	PUNCT
ftr-458	11	12	ll.m	ll.m	X
ftr-458	11	13	.	.	PUNCT
ftr-458	12	1	(	(	PUNCT
ftr-458	12	2	tax	tax	NOUN
ftr-458	12	3	)	)	PUNCT
ftr-458	12	4	,	,	PUNCT
ftr-458	12	5	1994	1994	NUM
ftr-458	12	6	,	,	PUNCT
ftr-458	12	7	new	new	PROPN
ftr-458	12	8	york	york	PROPN
ftr-458	12	9	university	university	PROPN
ftr-458	12	10	.	.	PUNCT
ftr-458	13	1	i	i	PRON
ftr-458	13	2	would	would	AUX
ftr-458	13	3	like	like	VERB
ftr-458	13	4	to	to	PART
ftr-458	13	5	thank	thank	VERB
ftr-458	13	6	reuven	reuven	VERB
ftr-458	13	7	avi	avi	PROPN
ftr-458	13	8	-	-	PUNCT
ftr-458	13	9	yonah	yonah	PROPN
ftr-458	13	10	,	,	PUNCT
ftr-458	13	11	joseph	joseph	PROPN
ftr-458	13	12	bankman	bankman	PROPN
ftr-458	13	13	.	.	PUNCT
ftr-458	14	1	kevin	kevin	PROPN
ftr-458	14	2	buehler	buehler	PROPN
ftr-458	14	3	,	,	PUNCT
ftr-458	14	4	lawrence	lawrence	PROPN
ftr-458	14	5	cunningham	cunningham	PROPN
ftr-458	14	6	.	.	PUNCT
ftr-458	15	1	nicholas	nicholas	PROPN
ftr-458	15	2	gunther	gunther	PROPN
ftr-458	15	3	,	,	PUNCT
ftr-458	15	4	arthur	arthur	PROPN
ftr-458	15	5	jacobson	jacobson	PROPN
ftr-458	15	6	,	,	PUNCT
ftr-458	15	7	michael	michael	PROPN
ftr-458	15	8	knoll	knoll	PROPN
ftr-458	15	9	,	,	PUNCT
ftr-458	15	10	liam	liam	PROPN
ftr-458	15	11	murphy	murphy	PROPN
ftr-458	15	12	.	.	PUNCT
ftr-458	16	1	anthony	anthony	PROPN
ftr-458	16	2	polito	polito	PROPN
ftr-458	16	3	.	.	PROPN
ftr-458	17	1	leo	leo	PROPN
ftr-458	17	2	schmolka	schmolka	PROPN
ftr-458	17	3	,	,	PUNCT
ftr-458	17	4	david	david	PROPN
ftr-458	17	5	shakow	shakow	PROPN
ftr-458	17	6	,	,	PUNCT
ftr-458	17	7	nancy	nancy	PROPN
ftr-458	17	8	staudt	staudt	PROPN
ftr-458	17	9	,	,	PUNCT
ftr-458	17	10	stewart	stewart	PROPN
ftr-458	17	11	sterk	sterk	PROPN
ftr-458	17	12	,	,	PUNCT
ftr-458	17	13	alvin	alvin	PROPN
ftr-458	17	14	warren	warren	PROPN
ftr-458	17	15	.	.	PUNCT
ftr-458	18	1	edward	edward	PROPN
ftr-458	18	2	zelinsky	zelinsky	PROPN
ftr-458	18	3	.	.	PUNCT
ftr-458	19	1	eric	eric	PROPN
ftr-458	19	2	zolt	zolt	PROPN
ftr-458	19	3	,	,	PUNCT
ftr-458	19	4	and	and	CCONJ
ftr-458	19	5	the	the	DET
ftr-458	19	6	faculty	faculty	NOUN
ftr-458	19	7	and	and	CCONJ
ftr-458	19	8	student	student	NOUN
ftr-458	19	9	participants	participant	NOUN
ftr-458	19	10	in	in	ADP
ftr-458	19	11	the	the	DET
ftr-458	19	12	new	new	PROPN
ftr-458	19	13	york	york	PROPN
ftr-458	19	14	university	university	PROPN
ftr-458	19	15	school	school	NOUN
ftr-458	19	16	of	of	ADP
ftr-458	19	17	law	law	NOUN
ftr-458	19	18	colloquium	colloquium	NOUN
ftr-458	19	19	on	on	ADP
ftr-458	19	20	tax	tax	NOUN
ftr-458	19	21	policy	policy	NOUN
ftr-458	19	22	and	and	CCONJ
ftr-458	19	23	public	public	ADJ
ftr-458	19	24	finance	finance	NOUN
ftr-458	19	25	,	,	PUNCT
ftr-458	19	26	at	at	ADP
ftr-458	19	27	which	which	PRON
ftr-458	19	28	i	i	PRON
ftr-458	19	29	presented	present	VERB
ftr-458	19	30	this	this	DET
ftr-458	19	31	paper	paper	NOUN
ftr-458	19	32	in	in	ADP
ftr-458	19	33	february	february	PROPN
ftr-458	19	34	1996	1996	NUM
ftr-458	19	35	.	.	PUNCT
ftr-458	20	1	for	for	ADP
ftr-458	20	2	their	their	PRON
ftr-458	20	3	helpful	helpful	ADJ
ftr-458	20	4	comments	comment	NOUN
ftr-458	20	5	.	.	PUNCT
ftr-458	21	1	florida	florida	PROPN
ftr-458	21	2	tax	tax	PROPN
ftr-458	21	3	review	review	NOUN
ftr-458	21	4	2	2	NUM
ftr-458	21	5	.	.	NOUN
ftr-458	21	6	similar	similar	ADJ
ftr-458	21	7	to	to	ADP
ftr-458	21	8	disposition	disposition	NOUN
ftr-458	21	9	of	of	ADP
ftr-458	21	10	share	share	NOUN
ftr-458	21	11	...........	...........	PUNCT
ftr-458	21	12	31	31	NUM
ftr-458	21	13	3	3	NUM
ftr-458	21	14	.	.	NOUN
ftr-458	21	15	similar	similar	ADJ
ftr-458	21	16	to	to	ADP
ftr-458	21	17	disposition	disposition	NOUN
ftr-458	21	18	of	of	ADP
ftr-458	21	19	embedded	embed	VERB
ftr-458	21	20	short	short	ADJ
ftr-458	21	21	put	put	NOUN
ftr-458	21	22	.	.	PUNCT
ftr-458	22	1	32	32	NUM
ftr-458	22	2	4	4	NUM
ftr-458	22	3	.	.	NOUN
ftr-458	22	4	similar	similar	ADJ
ftr-458	22	5	to	to	ADP
ftr-458	22	6	disposition	disposition	NOUN
ftr-458	22	7	of	of	ADP
ftr-458	22	8	fraction	fraction	NOUN
ftr-458	22	9	of	of	ADP
ftr-458	22	10	share	share	NOUN
ftr-458	22	11	...	...	PUNCT
ftr-458	22	12	32	32	NUM
ftr-458	22	13	c.	c.	NOUN
ftr-458	22	14	risk	risk	NOUN
ftr-458	22	15	-	-	PUNCT
ftr-458	22	16	magnifying	magnify	VERB
ftr-458	22	17	transactions	transaction	NOUN
ftr-458	22	18	..................	..................	PUNCT
ftr-458	22	19	34	34	NUM
ftr-458	22	20	d.	d.	NOUN
ftr-458	22	21	factor	factor	NOUN
ftr-458	22	22	hedges	hedge	NOUN
ftr-458	22	23	............................	............................	PUNCT
ftr-458	22	24	35	35	NUM
ftr-458	22	25	e.	e.	PROPN
ftr-458	22	26	portfolio	portfolio	PROPN
ftr-458	22	27	diversification	diversification	NOUN
ftr-458	22	28	......................	......................	PUNCT
ftr-458	22	29	36	36	NUM
ftr-458	22	30	f.	f.	PROPN
ftr-458	22	31	dynamic	dynamic	ADJ
ftr-458	22	32	hedging	hedging	NOUN
ftr-458	22	33	..........................	..........................	PUNCT
ftr-458	23	1	37	37	NUM
ftr-458	23	2	v.	v.	ADP
ftr-458	23	3	efficiency	efficiency	NOUN
ftr-458	23	4	and	and	CCONJ
ftr-458	23	5	equity	equity	NOUN
ftr-458	23	6	analysis	analysis	NOUN
ftr-458	23	7	of	of	ADP
ftr-458	23	8	the	the	DET
ftr-458	23	9	economic	economic	ADJ
ftr-458	23	10	substitute	substitute	NOUN
ftr-458	23	11	argument	argument	NOUN
ftr-458	23	12	for	for	ADP
ftr-458	23	13	treating	treat	VERB
ftr-458	23	14	hedging	hedging	NOUN
ftr-458	23	15	as	as	ADP
ftr-458	23	16	a	a	DET
ftr-458	23	17	realization	realization	NOUN
ftr-458	23	18	event	event	NOUN
ftr-458	23	19	.............................	.............................	PUNCT
ftr-458	23	20	39	39	NUM
ftr-458	23	21	a.	a.	NOUN
ftr-458	23	22	efficiency	efficiency	NOUN
ftr-458	23	23	and	and	CCONJ
ftr-458	23	24	equity	equity	NOUN
ftr-458	23	25	under	under	ADP
ftr-458	23	26	current	current	ADJ
ftr-458	23	27	realization	realization	NOUN
ftr-458	23	28	requirement	requirement	NOUN
ftr-458	23	29	......................	......................	PUNCT
ftr-458	23	30	40	40	NUM
ftr-458	23	31	b.	b.	PROPN
ftr-458	23	32	would	would	AUX
ftr-458	23	33	treating	treat	VERB
ftr-458	23	34	hedging	hedging	NOUN
ftr-458	23	35	as	as	ADP
ftr-458	23	36	a	a	DET
ftr-458	23	37	realization	realization	NOUN
ftr-458	23	38	event	event	NOUN
ftr-458	23	39	be	be	AUX
ftr-458	23	40	an	an	DET
ftr-458	23	41	improvement	improvement	NOUN
ftr-458	23	42	?	?	PUNCT
ftr-458	24	1	........................	........................	PUNCT
ftr-458	25	1	41	41	NUM
ftr-458	25	2	c.	c.	NOUN
ftr-458	25	3	the	the	DET
ftr-458	25	4	consumption	consumption	NOUN
ftr-458	25	5	tax	tax	NOUN
ftr-458	25	6	perspective	perspective	NOUN
ftr-458	25	7	...............	...............	PUNCT
ftr-458	25	8	46	46	NUM
ftr-458	25	9	vi	vi	NOUN
ftr-458	25	10	.	.	PUNCT
ftr-458	26	1	the	the	DET
ftr-458	26	2	future	future	NOUN
ftr-458	26	3	of	of	ADP
ftr-458	26	4	the	the	DET
ftr-458	26	5	realization	realization	NOUN
ftr-458	26	6	requirement	requirement	NOUN
ftr-458	26	7	.......	.......	PUNCT
ftr-458	27	1	48	48	NUM
ftr-458	27	2	vii	vii	PROPN
ftr-458	27	3	.	.	PROPN
ftr-458	27	4	conclusion	conclusion	NOUN
ftr-458	27	5	.................................	.................................	PUNCT
ftr-458	28	1	[	[	X
ftr-458	28	2	vol	vol	NOUN
ftr-458	28	3	3:1	3:1	NUM
ftr-458	28	4	..	..	PUNCT
ftr-458	28	5	49	49	NUM
ftr-458	28	6	1996	1996	NUM
ftr-458	28	7	]	]	PUNCT
ftr-458	28	8	another	another	DET
ftr-458	28	9	uneasy	uneasy	ADJ
ftr-458	28	10	compromise	compromise	NOUN
ftr-458	28	11	3	3	NUM
ftr-458	28	12	i.	i.	NOUN
ftr-458	28	13	introduction	introduction	NOUN
ftr-458	28	14	tax	tax	NOUN
ftr-458	28	15	law	law	NOUN
ftr-458	28	16	distinguishes	distinguish	VERB
ftr-458	28	17	between	between	ADP
ftr-458	28	18	holding	hold	VERB
ftr-458	28	19	an	an	DET
ftr-458	28	20	asset	asset	NOUN
ftr-458	28	21	and	and	CCONJ
ftr-458	28	22	disposing	dispose	VERB
ftr-458	28	23	of	of	ADP
ftr-458	28	24	it	it	PRON
ftr-458	28	25	.	.	PUNCT
ftr-458	29	1	dispositions	disposition	NOUN
ftr-458	29	2	are	be	AUX
ftr-458	29	3	"	"	PUNCT
ftr-458	29	4	realization	realization	NOUN
ftr-458	29	5	"	"	PUNCT
ftr-458	29	6	events	event	NOUN
ftr-458	29	7	,	,	PUNCT
ftr-458	29	8	occasions	occasion	NOUN
ftr-458	29	9	for	for	ADP
ftr-458	29	10	taxing	tax	VERB
ftr-458	29	11	accrued	accrued	ADJ
ftr-458	29	12	appreciation	appreciation	NOUN
ftr-458	29	13	,	,	PUNCT
ftr-458	29	14	while	while	SCONJ
ftr-458	29	15	holding	hold	VERB
ftr-458	29	16	is	be	AUX
ftr-458	29	17	not	not	PART
ftr-458	29	18	.	.	PUNCT
ftr-458	30	1	an	an	DET
ftr-458	30	2	owner	owner	NOUN
ftr-458	30	3	of	of	ADP
ftr-458	30	4	an	an	DET
ftr-458	30	5	asset	asset	NOUN
ftr-458	30	6	who	who	PRON
ftr-458	30	7	would	would	AUX
ftr-458	30	8	like	like	VERB
ftr-458	30	9	to	to	PART
ftr-458	30	10	dispose	dispose	VERB
ftr-458	30	11	of	of	ADP
ftr-458	30	12	it	it	PRON
ftr-458	30	13	may	may	AUX
ftr-458	30	14	instead	instead	ADV
ftr-458	30	15	hold	hold	VERB
ftr-458	30	16	the	the	DET
ftr-458	30	17	asset	asset	NOUN
ftr-458	30	18	and	and	CCONJ
ftr-458	30	19	hedge	hedge	NOUN
ftr-458	30	20	.	.	PUNCT
ftr-458	30	21	'	'	PUNCT
ftr-458	31	1	hedging	hedging	NOUN
ftr-458	31	2	,	,	PUNCT
ftr-458	31	3	like	like	ADP
ftr-458	31	4	disposing	dispose	VERB
ftr-458	31	5	,	,	PUNCT
ftr-458	31	6	changes	change	VERB
ftr-458	31	7	a	a	DET
ftr-458	31	8	taxpayer	taxpayer	NOUN
ftr-458	31	9	's	's	PART
ftr-458	31	10	exposure	exposure	NOUN
ftr-458	31	11	to	to	ADP
ftr-458	31	12	risk	risk	NOUN
ftr-458	31	13	,	,	PUNCT
ftr-458	31	14	but	but	CCONJ
ftr-458	31	15	is	be	AUX
ftr-458	31	16	,	,	PUNCT
ftr-458	31	17	in	in	ADP
ftr-458	31	18	many	many	ADJ
ftr-458	31	19	cases	case	NOUN
ftr-458	31	20	,	,	PUNCT
ftr-458	31	21	not	not	PART
ftr-458	31	22	a	a	DET
ftr-458	31	23	realization	realization	NOUN
ftr-458	31	24	event	event	NOUN
ftr-458	31	25	.	.	PUNCT
ftr-458	32	1	a	a	DET
ftr-458	32	2	taxpayer	taxpayer	NOUN
ftr-458	32	3	may	may	AUX
ftr-458	32	4	hedge	hedge	VERB
ftr-458	32	5	an	an	DET
ftr-458	32	6	asset	asset	NOUN
ftr-458	32	7	by	by	ADP
ftr-458	32	8	obtaining	obtain	VERB
ftr-458	32	9	a	a	DET
ftr-458	32	10	derivative	derivative	ADJ
ftr-458	32	11	financial	financial	ADJ
ftr-458	32	12	instrument	instrument	NOUN
ftr-458	32	13	whose	whose	DET
ftr-458	32	14	value	value	NOUN
ftr-458	32	15	varies	vary	VERB
ftr-458	32	16	inversely	inversely	ADV
ftr-458	32	17	with	with	ADP
ftr-458	32	18	the	the	DET
ftr-458	32	19	value	value	NOUN
ftr-458	32	20	of	of	ADP
ftr-458	32	21	the	the	DET
ftr-458	32	22	asset.2	asset.2	PROPN
ftr-458	32	23	derivative	derivative	ADJ
ftr-458	32	24	financial	financial	ADJ
ftr-458	32	25	instruments	instrument	NOUN
ftr-458	32	26	thus	thus	ADV
ftr-458	32	27	enable	enable	VERB
ftr-458	32	28	taxpayers	taxpayer	NOUN
ftr-458	32	29	to	to	PART
ftr-458	32	30	simulate	simulate	VERB
ftr-458	32	31	a	a	DET
ftr-458	32	32	disposition	disposition	NOUN
ftr-458	32	33	without	without	ADP
ftr-458	32	34	current	current	ADJ
ftr-458	32	35	tax	tax	NOUN
ftr-458	32	36	.	.	PUNCT
ftr-458	33	1	because	because	SCONJ
ftr-458	33	2	hedging	hedging	NOUN
ftr-458	33	3	is	be	AUX
ftr-458	33	4	often	often	ADV
ftr-458	33	5	a	a	DET
ftr-458	33	6	close	close	ADJ
ftr-458	33	7	economic	economic	ADJ
ftr-458	33	8	substitute	substitute	NOUN
ftr-458	33	9	for	for	ADP
ftr-458	33	10	disposing	dispose	VERB
ftr-458	33	11	,	,	PUNCT
ftr-458	33	12	hedging	hedge	VERB
ftr-458	33	13	should	should	AUX
ftr-458	33	14	arguably	arguably	ADV
ftr-458	33	15	be	be	AUX
ftr-458	33	16	taxed	tax	VERB
ftr-458	33	17	like	like	ADP
ftr-458	33	18	a	a	DET
ftr-458	33	19	disposition	disposition	NOUN
ftr-458	33	20	.	.	PUNCT
ftr-458	34	1	if	if	SCONJ
ftr-458	34	2	taxpayers	taxpayer	NOUN
ftr-458	34	3	are	be	AUX
ftr-458	34	4	indifferent	indifferent	ADJ
ftr-458	34	5	between	between	ADP
ftr-458	34	6	two	two	NUM
ftr-458	34	7	methods	method	NOUN
ftr-458	34	8	of	of	ADP
ftr-458	34	9	accomplishing	accomplish	VERB
ftr-458	34	10	the	the	DET
ftr-458	34	11	same	same	ADJ
ftr-458	34	12	result	result	NOUN
ftr-458	34	13	,	,	PUNCT
ftr-458	34	14	tax	tax	NOUN
ftr-458	34	15	law	law	NOUN
ftr-458	34	16	1	1	NUM
ftr-458	34	17	.	.	PUNCT
ftr-458	35	1	for	for	ADP
ftr-458	35	2	example	example	NOUN
ftr-458	35	3	,	,	PUNCT
ftr-458	35	4	a	a	DET
ftr-458	35	5	taxpayer	taxpayer	NOUN
ftr-458	35	6	owning	own	VERB
ftr-458	35	7	a	a	DET
ftr-458	35	8	block	block	NOUN
ftr-458	35	9	of	of	ADP
ftr-458	35	10	stock	stock	NOUN
ftr-458	35	11	worth	worth	ADJ
ftr-458	35	12	si	si	NOUN
ftr-458	35	13	million	million	NUM
ftr-458	35	14	could	could	AUX
ftr-458	35	15	enter	enter	VERB
ftr-458	35	16	into	into	ADP
ftr-458	35	17	an	an	DET
ftr-458	35	18	"	"	PUNCT
ftr-458	35	19	equity	equity	NOUN
ftr-458	35	20	swap	swap	NOUN
ftr-458	35	21	"	"	PUNCT
ftr-458	35	22	agreement	agreement	NOUN
ftr-458	35	23	with	with	ADP
ftr-458	35	24	a	a	DET
ftr-458	35	25	financial	financial	ADJ
ftr-458	35	26	institution	institution	NOUN
ftr-458	35	27	requiring	require	VERB
ftr-458	35	28	the	the	DET
ftr-458	35	29	taxpayer	taxpayer	NOUN
ftr-458	35	30	to	to	PART
ftr-458	35	31	pay	pay	VERB
ftr-458	35	32	the	the	DET
ftr-458	35	33	counterparty	counterparty	NOUN
ftr-458	35	34	over	over	ADP
ftr-458	35	35	the	the	DET
ftr-458	35	36	term	term	NOUN
ftr-458	35	37	of	of	ADP
ftr-458	35	38	the	the	DET
ftr-458	35	39	agreement	agreement	NOUN
ftr-458	35	40	any	any	DET
ftr-458	35	41	dividends	dividend	NOUN
ftr-458	35	42	on	on	ADP
ftr-458	35	43	the	the	DET
ftr-458	35	44	stock	stock	NOUN
ftr-458	35	45	and	and	CCONJ
ftr-458	35	46	,	,	PUNCT
ftr-458	35	47	at	at	ADP
ftr-458	35	48	the	the	DET
ftr-458	35	49	end	end	NOUN
ftr-458	35	50	of	of	ADP
ftr-458	35	51	the	the	DET
ftr-458	35	52	term	term	NOUN
ftr-458	35	53	,	,	PUNCT
ftr-458	35	54	any	any	DET
ftr-458	35	55	increase	increase	NOUN
ftr-458	35	56	in	in	ADP
ftr-458	35	57	value	value	NOUN
ftr-458	35	58	of	of	ADP
ftr-458	35	59	the	the	DET
ftr-458	35	60	stock	stock	NOUN
ftr-458	35	61	above	above	ADP
ftr-458	35	62	$	$	SYM
ftr-458	35	63	million	million	NUM
ftr-458	35	64	.	.	PUNCT
ftr-458	36	1	in	in	ADP
ftr-458	36	2	exchange	exchange	NOUN
ftr-458	36	3	,	,	PUNCT
ftr-458	36	4	the	the	DET
ftr-458	36	5	financial	financial	ADJ
ftr-458	36	6	institution	institution	NOUN
ftr-458	36	7	would	would	AUX
ftr-458	36	8	agree	agree	VERB
ftr-458	36	9	to	to	PART
ftr-458	36	10	pay	pay	VERB
ftr-458	36	11	the	the	DET
ftr-458	36	12	taxpayer	taxpayer	NOUN
ftr-458	36	13	an	an	DET
ftr-458	36	14	interest	interest	NOUN
ftr-458	36	15	-	-	PUNCT
ftr-458	36	16	like	like	ADJ
ftr-458	36	17	return	return	NOUN
ftr-458	36	18	(	(	PUNCT
ftr-458	36	19	such	such	ADJ
ftr-458	36	20	as	as	ADP
ftr-458	36	21	6	6	NUM
ftr-458	36	22	%	%	NOUN
ftr-458	36	23	of	of	ADP
ftr-458	36	24	si	si	NOUN
ftr-458	36	25	million	million	NUM
ftr-458	36	26	each	each	DET
ftr-458	36	27	year	year	NOUN
ftr-458	36	28	)	)	PUNCT
ftr-458	36	29	and	and	CCONJ
ftr-458	36	30	,	,	PUNCT
ftr-458	36	31	at	at	ADP
ftr-458	36	32	the	the	DET
ftr-458	36	33	end	end	NOUN
ftr-458	36	34	of	of	ADP
ftr-458	36	35	the	the	DET
ftr-458	36	36	term	term	NOUN
ftr-458	36	37	,	,	PUNCT
ftr-458	36	38	any	any	DET
ftr-458	36	39	amount	amount	NOUN
ftr-458	36	40	by	by	ADP
ftr-458	36	41	which	which	PRON
ftr-458	36	42	si	si	NOUN
ftr-458	36	43	million	million	NUM
ftr-458	36	44	exceeds	exceed	VERB
ftr-458	36	45	the	the	DET
ftr-458	36	46	value	value	NOUN
ftr-458	36	47	of	of	ADP
ftr-458	36	48	the	the	DET
ftr-458	36	49	stock	stock	NOUN
ftr-458	36	50	.	.	PUNCT
ftr-458	37	1	for	for	ADP
ftr-458	37	2	the	the	DET
ftr-458	37	3	term	term	NOUN
ftr-458	37	4	of	of	ADP
ftr-458	37	5	the	the	DET
ftr-458	37	6	swap	swap	NOUN
ftr-458	37	7	,	,	PUNCT
ftr-458	37	8	the	the	DET
ftr-458	37	9	taxpayer	taxpayer	NOUN
ftr-458	37	10	would	would	AUX
ftr-458	37	11	be	be	AUX
ftr-458	37	12	indifferent	indifferent	ADJ
ftr-458	37	13	to	to	ADP
ftr-458	37	14	changes	change	NOUN
ftr-458	37	15	in	in	ADP
ftr-458	37	16	the	the	DET
ftr-458	37	17	stock	stock	NOUN
ftr-458	37	18	's	's	PART
ftr-458	37	19	value	value	NOUN
ftr-458	37	20	and	and	CCONJ
ftr-458	37	21	to	to	ADP
ftr-458	37	22	whether	whether	SCONJ
ftr-458	37	23	the	the	DET
ftr-458	37	24	issuer	issuer	NOUN
ftr-458	37	25	of	of	ADP
ftr-458	37	26	the	the	DET
ftr-458	37	27	stock	stock	NOUN
ftr-458	37	28	paid	pay	VERB
ftr-458	37	29	dividends	dividend	NOUN
ftr-458	37	30	because	because	SCONJ
ftr-458	37	31	,	,	PUNCT
ftr-458	37	32	under	under	ADP
ftr-458	37	33	the	the	DET
ftr-458	37	34	swap	swap	NOUN
ftr-458	37	35	.	.	PUNCT
ftr-458	38	1	any	any	DET
ftr-458	38	2	increases	increase	NOUN
ftr-458	38	3	in	in	ADP
ftr-458	38	4	the	the	DET
ftr-458	38	5	stock	stock	NOUN
ftr-458	38	6	value	value	NOUN
ftr-458	38	7	and	and	CCONJ
ftr-458	38	8	any	any	DET
ftr-458	38	9	dividends	dividend	NOUN
ftr-458	38	10	inure	inure	NOUN
ftr-458	38	11	to	to	ADP
ftr-458	38	12	the	the	DET
ftr-458	38	13	benefit	benefit	NOUN
ftr-458	38	14	of	of	ADP
ftr-458	38	15	the	the	DET
ftr-458	38	16	financial	financial	ADJ
ftr-458	38	17	institution	institution	NOUN
ftr-458	38	18	and	and	CCONJ
ftr-458	38	19	the	the	DET
ftr-458	38	20	financial	financial	ADJ
ftr-458	38	21	institution	institution	NOUN
ftr-458	38	22	compensates	compensate	VERB
ftr-458	38	23	the	the	DET
ftr-458	38	24	taxpayer	taxpayer	NOUN
ftr-458	38	25	for	for	ADP
ftr-458	38	26	any	any	DET
ftr-458	38	27	decreases	decrease	NOUN
ftr-458	38	28	in	in	ADP
ftr-458	38	29	value	value	NOUN
ftr-458	38	30	of	of	ADP
ftr-458	38	31	the	the	DET
ftr-458	38	32	stock	stock	NOUN
ftr-458	38	33	.	.	PUNCT
ftr-458	39	1	the	the	DET
ftr-458	39	2	equity	equity	NOUN
ftr-458	39	3	swap	swap	NOUN
ftr-458	39	4	is	be	AUX
ftr-458	39	5	a	a	DET
ftr-458	39	6	variation	variation	NOUN
ftr-458	39	7	on	on	ADP
ftr-458	39	8	traditional	traditional	ADJ
ftr-458	39	9	transactions	transaction	NOUN
ftr-458	39	10	that	that	PRON
ftr-458	39	11	also	also	ADV
ftr-458	39	12	enable	enable	VERB
ftr-458	39	13	a	a	DET
ftr-458	39	14	taxpayer	taxpayer	NOUN
ftr-458	39	15	to	to	PART
ftr-458	39	16	dispose	dispose	VERB
ftr-458	39	17	of	of	ADP
ftr-458	39	18	economic	economic	ADJ
ftr-458	39	19	risk	risk	NOUN
ftr-458	39	20	in	in	ADP
ftr-458	39	21	an	an	DET
ftr-458	39	22	asset	asset	NOUN
ftr-458	39	23	without	without	ADP
ftr-458	39	24	selling	sell	VERB
ftr-458	39	25	the	the	DET
ftr-458	39	26	asset	asset	NOUN
ftr-458	39	27	.	.	PUNCT
ftr-458	40	1	in	in	ADP
ftr-458	40	2	a	a	DET
ftr-458	40	3	"	"	PUNCT
ftr-458	40	4	short	short	ADJ
ftr-458	40	5	sale	sale	NOUN
ftr-458	40	6	against	against	ADP
ftr-458	40	7	the	the	DET
ftr-458	40	8	box	box	NOUN
ftr-458	40	9	,	,	PUNCT
ftr-458	40	10	"	"	PUNCT
ftr-458	40	11	a	a	DET
ftr-458	40	12	taxpayer	taxpayer	NOUN
ftr-458	40	13	owns	own	VERB
ftr-458	40	14	securities	security	NOUN
ftr-458	40	15	(	(	PUNCT
ftr-458	40	16	retained	retain	VERB
ftr-458	40	17	hypothetically	hypothetically	ADV
ftr-458	40	18	in	in	ADP
ftr-458	40	19	a	a	DET
ftr-458	40	20	"	"	PUNCT
ftr-458	40	21	box	box	NOUN
ftr-458	40	22	"	"	PUNCT
ftr-458	40	23	)	)	PUNCT
ftr-458	40	24	and	and	CCONJ
ftr-458	40	25	sells	sell	VERB
ftr-458	40	26	for	for	ADP
ftr-458	40	27	cash	cash	NOUN
ftr-458	40	28	identical	identical	ADJ
ftr-458	40	29	borrowed	borrow	VERB
ftr-458	40	30	securities	security	NOUN
ftr-458	40	31	.	.	PUNCT
ftr-458	41	1	after	after	ADP
ftr-458	41	2	the	the	DET
ftr-458	41	3	transaction	transaction	NOUN
ftr-458	41	4	,	,	PUNCT
ftr-458	41	5	the	the	DET
ftr-458	41	6	taxpayer	taxpayer	NOUN
ftr-458	41	7	's	's	PART
ftr-458	41	8	obligation	obligation	NOUN
ftr-458	41	9	to	to	PART
ftr-458	41	10	deliver	deliver	VERB
ftr-458	41	11	securities	security	NOUN
ftr-458	41	12	to	to	ADP
ftr-458	41	13	the	the	DET
ftr-458	41	14	securities	security	NOUN
ftr-458	41	15	lender	lender	NOUN
ftr-458	41	16	offsets	offset	VERB
ftr-458	41	17	the	the	DET
ftr-458	41	18	taxpayer	taxpayer	NOUN
ftr-458	41	19	's	's	PART
ftr-458	41	20	ownership	ownership	NOUN
ftr-458	41	21	of	of	ADP
ftr-458	41	22	the	the	DET
ftr-458	41	23	securities	security	NOUN
ftr-458	41	24	in	in	ADP
ftr-458	41	25	the	the	DET
ftr-458	41	26	"	"	PUNCT
ftr-458	41	27	box	box	NOUN
ftr-458	41	28	.	.	PUNCT
ftr-458	41	29	"	"	PUNCT
ftr-458	42	1	if	if	SCONJ
ftr-458	42	2	the	the	DET
ftr-458	42	3	value	value	NOUN
ftr-458	42	4	of	of	ADP
ftr-458	42	5	the	the	DET
ftr-458	42	6	securities	security	NOUN
ftr-458	42	7	increases	increase	NOUN
ftr-458	42	8	by	by	ADP
ftr-458	42	9	$	$	SYM
ftr-458	42	10	1	1	NUM
ftr-458	42	11	,	,	PUNCT
ftr-458	42	12	the	the	DET
ftr-458	42	13	taxpayer	taxpayer	NOUN
ftr-458	42	14	's	's	PART
ftr-458	42	15	delivery	delivery	NOUN
ftr-458	42	16	obligation	obligation	NOUN
ftr-458	42	17	does	do	VERB
ftr-458	42	18	also	also	ADV
ftr-458	42	19	.	.	PUNCT
ftr-458	43	1	see	see	VERB
ftr-458	43	2	edward	edward	PROPN
ftr-458	43	3	d.	d.	PROPN
ftr-458	43	4	kleinbard	kleinbard	PROPN
ftr-458	43	5	&	&	CCONJ
ftr-458	43	6	erika	erika	PROPN
ftr-458	43	7	w.	w.	PROPN
ftr-458	43	8	nijenhuis	nijenhuis	PROPN
ftr-458	43	9	,	,	PUNCT
ftr-458	43	10	short	short	ADJ
ftr-458	43	11	sales	sale	NOUN
ftr-458	43	12	and	and	CCONJ
ftr-458	43	13	short	short	ADJ
ftr-458	43	14	sale	sale	NOUN
ftr-458	43	15	principles	principle	NOUN
ftr-458	43	16	in	in	ADP
ftr-458	43	17	contemporary	contemporary	ADJ
ftr-458	43	18	applications	application	NOUN
ftr-458	43	19	,	,	PUNCT
ftr-458	43	20	53	53	NUM
ftr-458	43	21	inst	inst	NOUN
ftr-458	43	22	.	.	PUNCT
ftr-458	44	1	on	on	ADP
ftr-458	44	2	fed	fed	PROPN
ftr-458	44	3	.	.	PUNCT
ftr-458	45	1	tax'n	tax'n	ADP
ftr-458	45	2	§	§	PROPN
ftr-458	45	3	17.01[2][b	17.01[2][b	PROPN
ftr-458	45	4	]	]	PUNCT
ftr-458	45	5	(	(	PUNCT
ftr-458	45	6	1995	1995	NUM
ftr-458	45	7	)	)	PUNCT
ftr-458	45	8	(	(	PUNCT
ftr-458	45	9	providing	provide	VERB
ftr-458	45	10	a	a	DET
ftr-458	45	11	detailed	detailed	ADJ
ftr-458	45	12	description	description	NOUN
ftr-458	45	13	of	of	ADP
ftr-458	45	14	short	short	ADJ
ftr-458	45	15	sales	sale	NOUN
ftr-458	45	16	against	against	ADP
ftr-458	45	17	the	the	DET
ftr-458	45	18	box	box	NOUN
ftr-458	45	19	)	)	PUNCT
ftr-458	45	20	.	.	PUNCT
ftr-458	46	1	in	in	ADP
ftr-458	46	2	a	a	DET
ftr-458	46	3	"	"	PUNCT
ftr-458	46	4	married	married	ADJ
ftr-458	46	5	put	put	NOUN
ftr-458	46	6	and	and	CCONJ
ftr-458	46	7	call	call	VERB
ftr-458	46	8	,	,	PUNCT
ftr-458	46	9	"	"	PUNCT
ftr-458	46	10	a	a	DET
ftr-458	46	11	taxpayer	taxpayer	NOUN
ftr-458	46	12	owning	own	VERB
ftr-458	46	13	stock	stock	NOUN
ftr-458	46	14	purchases	purchase	NOUN
ftr-458	46	15	a	a	DET
ftr-458	46	16	put	put	NOUN
ftr-458	46	17	option	option	NOUN
ftr-458	46	18	granting	grant	VERB
ftr-458	46	19	the	the	DET
ftr-458	46	20	taxpayer	taxpayer	NOUN
ftr-458	46	21	the	the	DET
ftr-458	46	22	right	right	NOUN
ftr-458	46	23	to	to	PART
ftr-458	46	24	sell	sell	VERB
ftr-458	46	25	the	the	DET
ftr-458	46	26	stock	stock	NOUN
ftr-458	46	27	for	for	ADP
ftr-458	46	28	a	a	DET
ftr-458	46	29	fixed	fix	VERB
ftr-458	46	30	price	price	NOUN
ftr-458	46	31	,	,	PUNCT
ftr-458	46	32	say	say	INTJ
ftr-458	46	33	,	,	PUNCT
ftr-458	46	34	$	$	SYM
ftr-458	46	35	100	100	NUM
ftr-458	46	36	.	.	PUNCT
ftr-458	47	1	on	on	ADP
ftr-458	47	2	a	a	DET
ftr-458	47	3	designated	designate	VERB
ftr-458	47	4	exercise	exercise	NOUN
ftr-458	47	5	date	date	NOUN
ftr-458	47	6	and	and	CCONJ
ftr-458	47	7	sells	sell	VERB
ftr-458	47	8	a	a	DET
ftr-458	47	9	call	call	NOUN
ftr-458	47	10	option	option	NOUN
ftr-458	47	11	granting	grant	VERB
ftr-458	47	12	the	the	DET
ftr-458	47	13	option	option	NOUN
ftr-458	47	14	holder	holder	NOUN
ftr-458	47	15	the	the	DET
ftr-458	47	16	right	right	NOUN
ftr-458	47	17	to	to	PART
ftr-458	47	18	purchase	purchase	VERB
ftr-458	47	19	the	the	DET
ftr-458	47	20	stock	stock	NOUN
ftr-458	47	21	for	for	ADP
ftr-458	47	22	the	the	DET
ftr-458	47	23	same	same	ADJ
ftr-458	47	24	fixed	fix	VERB
ftr-458	47	25	price	price	NOUN
ftr-458	47	26	on	on	ADP
ftr-458	47	27	the	the	DET
ftr-458	47	28	same	same	ADJ
ftr-458	47	29	exercise	exercise	NOUN
ftr-458	47	30	date	date	NOUN
ftr-458	47	31	.	.	PUNCT
ftr-458	48	1	on	on	ADP
ftr-458	48	2	that	that	DET
ftr-458	48	3	date	date	NOUN
ftr-458	48	4	,	,	PUNCT
ftr-458	48	5	either	either	CCONJ
ftr-458	48	6	the	the	DET
ftr-458	48	7	stock	stock	NOUN
ftr-458	48	8	will	will	AUX
ftr-458	48	9	be	be	AUX
ftr-458	48	10	worth	worth	ADJ
ftr-458	48	11	s100	s100	PROPN
ftr-458	48	12	or	or	CCONJ
ftr-458	48	13	,	,	PUNCT
ftr-458	48	14	more	more	ADV
ftr-458	48	15	likely	likely	ADJ
ftr-458	48	16	,	,	PUNCT
ftr-458	48	17	one	one	NUM
ftr-458	48	18	of	of	ADP
ftr-458	48	19	the	the	DET
ftr-458	48	20	options	option	NOUN
ftr-458	48	21	will	will	AUX
ftr-458	48	22	be	be	AUX
ftr-458	48	23	exercised	exercise	VERB
ftr-458	48	24	,	,	PUNCT
ftr-458	48	25	with	with	ADP
ftr-458	48	26	the	the	DET
ftr-458	48	27	result	result	NOUN
ftr-458	48	28	that	that	SCONJ
ftr-458	48	29	the	the	DET
ftr-458	48	30	taxpayer	taxpayer	NOUN
ftr-458	48	31	will	will	AUX
ftr-458	48	32	then	then	ADV
ftr-458	48	33	have	have	AUX
ftr-458	48	34	$	$	SYM
ftr-458	48	35	100	100	NUM
ftr-458	48	36	worth	worth	NOUN
ftr-458	48	37	of	of	ADP
ftr-458	48	38	cash	cash	NOUN
ftr-458	48	39	or	or	CCONJ
ftr-458	48	40	stock	stock	NOUN
ftr-458	48	41	.	.	PUNCT
ftr-458	49	1	2	2	X
ftr-458	49	2	.	.	X
ftr-458	49	3	the	the	DET
ftr-458	49	4	value	value	NOUN
ftr-458	49	5	of	of	ADP
ftr-458	49	6	a	a	DET
ftr-458	49	7	derivative	derivative	NOUN
ftr-458	49	8	depends	depend	VERB
ftr-458	49	9	on	on	ADP
ftr-458	49	10	,	,	PUNCT
ftr-458	49	11	or	or	CCONJ
ftr-458	49	12	derives	derive	VERB
ftr-458	49	13	from	from	ADP
ftr-458	49	14	.	.	PUNCT
ftr-458	50	1	the	the	DET
ftr-458	50	2	value	value	NOUN
ftr-458	50	3	of	of	ADP
ftr-458	50	4	something	something	PRON
ftr-458	50	5	else	else	ADV
ftr-458	50	6	,	,	PUNCT
ftr-458	50	7	such	such	ADJ
ftr-458	50	8	as	as	ADP
ftr-458	50	9	the	the	DET
ftr-458	50	10	value	value	NOUN
ftr-458	50	11	of	of	ADP
ftr-458	50	12	a	a	DET
ftr-458	50	13	share	share	NOUN
ftr-458	50	14	of	of	ADP
ftr-458	50	15	stock	stock	NOUN
ftr-458	50	16	or	or	CCONJ
ftr-458	50	17	a	a	DET
ftr-458	50	18	stock	stock	NOUN
ftr-458	50	19	index	index	NOUN
ftr-458	50	20	.	.	PUNCT
ftr-458	51	1	see	see	VERB
ftr-458	51	2	nancy	nancy	PROPN
ftr-458	51	3	huckins	huckin	NOUN
ftr-458	51	4	&	&	CCONJ
ftr-458	51	5	steve	steve	PROPN
ftr-458	51	6	krull	krull	PROPN
ftr-458	51	7	,	,	PUNCT
ftr-458	51	8	equity	equity	NOUN
ftr-458	51	9	and	and	CCONJ
ftr-458	51	10	the	the	DET
ftr-458	51	11	traditional	traditional	ADJ
ftr-458	51	12	equity	equity	NOUN
ftr-458	51	13	derivatives	derivative	NOUN
ftr-458	51	14	,	,	PUNCT
ftr-458	51	15	in	in	ADP
ftr-458	51	16	the	the	DET
ftr-458	51	17	handbook	handbook	NOUN
ftr-458	51	18	of	of	ADP
ftr-458	51	19	equity	equity	NOUN
ftr-458	51	20	derivatives	derivative	NOUN
ftr-458	51	21	3	3	NUM
ftr-458	51	22	,	,	PUNCT
ftr-458	51	23	3	3	NUM
ftr-458	51	24	(	(	PUNCT
ftr-458	51	25	jack	jack	PROPN
ftr-458	51	26	c.	c.	PROPN
ftr-458	51	27	francis	francis	PROPN
ftr-458	51	28	et	et	PROPN
ftr-458	51	29	al	al	PROPN
ftr-458	51	30	.	.	PUNCT
ftr-458	51	31	eds	eds	PROPN
ftr-458	51	32	.	.	PROPN
ftr-458	51	33	,	,	PUNCT
ftr-458	51	34	1995	1995	NUM
ftr-458	51	35	)	)	PUNCT
ftr-458	52	1	[	[	X
ftr-458	52	2	hereinafter	hereinafter	NOUN
ftr-458	52	3	equity	equity	NOUN
ftr-458	52	4	derivatives	derivative	NOUN
ftr-458	52	5	)	)	PUNCT
ftr-458	52	6	(	(	PUNCT
ftr-458	52	7	defining	define	VERB
ftr-458	52	8	a	a	DET
ftr-458	52	9	derivative	derivative	ADJ
ftr-458	52	10	asset	asset	NOUN
ftr-458	52	11	as	as	ADP
ftr-458	52	12	a	a	DET
ftr-458	52	13	"	"	PUNCT
ftr-458	52	14	conditional	conditional	ADJ
ftr-458	52	15	claim	claim	NOUN
ftr-458	52	16	on	on	ADP
ftr-458	52	17	another	another	DET
ftr-458	52	18	asset	asset	NOUN
ftr-458	52	19	"	"	PUNCT
ftr-458	52	20	)	)	PUNCT
ftr-458	52	21	;	;	PUNCT
ftr-458	52	22	henry	henry	PROPN
ftr-458	52	23	t.c	t.c	PROPN
ftr-458	52	24	.	.	PROPN
ftr-458	52	25	hu	hu	PROPN
ftr-458	52	26	,	,	PUNCT
ftr-458	52	27	hedging	hedging	NOUN
ftr-458	52	28	expectations	expectation	NOUN
ftr-458	52	29	:	:	PUNCT
ftr-458	52	30	"	"	PUNCT
ftr-458	52	31	derivative	derivative	ADJ
ftr-458	52	32	reality	reality	NOUN
ftr-458	52	33	"	"	PUNCT
ftr-458	52	34	and	and	CCONJ
ftr-458	52	35	the	the	DET
ftr-458	52	36	law	law	NOUN
ftr-458	52	37	and	and	CCONJ
ftr-458	52	38	finance	finance	NOUN
ftr-458	52	39	of	of	ADP
ftr-458	52	40	the	the	DET
ftr-458	52	41	corporate	corporate	ADJ
ftr-458	52	42	objective	objective	NOUN
ftr-458	52	43	,	,	PUNCT
ftr-458	52	44	73	73	NUM
ftr-458	52	45	tex	tex	PROPN
ftr-458	52	46	.	.	PROPN
ftr-458	52	47	l.	l.	PROPN
ftr-458	52	48	rev	rev	PROPN
ftr-458	52	49	.	.	PROPN
ftr-458	52	50	985	985	NUM
ftr-458	52	51	.	.	X
ftr-458	53	1	996	996	NUM
ftr-458	53	2	(	(	PUNCT
ftr-458	53	3	1985	1985	NUM
ftr-458	53	4	)	)	PUNCT
ftr-458	53	5	(	(	PUNCT
ftr-458	53	6	defining	define	VERB
ftr-458	53	7	a	a	DET
ftr-458	53	8	derivative	derivative	NOUN
ftr-458	53	9	as	as	ADP
ftr-458	53	10	"	"	PUNCT
ftr-458	53	11	a	a	DET
ftr-458	53	12	contract	contract	NOUN
ftr-458	53	13	that	that	PRON
ftr-458	53	14	either	either	CCONJ
ftr-458	53	15	allows	allow	VERB
ftr-458	53	16	or	or	CCONJ
ftr-458	53	17	obligates	obligate	VERB
ftr-458	53	18	one	one	NUM
ftr-458	53	19	of	of	ADP
ftr-458	53	20	the	the	DET
ftr-458	53	21	parties	party	NOUN
ftr-458	53	22	to	to	PART
ftr-458	53	23	buy	buy	VERB
ftr-458	53	24	or	or	CCONJ
ftr-458	53	25	sell	sell	VERB
ftr-458	53	26	an	an	DET
ftr-458	53	27	asset	asset	NOUN
ftr-458	53	28	"	"	PUNCT
ftr-458	53	29	)	)	PUNCT
ftr-458	53	30	.	.	PUNCT
ftr-458	54	1	a	a	DET
ftr-458	54	2	classic	classic	ADJ
ftr-458	54	3	example	example	NOUN
ftr-458	54	4	is	be	AUX
ftr-458	54	5	a	a	DET
ftr-458	54	6	stock	stock	NOUN
ftr-458	54	7	option	option	NOUN
ftr-458	54	8	.	.	PUNCT
ftr-458	55	1	florida	florida	PROPN
ftr-458	55	2	tax	tax	PROPN
ftr-458	55	3	review	review	NOUN
ftr-458	55	4	can	can	AUX
ftr-458	55	5	create	create	VERB
ftr-458	55	6	social	social	ADJ
ftr-458	55	7	costs	cost	NOUN
ftr-458	55	8	by	by	ADP
ftr-458	55	9	taxing	tax	VERB
ftr-458	55	10	the	the	DET
ftr-458	55	11	two	two	NUM
ftr-458	55	12	methods	method	NOUN
ftr-458	55	13	differently	differently	ADV
ftr-458	55	14	.	.	PUNCT
ftr-458	56	1	indeed	indeed	ADV
ftr-458	56	2	,	,	PUNCT
ftr-458	56	3	on	on	ADP
ftr-458	56	4	january	january	PROPN
ftr-458	56	5	12	12	NUM
ftr-458	56	6	,	,	PUNCT
ftr-458	56	7	1996	1996	NUM
ftr-458	56	8	,	,	PUNCT
ftr-458	56	9	the	the	DET
ftr-458	56	10	treasury	treasury	NOUN
ftr-458	56	11	released	release	VERB
ftr-458	56	12	a	a	DET
ftr-458	56	13	proposal	proposal	NOUN
ftr-458	56	14	that	that	PRON
ftr-458	56	15	would	would	AUX
ftr-458	56	16	treat	treat	VERB
ftr-458	56	17	an	an	DET
ftr-458	56	18	owner	owner	NOUN
ftr-458	56	19	of	of	ADP
ftr-458	56	20	an	an	DET
ftr-458	56	21	appreciated	appreciated	ADJ
ftr-458	56	22	asset	asset	NOUN
ftr-458	56	23	as	as	ADP
ftr-458	56	24	having	having	AUX
ftr-458	56	25	sold	sell	VERB
ftr-458	56	26	the	the	DET
ftr-458	56	27	asset	asset	NOUN
ftr-458	56	28	if	if	SCONJ
ftr-458	56	29	the	the	DET
ftr-458	56	30	person	person	NOUN
ftr-458	56	31	enters	enter	VERB
ftr-458	56	32	into	into	ADP
ftr-458	56	33	a	a	DET
ftr-458	56	34	transaction	transaction	NOUN
ftr-458	56	35	that	that	PRON
ftr-458	56	36	offsets	offset	VERB
ftr-458	56	37	exposure	exposure	NOUN
ftr-458	56	38	to	to	PART
ftr-458	56	39	risk	risk	VERB
ftr-458	56	40	in	in	ADP
ftr-458	56	41	the	the	DET
ftr-458	56	42	appreciated	appreciated	ADJ
ftr-458	56	43	asset.3	asset.3	ADJ
ftr-458	56	44	several	several	ADJ
ftr-458	56	45	authors	author	NOUN
ftr-458	56	46	also	also	ADV
ftr-458	56	47	favor	favor	VERB
ftr-458	56	48	treating	treat	VERB
ftr-458	56	49	hedging	hedging	NOUN
ftr-458	56	50	as	as	ADP
ftr-458	56	51	a	a	DET
ftr-458	56	52	realization	realization	NOUN
ftr-458	56	53	event,4	event,4	NOUN
ftr-458	56	54	while	while	SCONJ
ftr-458	56	55	others	other	NOUN
ftr-458	56	56	believe	believe	VERB
ftr-458	56	57	that	that	SCONJ
ftr-458	56	58	this	this	PRON
ftr-458	56	59	would	would	AUX
ftr-458	56	60	not	not	PART
ftr-458	56	61	be	be	AUX
ftr-458	56	62	a	a	DET
ftr-458	56	63	helpful	helpful	ADJ
ftr-458	56	64	reform	reform	NOUN
ftr-458	56	65	.	.	PUNCT
ftr-458	56	66	'	'	PUNCT
ftr-458	57	1	3	3	X
ftr-458	57	2	.	.	PUNCT
ftr-458	58	1	under	under	ADP
ftr-458	58	2	the	the	DET
ftr-458	58	3	proposal	proposal	NOUN
ftr-458	58	4	,	,	PUNCT
ftr-458	58	5	a	a	DET
ftr-458	58	6	taxpayer	taxpayer	NOUN
ftr-458	58	7	would	would	AUX
ftr-458	58	8	recognize	recognize	VERB
ftr-458	58	9	gain	gain	NOUN
ftr-458	58	10	(	(	PUNCT
ftr-458	58	11	but	but	CCONJ
ftr-458	58	12	not	not	PART
ftr-458	58	13	loss	loss	NOUN
ftr-458	58	14	)	)	PUNCT
ftr-458	58	15	upon	upon	SCONJ
ftr-458	58	16	entering	enter	VERB
ftr-458	58	17	into	into	ADP
ftr-458	58	18	a	a	DET
ftr-458	58	19	"	"	PUNCT
ftr-458	58	20	constructive	constructive	ADJ
ftr-458	58	21	sale	sale	NOUN
ftr-458	58	22	"	"	PUNCT
ftr-458	58	23	of	of	ADP
ftr-458	58	24	a	a	DET
ftr-458	58	25	position	position	NOUN
ftr-458	58	26	in	in	ADP
ftr-458	58	27	stock	stock	NOUN
ftr-458	58	28	,	,	PUNCT
ftr-458	58	29	debt	debt	NOUN
ftr-458	58	30	,	,	PUNCT
ftr-458	58	31	a	a	DET
ftr-458	58	32	partnership	partnership	NOUN
ftr-458	58	33	interest	interest	NOUN
ftr-458	58	34	,	,	PUNCT
ftr-458	58	35	or	or	CCONJ
ftr-458	58	36	certain	certain	ADJ
ftr-458	58	37	actively	actively	ADV
ftr-458	58	38	traded	trade	VERB
ftr-458	58	39	trust	trust	NOUN
ftr-458	58	40	instruments	instrument	NOUN
ftr-458	58	41	.	.	PUNCT
ftr-458	59	1	a	a	DET
ftr-458	59	2	constructive	constructive	ADJ
ftr-458	59	3	sale	sale	NOUN
ftr-458	59	4	would	would	AUX
ftr-458	59	5	occur	occur	VERB
ftr-458	59	6	if	if	SCONJ
ftr-458	59	7	the	the	DET
ftr-458	59	8	taxpayer	taxpayer	NOUN
ftr-458	59	9	"	"	PUNCT
ftr-458	59	10	substantially	substantially	ADV
ftr-458	59	11	eliminate[s	eliminate[s	NUM
ftr-458	59	12	]	]	PUNCT
ftr-458	59	13	both	both	PRON
ftr-458	59	14	risk	risk	NOUN
ftr-458	59	15	of	of	ADP
ftr-458	59	16	loss	loss	NOUN
ftr-458	59	17	and	and	CCONJ
ftr-458	59	18	opportunity	opportunity	NOUN
ftr-458	59	19	for	for	ADP
ftr-458	59	20	gain	gain	NOUN
ftr-458	59	21	"	"	PUNCT
ftr-458	59	22	by	by	ADP
ftr-458	59	23	entering	enter	VERB
ftr-458	59	24	into	into	ADP
ftr-458	59	25	one	one	NUM
ftr-458	59	26	or	or	CCONJ
ftr-458	59	27	more	more	ADJ
ftr-458	59	28	positions	position	NOUN
ftr-458	59	29	with	with	ADP
ftr-458	59	30	respect	respect	NOUN
ftr-458	59	31	to	to	ADP
ftr-458	59	32	"	"	PUNCT
ftr-458	59	33	the	the	DET
ftr-458	59	34	same	same	ADJ
ftr-458	59	35	or	or	CCONJ
ftr-458	59	36	substantially	substantially	ADV
ftr-458	59	37	identical	identical	ADJ
ftr-458	59	38	property	property	NOUN
ftr-458	59	39	.	.	PUNCT
ftr-458	59	40	"	"	PUNCT
ftr-458	60	1	an	an	DET
ftr-458	60	2	appropriate	appropriate	ADJ
ftr-458	60	3	adjustment	adjustment	NOUN
ftr-458	60	4	would	would	AUX
ftr-458	60	5	be	be	AUX
ftr-458	60	6	made	make	VERB
ftr-458	60	7	in	in	ADP
ftr-458	60	8	the	the	DET
ftr-458	60	9	amount	amount	NOUN
ftr-458	60	10	of	of	ADP
ftr-458	60	11	subsequently	subsequently	ADV
ftr-458	60	12	realized	realize	VERB
ftr-458	60	13	gain	gain	NOUN
ftr-458	60	14	or	or	CCONJ
ftr-458	60	15	loss	loss	NOUN
ftr-458	60	16	to	to	PART
ftr-458	60	17	reflect	reflect	VERB
ftr-458	60	18	the	the	DET
ftr-458	60	19	constructive	constructive	ADJ
ftr-458	60	20	sale	sale	NOUN
ftr-458	60	21	,	,	PUNCT
ftr-458	60	22	and	and	CCONJ
ftr-458	60	23	the	the	DET
ftr-458	60	24	appreciated	appreciated	ADJ
ftr-458	60	25	position	position	NOUN
ftr-458	60	26	would	would	AUX
ftr-458	60	27	begin	begin	VERB
ftr-458	60	28	a	a	DET
ftr-458	60	29	new	new	ADJ
ftr-458	60	30	holding	holding	NOUN
ftr-458	60	31	period	period	NOUN
ftr-458	60	32	as	as	SCONJ
ftr-458	60	33	if	if	SCONJ
ftr-458	60	34	such	such	ADJ
ftr-458	60	35	position	position	NOUN
ftr-458	60	36	were	be	AUX
ftr-458	60	37	acquired	acquire	VERB
ftr-458	60	38	on	on	ADP
ftr-458	60	39	the	the	DET
ftr-458	60	40	date	date	NOUN
ftr-458	60	41	of	of	ADP
ftr-458	60	42	the	the	DET
ftr-458	60	43	constructive	constructive	ADJ
ftr-458	60	44	sale	sale	NOUN
ftr-458	60	45	.	.	PUNCT
ftr-458	61	1	title	title	NOUN
ftr-458	61	2	ix	ix	ADV
ftr-458	61	3	,	,	PUNCT
ftr-458	61	4	revenue	revenue	NOUN
ftr-458	61	5	reconciliation	reconciliation	NOUN
ftr-458	61	6	act	act	NOUN
ftr-458	61	7	of	of	ADP
ftr-458	61	8	1996	1996	NUM
ftr-458	61	9	,	,	PUNCT
ftr-458	61	10	from	from	ADP
ftr-458	61	11	president	president	PROPN
ftr-458	61	12	clinton	clinton	PROPN
ftr-458	61	13	's	's	PART
ftr-458	61	14	fy	fy	PROPN
ftr-458	61	15	1997	1997	NUM
ftr-458	61	16	budget	budget	NOUN
ftr-458	61	17	bill	bill	NOUN
ftr-458	61	18	submitted	submit	VERB
ftr-458	61	19	to	to	ADP
ftr-458	61	20	congress	congress	PROPN
ftr-458	61	21	march	march	PROPN
ftr-458	61	22	19	19	NUM
ftr-458	61	23	,	,	PUNCT
ftr-458	61	24	1996	1996	NUM
ftr-458	61	25	§	§	PROPN
ftr-458	61	26	9512	9512	NUM
ftr-458	61	27	,	,	PUNCT
ftr-458	61	28	reprinted	reprint	VERB
ftr-458	61	29	in	in	ADP
ftr-458	61	30	daily	daily	ADJ
ftr-458	61	31	tax	tax	NOUN
ftr-458	61	32	rep	rep	PROPN
ftr-458	61	33	.	.	PROPN
ftr-458	61	34	(	(	PUNCT
ftr-458	61	35	bna	bna	PROPN
ftr-458	61	36	)	)	PUNCT
ftr-458	61	37	no	no	NOUN
ftr-458	61	38	.	.	NOUN
ftr-458	61	39	55	55	NUM
ftr-458	61	40	,	,	PUNCT
ftr-458	61	41	at	at	ADP
ftr-458	61	42	s-67	s-67	ADV
ftr-458	61	43	(	(	PUNCT
ftr-458	61	44	supp	supp	PROPN
ftr-458	61	45	.	.	PUNCT
ftr-458	62	1	mar	mar	PROPN
ftr-458	62	2	.	.	PROPN
ftr-458	62	3	21	21	NUM
ftr-458	62	4	,	,	PUNCT
ftr-458	62	5	1996	1996	NUM
ftr-458	62	6	)	)	PUNCT
ftr-458	63	1	[	[	X
ftr-458	63	2	hereinafter	hereinafter	NOUN
ftr-458	63	3	budget	budget	NOUN
ftr-458	63	4	bill	bill	NOUN
ftr-458	63	5	]	]	PUNCT
ftr-458	63	6	;	;	PUNCT
ftr-458	63	7	see	see	VERB
ftr-458	63	8	dep't	dep't	NOUN
ftr-458	63	9	of	of	ADP
ftr-458	63	10	treasury	treasury	PROPN
ftr-458	63	11	,	,	PUNCT
ftr-458	63	12	news	news	NOUN
ftr-458	63	13	release	release	NOUN
ftr-458	63	14	,	,	PUNCT
ftr-458	63	15	treasury	treasury	NOUN
ftr-458	63	16	comments	comment	NOUN
ftr-458	63	17	on	on	ADP
ftr-458	63	18	"	"	PUNCT
ftr-458	63	19	short	short	ADJ
ftr-458	63	20	against	against	ADP
ftr-458	63	21	the	the	DET
ftr-458	63	22	box	box	NOUN
ftr-458	63	23	"	"	PUNCT
ftr-458	63	24	proposal	proposal	NOUN
ftr-458	63	25	(	(	PUNCT
ftr-458	63	26	jan	jan	PROPN
ftr-458	63	27	.	.	PROPN
ftr-458	63	28	12	12	NUM
ftr-458	63	29	,	,	PUNCT
ftr-458	63	30	1996	1996	NUM
ftr-458	63	31	)	)	PUNCT
ftr-458	63	32	;	;	PUNCT
ftr-458	63	33	staff	staff	NOUN
ftr-458	63	34	of	of	ADP
ftr-458	63	35	joint	joint	ADJ
ftr-458	63	36	comm	comm	NOUN
ftr-458	63	37	.	.	PUNCT
ftr-458	64	1	on	on	ADP
ftr-458	64	2	tax'n	tax'n	NOUN
ftr-458	64	3	,	,	PUNCT
ftr-458	64	4	description	description	NOUN
ftr-458	64	5	of	of	ADP
ftr-458	64	6	tax	tax	NOUN
ftr-458	64	7	provisions	provision	NOUN
ftr-458	64	8	included	include	VERB
ftr-458	64	9	in	in	ADP
ftr-458	64	10	a	a	DET
ftr-458	64	11	plan	plan	NOUN
ftr-458	64	12	to	to	PART
ftr-458	64	13	achieve	achieve	VERB
ftr-458	64	14	a	a	DET
ftr-458	64	15	balanced	balanced	ADJ
ftr-458	64	16	budget	budget	NOUN
ftr-458	64	17	submitted	submit	VERB
ftr-458	64	18	to	to	ADP
ftr-458	64	19	the	the	DET
ftr-458	64	20	congress	congress	PROPN
ftr-458	64	21	by	by	ADP
ftr-458	64	22	the	the	DET
ftr-458	64	23	president	president	NOUN
ftr-458	64	24	on	on	ADP
ftr-458	64	25	january	january	PROPN
ftr-458	64	26	6	6	NUM
ftr-458	64	27	,	,	PUNCT
ftr-458	64	28	1996	1996	NUM
ftr-458	64	29	(	(	PUNCT
ftr-458	64	30	jcx-1	jcx-1	NOUN
ftr-458	64	31	-	-	ADJ
ftr-458	64	32	96	96	NUM
ftr-458	64	33	)	)	PUNCT
ftr-458	64	34	37	37	NUM
ftr-458	64	35	-	-	SYM
ftr-458	64	36	39	39	NUM
ftr-458	64	37	(	(	PUNCT
ftr-458	64	38	jan	jan	PROPN
ftr-458	64	39	.	.	PROPN
ftr-458	64	40	24	24	NUM
ftr-458	64	41	,	,	PUNCT
ftr-458	64	42	1996	1996	NUM
ftr-458	64	43	)	)	PUNCT
ftr-458	64	44	.	.	PUNCT
ftr-458	65	1	senator	senator	PROPN
ftr-458	65	2	thomas	thomas	PROPN
ftr-458	65	3	daschle	daschle	PROPN
ftr-458	65	4	(	(	PUNCT
ftr-458	65	5	d.-s.d	d.-s.d	PROPN
ftr-458	65	6	.	.	PUNCT
ftr-458	65	7	)	)	PUNCT
ftr-458	65	8	crafted	craft	VERB
ftr-458	65	9	the	the	DET
ftr-458	65	10	proposal	proposal	NOUN
ftr-458	65	11	.	.	PUNCT
ftr-458	66	1	see	see	VERB
ftr-458	66	2	tom	tom	PROPN
ftr-458	66	3	herman	herman	PROPN
ftr-458	66	4	,	,	PUNCT
ftr-458	66	5	white	white	PROPN
ftr-458	66	6	house	house	PROPN
ftr-458	66	7	moves	move	VERB
ftr-458	66	8	to	to	PART
ftr-458	66	9	curb	curb	VERB
ftr-458	66	10	techniques	technique	NOUN
ftr-458	66	11	to	to	PART
ftr-458	66	12	get	get	VERB
ftr-458	66	13	around	around	ADP
ftr-458	66	14	capital	capital	NOUN
ftr-458	66	15	-	-	PUNCT
ftr-458	66	16	gains	gain	NOUN
ftr-458	66	17	taxes	taxis	NOUN
ftr-458	66	18	,	,	PUNCT
ftr-458	66	19	wall	wall	PROPN
ftr-458	66	20	st	st	PROPN
ftr-458	66	21	.	.	PROPN
ftr-458	66	22	j.	j.	PROPN
ftr-458	66	23	,	,	PUNCT
ftr-458	66	24	jan	jan	PROPN
ftr-458	66	25	.	.	PROPN
ftr-458	66	26	15	15	NUM
ftr-458	66	27	,	,	PUNCT
ftr-458	66	28	1996	1996	NUM
ftr-458	66	29	,	,	PUNCT
ftr-458	66	30	at	at	ADP
ftr-458	66	31	a2	a2	PROPN
ftr-458	66	32	.	.	PUNCT
ftr-458	67	1	the	the	DET
ftr-458	67	2	proposal	proposal	NOUN
ftr-458	67	3	was	be	AUX
ftr-458	67	4	apparently	apparently	ADV
ftr-458	67	5	prompted	prompt	VERB
ftr-458	67	6	by	by	ADP
ftr-458	67	7	a	a	DET
ftr-458	67	8	"	"	PUNCT
ftr-458	67	9	short	short	ADJ
ftr-458	67	10	against	against	ADP
ftr-458	67	11	the	the	DET
ftr-458	67	12	box	box	NOUN
ftr-458	67	13	"	"	PUNCT
ftr-458	67	14	transaction	transaction	NOUN
ftr-458	67	15	undertaken	undertake	VERB
ftr-458	67	16	by	by	ADP
ftr-458	67	17	este6	este6	PROPN
ftr-458	67	18	lauder	lauder	PROPN
ftr-458	67	19	and	and	CCONJ
ftr-458	67	20	her	her	PRON
ftr-458	67	21	family	family	NOUN
ftr-458	67	22	in	in	ADP
ftr-458	67	23	conjunction	conjunction	NOUN
ftr-458	67	24	with	with	ADP
ftr-458	67	25	their	their	PRON
ftr-458	67	26	initial	initial	ADJ
ftr-458	67	27	public	public	ADJ
ftr-458	67	28	offering	offering	NOUN
ftr-458	67	29	of	of	ADP
ftr-458	67	30	stock	stock	NOUN
ftr-458	67	31	.	.	PUNCT
ftr-458	68	1	see	see	VERB
ftr-458	68	2	allan	allan	PROPN
ftr-458	68	3	sloan	sloan	PROPN
ftr-458	68	4	,	,	PUNCT
ftr-458	68	5	lauder	lauder	PROPN
ftr-458	68	6	family	family	NOUN
ftr-458	68	7	's	's	PART
ftr-458	68	8	stock	stock	NOUN
ftr-458	68	9	maneuvers	maneuver	NOUN
ftr-458	68	10	could	could	AUX
ftr-458	68	11	make	make	VERB
ftr-458	68	12	a	a	DET
ftr-458	68	13	tax	tax	NOUN
ftr-458	68	14	accountant	accountant	NOUN
ftr-458	68	15	blush	blush	NOUN
ftr-458	68	16	,	,	PUNCT
ftr-458	68	17	wash	wash	NOUN
ftr-458	68	18	.	.	PUNCT
ftr-458	69	1	post	post	NOUN
ftr-458	69	2	,	,	PUNCT
ftr-458	69	3	nov	nov	PROPN
ftr-458	69	4	.	.	PROPN
ftr-458	69	5	28	28	NUM
ftr-458	69	6	,	,	PUNCT
ftr-458	69	7	1995	1995	NUM
ftr-458	69	8	,	,	PUNCT
ftr-458	69	9	at	at	ADP
ftr-458	69	10	d3	d3	PROPN
ftr-458	69	11	;	;	PUNCT
ftr-458	69	12	see	see	VERB
ftr-458	69	13	also	also	ADV
ftr-458	69	14	rob	rob	PROPN
ftr-458	69	15	marvin	marvin	PROPN
ftr-458	69	16	,	,	PUNCT
ftr-458	69	17	relief	relief	NOUN
ftr-458	69	18	offered	offer	VERB
ftr-458	69	19	for	for	ADP
ftr-458	69	20	financial	financial	ADJ
ftr-458	69	21	instruments	instrument	NOUN
ftr-458	69	22	subject	subject	VERB
ftr-458	69	23	to	to	ADP
ftr-458	69	24	some	some	DET
ftr-458	69	25	administration	administration	NOUN
ftr-458	69	26	proposals	proposal	NOUN
ftr-458	69	27	,	,	PUNCT
ftr-458	69	28	daily	daily	PROPN
ftr-458	69	29	tax	tax	NOUN
ftr-458	69	30	rep	rep	PROPN
ftr-458	69	31	.	.	PROPN
ftr-458	69	32	(	(	PUNCT
ftr-458	69	33	bna	bna	PROPN
ftr-458	69	34	)	)	PUNCT
ftr-458	69	35	,	,	PUNCT
ftr-458	69	36	dec	dec	PROPN
ftr-458	69	37	.	.	PROPN
ftr-458	69	38	12	12	NUM
ftr-458	69	39	,	,	PUNCT
ftr-458	69	40	1995	1995	NUM
ftr-458	69	41	,	,	PUNCT
ftr-458	69	42	at	at	ADP
ftr-458	69	43	g-3	g-3	NOUN
ftr-458	69	44	,	,	PUNCT
ftr-458	69	45	g-4	g-4	NOUN
ftr-458	69	46	.	.	PUNCT
ftr-458	70	1	see	see	VERB
ftr-458	70	2	supra	supra	PROPN
ftr-458	70	3	note	note	VERB
ftr-458	70	4	i	i	PRON
ftr-458	70	5	for	for	ADP
ftr-458	70	6	a	a	DET
ftr-458	70	7	description	description	NOUN
ftr-458	70	8	of	of	ADP
ftr-458	70	9	a	a	DET
ftr-458	70	10	"	"	PUNCT
ftr-458	70	11	short	short	ADJ
ftr-458	70	12	against	against	ADP
ftr-458	70	13	the	the	DET
ftr-458	70	14	box	box	PROPN
ftr-458	70	15	transaction	transaction	NOUN
ftr-458	70	16	.	.	PUNCT
ftr-458	70	17	"	"	PUNCT
ftr-458	71	1	see	see	VERB
ftr-458	71	2	n.y	n.y	PROPN
ftr-458	71	3	.	.	PROPN
ftr-458	71	4	st	st	PROPN
ftr-458	71	5	.	.	PROPN
ftr-458	71	6	b.	b.	PROPN
ftr-458	72	1	ass'n	ass'n	PROPN
ftr-458	72	2	tax	tax	PROPN
ftr-458	72	3	sec	sec	PROPN
ftr-458	72	4	.	.	PROPN
ftr-458	72	5	comm	comm	NOUN
ftr-458	72	6	.	.	PUNCT
ftr-458	73	1	on	on	ADP
ftr-458	73	2	"	"	PUNCT
ftr-458	73	3	short	short	ADJ
ftr-458	73	4	-	-	PUNCT
ftr-458	73	5	against	against	ADP
ftr-458	73	6	-	-	PUNCT
ftr-458	73	7	the	the	DET
ftr-458	73	8	-	-	PUNCT
ftr-458	73	9	box	box	NOUN
ftr-458	73	10	"	"	PUNCT
ftr-458	73	11	proposal	proposal	NOUN
ftr-458	73	12	(	(	PUNCT
ftr-458	73	13	mar	mar	PROPN
ftr-458	73	14	.	.	PROPN
ftr-458	73	15	1	1	NUM
ftr-458	73	16	,	,	PUNCT
ftr-458	73	17	1996	1996	NUM
ftr-458	73	18	)	)	PUNCT
ftr-458	73	19	,	,	PUNCT
ftr-458	73	20	96	96	NUM
ftr-458	73	21	tnt	tnt	PROPN
ftr-458	73	22	46	46	NUM
ftr-458	73	23	-	-	SYM
ftr-458	73	24	35	35	NUM
ftr-458	73	25	(	(	PUNCT
ftr-458	73	26	mar	mar	PROPN
ftr-458	73	27	.	.	PROPN
ftr-458	73	28	6	6	NUM
ftr-458	73	29	,	,	PUNCT
ftr-458	73	30	1996	1996	NUM
ftr-458	73	31	)	)	PUNCT
ftr-458	73	32	(	(	PUNCT
ftr-458	73	33	supporting	support	VERB
ftr-458	73	34	proposal	proposal	NOUN
ftr-458	73	35	but	but	CCONJ
ftr-458	73	36	expressing	express	VERB
ftr-458	73	37	concern	concern	NOUN
ftr-458	73	38	about	about	ADP
ftr-458	73	39	uncertainty	uncertainty	NOUN
ftr-458	73	40	in	in	ADP
ftr-458	73	41	its	its	PRON
ftr-458	73	42	scope	scope	NOUN
ftr-458	73	43	)	)	PUNCT
ftr-458	74	1	[	[	X
ftr-458	74	2	hereinafter	hereinafter	NOUN
ftr-458	74	3	n.y	n.y	PROPN
ftr-458	74	4	.	.	PROPN
ftr-458	74	5	st	st	PROPN
ftr-458	74	6	.	.	PROPN
ftr-458	74	7	b.	b.	PROPN
ftr-458	74	8	ass'n	ass'n	PROPN
ftr-458	74	9	report	report	NOUN
ftr-458	74	10	]	]	PUNCT
ftr-458	74	11	.	.	PUNCT
ftr-458	75	1	the	the	DET
ftr-458	75	2	clinton	clinton	PROPN
ftr-458	75	3	administration	administration	PROPN
ftr-458	75	4	recently	recently	ADV
ftr-458	75	5	proposed	propose	VERB
ftr-458	75	6	sweeping	sweeping	ADJ
ftr-458	75	7	legislative	legislative	ADJ
ftr-458	75	8	changes	change	NOUN
ftr-458	75	9	designed	design	VERB
ftr-458	75	10	to	to	PART
ftr-458	75	11	conform	conform	VERB
ftr-458	75	12	the	the	DET
ftr-458	75	13	taxation	taxation	NOUN
ftr-458	75	14	of	of	ADP
ftr-458	75	15	financial	financial	ADJ
ftr-458	75	16	instruments	instrument	NOUN
ftr-458	75	17	to	to	ADP
ftr-458	75	18	economic	economic	ADJ
ftr-458	75	19	substance	substance	NOUN
ftr-458	75	20	.	.	PUNCT
ftr-458	76	1	for	for	ADP
ftr-458	76	2	example	example	NOUN
ftr-458	76	3	,	,	PUNCT
ftr-458	76	4	the	the	DET
ftr-458	76	5	proposals	proposal	NOUN
ftr-458	76	6	would	would	AUX
ftr-458	76	7	disallow	disallow	VERB
ftr-458	76	8	interest	interest	NOUN
ftr-458	76	9	deductions	deduction	NOUN
ftr-458	76	10	on	on	ADP
ftr-458	76	11	certain	certain	ADJ
ftr-458	76	12	long	long	ADJ
ftr-458	76	13	-	-	PUNCT
ftr-458	76	14	term	term	NOUN
ftr-458	76	15	debt	debt	NOUN
ftr-458	76	16	instruments	instrument	NOUN
ftr-458	76	17	,	,	PUNCT
ftr-458	76	18	defer	defer	VERB
ftr-458	76	19	original	original	ADJ
ftr-458	76	20	issue	issue	NOUN
ftr-458	76	21	discount	discount	NOUN
ftr-458	76	22	deductions	deduction	NOUN
ftr-458	76	23	on	on	ADP
ftr-458	76	24	convertible	convertible	ADJ
ftr-458	76	25	debt	debt	NOUN
ftr-458	76	26	,	,	PUNCT
ftr-458	76	27	require	require	VERB
ftr-458	76	28	taxpayers	taxpayer	NOUN
ftr-458	76	29	to	to	PART
ftr-458	76	30	use	use	VERB
ftr-458	76	31	an	an	DET
ftr-458	76	32	average	average	ADJ
ftr-458	76	33	basis	basis	NOUN
ftr-458	76	34	for	for	ADP
ftr-458	76	35	substantially	substantially	ADV
ftr-458	76	36	identical	identical	ADJ
ftr-458	76	37	securities	security	NOUN
ftr-458	76	38	,	,	PUNCT
ftr-458	76	39	and	and	CCONJ
ftr-458	76	40	repeal	repeal	VERB
ftr-458	76	41	the	the	DET
ftr-458	76	42	"	"	PUNCT
ftr-458	76	43	extinguishment	extinguishment	NOUN
ftr-458	76	44	doctrine	doctrine	NOUN
ftr-458	76	45	.	.	PUNCT
ftr-458	76	46	"	"	PUNCT
ftr-458	77	1	budget	budget	NOUN
ftr-458	77	2	bill	bill	NOUN
ftr-458	77	3	,	,	PUNCT
ftr-458	77	4	supra	supra	PROPN
ftr-458	77	5	,	,	PUNCT
ftr-458	77	6	§	§	PROPN
ftr-458	77	7	§	§	PROPN
ftr-458	77	8	9511	9511	NUM
ftr-458	77	9	,	,	PUNCT
ftr-458	77	10	9514	9514	NUM
ftr-458	77	11	-	-	SYM
ftr-458	77	12	16	16	NUM
ftr-458	77	13	;	;	PUNCT
ftr-458	77	14	see	see	VERB
ftr-458	77	15	dep't	dep't	NOUN
ftr-458	77	16	of	of	ADP
ftr-458	77	17	treasury	treasury	NOUN
ftr-458	77	18	,	,	PUNCT
ftr-458	77	19	explanation	explanation	NOUN
ftr-458	77	20	of	of	ADP
ftr-458	77	21	corporate	corporate	ADJ
ftr-458	77	22	subsidies	subsidy	NOUN
ftr-458	77	23	,	,	PUNCT
ftr-458	77	24	loophole	loophole	NOUN
ftr-458	77	25	closers	closer	NOUN
ftr-458	77	26	,	,	PUNCT
ftr-458	77	27	and	and	CCONJ
ftr-458	77	28	other	other	ADJ
ftr-458	77	29	measures	measure	NOUN
ftr-458	77	30	in	in	ADP
ftr-458	77	31	president	president	PROPN
ftr-458	77	32	clinton	clinton	PROPN
ftr-458	77	33	's	's	PART
ftr-458	77	34	seven	seven	NUM
ftr-458	77	35	-	-	PUNCT
ftr-458	77	36	year	year	NOUN
ftr-458	77	37	balanced	balanced	ADJ
ftr-458	77	38	budget	budget	NOUN
ftr-458	77	39	proposal	proposal	NOUN
ftr-458	77	40	,	,	PUNCT
ftr-458	77	41	reprinted	reprint	VERB
ftr-458	77	42	in	in	ADP
ftr-458	77	43	daily	daily	ADJ
ftr-458	77	44	tax	tax	NOUN
ftr-458	77	45	rep	rep	PROPN
ftr-458	77	46	.	.	PROPN
ftr-458	77	47	(	(	PUNCT
ftr-458	77	48	bna	bna	PROPN
ftr-458	77	49	)	)	PUNCT
ftr-458	77	50	no	no	NOUN
ftr-458	77	51	.	.	NOUN
ftr-458	77	52	236	236	NUM
ftr-458	77	53	,	,	PUNCT
ftr-458	77	54	at	at	ADP
ftr-458	77	55	l-28	l-28	ADV
ftr-458	77	56	,	,	PUNCT
ftr-458	77	57	l-33	l-33	PROPN
ftr-458	77	58	to	to	PART
ftr-458	77	59	l-34	l-34	PROPN
ftr-458	77	60	(	(	PUNCT
ftr-458	77	61	dec	dec	PROPN
ftr-458	77	62	.	.	PROPN
ftr-458	77	63	8	8	NUM
ftr-458	77	64	,	,	PUNCT
ftr-458	77	65	1995	1995	NUM
ftr-458	77	66	)	)	PUNCT
ftr-458	77	67	.	.	PUNCT
ftr-458	78	1	4	4	X
ftr-458	78	2	.	.	X
ftr-458	78	3	alan	alan	PROPN
ftr-458	78	4	l.	l.	PROPN
ftr-458	78	5	feld	feld	PROPN
ftr-458	78	6	,	,	PUNCT
ftr-458	78	7	when	when	SCONJ
ftr-458	78	8	fungible	fungible	ADJ
ftr-458	78	9	portfolio	portfolio	NOUN
ftr-458	78	10	assets	asset	NOUN
ftr-458	78	11	meet	meet	VERB
ftr-458	78	12	:	:	PUNCT
ftr-458	78	13	a	a	DET
ftr-458	78	14	problem	problem	NOUN
ftr-458	78	15	of	of	ADP
ftr-458	78	16	tax	tax	NOUN
ftr-458	78	17	recognition	recognition	NOUN
ftr-458	78	18	,	,	PUNCT
ftr-458	78	19	44	44	NUM
ftr-458	78	20	tax	tax	NOUN
ftr-458	78	21	law	law	NOUN
ftr-458	78	22	.	.	PUNCT
ftr-458	79	1	409	409	NUM
ftr-458	79	2	,	,	PUNCT
ftr-458	79	3	442	442	NUM
ftr-458	79	4	(	(	PUNCT
ftr-458	79	5	1991	1991	NUM
ftr-458	79	6	)	)	PUNCT
ftr-458	79	7	(	(	PUNCT
ftr-458	79	8	stating	state	VERB
ftr-458	79	9	that	that	SCONJ
ftr-458	79	10	if	if	SCONJ
ftr-458	79	11	a	a	DET
ftr-458	79	12	taxpayer	taxpayer	NOUN
ftr-458	79	13	owns	own	VERB
ftr-458	79	14	a	a	DET
ftr-458	79	15	positive	positive	ADJ
ftr-458	79	16	(	(	PUNCT
ftr-458	79	17	negative	negative	ADJ
ftr-458	79	18	)	)	PUNCT
ftr-458	79	19	position	position	NOUN
ftr-458	79	20	,	,	PUNCT
ftr-458	79	21	acquisition	acquisition	NOUN
ftr-458	79	22	of	of	ADP
ftr-458	79	23	a	a	DET
ftr-458	79	24	negative	negative	ADJ
ftr-458	79	25	(	(	PUNCT
ftr-458	79	26	positive	positive	ADJ
ftr-458	79	27	)	)	PUNCT
ftr-458	79	28	position	position	NOUN
ftr-458	79	29	should	should	AUX
ftr-458	79	30	be	be	AUX
ftr-458	79	31	a	a	DET
ftr-458	79	32	disposition	disposition	NOUN
ftr-458	79	33	)	)	PUNCT
ftr-458	79	34	;	;	PUNCT
ftr-458	79	35	deborah	deborah	PROPN
ftr-458	79	36	h.	h.	PROPN
ftr-458	79	37	schenk	schenk	PROPN
ftr-458	79	38	,	,	PUNCT
ftr-458	79	39	taxation	taxation	NOUN
ftr-458	79	40	of	of	ADP
ftr-458	79	41	financial	financial	ADJ
ftr-458	79	42	instruments	instrument	NOUN
ftr-458	79	43	:	:	PUNCT
ftr-458	79	44	a	a	DET
ftr-458	79	45	partial	partial	ADJ
ftr-458	79	46	integration	integration	NOUN
ftr-458	79	47	proposal	proposal	NOUN
ftr-458	79	48	,	,	PUNCT
ftr-458	79	49	tax	tax	PROPN
ftr-458	79	50	l.	l.	PROPN
ftr-458	79	51	rev	rev	PROPN
ftr-458	79	52	.	.	PUNCT
ftr-458	80	1	(	(	PUNCT
ftr-458	80	2	forthcoming	forthcoming	NOUN
ftr-458	80	3	)	)	PUNCT
ftr-458	80	4	(	(	PUNCT
ftr-458	80	5	proposing	propose	VERB
ftr-458	80	6	that	that	PRON
ftr-458	80	7	acquisition	acquisition	NOUN
ftr-458	80	8	of	of	ADP
ftr-458	80	9	short	short	ADJ
ftr-458	80	10	position	position	NOUN
ftr-458	80	11	be	be	AUX
ftr-458	80	12	treated	treat	VERB
ftr-458	80	13	as	as	ADP
ftr-458	80	14	realization	realization	NOUN
ftr-458	80	15	event	event	NOUN
ftr-458	80	16	to	to	ADP
ftr-458	80	17	the	the	DET
ftr-458	80	18	extent	extent	NOUN
ftr-458	80	19	that	that	SCONJ
ftr-458	80	20	new	new	ADJ
ftr-458	80	21	position	position	NOUN
ftr-458	80	22	eliminates	eliminate	VERB
ftr-458	80	23	risk	risk	NOUN
ftr-458	80	24	of	of	ADP
ftr-458	80	25	loss	loss	NOUN
ftr-458	80	26	in	in	ADP
ftr-458	80	27	long	long	ADJ
ftr-458	80	28	position	position	NOUN
ftr-458	80	29	)	)	PUNCT
ftr-458	80	30	.	.	PUNCT
ftr-458	81	1	5	5	X
ftr-458	81	2	.	.	X
ftr-458	81	3	daniel	daniel	PROPN
ftr-458	81	4	n.	n.	PROPN
ftr-458	81	5	shaviro	shaviro	PROPN
ftr-458	81	6	,	,	PUNCT
ftr-458	81	7	risk	risk	NOUN
ftr-458	81	8	-	-	PUNCT
ftr-458	81	9	based	base	VERB
ftr-458	81	10	rules	rule	NOUN
ftr-458	81	11	and	and	CCONJ
ftr-458	81	12	the	the	DET
ftr-458	81	13	taxation	taxation	NOUN
ftr-458	81	14	of	of	ADP
ftr-458	81	15	capital	capital	NOUN
ftr-458	81	16	income	income	NOUN
ftr-458	81	17	,	,	PUNCT
ftr-458	81	18	tax	tax	PROPN
ftr-458	81	19	l.	l.	PROPN
ftr-458	81	20	rev	rev	PROPN
ftr-458	81	21	.	.	PUNCT
ftr-458	82	1	(	(	PUNCT
ftr-458	82	2	forthcoming	forthcoming	ADJ
ftr-458	82	3	)	)	PUNCT
ftr-458	82	4	(	(	PUNCT
ftr-458	82	5	arguing	argue	VERB
ftr-458	82	6	that	that	SCONJ
ftr-458	82	7	bright	bright	ADJ
ftr-458	82	8	line	line	NOUN
ftr-458	82	9	rule	rule	NOUN
ftr-458	82	10	and	and	CCONJ
ftr-458	82	11	vague	vague	ADJ
ftr-458	82	12	test	test	NOUN
ftr-458	82	13	are	be	AUX
ftr-458	82	14	manipulable	manipulable	ADJ
ftr-458	82	15	)	)	PUNCT
ftr-458	82	16	.	.	PUNCT
ftr-458	83	1	[	[	X
ftr-458	83	2	vol	vol	NOUN
ftr-458	83	3	3:1	3:1	NUM
ftr-458	83	4	another	another	DET
ftr-458	83	5	uneasy	uneasy	ADJ
ftr-458	83	6	compromise	compromise	NOUN
ftr-458	83	7	this	this	DET
ftr-458	83	8	article	article	NOUN
ftr-458	83	9	explores	explore	VERB
ftr-458	83	10	the	the	DET
ftr-458	83	11	conceptual	conceptual	ADJ
ftr-458	83	12	and	and	CCONJ
ftr-458	83	13	practical	practical	ADJ
ftr-458	83	14	foundations	foundation	NOUN
ftr-458	83	15	and	and	CCONJ
ftr-458	83	16	limits	limit	NOUN
ftr-458	83	17	of	of	ADP
ftr-458	83	18	the	the	DET
ftr-458	83	19	economic	economic	ADJ
ftr-458	83	20	substitute	substitute	NOUN
ftr-458	83	21	argument	argument	NOUN
ftr-458	83	22	for	for	ADP
ftr-458	83	23	taxing	tax	VERB
ftr-458	83	24	hedging	hedging	NOUN
ftr-458	83	25	like	like	ADP
ftr-458	83	26	a	a	DET
ftr-458	83	27	disposition	disposition	NOUN
ftr-458	83	28	.	.	PUNCT
ftr-458	84	1	within	within	ADP
ftr-458	84	2	the	the	DET
ftr-458	84	3	context	context	NOUN
ftr-458	84	4	of	of	ADP
ftr-458	84	5	an	an	DET
ftr-458	84	6	income	income	NOUN
ftr-458	84	7	tax	tax	NOUN
ftr-458	84	8	,	,	PUNCT
ftr-458	84	9	reformations	reformation	NOUN
ftr-458	84	10	of	of	ADP
ftr-458	84	11	the	the	DET
ftr-458	84	12	realization	realization	NOUN
ftr-458	84	13	requirement	requirement	NOUN
ftr-458	84	14	to	to	PART
ftr-458	84	15	apply	apply	VERB
ftr-458	84	16	to	to	ADP
ftr-458	84	17	hedges	hedge	NOUN
ftr-458	84	18	might	might	AUX
ftr-458	84	19	well	well	ADV
ftr-458	84	20	accomplish	accomplish	VERB
ftr-458	84	21	little	little	ADJ
ftr-458	84	22	improvement	improvement	NOUN
ftr-458	84	23	in	in	ADP
ftr-458	84	24	the	the	DET
ftr-458	84	25	efficiency	efficiency	NOUN
ftr-458	84	26	and	and	CCONJ
ftr-458	84	27	equity	equity	NOUN
ftr-458	84	28	of	of	ADP
ftr-458	84	29	the	the	DET
ftr-458	84	30	tax	tax	NOUN
ftr-458	84	31	system	system	NOUN
ftr-458	84	32	because	because	SCONJ
ftr-458	84	33	the	the	DET
ftr-458	84	34	realization	realization	NOUN
ftr-458	84	35	requirement	requirement	NOUN
ftr-458	84	36	itself	itself	PRON
ftr-458	84	37	is	be	AUX
ftr-458	84	38	a	a	DET
ftr-458	84	39	departure	departure	NOUN
ftr-458	84	40	from	from	ADP
ftr-458	84	41	an	an	DET
ftr-458	84	42	ideal	ideal	ADJ
ftr-458	84	43	income	income	NOUN
ftr-458	84	44	tax	tax	NOUN
ftr-458	84	45	.	.	PUNCT
ftr-458	85	1	although	although	SCONJ
ftr-458	85	2	treating	treat	VERB
ftr-458	85	3	hedging	hedging	NOUN
ftr-458	85	4	as	as	ADP
ftr-458	85	5	a	a	DET
ftr-458	85	6	realization	realization	NOUN
ftr-458	85	7	event	event	NOUN
ftr-458	85	8	might	might	AUX
ftr-458	85	9	reduce	reduce	VERB
ftr-458	85	10	transaction	transaction	NOUN
ftr-458	85	11	costs	cost	NOUN
ftr-458	85	12	associated	associate	VERB
ftr-458	85	13	with	with	ADP
ftr-458	85	14	hedges	hedge	NOUN
ftr-458	85	15	,	,	PUNCT
ftr-458	85	16	it	it	PRON
ftr-458	85	17	would	would	AUX
ftr-458	85	18	encourage	encourage	VERB
ftr-458	85	19	taxpayers	taxpayer	NOUN
ftr-458	85	20	to	to	PART
ftr-458	85	21	engage	engage	VERB
ftr-458	85	22	in	in	ADP
ftr-458	85	23	more	more	ADV
ftr-458	85	24	complicated	complicated	ADJ
ftr-458	85	25	and	and	CCONJ
ftr-458	85	26	expensive	expensive	ADJ
ftr-458	85	27	transactions	transaction	NOUN
ftr-458	85	28	to	to	PART
ftr-458	85	29	avoid	avoid	VERB
ftr-458	85	30	the	the	DET
ftr-458	85	31	new	new	ADJ
ftr-458	85	32	realization	realization	NOUN
ftr-458	85	33	rule	rule	NOUN
ftr-458	85	34	and	and	CCONJ
ftr-458	85	35	would	would	AUX
ftr-458	85	36	increase	increase	VERB
ftr-458	85	37	the	the	DET
ftr-458	85	38	extent	extent	NOUN
ftr-458	85	39	to	to	PART
ftr-458	85	40	which	which	PRON
ftr-458	85	41	taxpayers	taxpayer	NOUN
ftr-458	85	42	are	be	AUX
ftr-458	85	43	locked	lock	VERB
ftr-458	85	44	into	into	ADP
ftr-458	85	45	investments	investment	NOUN
ftr-458	85	46	that	that	SCONJ
ftr-458	85	47	they	they	PRON
ftr-458	85	48	would	would	AUX
ftr-458	85	49	prefer	prefer	VERB
ftr-458	85	50	to	to	PART
ftr-458	85	51	sell	sell	VERB
ftr-458	85	52	.	.	PUNCT
ftr-458	86	1	as	as	ADP
ftr-458	86	2	to	to	ADP
ftr-458	86	3	equity	equity	NOUN
ftr-458	86	4	,	,	PUNCT
ftr-458	86	5	the	the	DET
ftr-458	86	6	current	current	ADJ
ftr-458	86	7	ability	ability	NOUN
ftr-458	86	8	to	to	PART
ftr-458	86	9	hedge	hedge	VERB
ftr-458	86	10	without	without	ADP
ftr-458	86	11	tax	tax	NOUN
ftr-458	86	12	undermines	undermine	VERB
ftr-458	86	13	the	the	DET
ftr-458	86	14	tax	tax	NOUN
ftr-458	86	15	on	on	ADP
ftr-458	86	16	capital	capital	NOUN
ftr-458	86	17	.	.	PUNCT
ftr-458	87	1	but	but	CCONJ
ftr-458	87	2	,	,	PUNCT
ftr-458	87	3	so	so	ADV
ftr-458	87	4	too	too	ADV
ftr-458	87	5	does	do	VERB
ftr-458	87	6	the	the	DET
ftr-458	87	7	ability	ability	NOUN
ftr-458	87	8	to	to	PART
ftr-458	87	9	hold	hold	VERB
ftr-458	87	10	without	without	ADP
ftr-458	87	11	tax	tax	NOUN
ftr-458	87	12	,	,	PUNCT
ftr-458	87	13	and	and	CCONJ
ftr-458	87	14	this	this	PRON
ftr-458	87	15	undermines	undermine	VERB
ftr-458	87	16	the	the	DET
ftr-458	87	17	equity	equity	NOUN
ftr-458	87	18	argument	argument	NOUN
ftr-458	87	19	for	for	ADP
ftr-458	87	20	taxing	tax	VERB
ftr-458	87	21	hedging	hedging	NOUN
ftr-458	87	22	.	.	PUNCT
ftr-458	88	1	by	by	ADP
ftr-458	88	2	exposing	expose	VERB
ftr-458	88	3	the	the	DET
ftr-458	88	4	inevitable	inevitable	ADJ
ftr-458	88	5	formality	formality	NOUN
ftr-458	88	6	of	of	ADP
ftr-458	88	7	the	the	DET
ftr-458	88	8	realization	realization	NOUN
ftr-458	88	9	requirement	requirement	NOUN
ftr-458	88	10	,	,	PUNCT
ftr-458	88	11	this	this	DET
ftr-458	88	12	article	article	NOUN
ftr-458	88	13	supports	support	VERB
ftr-458	88	14	examination	examination	NOUN
ftr-458	88	15	of	of	ADP
ftr-458	88	16	a	a	DET
ftr-458	88	17	broader	broad	ADJ
ftr-458	88	18	reform	reform	NOUN
ftr-458	88	19	that	that	PRON
ftr-458	88	20	would	would	AUX
ftr-458	88	21	apply	apply	VERB
ftr-458	88	22	accrual	accrual	ADJ
ftr-458	88	23	taxation	taxation	NOUN
ftr-458	88	24	to	to	PART
ftr-458	88	25	marketable	marketable	ADJ
ftr-458	88	26	securities.6	securities.6	PROPN
ftr-458	88	27	the	the	DET
ftr-458	88	28	concept	concept	NOUN
ftr-458	88	29	of	of	ADP
ftr-458	88	30	income	income	NOUN
ftr-458	88	31	used	use	VERB
ftr-458	88	32	in	in	ADP
ftr-458	88	33	this	this	DET
ftr-458	88	34	article	article	NOUN
ftr-458	88	35	is	be	AUX
ftr-458	88	36	the	the	DET
ftr-458	88	37	haig	haig	PROPN
ftr-458	88	38	-	-	PUNCT
ftr-458	88	39	simons	simons	PROPN
ftr-458	88	40	definition	definition	NOUN
ftr-458	88	41	of	of	ADP
ftr-458	88	42	income	income	NOUN
ftr-458	88	43	as	as	ADP
ftr-458	88	44	the	the	DET
ftr-458	88	45	sum	sum	NOUN
ftr-458	88	46	of	of	ADP
ftr-458	88	47	consumption	consumption	NOUN
ftr-458	88	48	and	and	CCONJ
ftr-458	88	49	changes	change	NOUN
ftr-458	88	50	in	in	ADP
ftr-458	88	51	wealth.7	wealth.7	PROPN
ftr-458	88	52	the	the	DET
ftr-458	88	53	6	6	NUM
ftr-458	88	54	.	.	PUNCT
ftr-458	89	1	this	this	DET
ftr-458	89	2	article	article	NOUN
ftr-458	89	3	is	be	AUX
ftr-458	89	4	part	part	NOUN
ftr-458	89	5	of	of	ADP
ftr-458	89	6	a	a	DET
ftr-458	89	7	wider	wide	ADJ
ftr-458	89	8	reappraisal	reappraisal	NOUN
ftr-458	89	9	of	of	ADP
ftr-458	89	10	basic	basic	ADJ
ftr-458	89	11	tax	tax	NOUN
ftr-458	89	12	concepts	concept	NOUN
ftr-458	89	13	prompted	prompt	VERB
ftr-458	89	14	by	by	ADP
ftr-458	89	15	derivatives	derivative	NOUN
ftr-458	89	16	.	.	PUNCT
ftr-458	90	1	see	see	VERB
ftr-458	90	2	david	david	PROPN
ftr-458	90	3	p.	p.	PROPN
ftr-458	90	4	hariton	hariton	PROPN
ftr-458	90	5	,	,	PUNCT
ftr-458	90	6	the	the	DET
ftr-458	90	7	taxation	taxation	NOUN
ftr-458	90	8	of	of	ADP
ftr-458	90	9	complex	complex	ADJ
ftr-458	90	10	financial	financial	ADJ
ftr-458	90	11	instruments	instrument	NOUN
ftr-458	90	12	,	,	PUNCT
ftr-458	90	13	43	43	NUM
ftr-458	90	14	tax	tax	NOUN
ftr-458	90	15	l.	l.	PROPN
ftr-458	90	16	rev	rev	PROPN
ftr-458	90	17	.	.	PROPN
ftr-458	91	1	731	731	NUM
ftr-458	91	2	(	(	PUNCT
ftr-458	91	3	1988	1988	NUM
ftr-458	91	4	)	)	PUNCT
ftr-458	91	5	;	;	PUNCT
ftr-458	91	6	randall	randall	PROPN
ftr-458	91	7	k.c	k.c	PROPN
ftr-458	91	8	.	.	PROPN
ftr-458	91	9	kau	kau	PROPN
ftr-458	91	10	,	,	PUNCT
ftr-458	91	11	carving	carve	VERB
ftr-458	91	12	up	up	ADP
ftr-458	91	13	assets	asset	NOUN
ftr-458	91	14	and	and	CCONJ
ftr-458	91	15	liabilities	liability	NOUN
ftr-458	91	16	-	-	PUNCT
ftr-458	91	17	integration	integration	NOUN
ftr-458	91	18	or	or	CCONJ
ftr-458	91	19	bifurcation	bifurcation	NOUN
ftr-458	91	20	of	of	ADP
ftr-458	91	21	financial	financial	ADJ
ftr-458	91	22	products	product	NOUN
ftr-458	91	23	,	,	PUNCT
ftr-458	91	24	68	68	NUM
ftr-458	91	25	taxes	taxis	NOUN
ftr-458	91	26	1003	1003	NUM
ftr-458	91	27	(	(	PUNCT
ftr-458	91	28	1990	1990	NUM
ftr-458	91	29	)	)	PUNCT
ftr-458	91	30	,	,	PUNCT
ftr-458	91	31	bruce	bruce	PROPN
ftr-458	91	32	kayle	kayle	PROPN
ftr-458	91	33	.	.	PUNCT
ftr-458	91	34	realization	realization	NOUN
ftr-458	91	35	without	without	ADP
ftr-458	91	36	taxation	taxation	NOUN
ftr-458	91	37	?	?	PUNCT
ftr-458	92	1	the	the	DET
ftr-458	92	2	not	not	PART
ftr-458	92	3	-	-	PUNCT
ftr-458	92	4	so	so	ADV
ftr-458	92	5	-	-	PUNCT
ftr-458	92	6	clear	clear	ADJ
ftr-458	92	7	reflection	reflection	NOUN
ftr-458	92	8	of	of	ADP
ftr-458	92	9	income	income	NOUN
ftr-458	92	10	from	from	ADP
ftr-458	92	11	an	an	DET
ftr-458	92	12	option	option	NOUN
ftr-458	92	13	to	to	PART
ftr-458	92	14	acquire	acquire	VERB
ftr-458	92	15	property	property	NOUN
ftr-458	92	16	.	.	PUNCT
ftr-458	93	1	48	48	NUM
ftr-458	93	2	tax	tax	NOUN
ftr-458	93	3	l.	l.	PROPN
ftr-458	93	4	rev	rev	PROPN
ftr-458	93	5	.	.	PROPN
ftr-458	93	6	233	233	NUM
ftr-458	93	7	(	(	PUNCT
ftr-458	93	8	1993	1993	NUM
ftr-458	93	9	)	)	PUNCT
ftr-458	93	10	;	;	PUNCT
ftr-458	93	11	edward	edward	PROPN
ftr-458	93	12	d.	d.	PROPN
ftr-458	93	13	kleinbard	kleinbard	PROPN
ftr-458	93	14	,	,	PUNCT
ftr-458	93	15	risky	risky	ADJ
ftr-458	93	16	and	and	CCONJ
ftr-458	93	17	riskless	riskless	NOUN
ftr-458	93	18	positions	position	NOUN
ftr-458	93	19	in	in	ADP
ftr-458	93	20	securities	security	NOUN
ftr-458	93	21	,	,	PUNCT
ftr-458	93	22	71	71	NUM
ftr-458	93	23	taxes	taxis	NOUN
ftr-458	93	24	783	783	NUM
ftr-458	93	25	(	(	PUNCT
ftr-458	93	26	1993	1993	NUM
ftr-458	93	27	)	)	PUNCT
ftr-458	93	28	;	;	PUNCT
ftr-458	93	29	reed	reed	NOUN
ftr-458	93	30	shuldiner	shuldiner	PROPN
ftr-458	93	31	,	,	PUNCT
ftr-458	93	32	a	a	DET
ftr-458	93	33	general	general	ADJ
ftr-458	93	34	approach	approach	NOUN
ftr-458	93	35	to	to	ADP
ftr-458	93	36	the	the	DET
ftr-458	93	37	taxation	taxation	NOUN
ftr-458	93	38	of	of	ADP
ftr-458	93	39	financial	financial	ADJ
ftr-458	93	40	instruments	instrument	NOUN
ftr-458	93	41	,	,	PUNCT
ftr-458	93	42	71	71	NUM
ftr-458	93	43	tex	tex	PROPN
ftr-458	93	44	.	.	PROPN
ftr-458	93	45	l.	l.	PROPN
ftr-458	93	46	rev	rev	PROPN
ftr-458	93	47	.	.	PROPN
ftr-458	94	1	243	243	NUM
ftr-458	94	2	(	(	PUNCT
ftr-458	94	3	1992	1992	NUM
ftr-458	94	4	)	)	PUNCT
ftr-458	94	5	;	;	PUNCT
ftr-458	95	1	lewis	lewis	PROPN
ftr-458	95	2	r.	r.	PROPN
ftr-458	95	3	steinberg	steinberg	PROPN
ftr-458	95	4	,	,	PUNCT
ftr-458	95	5	selected	select	VERB
ftr-458	95	6	issues	issue	NOUN
ftr-458	95	7	in	in	ADP
ftr-458	95	8	the	the	DET
ftr-458	95	9	taxation	taxation	NOUN
ftr-458	95	10	of	of	ADP
ftr-458	95	11	swaps	swap	NOUN
ftr-458	95	12	,	,	PUNCT
ftr-458	95	13	structured	structure	VERB
ftr-458	95	14	finance	finance	NOUN
ftr-458	95	15	and	and	CCONJ
ftr-458	95	16	other	other	ADJ
ftr-458	95	17	financial	financial	ADJ
ftr-458	95	18	products	product	NOUN
ftr-458	95	19	,	,	PUNCT
ftr-458	95	20	i	i	PRON
ftr-458	95	21	fla	fla	PROPN
ftr-458	95	22	.	.	PUNCT
ftr-458	96	1	tax	tax	PROPN
ftr-458	96	2	rev	rev	PROPN
ftr-458	96	3	.	.	PROPN
ftr-458	96	4	263	263	NUM
ftr-458	96	5	(	(	PUNCT
ftr-458	96	6	1993	1993	NUM
ftr-458	96	7	)	)	PUNCT
ftr-458	96	8	;	;	PUNCT
ftr-458	96	9	jeff	jeff	PROPN
ftr-458	96	10	stmad	stmad	PROPN
ftr-458	96	11	,	,	PUNCT
ftr-458	96	12	taxing	tax	VERB
ftr-458	96	13	new	new	ADJ
ftr-458	96	14	financial	financial	ADJ
ftr-458	96	15	products	product	NOUN
ftr-458	96	16	:	:	PUNCT
ftr-458	96	17	a	a	DET
ftr-458	96	18	conceptual	conceptual	ADJ
ftr-458	96	19	framework	framework	NOUN
ftr-458	96	20	.	.	PUNCT
ftr-458	97	1	46	46	NUM
ftr-458	97	2	stan	stan	PROPN
ftr-458	97	3	.	.	PUNCT
ftr-458	98	1	l.	l.	PROPN
ftr-458	98	2	rev	rev	PROPN
ftr-458	98	3	.	.	PROPN
ftr-458	99	1	569	569	NUM
ftr-458	99	2	(	(	PUNCT
ftr-458	99	3	1994	1994	NUM
ftr-458	99	4	)	)	PUNCT
ftr-458	99	5	;	;	PUNCT
ftr-458	100	1	alvin	alvin	PROPN
ftr-458	100	2	c.	c.	PROPN
ftr-458	100	3	warren	warren	PROPN
ftr-458	100	4	,	,	PUNCT
ftr-458	100	5	jr	jr	PROPN
ftr-458	100	6	.	.	PROPN
ftr-458	100	7	,	,	PUNCT
ftr-458	100	8	financial	financial	ADJ
ftr-458	100	9	contract	contract	NOUN
ftr-458	100	10	innovation	innovation	NOUN
ftr-458	100	11	and	and	CCONJ
ftr-458	100	12	income	income	NOUN
ftr-458	100	13	tax	tax	NOUN
ftr-458	100	14	policy	policy	NOUN
ftr-458	100	15	,	,	PUNCT
ftr-458	100	16	107	107	NUM
ftr-458	100	17	harv	harv	NOUN
ftr-458	100	18	.	.	PUNCT
ftr-458	101	1	l.	l.	PROPN
ftr-458	101	2	rev	rev	PROPN
ftr-458	101	3	.	.	PROPN
ftr-458	102	1	460	460	NUM
ftr-458	102	2	(	(	PUNCT
ftr-458	102	3	1993	1993	NUM
ftr-458	102	4	)	)	PUNCT
ftr-458	102	5	.	.	PUNCT
ftr-458	103	1	other	other	ADJ
ftr-458	103	2	commercial	commercial	ADJ
ftr-458	103	3	law	law	NOUN
ftr-458	103	4	areas	area	NOUN
ftr-458	103	5	are	be	AUX
ftr-458	103	6	undergoing	undergo	VERB
ftr-458	103	7	a	a	DET
ftr-458	103	8	similar	similar	ADJ
ftr-458	103	9	reassessment	reassessment	NOUN
ftr-458	103	10	.	.	PUNCT
ftr-458	104	1	see	see	VERB
ftr-458	104	2	,	,	PUNCT
ftr-458	104	3	e.g	e.g	PROPN
ftr-458	104	4	..	..	SYM
ftr-458	104	5	hu	hu	PROPN
ftr-458	104	6	,	,	PUNCT
ftr-458	104	7	supra	supra	PROPN
ftr-458	104	8	note	note	NOUN
ftr-458	104	9	2	2	NUM
ftr-458	104	10	,	,	PUNCT
ftr-458	104	11	at	at	ADP
ftr-458	104	12	985	985	NUM
ftr-458	104	13	(	(	PUNCT
ftr-458	104	14	finding	find	VERB
ftr-458	104	15	that	that	SCONJ
ftr-458	104	16	derivatives	derivative	NOUN
ftr-458	104	17	challenge	challenge	VERB
ftr-458	104	18	legal	legal	ADJ
ftr-458	104	19	conceptions	conception	NOUN
ftr-458	104	20	of	of	ADP
ftr-458	104	21	the	the	DET
ftr-458	104	22	corporation	corporation	NOUN
ftr-458	104	23	)	)	PUNCT
ftr-458	104	24	;	;	PUNCT
ftr-458	104	25	symposium	symposium	NOUN
ftr-458	104	26	:	:	PUNCT
ftr-458	104	27	regulation	regulation	NOUN
ftr-458	104	28	of	of	ADP
ftr-458	104	29	financial	financial	ADJ
ftr-458	104	30	derivatives	derivative	NOUN
ftr-458	104	31	,	,	PUNCT
ftr-458	104	32	i	i	PRON
ftr-458	104	33	stan	stan	PROPN
ftr-458	104	34	.	.	PUNCT
ftr-458	105	1	j.l	j.l	PROPN
ftr-458	105	2	..	..	PROPN
ftr-458	105	3	bus	bus	PROPN
ftr-458	105	4	.	.	PUNCT
ftr-458	105	5	&	&	CCONJ
ftr-458	105	6	fin	fin	PROPN
ftr-458	105	7	.	.	PUNCT
ftr-458	106	1	191	191	NUM
ftr-458	106	2	(	(	PUNCT
ftr-458	106	3	1995	1995	NUM
ftr-458	106	4	)	)	PUNCT
ftr-458	106	5	.	.	PUNCT
ftr-458	107	1	financial	financial	ADJ
ftr-458	107	2	accounting	accounting	NOUN
ftr-458	107	3	experts	expert	NOUN
ftr-458	107	4	are	be	AUX
ftr-458	107	5	also	also	ADV
ftr-458	107	6	reconsidering	reconsider	VERB
ftr-458	107	7	the	the	DET
ftr-458	107	8	treatment	treatment	NOUN
ftr-458	107	9	of	of	ADP
ftr-458	107	10	derivatives	derivative	NOUN
ftr-458	107	11	.	.	PUNCT
ftr-458	108	1	steve	steve	PROPN
ftr-458	108	2	burkholder	burkholder	PROPN
ftr-458	108	3	,	,	PUNCT
ftr-458	108	4	fasb	fasb	NOUN
ftr-458	108	5	to	to	PART
ftr-458	108	6	proceed	proceed	VERB
ftr-458	108	7	with	with	ADP
ftr-458	108	8	derivatives	derivative	NOUN
ftr-458	108	9	proposal	proposal	NOUN
ftr-458	108	10	;	;	PUNCT
ftr-458	108	11	board	board	NOUN
ftr-458	108	12	's	's	PART
ftr-458	108	13	aim	aim	NOUN
ftr-458	108	14	is	be	AUX
ftr-458	108	15	issuing	issue	VERB
ftr-458	108	16	draft	draft	NOUN
ftr-458	108	17	rules	rule	NOUN
ftr-458	108	18	by	by	ADP
ftr-458	108	19	june	june	PROPN
ftr-458	108	20	,	,	PUNCT
ftr-458	108	21	daily	daily	PROPN
ftr-458	108	22	tax	tax	PROPN
ftr-458	108	23	rep	rep	PROPN
ftr-458	108	24	.	.	PROPN
ftr-458	108	25	(	(	PUNCT
ftr-458	108	26	bna	bna	PROPN
ftr-458	108	27	)	)	PUNCT
ftr-458	108	28	no	no	NOUN
ftr-458	108	29	.	.	PROPN
ftr-458	108	30	66	66	NUM
ftr-458	108	31	,	,	PUNCT
ftr-458	108	32	at	at	ADP
ftr-458	108	33	gg	gg	PROPN
ftr-458	108	34	-	-	PUNCT
ftr-458	108	35	i	i	PROPN
ftr-458	108	36	(	(	PUNCT
ftr-458	108	37	apr	apr	PROPN
ftr-458	108	38	.	.	PROPN
ftr-458	108	39	5	5	NUM
ftr-458	108	40	.	.	NUM
ftr-458	108	41	1996	1996	NUM
ftr-458	108	42	)	)	PUNCT
ftr-458	108	43	(	(	PUNCT
ftr-458	108	44	reporting	report	VERB
ftr-458	108	45	that	that	SCONJ
ftr-458	108	46	financial	financial	ADJ
ftr-458	108	47	accounting	accounting	NOUN
ftr-458	108	48	standards	standard	NOUN
ftr-458	108	49	board	board	NOUN
ftr-458	108	50	tentatively	tentatively	ADV
ftr-458	108	51	agreed	agree	VERB
ftr-458	108	52	to	to	PART
ftr-458	108	53	mark	mark	VERB
ftr-458	108	54	-	-	PUNCT
ftr-458	108	55	to	to	ADP
ftr-458	108	56	-	-	PUNCT
ftr-458	108	57	market	market	NOUN
ftr-458	108	58	regime	regime	NOUN
ftr-458	108	59	for	for	ADP
ftr-458	108	60	derivatives	derivative	NOUN
ftr-458	108	61	)	)	PUNCT
ftr-458	108	62	.	.	PUNCT
ftr-458	109	1	7	7	X
ftr-458	109	2	.	.	X
ftr-458	109	3	specifically	specifically	ADV
ftr-458	109	4	,	,	PUNCT
ftr-458	109	5	henry	henry	PROPN
ftr-458	109	6	simons	simons	PROPN
ftr-458	109	7	defined	define	VERB
ftr-458	109	8	personal	personal	ADJ
ftr-458	109	9	income	income	NOUN
ftr-458	109	10	as	as	ADP
ftr-458	109	11	"	"	PUNCT
ftr-458	109	12	the	the	DET
ftr-458	109	13	algebraic	algebraic	ADJ
ftr-458	109	14	sum	sum	NOUN
ftr-458	109	15	of	of	ADP
ftr-458	109	16	(	(	PUNCT
ftr-458	109	17	1	1	X
ftr-458	109	18	)	)	PUNCT
ftr-458	109	19	the	the	DET
ftr-458	109	20	market	market	NOUN
ftr-458	109	21	value	value	NOUN
ftr-458	109	22	of	of	ADP
ftr-458	109	23	rights	right	NOUN
ftr-458	109	24	exercised	exercise	VERB
ftr-458	109	25	in	in	ADP
ftr-458	109	26	consumption	consumption	NOUN
ftr-458	109	27	and	and	CCONJ
ftr-458	109	28	(	(	PUNCT
ftr-458	109	29	2	2	X
ftr-458	109	30	)	)	PUNCT
ftr-458	109	31	the	the	DET
ftr-458	109	32	change	change	NOUN
ftr-458	109	33	in	in	ADP
ftr-458	109	34	the	the	DET
ftr-458	109	35	value	value	NOUN
ftr-458	109	36	of	of	ADP
ftr-458	109	37	the	the	DET
ftr-458	109	38	store	store	NOUN
ftr-458	109	39	of	of	ADP
ftr-458	109	40	property	property	NOUN
ftr-458	109	41	rights	right	NOUN
ftr-458	109	42	between	between	ADP
ftr-458	109	43	the	the	DET
ftr-458	109	44	beginning	beginning	NOUN
ftr-458	109	45	and	and	CCONJ
ftr-458	109	46	end	end	NOUN
ftr-458	109	47	of	of	ADP
ftr-458	109	48	the	the	DET
ftr-458	109	49	period	period	NOUN
ftr-458	109	50	in	in	ADP
ftr-458	109	51	question	question	NOUN
ftr-458	109	52	.	.	PUNCT
ftr-458	109	53	"	"	PUNCT
ftr-458	110	1	henry	henry	PROPN
ftr-458	110	2	c.	c.	PROPN
ftr-458	110	3	simons	simons	PROPN
ftr-458	110	4	,	,	PUNCT
ftr-458	110	5	personal	personal	ADJ
ftr-458	110	6	income	income	NOUN
ftr-458	110	7	taxation	taxation	NOUN
ftr-458	110	8	:	:	PUNCT
ftr-458	110	9	the	the	DET
ftr-458	110	10	definition	definition	NOUN
ftr-458	110	11	of	of	ADP
ftr-458	110	12	income	income	NOUN
ftr-458	110	13	as	as	ADP
ftr-458	110	14	a	a	DET
ftr-458	110	15	problem	problem	NOUN
ftr-458	110	16	of	of	ADP
ftr-458	110	17	fiscal	fiscal	ADJ
ftr-458	110	18	polic	polic	NOUN
ftr-458	110	19	'	'	PART
ftr-458	110	20	50	50	NUM
ftr-458	110	21	(	(	PUNCT
ftr-458	110	22	1938	1938	NUM
ftr-458	110	23	)	)	PUNCT
ftr-458	110	24	.	.	PUNCT
ftr-458	111	1	robert	robert	PROPN
ftr-458	111	2	haig	haig	PROPN
ftr-458	111	3	described	describe	VERB
ftr-458	111	4	economic	economic	ADJ
ftr-458	111	5	income	income	NOUN
ftr-458	111	6	as	as	ADP
ftr-458	111	7	"	"	PUNCT
ftr-458	111	8	'	'	PUNCT
ftr-458	111	9	the	the	DET
ftr-458	111	10	money	money	NOUN
ftr-458	111	11	value	value	NOUN
ftr-458	111	12	of	of	ADP
ftr-458	111	13	the	the	DET
ftr-458	111	14	net	net	ADJ
ftr-458	111	15	accretion	accretion	NOUN
ftr-458	111	16	to	to	ADP
ftr-458	111	17	one	one	PRON
ftr-458	111	18	's	's	PART
ftr-458	111	19	economic	economic	ADJ
ftr-458	111	20	power	power	NOUN
ftr-458	111	21	between	between	ADP
ftr-458	111	22	two	two	NUM
ftr-458	111	23	points	point	NOUN
ftr-458	111	24	of	of	ADP
ftr-458	111	25	time	time	NOUN
ftr-458	111	26	.	.	PUNCT
ftr-458	111	27	"	"	PUNCT
ftr-458	112	1	robert	robert	PROPN
ftr-458	112	2	m.	m.	PROPN
ftr-458	112	3	haig	haig	PROPN
ftr-458	112	4	,	,	PUNCT
ftr-458	112	5	the	the	DET
ftr-458	112	6	concept	concept	NOUN
ftr-458	112	7	of	of	ADP
ftr-458	112	8	income	income	NOUN
ftr-458	112	9	-	-	PUNCT
ftr-458	112	10	economic	economic	ADJ
ftr-458	112	11	and	and	CCONJ
ftr-458	112	12	legal	legal	ADJ
ftr-458	112	13	aspects	aspect	NOUN
ftr-458	112	14	,	,	PUNCT
ftr-458	112	15	in	in	ADP
ftr-458	112	16	readings	reading	NOUN
ftr-458	112	17	in	in	ADP
ftr-458	112	18	the	the	DET
ftr-458	112	19	economics	economic	NOUN
ftr-458	112	20	of	of	ADP
ftr-458	112	21	taxation	taxation	NOUN
ftr-458	112	22	54	54	NUM
ftr-458	112	23	(	(	PUNCT
ftr-458	112	24	1959	1959	NUM
ftr-458	112	25	)	)	PUNCT
ftr-458	112	26	(	(	PUNCT
ftr-458	112	27	lecture	lecture	NOUN
ftr-458	112	28	delivered	deliver	VERB
ftr-458	112	29	at	at	ADP
ftr-458	112	30	columbia	columbia	PROPN
ftr-458	112	31	university	university	PROPN
ftr-458	112	32	in	in	ADP
ftr-458	112	33	december	december	PROPN
ftr-458	112	34	1920	1920	NUM
ftr-458	112	35	)	)	PUNCT
ftr-458	112	36	.	.	PUNCT
ftr-458	113	1	19961	19961	NUM
ftr-458	113	2	florida	florida	PROPN
ftr-458	113	3	tax	tax	NOUN
ftr-458	113	4	review	review	NOUN
ftr-458	113	5	contours	contours	NOUN
ftr-458	113	6	of	of	ADP
ftr-458	113	7	that	that	DET
ftr-458	113	8	definition	definition	NOUN
ftr-458	113	9	are	be	AUX
ftr-458	113	10	sometimes	sometimes	ADV
ftr-458	113	11	a	a	DET
ftr-458	113	12	matter	matter	NOUN
ftr-458	113	13	of	of	ADP
ftr-458	113	14	debate.8	debate.8	PROPN
ftr-458	113	15	but	but	CCONJ
ftr-458	113	16	,	,	PUNCT
ftr-458	113	17	unrealized	unrealized	ADJ
ftr-458	113	18	appreciation	appreciation	NOUN
ftr-458	113	19	falls	fall	VERB
ftr-458	113	20	squarely	squarely	ADV
ftr-458	113	21	in	in	ADP
ftr-458	113	22	the	the	DET
ftr-458	113	23	category	category	NOUN
ftr-458	113	24	of	of	ADP
ftr-458	113	25	an	an	DET
ftr-458	113	26	increase	increase	NOUN
ftr-458	113	27	in	in	ADP
ftr-458	113	28	wealth	wealth	NOUN
ftr-458	113	29	.	.	PUNCT
ftr-458	114	1	under	under	ADP
ftr-458	114	2	haig	haig	PROPN
ftr-458	114	3	-	-	PUNCT
ftr-458	114	4	simons	simon	NOUN
ftr-458	114	5	,	,	PUNCT
ftr-458	114	6	unrealized	unrealize	VERB
ftr-458	114	7	and	and	CCONJ
ftr-458	114	8	realized	realize	VERB
ftr-458	114	9	appreciation	appreciation	NOUN
ftr-458	114	10	alike	alike	ADV
ftr-458	114	11	are	be	AUX
ftr-458	114	12	economic	economic	ADJ
ftr-458	114	13	income.9	income.9	NOUN
ftr-458	114	14	as	as	SCONJ
ftr-458	114	15	henry	henry	PROPN
ftr-458	114	16	simons	simons	PROPN
ftr-458	114	17	explained	explain	VERB
ftr-458	114	18	,	,	PUNCT
ftr-458	114	19	"	"	PUNCT
ftr-458	114	20	one	one	PRON
ftr-458	114	21	may	may	AUX
ftr-458	114	22	gain	gain	VERB
ftr-458	114	23	without	without	ADP
ftr-458	114	24	realizing	realize	VERB
ftr-458	114	25	and	and	CCONJ
ftr-458	114	26	realize	realize	VERB
ftr-458	114	27	without	without	ADP
ftr-458	114	28	gaining	gain	VERB
ftr-458	114	29	.	.	PUNCT
ftr-458	115	1	"	"	PUNCT
ftr-458	115	2	'	'	PUNCT
ftr-458	115	3	commentators	commentator	NOUN
ftr-458	115	4	agree	agree	VERB
ftr-458	115	5	that	that	SCONJ
ftr-458	115	6	unrealized	unrealized	ADJ
ftr-458	115	7	appreciation	appreciation	NOUN
ftr-458	115	8	would	would	AUX
ftr-458	115	9	be	be	AUX
ftr-458	115	10	taxed	tax	VERB
ftr-458	115	11	in	in	ADP
ftr-458	115	12	an	an	DET
ftr-458	115	13	ideal	ideal	ADJ
ftr-458	115	14	income	income	NOUN
ftr-458	115	15	tax	tax	NOUN
ftr-458	115	16	system	system	NOUN
ftr-458	115	17	.	.	PUNCT
ftr-458	115	18	"	"	PUNCT
ftr-458	116	1	economic	economic	ADJ
ftr-458	116	2	income	income	NOUN
ftr-458	116	3	is	be	AUX
ftr-458	116	4	thus	thus	ADV
ftr-458	116	5	unrelated	unrelated	ADJ
ftr-458	116	6	to	to	ADP
ftr-458	116	7	the	the	DET
ftr-458	116	8	distinction	distinction	NOUN
ftr-458	116	9	between	between	ADP
ftr-458	116	10	holding	hold	VERB
ftr-458	116	11	and	and	CCONJ
ftr-458	116	12	disposing	dispose	VERB
ftr-458	116	13	and	and	CCONJ
ftr-458	116	14	unrelated	unrelated	ADJ
ftr-458	116	15	to	to	ADP
ftr-458	116	16	hedging	hedge	VERB
ftr-458	116	17	.	.	PUNCT
ftr-458	117	1	a	a	DET
ftr-458	117	2	taxpayer	taxpayer	NOUN
ftr-458	117	3	holding	hold	VERB
ftr-458	117	4	an	an	DET
ftr-458	117	5	asset	asset	NOUN
ftr-458	117	6	with	with	ADP
ftr-458	117	7	appreciation	appreciation	NOUN
ftr-458	117	8	of	of	ADP
ftr-458	117	9	$	$	SYM
ftr-458	117	10	90	90	NUM
ftr-458	117	11	has	have	VERB
ftr-458	117	12	as	as	ADV
ftr-458	117	13	much	much	ADJ
ftr-458	117	14	economic	economic	ADJ
ftr-458	117	15	income	income	NOUN
ftr-458	117	16	as	as	ADP
ftr-458	117	17	a	a	DET
ftr-458	117	18	taxpayer	taxpayer	NOUN
ftr-458	117	19	that	that	PRON
ftr-458	117	20	sells	sell	VERB
ftr-458	117	21	or	or	CCONJ
ftr-458	117	22	hedges	hedge	VERB
ftr-458	117	23	the	the	DET
ftr-458	117	24	asset	asset	NOUN
ftr-458	117	25	.	.	PUNCT
ftr-458	118	1	for	for	ADP
ftr-458	118	2	valuation	valuation	NOUN
ftr-458	118	3	and	and	CCONJ
ftr-458	118	4	liquidity	liquidity	NOUN
ftr-458	118	5	reasons	reason	NOUN
ftr-458	118	6	,	,	PUNCT
ftr-458	118	7	the	the	DET
ftr-458	118	8	tax	tax	NOUN
ftr-458	118	9	system	system	NOUN
ftr-458	118	10	postpones	postpone	VERB
ftr-458	118	11	tax	tax	NOUN
ftr-458	118	12	until	until	ADP
ftr-458	118	13	realization	realization	NOUN
ftr-458	118	14	.	.	PUNCT
ftr-458	119	1	it	it	PRON
ftr-458	119	2	would	would	AUX
ftr-458	119	3	be	be	AUX
ftr-458	119	4	difficult	difficult	ADJ
ftr-458	119	5	for	for	SCONJ
ftr-458	119	6	taxpayers	taxpayer	NOUN
ftr-458	119	7	and	and	CCONJ
ftr-458	119	8	administrators	administrator	NOUN
ftr-458	119	9	to	to	PART
ftr-458	119	10	value	value	VERB
ftr-458	119	11	assets	asset	NOUN
ftr-458	119	12	(	(	PUNCT
ftr-458	119	13	and	and	CCONJ
ftr-458	119	14	liabilities	liability	NOUN
ftr-458	119	15	)	)	PUNCT
ftr-458	119	16	every	every	DET
ftr-458	119	17	year	year	NOUN
ftr-458	119	18	in	in	ADP
ftr-458	119	19	order	order	NOUN
ftr-458	119	20	to	to	PART
ftr-458	119	21	recognize	recognize	VERB
ftr-458	119	22	unrealized	unrealized	ADJ
ftr-458	119	23	appreciation	appreciation	NOUN
ftr-458	119	24	,	,	PUNCT
ftr-458	119	25	and	and	CCONJ
ftr-458	119	26	some	some	DET
ftr-458	119	27	taxpayers	taxpayer	NOUN
ftr-458	119	28	would	would	AUX
ftr-458	119	29	have	have	VERB
ftr-458	119	30	difficulty	difficulty	NOUN
ftr-458	119	31	paying	pay	VERB
ftr-458	119	32	tax	tax	NOUN
ftr-458	119	33	in	in	ADP
ftr-458	119	34	the	the	DET
ftr-458	119	35	absence	absence	NOUN
ftr-458	119	36	of	of	ADP
ftr-458	119	37	liquid	liquid	ADJ
ftr-458	119	38	proceeds	proceed	NOUN
ftr-458	119	39	of	of	ADP
ftr-458	119	40	sale	sale	NOUN
ftr-458	119	41	.	.	PUNCT
ftr-458	119	42	'	'	PUNCT
ftr-458	120	1	2	2	NUM
ftr-458	120	2	those	those	DET
ftr-458	120	3	valuation	valuation	NOUN
ftr-458	120	4	and	and	CCONJ
ftr-458	120	5	liquidity	liquidity	NOUN
ftr-458	120	6	arguments	argument	NOUN
ftr-458	120	7	are	be	AUX
ftr-458	120	8	less	less	ADV
ftr-458	120	9	persuasive	persuasive	ADJ
ftr-458	120	10	in	in	ADP
ftr-458	120	11	the	the	DET
ftr-458	120	12	context	context	NOUN
ftr-458	120	13	of	of	ADP
ftr-458	120	14	publicly	publicly	ADV
ftr-458	120	15	-	-	PUNCT
ftr-458	120	16	traded	trade	VERB
ftr-458	120	17	assets	asset	NOUN
ftr-458	120	18	for	for	ADP
ftr-458	120	19	which	which	PRON
ftr-458	120	20	valuation	valuation	NOUN
ftr-458	120	21	is	be	AUX
ftr-458	120	22	generally	generally	ADV
ftr-458	120	23	straightforward	straightforward	ADJ
ftr-458	120	24	and	and	CCONJ
ftr-458	120	25	the	the	DET
ftr-458	120	26	market	market	NOUN
ftr-458	120	27	sufficiently	sufficiently	ADV
ftr-458	120	28	liquid	liquid	ADJ
ftr-458	120	29	to	to	PART
ftr-458	120	30	accommodate	accommodate	VERB
ftr-458	120	31	sales	sale	NOUN
ftr-458	120	32	needed	need	VERB
ftr-458	120	33	to	to	PART
ftr-458	120	34	raise	raise	VERB
ftr-458	120	35	funds	fund	NOUN
ftr-458	120	36	to	to	PART
ftr-458	120	37	pay	pay	VERB
ftr-458	120	38	tax	tax	NOUN
ftr-458	120	39	.	.	PUNCT
ftr-458	121	1	some	some	DET
ftr-458	121	2	authors	author	NOUN
ftr-458	121	3	have	have	AUX
ftr-458	121	4	therefore	therefore	ADV
ftr-458	121	5	advocated	advocate	VERB
ftr-458	121	6	8	8	NUM
ftr-458	121	7	.	.	PUNCT
ftr-458	122	1	william	william	PROPN
ftr-458	122	2	d.	d.	PROPN
ftr-458	122	3	andrews	andrews	PROPN
ftr-458	122	4	,	,	PUNCT
ftr-458	122	5	personal	personal	ADJ
ftr-458	122	6	deductions	deduction	NOUN
ftr-458	122	7	in	in	ADP
ftr-458	122	8	an	an	DET
ftr-458	122	9	ideal	ideal	ADJ
ftr-458	122	10	income	income	NOUN
ftr-458	122	11	tax	tax	NOUN
ftr-458	122	12	,	,	PUNCT
ftr-458	122	13	86	86	NUM
ftr-458	122	14	harv	harv	NOUN
ftr-458	122	15	.	.	PUNCT
ftr-458	123	1	l.	l.	PROPN
ftr-458	123	2	rev	rev	PROPN
ftr-458	123	3	.	.	PROPN
ftr-458	123	4	309	309	NUM
ftr-458	123	5	(	(	PUNCT
ftr-458	123	6	1972	1972	NUM
ftr-458	123	7	)	)	PUNCT
ftr-458	123	8	(	(	PUNCT
ftr-458	123	9	arguing	argue	VERB
ftr-458	123	10	that	that	SCONJ
ftr-458	123	11	medical	medical	ADJ
ftr-458	123	12	expense	expense	NOUN
ftr-458	123	13	and	and	CCONJ
ftr-458	123	14	charitable	charitable	ADJ
ftr-458	123	15	contribution	contribution	NOUN
ftr-458	123	16	deductions	deduction	NOUN
ftr-458	123	17	are	be	AUX
ftr-458	123	18	refinements	refinement	NOUN
ftr-458	123	19	of	of	ADP
ftr-458	123	20	,	,	PUNCT
ftr-458	123	21	not	not	PART
ftr-458	123	22	departures	departure	NOUN
ftr-458	123	23	from	from	ADP
ftr-458	123	24	,	,	PUNCT
ftr-458	123	25	ideal	ideal	ADJ
ftr-458	123	26	personal	personal	ADJ
ftr-458	123	27	income	income	NOUN
ftr-458	123	28	tax	tax	NOUN
ftr-458	123	29	)	)	PUNCT
ftr-458	123	30	;	;	PUNCT
ftr-458	123	31	marjorie	marjorie	PROPN
ftr-458	123	32	e.	e.	PROPN
ftr-458	123	33	komhauser	komhauser	PROPN
ftr-458	123	34	,	,	PUNCT
ftr-458	123	35	the	the	DET
ftr-458	123	36	constitutional	constitutional	ADJ
ftr-458	123	37	meaning	meaning	NOUN
ftr-458	123	38	of	of	ADP
ftr-458	123	39	income	income	NOUN
ftr-458	123	40	and	and	CCONJ
ftr-458	123	41	the	the	DET
ftr-458	123	42	income	income	NOUN
ftr-458	123	43	taxation	taxation	NOUN
ftr-458	123	44	of	of	ADP
ftr-458	123	45	gifts	gift	NOUN
ftr-458	123	46	,	,	PUNCT
ftr-458	123	47	25	25	NUM
ftr-458	123	48	conn	conn	PROPN
ftr-458	123	49	.	.	PUNCT
ftr-458	124	1	l.	l.	PROPN
ftr-458	124	2	rev	rev	PROPN
ftr-458	124	3	.	.	PROPN
ftr-458	124	4	1	1	NUM
ftr-458	124	5	(	(	PUNCT
ftr-458	124	6	1992	1992	NUM
ftr-458	124	7	)	)	PUNCT
ftr-458	124	8	(	(	PUNCT
ftr-458	124	9	income	income	NOUN
ftr-458	124	10	includes	include	VERB
ftr-458	124	11	gifts	gift	NOUN
ftr-458	124	12	)	)	PUNCT
ftr-458	124	13	;	;	PUNCT
ftr-458	124	14	victor	victor	PROPN
ftr-458	124	15	thuronyi	thuronyi	PROPN
ftr-458	124	16	,	,	PUNCT
ftr-458	124	17	the	the	DET
ftr-458	124	18	concept	concept	NOUN
ftr-458	124	19	of	of	ADP
ftr-458	124	20	income	income	NOUN
ftr-458	124	21	,	,	PUNCT
ftr-458	124	22	46	46	NUM
ftr-458	124	23	tax	tax	NOUN
ftr-458	124	24	l.	l.	PROPN
ftr-458	124	25	rev	rev	PROPN
ftr-458	124	26	.	.	PROPN
ftr-458	124	27	45	45	NUM
ftr-458	124	28	(	(	PUNCT
ftr-458	124	29	1990	1990	NUM
ftr-458	124	30	)	)	PUNCT
ftr-458	124	31	(	(	PUNCT
ftr-458	124	32	income	income	NOUN
ftr-458	124	33	concept	concept	NOUN
ftr-458	124	34	grounded	ground	VERB
ftr-458	124	35	on	on	ADP
ftr-458	124	36	tax	tax	NOUN
ftr-458	124	37	fairness	fairness	NOUN
ftr-458	124	38	)	)	PUNCT
ftr-458	124	39	.	.	PUNCT
ftr-458	125	1	9	9	X
ftr-458	125	2	.	.	NOUN
ftr-458	125	3	obvious	obvious	ADJ
ftr-458	125	4	as	as	SCONJ
ftr-458	125	5	it	it	PRON
ftr-458	125	6	may	may	AUX
ftr-458	125	7	seem	seem	VERB
ftr-458	125	8	today	today	NOUN
ftr-458	125	9	,	,	PUNCT
ftr-458	125	10	the	the	DET
ftr-458	125	11	inclusion	inclusion	NOUN
ftr-458	125	12	of	of	ADP
ftr-458	125	13	unrealized	unrealized	ADJ
ftr-458	125	14	appreciation	appreciation	NOUN
ftr-458	125	15	was	be	AUX
ftr-458	125	16	a	a	DET
ftr-458	125	17	controversial	controversial	ADJ
ftr-458	125	18	feature	feature	NOUN
ftr-458	125	19	of	of	ADP
ftr-458	125	20	the	the	DET
ftr-458	125	21	haig	haig	PROPN
ftr-458	125	22	-	-	PUNCT
ftr-458	125	23	simons	simons	PROPN
ftr-458	125	24	concept	concept	NOUN
ftr-458	125	25	when	when	SCONJ
ftr-458	125	26	it	it	PRON
ftr-458	125	27	was	be	AUX
ftr-458	125	28	developed	develop	VERB
ftr-458	125	29	.	.	PUNCT
ftr-458	126	1	see	see	VERB
ftr-458	126	2	simons	simon	NOUN
ftr-458	126	3	,	,	PUNCT
ftr-458	126	4	supra	supra	PROPN
ftr-458	126	5	note	note	PROPN
ftr-458	126	6	7	7	NUM
ftr-458	126	7	,	,	PUNCT
ftr-458	126	8	at	at	ADP
ftr-458	126	9	80	80	NUM
ftr-458	126	10	-	-	SYM
ftr-458	126	11	88	88	NUM
ftr-458	126	12	.	.	PUNCT
ftr-458	127	1	10	10	NUM
ftr-458	127	2	.	.	PUNCT
ftr-458	128	1	simons	simon	NOUN
ftr-458	128	2	,	,	PUNCT
ftr-458	128	3	supra	supra	PROPN
ftr-458	128	4	note	note	PROPN
ftr-458	128	5	7	7	NUM
ftr-458	128	6	,	,	PUNCT
ftr-458	128	7	at	at	ADP
ftr-458	128	8	84	84	NUM
ftr-458	128	9	.	.	PUNCT
ftr-458	128	10	11	11	NUM
ftr-458	128	11	.	.	X
ftr-458	129	1	e.g.	e.g.	ADV
ftr-458	129	2	,	,	PUNCT
ftr-458	129	3	i	i	PRON
ftr-458	129	4	d.	d.	VERB
ftr-458	129	5	at	at	ADP
ftr-458	129	6	100	100	NUM
ftr-458	129	7	,	,	PUNCT
ftr-458	129	8	207	207	NUM
ftr-458	129	9	(	(	PUNCT
ftr-458	129	10	"	"	PUNCT
ftr-458	129	11	strictly	strictly	ADV
ftr-458	129	12	speaking	speak	VERB
ftr-458	129	13	,	,	PUNCT
ftr-458	129	14	the	the	DET
ftr-458	129	15	calculation	calculation	NOUN
ftr-458	129	16	of	of	ADP
ftr-458	129	17	income	income	NOUN
ftr-458	129	18	demands	demand	VERB
ftr-458	129	19	complete	complete	ADJ
ftr-458	129	20	revaluation	revaluation	NOUN
ftr-458	129	21	of	of	ADP
ftr-458	129	22	all	all	DET
ftr-458	129	23	assets	asset	NOUN
ftr-458	129	24	and	and	CCONJ
ftr-458	129	25	obligations	obligation	NOUN
ftr-458	129	26	at	at	ADP
ftr-458	129	27	the	the	DET
ftr-458	129	28	end	end	NOUN
ftr-458	129	29	of	of	ADP
ftr-458	129	30	every	every	DET
ftr-458	129	31	period	period	NOUN
ftr-458	129	32	,	,	PUNCT
ftr-458	129	33	"	"	PUNCT
ftr-458	129	34	but	but	CCONJ
ftr-458	129	35	abandonment	abandonment	NOUN
ftr-458	129	36	of	of	ADP
ftr-458	129	37	realization	realization	NOUN
ftr-458	129	38	requirement	requirement	NOUN
ftr-458	129	39	would	would	AUX
ftr-458	129	40	be	be	AUX
ftr-458	129	41	"	"	PUNCT
ftr-458	129	42	utter	utter	ADJ
ftr-458	129	43	folly	folly	NOUN
ftr-458	129	44	"	"	PUNCT
ftr-458	129	45	in	in	ADP
ftr-458	129	46	view	view	NOUN
ftr-458	129	47	of	of	ADP
ftr-458	129	48	administrative	administrative	ADJ
ftr-458	129	49	burden	burden	NOUN
ftr-458	129	50	of	of	ADP
ftr-458	129	51	annual	annual	ADJ
ftr-458	129	52	valuations	valuation	NOUN
ftr-458	129	53	)	)	PUNCT
ftr-458	129	54	;	;	PUNCT
ftr-458	129	55	haig	haig	PROPN
ftr-458	129	56	,	,	PUNCT
ftr-458	129	57	supra	supra	PROPN
ftr-458	129	58	note	note	PROPN
ftr-458	129	59	7	7	NUM
ftr-458	129	60	,	,	PUNCT
ftr-458	129	61	at	at	ADP
ftr-458	129	62	73	73	NUM
ftr-458	129	63	(	(	PUNCT
ftr-458	129	64	tax	tax	NOUN
ftr-458	129	65	appreciation	appreciation	NOUN
ftr-458	129	66	when	when	SCONJ
ftr-458	129	67	"	"	PUNCT
ftr-458	129	68	susceptible	susceptible	ADJ
ftr-458	129	69	of	of	ADP
ftr-458	129	70	a	a	DET
ftr-458	129	71	definite	definite	ADJ
ftr-458	129	72	evaluation	evaluation	NOUN
ftr-458	129	73	"	"	PUNCT
ftr-458	129	74	)	)	PUNCT
ftr-458	129	75	.	.	PUNCT
ftr-458	130	1	an	an	DET
ftr-458	130	2	accrual	accrual	ADJ
ftr-458	130	3	or	or	CCONJ
ftr-458	130	4	mark	mark	NOUN
ftr-458	130	5	-	-	PUNCT
ftr-458	130	6	to	to	ADP
ftr-458	130	7	-	-	PUNCT
ftr-458	130	8	market	market	NOUN
ftr-458	130	9	regime	regime	NOUN
ftr-458	130	10	imposes	impose	VERB
ftr-458	130	11	tax	tax	NOUN
ftr-458	130	12	on	on	ADP
ftr-458	130	13	accrued	accrue	VERB
ftr-458	130	14	income	income	NOUN
ftr-458	130	15	,	,	PUNCT
ftr-458	130	16	regardless	regardless	ADV
ftr-458	130	17	of	of	ADP
ftr-458	130	18	whether	whether	SCONJ
ftr-458	130	19	the	the	DET
ftr-458	130	20	income	income	NOUN
ftr-458	130	21	is	be	AUX
ftr-458	130	22	realized	realize	VERB
ftr-458	130	23	,	,	PUNCT
ftr-458	130	24	by	by	ADP
ftr-458	130	25	periodically	periodically	ADV
ftr-458	130	26	(	(	PUNCT
ftr-458	130	27	generally	generally	ADV
ftr-458	130	28	annually	annually	ADV
ftr-458	130	29	)	)	PUNCT
ftr-458	130	30	treating	treat	VERB
ftr-458	130	31	assets	asset	NOUN
ftr-458	130	32	as	as	SCONJ
ftr-458	130	33	if	if	SCONJ
ftr-458	130	34	they	they	PRON
ftr-458	130	35	were	be	AUX
ftr-458	130	36	sold	sell	VERB
ftr-458	130	37	for	for	ADP
ftr-458	130	38	their	their	PRON
ftr-458	130	39	then	then	ADV
ftr-458	130	40	fair	fair	ADJ
ftr-458	130	41	market	market	NOUN
ftr-458	130	42	value	value	NOUN
ftr-458	130	43	,	,	PUNCT
ftr-458	130	44	requiring	require	VERB
ftr-458	130	45	the	the	DET
ftr-458	130	46	taxpayer	taxpayer	NOUN
ftr-458	130	47	to	to	PART
ftr-458	130	48	recognize	recognize	VERB
ftr-458	130	49	gain	gain	NOUN
ftr-458	130	50	or	or	CCONJ
ftr-458	130	51	loss	loss	NOUN
ftr-458	130	52	equal	equal	ADJ
ftr-458	130	53	to	to	ADP
ftr-458	130	54	the	the	DET
ftr-458	130	55	difference	difference	NOUN
ftr-458	130	56	between	between	ADP
ftr-458	130	57	fair	fair	ADJ
ftr-458	130	58	market	market	NOUN
ftr-458	130	59	value	value	NOUN
ftr-458	130	60	and	and	CCONJ
ftr-458	130	61	basis	basis	NOUN
ftr-458	130	62	.	.	PUNCT
ftr-458	131	1	the	the	DET
ftr-458	131	2	taxpayer	taxpayer	NOUN
ftr-458	131	3	's	's	PART
ftr-458	131	4	basis	basis	NOUN
ftr-458	131	5	is	be	AUX
ftr-458	131	6	then	then	ADV
ftr-458	131	7	adjusted	adjust	VERB
ftr-458	131	8	to	to	ADP
ftr-458	131	9	equal	equal	ADJ
ftr-458	131	10	fair	fair	ADJ
ftr-458	131	11	market	market	NOUN
ftr-458	131	12	value	value	NOUN
ftr-458	131	13	.	.	PUNCT
ftr-458	132	1	liabilities	liability	NOUN
ftr-458	132	2	can	can	AUX
ftr-458	132	3	also	also	ADV
ftr-458	132	4	be	be	AUX
ftr-458	132	5	marked	mark	VERB
ftr-458	132	6	to	to	PART
ftr-458	132	7	market	market	VERB
ftr-458	132	8	under	under	ADP
ftr-458	132	9	an	an	DET
ftr-458	132	10	analogous	analogous	ADJ
ftr-458	132	11	approach	approach	NOUN
ftr-458	132	12	.	.	PUNCT
ftr-458	133	1	12	12	NUM
ftr-458	133	2	.	.	NOUN
ftr-458	133	3	1	1	NUM
ftr-458	133	4	boris	boris	PROPN
ftr-458	133	5	i.	i.	PROPN
ftr-458	133	6	bittker	bittker	PROPN
ftr-458	133	7	&	&	CCONJ
ftr-458	133	8	lawrence	lawrence	PROPN
ftr-458	133	9	lokken	lokken	PROPN
ftr-458	133	10	,	,	PUNCT
ftr-458	133	11	federal	federal	ADJ
ftr-458	133	12	taxation	taxation	NOUN
ftr-458	133	13	of	of	ADP
ftr-458	133	14	income	income	NOUN
ftr-458	133	15	,	,	PUNCT
ftr-458	133	16	estates	estate	NOUN
ftr-458	133	17	and	and	CCONJ
ftr-458	133	18	gifts	gift	NOUN
ftr-458	133	19	5.2	5.2	NUM
ftr-458	133	20	,	,	PUNCT
ftr-458	133	21	at	at	ADP
ftr-458	133	22	5	5	NUM
ftr-458	133	23	-	-	SYM
ftr-458	133	24	16	16	NUM
ftr-458	133	25	5	5	NUM
ftr-458	133	26	-	-	SYM
ftr-458	133	27	17	17	NUM
ftr-458	133	28	(	(	PUNCT
ftr-458	133	29	2d	2d	NUM
ftr-458	133	30	ed	ed	NOUN
ftr-458	133	31	.	.	PROPN
ftr-458	133	32	1989	1989	NUM
ftr-458	133	33	)	)	PUNCT
ftr-458	133	34	(	(	PUNCT
ftr-458	133	35	taxing	tax	VERB
ftr-458	133	36	unrealized	unrealized	ADJ
ftr-458	133	37	appreciation	appreciation	NOUN
ftr-458	133	38	would	would	AUX
ftr-458	133	39	require	require	VERB
ftr-458	133	40	"	"	PUNCT
ftr-458	133	41	cumbersome	cumbersome	ADJ
ftr-458	133	42	,	,	PUNCT
ftr-458	133	43	abrasive	abrasive	ADJ
ftr-458	133	44	,	,	PUNCT
ftr-458	133	45	and	and	CCONJ
ftr-458	133	46	unpredictable	unpredictable	ADJ
ftr-458	133	47	"	"	PUNCT
ftr-458	133	48	annual	annual	ADJ
ftr-458	133	49	valuations	valuation	NOUN
ftr-458	133	50	and	and	CCONJ
ftr-458	133	51	forced	force	VERB
ftr-458	133	52	sales	sale	NOUN
ftr-458	133	53	)	)	PUNCT
ftr-458	133	54	;	;	PUNCT
ftr-458	133	55	simons	simon	NOUN
ftr-458	133	56	,	,	PUNCT
ftr-458	133	57	supra	supra	PROPN
ftr-458	133	58	note	note	PROPN
ftr-458	133	59	7	7	NUM
ftr-458	133	60	,	,	PUNCT
ftr-458	133	61	at	at	ADP
ftr-458	133	62	100	100	NUM
ftr-458	133	63	(	(	PUNCT
ftr-458	133	64	realization	realization	NOUN
ftr-458	133	65	requirement	requirement	NOUN
ftr-458	133	66	is	be	AUX
ftr-458	133	67	"	"	PUNCT
ftr-458	133	68	practical	practical	ADJ
ftr-458	133	69	expedient	expedient	NOUN
ftr-458	133	70	"	"	PUNCT
ftr-458	133	71	responding	respond	VERB
ftr-458	133	72	to	to	ADP
ftr-458	133	73	valuation	valuation	NOUN
ftr-458	133	74	problem	problem	NOUN
ftr-458	133	75	)	)	PUNCT
ftr-458	133	76	.	.	PUNCT
ftr-458	134	1	[	[	X
ftr-458	134	2	vol	vol	NOUN
ftr-458	134	3	3:1	3:1	NUM
ftr-458	134	4	another	another	DET
ftr-458	134	5	uneasy	uneasy	ADJ
ftr-458	134	6	compromise	compromise	NOUN
ftr-458	134	7	eliminating	eliminate	VERB
ftr-458	134	8	the	the	DET
ftr-458	134	9	realization	realization	NOUN
ftr-458	134	10	requirement	requirement	NOUN
ftr-458	134	11	for	for	ADP
ftr-458	134	12	such	such	ADJ
ftr-458	134	13	assets	asset	NOUN
ftr-458	134	14	.	.	PUNCT
ftr-458	134	15	"	"	PUNCT
ftr-458	135	1	indeed	indeed	ADV
ftr-458	135	2	,	,	PUNCT
ftr-458	135	3	because	because	SCONJ
ftr-458	135	4	the	the	DET
ftr-458	135	5	realization	realization	NOUN
ftr-458	135	6	requirement	requirement	NOUN
ftr-458	135	7	causes	cause	VERB
ftr-458	135	8	inefficiencies	inefficiency	NOUN
ftr-458	135	9	,	,	PUNCT
ftr-458	135	10	inequities	inequity	NOUN
ftr-458	135	11	,	,	PUNCT
ftr-458	135	12	and	and	CCONJ
ftr-458	135	13	complexities	complexity	NOUN
ftr-458	135	14	,	,	PUNCT
ftr-458	135	15	'	'	PUNCT
ftr-458	135	16	"	"	PUNCT
ftr-458	135	17	proposals	proposal	NOUN
ftr-458	135	18	for	for	ADP
ftr-458	135	19	more	more	ADV
ftr-458	135	20	dramatic	dramatic	ADJ
ftr-458	135	21	curtailment	curtailment	NOUN
ftr-458	135	22	of	of	ADP
ftr-458	135	23	the	the	DET
ftr-458	135	24	requirement	requirement	NOUN
ftr-458	135	25	are	be	AUX
ftr-458	135	26	periodically	periodically	ADV
ftr-458	135	27	discussed,"5	discussed,"5	ADJ
ftr-458	135	28	and	and	CCONJ
ftr-458	135	29	significant	significant	ADJ
ftr-458	135	30	steps	step	NOUN
ftr-458	135	31	have	have	AUX
ftr-458	135	32	already	already	ADV
ftr-458	135	33	been	be	AUX
ftr-458	135	34	taken	take	VERB
ftr-458	135	35	to	to	PART
ftr-458	135	36	override	override	VERB
ftr-458	135	37	the	the	DET
ftr-458	135	38	realization	realization	NOUN
ftr-458	135	39	requirement	requirement	NOUN
ftr-458	135	40	.	.	PUNCT
ftr-458	136	1	'6	'6	PUNCT
ftr-458	137	1	the	the	DET
ftr-458	137	2	realization	realization	NOUN
ftr-458	137	3	doctrine	doctrine	NOUN
ftr-458	137	4	is	be	AUX
ftr-458	137	5	conflicted	conflict	VERB
ftr-458	137	6	.	.	PUNCT
ftr-458	138	1	justified	justify	VERB
ftr-458	138	2	on	on	ADP
ftr-458	138	3	grounds	ground	NOUN
ftr-458	138	4	of	of	ADP
ftr-458	138	5	administrative	administrative	ADJ
ftr-458	138	6	convenience	convenience	NOUN
ftr-458	138	7	,	,	PUNCT
ftr-458	138	8	it	it	PRON
ftr-458	138	9	creates	create	VERB
ftr-458	138	10	categories	category	NOUN
ftr-458	138	11	-	-	PUNCT
ftr-458	138	12	holding	hold	VERB
ftr-458	138	13	and	and	CCONJ
ftr-458	138	14	disposingwith	disposingwith	ADJ
ftr-458	138	15	significance	significance	NOUN
ftr-458	138	16	.	.	PUNCT
ftr-458	139	1	part	part	NOUN
ftr-458	139	2	ii	ii	PROPN
ftr-458	139	3	reviews	review	VERB
ftr-458	139	4	the	the	DET
ftr-458	139	5	realization	realization	NOUN
ftr-458	139	6	doctrine	doctrine	NOUN
ftr-458	139	7	.	.	PUNCT
ftr-458	140	1	under	under	ADP
ftr-458	140	2	the	the	DET
ftr-458	140	3	"	"	PUNCT
ftr-458	140	4	benefits	benefit	NOUN
ftr-458	140	5	and	and	CCONJ
ftr-458	140	6	burdens	burden	NOUN
ftr-458	140	7	"	"	PUNCT
ftr-458	140	8	test	test	NOUN
ftr-458	140	9	,	,	PUNCT
ftr-458	140	10	the	the	DET
ftr-458	140	11	concept	concept	NOUN
ftr-458	140	12	of	of	ADP
ftr-458	140	13	risk	risk	NOUN
ftr-458	140	14	is	be	AUX
ftr-458	140	15	used	use	VERB
ftr-458	140	16	to	to	PART
ftr-458	140	17	determine	determine	VERB
ftr-458	140	18	whether	whether	SCONJ
ftr-458	140	19	a	a	DET
ftr-458	140	20	disposition	disposition	NOUN
ftr-458	140	21	has	have	AUX
ftr-458	140	22	occurred	occur	VERB
ftr-458	140	23	,	,	PUNCT
ftr-458	140	24	but	but	CCONJ
ftr-458	140	25	the	the	DET
ftr-458	140	26	benefits	benefit	NOUN
ftr-458	140	27	and	and	CCONJ
ftr-458	140	28	burdens	burden	NOUN
ftr-458	140	29	test	test	NOUN
ftr-458	140	30	appears	appear	VERB
ftr-458	140	31	not	not	PART
ftr-458	140	32	to	to	PART
ftr-458	140	33	apply	apply	VERB
ftr-458	140	34	to	to	ADP
ftr-458	140	35	publicly	publicly	ADV
ftr-458	140	36	-	-	PUNCT
ftr-458	140	37	traded	trade	VERB
ftr-458	140	38	assets	asset	NOUN
ftr-458	140	39	.	.	PUNCT
ftr-458	141	1	for	for	ADP
ftr-458	141	2	them	they	PRON
ftr-458	141	3	,	,	PUNCT
ftr-458	141	4	whether	whether	SCONJ
ftr-458	141	5	a	a	DET
ftr-458	141	6	disposition	disposition	NOUN
ftr-458	141	7	has	have	AUX
ftr-458	141	8	occurred	occur	VERB
ftr-458	141	9	is	be	AUX
ftr-458	141	10	largely	largely	ADV
ftr-458	141	11	a	a	DET
ftr-458	141	12	matter	matter	NOUN
ftr-458	141	13	of	of	ADP
ftr-458	141	14	form	form	NOUN
ftr-458	141	15	.	.	PUNCT
ftr-458	142	1	indeed	indeed	ADV
ftr-458	142	2	,	,	PUNCT
ftr-458	142	3	as	as	SCONJ
ftr-458	142	4	shown	show	VERB
ftr-458	142	5	in	in	ADP
ftr-458	142	6	part	part	PROPN
ftr-458	142	7	iii	iii	NOUN
ftr-458	142	8	,	,	PUNCT
ftr-458	142	9	notwithstanding	notwithstanding	ADP
ftr-458	142	10	the	the	DET
ftr-458	142	11	benefits	benefit	NOUN
ftr-458	142	12	and	and	CCONJ
ftr-458	142	13	burdens	burden	NOUN
ftr-458	142	14	test	test	VERB
ftr-458	142	15	,	,	PUNCT
ftr-458	142	16	the	the	DET
ftr-458	142	17	distinction	distinction	NOUN
ftr-458	142	18	between	between	ADP
ftr-458	142	19	simple	simple	ADJ
ftr-458	142	20	dispositions	disposition	NOUN
ftr-458	142	21	and	and	CCONJ
ftr-458	142	22	holdings	holding	NOUN
ftr-458	142	23	is	be	AUX
ftr-458	142	24	ultimately	ultimately	ADV
ftr-458	142	25	formal	formal	ADJ
ftr-458	142	26	.	.	PUNCT
ftr-458	143	1	changes	change	NOUN
ftr-458	143	2	in	in	ADP
ftr-458	143	3	risk	risk	NOUN
ftr-458	143	4	occur	occur	VERB
ftr-458	143	5	in	in	ADP
ftr-458	143	6	the	the	DET
ftr-458	143	7	context	context	NOUN
ftr-458	143	8	of	of	ADP
ftr-458	143	9	holding	holding	NOUN
ftr-458	143	10	,	,	PUNCT
ftr-458	143	11	and	and	CCONJ
ftr-458	143	12	a	a	DET
ftr-458	143	13	disposition	disposition	NOUN
ftr-458	143	14	may	may	AUX
ftr-458	143	15	or	or	CCONJ
ftr-458	143	16	may	may	AUX
ftr-458	143	17	not	not	PART
ftr-458	143	18	change	change	VERB
ftr-458	143	19	the	the	DET
ftr-458	143	20	amount	amount	NOUN
ftr-458	143	21	or	or	CCONJ
ftr-458	143	22	nature	nature	NOUN
ftr-458	143	23	of	of	ADP
ftr-458	143	24	risk	risk	NOUN
ftr-458	143	25	for	for	ADP
ftr-458	143	26	the	the	DET
ftr-458	143	27	taxpayer	taxpayer	NOUN
ftr-458	143	28	.	.	PUNCT
ftr-458	144	1	in	in	ADP
ftr-458	144	2	a	a	DET
ftr-458	144	3	simple	simple	ADJ
ftr-458	144	4	disposition	disposition	NOUN
ftr-458	144	5	,	,	PUNCT
ftr-458	144	6	a	a	DET
ftr-458	144	7	taxpayer	taxpayer	NOUN
ftr-458	144	8	voluntarily	voluntarily	ADV
ftr-458	144	9	disposes	dispose	VERB
ftr-458	144	10	of	of	ADP
ftr-458	144	11	risk	risk	NOUN
ftr-458	144	12	in	in	ADP
ftr-458	144	13	an	an	DET
ftr-458	144	14	asset	asset	NOUN
ftr-458	144	15	.	.	PUNCT
ftr-458	145	1	after	after	ADP
ftr-458	145	2	the	the	DET
ftr-458	145	3	transaction	transaction	NOUN
ftr-458	145	4	,	,	PUNCT
ftr-458	145	5	the	the	DET
ftr-458	145	6	taxpayer	taxpayer	NOUN
ftr-458	145	7	owns	own	VERB
ftr-458	145	8	a	a	DET
ftr-458	145	9	different	different	ADJ
ftr-458	145	10	asset	asset	NOUN
ftr-458	145	11	than	than	ADP
ftr-458	145	12	the	the	DET
ftr-458	145	13	asset	asset	NOUN
ftr-458	145	14	she	she	PRON
ftr-458	145	15	owned	own	VERB
ftr-458	145	16	13	13	NUM
ftr-458	145	17	.	.	PUNCT
ftr-458	146	1	see	see	VERB
ftr-458	146	2	david	david	PROPN
ftr-458	146	3	slawson	slawson	PROPN
ftr-458	146	4	,	,	PUNCT
ftr-458	146	5	taxing	tax	VERB
ftr-458	146	6	as	as	ADP
ftr-458	146	7	ordinary	ordinary	ADJ
ftr-458	146	8	income	income	NOUN
ftr-458	146	9	the	the	DET
ftr-458	146	10	appreciation	appreciation	NOUN
ftr-458	146	11	of	of	ADP
ftr-458	146	12	publicly	publicly	ADV
ftr-458	146	13	held	hold	VERB
ftr-458	146	14	stock	stock	NOUN
ftr-458	146	15	,	,	PUNCT
ftr-458	146	16	76	76	NUM
ftr-458	146	17	yale	yale	NOUN
ftr-458	146	18	lj	lj	PROPN
ftr-458	146	19	.	.	PROPN
ftr-458	147	1	623	623	NUM
ftr-458	147	2	(	(	PUNCT
ftr-458	147	3	1967	1967	NUM
ftr-458	147	4	)	)	PUNCT
ftr-458	148	1	;	;	PUNCT
ftr-458	148	2	note	note	VERB
ftr-458	148	3	,	,	PUNCT
ftr-458	148	4	realizing	realize	VERB
ftr-458	148	5	appreciation	appreciation	NOUN
ftr-458	148	6	without	without	ADP
ftr-458	148	7	sale	sale	NOUN
ftr-458	148	8	:	:	PUNCT
ftr-458	148	9	accrual	accrual	ADJ
ftr-458	148	10	taxation	taxation	NOUN
ftr-458	148	11	of	of	ADP
ftr-458	148	12	capital	capital	NOUN
ftr-458	148	13	gains	gain	NOUN
ftr-458	148	14	on	on	ADP
ftr-458	148	15	marketable	marketable	ADJ
ftr-458	148	16	securities	security	NOUN
ftr-458	148	17	,	,	PUNCT
ftr-458	148	18	34	34	NUM
ftr-458	148	19	stan	stan	PROPN
ftr-458	148	20	.	.	PUNCT
ftr-458	149	1	l.	l.	PROPN
ftr-458	149	2	rev	rev	PROPN
ftr-458	149	3	.	.	PROPN
ftr-458	149	4	857	857	NUM
ftr-458	149	5	(	(	PUNCT
ftr-458	149	6	1982	1982	NUM
ftr-458	149	7	)	)	PUNCT
ftr-458	149	8	.	.	PUNCT
ftr-458	150	1	see	see	VERB
ftr-458	150	2	also	also	ADV
ftr-458	150	3	joseph	joseph	PROPN
ftr-458	150	4	bankman	bankman	PROPN
ftr-458	150	5	,	,	PUNCT
ftr-458	150	6	a	a	DET
ftr-458	150	7	market	market	NOUN
ftr-458	150	8	-	-	PUNCT
ftr-458	150	9	value	value	NOUN
ftr-458	150	10	based	base	VERB
ftr-458	150	11	corporate	corporate	ADJ
ftr-458	150	12	income	income	NOUN
ftr-458	150	13	tax	tax	NOUN
ftr-458	150	14	.	.	PUNCT
ftr-458	151	1	68	68	NUM
ftr-458	151	2	tax	tax	NOUN
ftr-458	151	3	notes	note	NOUN
ftr-458	151	4	1347	1347	NUM
ftr-458	151	5	.	.	PUNCT
ftr-458	151	6	1347	1347	NUM
ftr-458	151	7	(	(	PUNCT
ftr-458	151	8	sept	sept	PROPN
ftr-458	151	9	.	.	PROPN
ftr-458	151	10	11	11	NUM
ftr-458	151	11	,	,	PUNCT
ftr-458	151	12	1995	1995	NUM
ftr-458	151	13	)	)	PUNCT
ftr-458	151	14	(	(	PUNCT
ftr-458	151	15	suggesting	suggest	VERB
ftr-458	151	16	that	that	SCONJ
ftr-458	151	17	a	a	DET
ftr-458	151	18	tax	tax	NOUN
ftr-458	151	19	based	base	VERB
ftr-458	151	20	on	on	ADP
ftr-458	151	21	market	market	NOUN
ftr-458	151	22	value	value	NOUN
ftr-458	151	23	of	of	ADP
ftr-458	151	24	publicly	publicly	ADV
ftr-458	151	25	-	-	PUNCT
ftr-458	151	26	traded	trade	VERB
ftr-458	151	27	entities	entity	NOUN
ftr-458	151	28	should	should	AUX
ftr-458	151	29	replace	replace	VERB
ftr-458	151	30	current	current	ADJ
ftr-458	151	31	corporate	corporate	ADJ
ftr-458	151	32	income	income	NOUN
ftr-458	151	33	tax	tax	NOUN
ftr-458	151	34	)	)	PUNCT
ftr-458	151	35	.	.	PUNCT
ftr-458	152	1	14	14	NUM
ftr-458	152	2	.	.	PUNCT
ftr-458	153	1	william	william	PROPN
ftr-458	153	2	andrews	andrews	PROPN
ftr-458	153	3	has	have	AUX
ftr-458	153	4	described	describe	VERB
ftr-458	153	5	the	the	DET
ftr-458	153	6	realization	realization	NOUN
ftr-458	153	7	requirement	requirement	NOUN
ftr-458	153	8	as	as	ADP
ftr-458	153	9	the	the	DET
ftr-458	153	10	"	"	PUNCT
ftr-458	153	11	achilles	achilles	NOUN
ftr-458	153	12	heel	heel	NOUN
ftr-458	153	13	"	"	PUNCT
ftr-458	153	14	of	of	ADP
ftr-458	153	15	the	the	DET
ftr-458	153	16	income	income	NOUN
ftr-458	153	17	tax	tax	NOUN
ftr-458	153	18	.	.	PUNCT
ftr-458	154	1	michael	michael	PROPN
ftr-458	154	2	j.	j.	PROPN
ftr-458	154	3	graetz	graetz	PROPN
ftr-458	154	4	&	&	CCONJ
ftr-458	154	5	deborah	deborah	PROPN
ftr-458	154	6	h.	h.	PROPN
ftr-458	154	7	schenk	schenk	PROPN
ftr-458	154	8	.	.	PUNCT
ftr-458	155	1	federal	federal	ADJ
ftr-458	155	2	income	income	NOUN
ftr-458	155	3	taxation	taxation	NOUN
ftr-458	155	4	:	:	PUNCT
ftr-458	155	5	principles	principle	NOUN
ftr-458	155	6	and	and	CCONJ
ftr-458	155	7	policies	policy	NOUN
ftr-458	155	8	160	160	NUM
ftr-458	155	9	(	(	PUNCT
ftr-458	155	10	3d	3d	PROPN
ftr-458	155	11	ed	ed	NOUN
ftr-458	155	12	.	.	PROPN
ftr-458	155	13	1995	1995	NUM
ftr-458	155	14	)	)	PUNCT
ftr-458	156	1	(	(	PUNCT
ftr-458	156	2	citing	cite	VERB
ftr-458	156	3	william	william	PROPN
ftr-458	156	4	andrews	andrews	PROPN
ftr-458	156	5	,	,	PUNCT
ftr-458	156	6	the	the	DET
ftr-458	156	7	achilles	achille	NOUN
ftr-458	156	8	heel	heel	NOUN
ftr-458	156	9	of	of	ADP
ftr-458	156	10	income	income	NOUN
ftr-458	156	11	taxation	taxation	NOUN
ftr-458	156	12	,	,	PUNCT
ftr-458	156	13	in	in	ADP
ftr-458	156	14	taxation	taxation	NOUN
ftr-458	156	15	for	for	ADP
ftr-458	156	16	the	the	DET
ftr-458	156	17	1980	1980	NUM
ftr-458	156	18	's	's	PART
ftr-458	156	19	(	(	PUNCT
ftr-458	156	20	charles	charles	PROPN
ftr-458	156	21	walker	walker	PROPN
ftr-458	156	22	ed	ed	PROPN
ftr-458	156	23	.	.	PROPN
ftr-458	156	24	,	,	PUNCT
ftr-458	156	25	1983	1983	NUM
ftr-458	156	26	)	)	PUNCT
ftr-458	156	27	)	)	PUNCT
ftr-458	156	28	.	.	PUNCT
ftr-458	157	1	15	15	NUM
ftr-458	157	2	.	.	X
ftr-458	158	1	e.g.	e.g.	ADV
ftr-458	158	2	,	,	PUNCT
ftr-458	158	3	david	david	PROPN
ftr-458	158	4	j.	j.	PROPN
ftr-458	158	5	shakow	shakow	PROPN
ftr-458	158	6	,	,	PUNCT
ftr-458	158	7	taxation	taxation	NOUN
ftr-458	158	8	without	without	ADP
ftr-458	158	9	realization	realization	NOUN
ftr-458	158	10	:	:	PUNCT
ftr-458	158	11	a	a	DET
ftr-458	158	12	proposal	proposal	NOUN
ftr-458	158	13	for	for	ADP
ftr-458	158	14	accrual	accrual	ADJ
ftr-458	158	15	taxation	taxation	NOUN
ftr-458	158	16	,	,	PUNCT
ftr-458	158	17	134	134	NUM
ftr-458	158	18	u.	u.	NOUN
ftr-458	158	19	pa	pa	PROPN
ftr-458	158	20	.	.	PUNCT
ftr-458	158	21	l.	l.	PROPN
ftr-458	158	22	rev	rev	PROPN
ftr-458	158	23	.	.	PUNCT
ftr-458	159	1	i	i	PRON
ftr-458	159	2	11	11	NUM
ftr-458	159	3	,	,	PUNCT
ftr-458	159	4	1113	1113	NUM
ftr-458	159	5	-	-	SYM
ftr-458	159	6	14	14	NUM
ftr-458	159	7	(	(	PUNCT
ftr-458	159	8	1986	1986	NUM
ftr-458	159	9	)	)	PUNCT
ftr-458	159	10	(	(	PUNCT
ftr-458	159	11	arguing	argue	VERB
ftr-458	159	12	that	that	SCONJ
ftr-458	159	13	comprehensive	comprehensive	ADJ
ftr-458	159	14	accrual	accrual	ADJ
ftr-458	159	15	taxation	taxation	NOUN
ftr-458	159	16	is	be	AUX
ftr-458	159	17	feasible	feasible	ADJ
ftr-458	159	18	and	and	CCONJ
ftr-458	159	19	simpler	simple	ADJ
ftr-458	159	20	than	than	ADP
ftr-458	159	21	current	current	ADJ
ftr-458	159	22	system	system	NOUN
ftr-458	159	23	)	)	PUNCT
ftr-458	159	24	;	;	PUNCT
ftr-458	159	25	a	a	DET
ftr-458	159	26	proposal	proposal	NOUN
ftr-458	159	27	for	for	ADP
ftr-458	159	28	revision	revision	NOUN
ftr-458	159	29	of	of	ADP
ftr-458	159	30	capital	capital	NOUN
ftr-458	159	31	gains	gain	NOUN
ftr-458	159	32	tax	tax	NOUN
ftr-458	159	33	provisions	provision	NOUN
ftr-458	159	34	of	of	ADP
ftr-458	159	35	the	the	DET
ftr-458	159	36	federal	federal	ADJ
ftr-458	159	37	internal	internal	PROPN
ftr-458	159	38	revenue	revenue	PROPN
ftr-458	159	39	code	code	NOUN
ftr-458	159	40	and	and	CCONJ
ftr-458	159	41	critique	critique	NOUN
ftr-458	159	42	of	of	ADP
ftr-458	159	43	treasury	treasury	NOUN
ftr-458	159	44	proposals	proposal	NOUN
ftr-458	159	45	in	in	ADP
ftr-458	159	46	related	related	ADJ
ftr-458	159	47	areas	area	NOUN
ftr-458	159	48	:	:	PUNCT
ftr-458	159	49	hearings	hearing	NOUN
ftr-458	159	50	on	on	ADP
ftr-458	159	51	the	the	DET
ftr-458	159	52	subject	subject	NOUN
ftr-458	159	53	of	of	ADP
ftr-458	159	54	tax	tax	NOUN
ftr-458	159	55	reform	reform	NOUN
ftr-458	159	56	before	before	ADP
ftr-458	159	57	the	the	DET
ftr-458	159	58	house	house	PROPN
ftr-458	159	59	committee	committee	PROPN
ftr-458	159	60	on	on	ADP
ftr-458	159	61	ways	way	NOUN
ftr-458	159	62	and	and	CCONJ
ftr-458	159	63	means	mean	NOUN
ftr-458	159	64	,	,	PUNCT
ftr-458	159	65	91st	91st	ADJ
ftr-458	159	66	cong	cong	NOUN
ftr-458	159	67	.	.	PUNCT
ftr-458	159	68	,	,	PUNCT
ftr-458	159	69	1st	1st	ADJ
ftr-458	159	70	sess	sess	NOUN
ftr-458	159	71	.	.	PUNCT
ftr-458	160	1	4275	4275	NUM
ftr-458	160	2	,	,	PUNCT
ftr-458	160	3	4281	4281	NUM
ftr-458	160	4	-	-	SYM
ftr-458	160	5	82	82	NUM
ftr-458	160	6	(	(	PUNCT
ftr-458	160	7	1969	1969	NUM
ftr-458	160	8	)	)	PUNCT
ftr-458	160	9	(	(	PUNCT
ftr-458	160	10	statement	statement	NOUN
ftr-458	160	11	of	of	ADP
ftr-458	160	12	martin	martin	PROPN
ftr-458	160	13	david	david	PROPN
ftr-458	160	14	&	&	CCONJ
ftr-458	160	15	roger	roger	PROPN
ftr-458	160	16	miller	miller	PROPN
ftr-458	160	17	)	)	PUNCT
ftr-458	160	18	(	(	PUNCT
ftr-458	160	19	proposing	propose	VERB
ftr-458	160	20	accrual	accrual	ADJ
ftr-458	160	21	taxation	taxation	NOUN
ftr-458	160	22	for	for	ADP
ftr-458	160	23	publicly	publicly	ADV
ftr-458	160	24	traded	trade	VERB
ftr-458	160	25	assets	asset	NOUN
ftr-458	160	26	,	,	PUNCT
ftr-458	160	27	shares	share	NOUN
ftr-458	160	28	in	in	ADP
ftr-458	160	29	closely	closely	ADV
ftr-458	160	30	-	-	PUNCT
ftr-458	160	31	held	hold	VERB
ftr-458	160	32	corporations	corporation	NOUN
ftr-458	160	33	,	,	PUNCT
ftr-458	160	34	unincorporated	unincorporate	VERB
ftr-458	160	35	business	business	NOUN
ftr-458	160	36	interests	interest	NOUN
ftr-458	160	37	,	,	PUNCT
ftr-458	160	38	and	and	CCONJ
ftr-458	160	39	real	real	ADJ
ftr-458	160	40	property	property	NOUN
ftr-458	160	41	)	)	PUNCT
ftr-458	160	42	;	;	PUNCT
ftr-458	160	43	see	see	VERB
ftr-458	160	44	mary	mary	PROPN
ftr-458	160	45	louise	louise	PROPN
ftr-458	160	46	fellows	fellows	PROPN
ftr-458	160	47	,	,	PUNCT
ftr-458	160	48	a	a	DET
ftr-458	160	49	comprehensive	comprehensive	ADJ
ftr-458	160	50	attack	attack	NOUN
ftr-458	160	51	on	on	ADP
ftr-458	160	52	tax	tax	NOUN
ftr-458	160	53	deferral	deferral	NOUN
ftr-458	160	54	,	,	PUNCT
ftr-458	160	55	88	88	NUM
ftr-458	160	56	mich	mich	NOUN
ftr-458	160	57	.	.	PUNCT
ftr-458	161	1	l.	l.	PROPN
ftr-458	161	2	rev	rev	PROPN
ftr-458	161	3	.	.	PROPN
ftr-458	161	4	722	722	NUM
ftr-458	161	5	.	.	X
ftr-458	162	1	729	729	NUM
ftr-458	162	2	(	(	PUNCT
ftr-458	162	3	1990	1990	NUM
ftr-458	162	4	)	)	PUNCT
ftr-458	162	5	(	(	PUNCT
ftr-458	162	6	recommending	recommend	VERB
ftr-458	162	7	that	that	SCONJ
ftr-458	162	8	a	a	DET
ftr-458	162	9	realization	realization	NOUN
ftr-458	162	10	-	-	PUNCT
ftr-458	162	11	based	base	VERB
ftr-458	162	12	system	system	NOUN
ftr-458	162	13	should	should	AUX
ftr-458	162	14	adjust	adjust	VERB
ftr-458	162	15	tax	tax	NOUN
ftr-458	162	16	liability	liability	NOUN
ftr-458	162	17	to	to	PART
ftr-458	162	18	take	take	VERB
ftr-458	162	19	account	account	NOUN
ftr-458	162	20	of	of	ADP
ftr-458	162	21	time	time	NOUN
ftr-458	162	22	delay	delay	NOUN
ftr-458	162	23	for	for	ADP
ftr-458	162	24	payments	payment	NOUN
ftr-458	162	25	)	)	PUNCT
ftr-458	162	26	;	;	PUNCT
ftr-458	162	27	jeff	jeff	PROPN
ftr-458	162	28	strnad	strnad	PROPN
ftr-458	162	29	,	,	PUNCT
ftr-458	162	30	periodicity	periodicity	NOUN
ftr-458	162	31	and	and	CCONJ
ftr-458	162	32	accretion	accretion	NOUN
ftr-458	162	33	taxation	taxation	NOUN
ftr-458	162	34	:	:	PUNCT
ftr-458	162	35	norms	norm	NOUN
ftr-458	162	36	and	and	CCONJ
ftr-458	162	37	implementation	implementation	NOUN
ftr-458	162	38	.	.	PUNCT
ftr-458	163	1	99	99	NUM
ftr-458	163	2	yale	yale	PROPN
ftr-458	163	3	l.j	l.j	PROPN
ftr-458	163	4	.	.	PROPN
ftr-458	163	5	1817	1817	NUM
ftr-458	163	6	,	,	PUNCT
ftr-458	163	7	1819	1819	NUM
ftr-458	163	8	-	-	SYM
ftr-458	163	9	20	20	NUM
ftr-458	163	10	(	(	PUNCT
ftr-458	163	11	1990	1990	NUM
ftr-458	163	12	)	)	PUNCT
ftr-458	163	13	(	(	PUNCT
ftr-458	163	14	noting	note	VERB
ftr-458	163	15	that	that	SCONJ
ftr-458	163	16	under	under	ADP
ftr-458	163	17	mark	mark	NOUN
ftr-458	163	18	-	-	PUNCT
ftr-458	163	19	to	to	ADP
ftr-458	163	20	-	-	PUNCT
ftr-458	163	21	market	market	NOUN
ftr-458	163	22	system	system	NOUN
ftr-458	163	23	,	,	PUNCT
ftr-458	163	24	changes	change	NOUN
ftr-458	163	25	in	in	ADP
ftr-458	163	26	value	value	NOUN
ftr-458	163	27	need	need	AUX
ftr-458	163	28	not	not	PART
ftr-458	163	29	be	be	AUX
ftr-458	163	30	recognized	recognize	VERB
ftr-458	163	31	annually	annually	ADV
ftr-458	163	32	)	)	PUNCT
ftr-458	163	33	.	.	PUNCT
ftr-458	164	1	16	16	NUM
ftr-458	164	2	.	.	PUNCT
ftr-458	165	1	e.g.	e.g.	ADV
ftr-458	165	2	,	,	PUNCT
ftr-458	165	3	irc	irc	PROPN
ftr-458	165	4	§	§	PROPN
ftr-458	165	5	§	§	PROPN
ftr-458	165	6	475	475	NUM
ftr-458	165	7	,	,	PUNCT
ftr-458	165	8	1256	1256	NUM
ftr-458	165	9	(	(	PUNCT
ftr-458	165	10	requiring	require	VERB
ftr-458	165	11	mark	mark	NOUN
ftr-458	165	12	-	-	PUNCT
ftr-458	165	13	to	to	ADP
ftr-458	165	14	-	-	PUNCT
ftr-458	165	15	market	market	NOUN
ftr-458	165	16	regime	regime	NOUN
ftr-458	165	17	for	for	ADP
ftr-458	165	18	securities	security	NOUN
ftr-458	165	19	dealers	dealer	NOUN
ftr-458	165	20	and	and	CCONJ
ftr-458	165	21	certain	certain	ADJ
ftr-458	165	22	exchange	exchange	NOUN
ftr-458	165	23	-	-	PUNCT
ftr-458	165	24	traded	trade	VERB
ftr-458	165	25	contracts	contract	NOUN
ftr-458	165	26	)	)	PUNCT
ftr-458	165	27	,	,	PUNCT
ftr-458	165	28	§	§	PROPN
ftr-458	165	29	1272	1272	NUM
ftr-458	165	30	(	(	PUNCT
ftr-458	165	31	requiring	require	VERB
ftr-458	165	32	current	current	ADJ
ftr-458	165	33	inclusion	inclusion	NOUN
ftr-458	165	34	of	of	ADP
ftr-458	165	35	original	original	ADJ
ftr-458	165	36	issue	issue	NOUN
ftr-458	165	37	discount	discount	NOUN
ftr-458	165	38	on	on	ADP
ftr-458	165	39	constant	constant	ADJ
ftr-458	165	40	yield	yield	NOUN
ftr-458	165	41	basis	basis	NOUN
ftr-458	165	42	)	)	PUNCT
ftr-458	165	43	.	.	PUNCT
ftr-458	166	1	see	see	VERB
ftr-458	166	2	infra	infra	NOUN
ftr-458	166	3	notes	note	VERB
ftr-458	166	4	40	40	NUM
ftr-458	166	5	-	-	SYM
ftr-458	166	6	46	46	NUM
ftr-458	166	7	and	and	CCONJ
ftr-458	166	8	accompanying	accompany	VERB
ftr-458	166	9	text	text	NOUN
ftr-458	166	10	for	for	ADP
ftr-458	166	11	discussion	discussion	NOUN
ftr-458	166	12	of	of	ADP
ftr-458	166	13	§	§	PROPN
ftr-458	166	14	§	§	PROPN
ftr-458	166	15	475	475	NUM
ftr-458	166	16	and	and	CCONJ
ftr-458	166	17	1256	1256	NUM
ftr-458	166	18	.	.	PUNCT
ftr-458	167	1	19961	19961	NUM
ftr-458	167	2	florida	florida	PROPN
ftr-458	167	3	tax	tax	NOUN
ftr-458	167	4	review	review	NOUN
ftr-458	167	5	before	before	ADV
ftr-458	167	6	.	.	PUNCT
ftr-458	168	1	this	this	DET
ftr-458	168	2	change	change	NOUN
ftr-458	168	3	in	in	ADP
ftr-458	168	4	the	the	DET
ftr-458	168	5	taxpayer	taxpayer	NOUN
ftr-458	168	6	's	's	PART
ftr-458	168	7	position	position	NOUN
ftr-458	168	8	is	be	AUX
ftr-458	168	9	entirely	entirely	ADV
ftr-458	168	10	independent	independent	ADJ
ftr-458	168	11	of	of	ADP
ftr-458	168	12	whether	whether	SCONJ
ftr-458	168	13	the	the	DET
ftr-458	168	14	taxpayer	taxpayer	NOUN
ftr-458	168	15	has	have	AUX
ftr-458	168	16	accrued	accrue	VERB
ftr-458	168	17	income	income	NOUN
ftr-458	168	18	in	in	ADP
ftr-458	168	19	the	the	DET
ftr-458	168	20	haig	haig	PROPN
ftr-458	168	21	-	-	PUNCT
ftr-458	168	22	simons	simon	NOUN
ftr-458	168	23	sense	sense	NOUN
ftr-458	168	24	.	.	PUNCT
ftr-458	169	1	indeed	indeed	ADV
ftr-458	169	2	,	,	PUNCT
ftr-458	169	3	identifying	identify	VERB
ftr-458	169	4	a	a	DET
ftr-458	169	5	disposition	disposition	NOUN
ftr-458	169	6	depends	depend	VERB
ftr-458	169	7	on	on	ADP
ftr-458	169	8	formal	formal	ADJ
ftr-458	169	9	notions	notion	NOUN
ftr-458	169	10	differentiating	differentiate	VERB
ftr-458	169	11	one	one	NUM
ftr-458	169	12	asset	asset	NOUN
ftr-458	169	13	from	from	ADP
ftr-458	169	14	another	another	PRON
ftr-458	169	15	and	and	CCONJ
ftr-458	169	16	identifying	identify	VERB
ftr-458	169	17	the	the	DET
ftr-458	169	18	types	type	NOUN
ftr-458	169	19	of	of	ADP
ftr-458	169	20	transactions	transaction	NOUN
ftr-458	169	21	that	that	PRON
ftr-458	169	22	give	give	VERB
ftr-458	169	23	rise	rise	NOUN
ftr-458	169	24	to	to	ADP
ftr-458	169	25	realization	realization	NOUN
ftr-458	169	26	.	.	PUNCT
ftr-458	170	1	any	any	DET
ftr-458	170	2	reform	reform	NOUN
ftr-458	170	3	of	of	ADP
ftr-458	170	4	the	the	DET
ftr-458	170	5	realization	realization	NOUN
ftr-458	170	6	requirement	requirement	NOUN
ftr-458	170	7	to	to	PART
ftr-458	170	8	apply	apply	VERB
ftr-458	170	9	to	to	ADP
ftr-458	170	10	transactions	transaction	NOUN
ftr-458	170	11	that	that	PRON
ftr-458	170	12	resemble	resemble	VERB
ftr-458	170	13	dispositions	disposition	NOUN
ftr-458	170	14	will	will	AUX
ftr-458	170	15	depend	depend	VERB
ftr-458	170	16	on	on	ADP
ftr-458	170	17	formal	formal	ADJ
ftr-458	170	18	distinctions	distinction	NOUN
ftr-458	170	19	because	because	SCONJ
ftr-458	170	20	the	the	DET
ftr-458	170	21	distinction	distinction	NOUN
ftr-458	170	22	between	between	ADP
ftr-458	170	23	holding	hold	VERB
ftr-458	170	24	and	and	CCONJ
ftr-458	170	25	disposing	dispose	VERB
ftr-458	170	26	is	be	AUX
ftr-458	170	27	itself	itself	PRON
ftr-458	170	28	formal	formal	ADJ
ftr-458	170	29	.	.	PUNCT
ftr-458	171	1	part	part	NOUN
ftr-458	171	2	iv	iv	NUM
ftr-458	171	3	examines	examine	VERB
ftr-458	171	4	different	different	ADJ
ftr-458	171	5	kinds	kind	NOUN
ftr-458	171	6	of	of	ADP
ftr-458	171	7	hedging	hedging	NOUN
ftr-458	171	8	,	,	PUNCT
ftr-458	171	9	showing	show	VERB
ftr-458	171	10	the	the	DET
ftr-458	171	11	extent	extent	NOUN
ftr-458	171	12	to	to	PART
ftr-458	171	13	which	which	PRON
ftr-458	171	14	they	they	PRON
ftr-458	171	15	resemble	resemble	VERB
ftr-458	171	16	sales	sale	NOUN
ftr-458	171	17	.	.	PUNCT
ftr-458	172	1	certain	certain	ADJ
ftr-458	172	2	hedges	hedge	NOUN
ftr-458	172	3	that	that	PRON
ftr-458	172	4	eliminate	eliminate	VERB
ftr-458	172	5	a	a	DET
ftr-458	172	6	taxpayer	taxpayer	NOUN
ftr-458	172	7	's	's	PART
ftr-458	172	8	exposure	exposure	NOUN
ftr-458	172	9	to	to	PART
ftr-458	172	10	risk	risk	VERB
ftr-458	172	11	in	in	ADP
ftr-458	172	12	an	an	DET
ftr-458	172	13	asset	asset	NOUN
ftr-458	172	14	are	be	AUX
ftr-458	172	15	likely	likely	ADJ
ftr-458	172	16	to	to	PART
ftr-458	172	17	be	be	AUX
ftr-458	172	18	close	close	ADJ
ftr-458	172	19	substitutes	substitute	NOUN
ftr-458	172	20	for	for	ADP
ftr-458	172	21	sales	sale	NOUN
ftr-458	172	22	,	,	PUNCT
ftr-458	172	23	while	while	SCONJ
ftr-458	172	24	other	other	ADJ
ftr-458	172	25	hedges	hedge	NOUN
ftr-458	172	26	that	that	PRON
ftr-458	172	27	reduce	reduce	VERB
ftr-458	172	28	risk	risk	NOUN
ftr-458	172	29	or	or	CCONJ
ftr-458	172	30	introduce	introduce	VERB
ftr-458	172	31	new	new	ADJ
ftr-458	172	32	types	type	NOUN
ftr-458	172	33	of	of	ADP
ftr-458	172	34	risk	risk	NOUN
ftr-458	172	35	are	be	AUX
ftr-458	172	36	less	less	ADV
ftr-458	172	37	likely	likely	ADJ
ftr-458	172	38	to	to	PART
ftr-458	172	39	be	be	AUX
ftr-458	172	40	.	.	PUNCT
ftr-458	173	1	part	part	NOUN
ftr-458	173	2	v	v	NOUN
ftr-458	173	3	examines	examine	VERB
ftr-458	173	4	the	the	DET
ftr-458	173	5	efficiency	efficiency	NOUN
ftr-458	173	6	and	and	CCONJ
ftr-458	173	7	equity	equity	NOUN
ftr-458	173	8	arguments	argument	NOUN
ftr-458	173	9	for	for	ADP
ftr-458	173	10	taxing	tax	VERB
ftr-458	173	11	hedging	hedging	NOUN
ftr-458	173	12	,	,	PUNCT
ftr-458	173	13	arguing	argue	VERB
ftr-458	173	14	that	that	SCONJ
ftr-458	173	15	because	because	SCONJ
ftr-458	173	16	realization	realization	NOUN
ftr-458	173	17	is	be	AUX
ftr-458	173	18	a	a	DET
ftr-458	173	19	second	second	ADV
ftr-458	173	20	-	-	PUNCT
ftr-458	173	21	best	good	ADJ
ftr-458	173	22	system	system	NOUN
ftr-458	173	23	,	,	PUNCT
ftr-458	173	24	taxing	tax	VERB
ftr-458	173	25	hedges	hedge	NOUN
ftr-458	173	26	that	that	PRON
ftr-458	173	27	resemble	resemble	VERB
ftr-458	173	28	sales	sale	NOUN
ftr-458	173	29	may	may	AUX
ftr-458	173	30	not	not	PART
ftr-458	173	31	significantly	significantly	ADV
ftr-458	173	32	improve	improve	VERB
ftr-458	173	33	efficiency	efficiency	NOUN
ftr-458	173	34	and	and	CCONJ
ftr-458	173	35	equity	equity	NOUN
ftr-458	173	36	.	.	PUNCT
ftr-458	174	1	part	part	NOUN
ftr-458	174	2	vi	vi	PROPN
ftr-458	174	3	considers	consider	VERB
ftr-458	174	4	briefly	briefly	ADV
ftr-458	174	5	the	the	DET
ftr-458	174	6	possibility	possibility	NOUN
ftr-458	174	7	of	of	ADP
ftr-458	174	8	placing	place	VERB
ftr-458	174	9	more	more	ADJ
ftr-458	174	10	types	type	NOUN
ftr-458	174	11	of	of	ADP
ftr-458	174	12	property	property	NOUN
ftr-458	174	13	on	on	ADP
ftr-458	174	14	an	an	DET
ftr-458	174	15	accrual	accrual	ADJ
ftr-458	174	16	basis	basis	NOUN
ftr-458	174	17	.	.	PUNCT
ftr-458	175	1	ii	ii	X
ftr-458	175	2	.	.	PUNCT
ftr-458	175	3	doctrinal	doctrinal	ADJ
ftr-458	175	4	background	background	NOUN
ftr-458	175	5	of	of	ADP
ftr-458	175	6	the	the	DET
ftr-458	175	7	realization	realization	NOUN
ftr-458	175	8	requirement	requirement	NOUN
ftr-458	175	9	accrued	accrue	VERB
ftr-458	175	10	gain	gain	NOUN
ftr-458	175	11	is	be	AUX
ftr-458	175	12	generally	generally	ADV
ftr-458	175	13	not	not	PART
ftr-458	175	14	taxed	tax	VERB
ftr-458	175	15	until	until	SCONJ
ftr-458	175	16	it	it	PRON
ftr-458	175	17	is	be	AUX
ftr-458	175	18	realized	realize	VERB
ftr-458	175	19	.	.	PUNCT
ftr-458	176	1	the	the	DET
ftr-458	176	2	realization	realization	NOUN
ftr-458	176	3	doctrine	doctrine	NOUN
ftr-458	176	4	originated	originate	VERB
ftr-458	176	5	with	with	ADP
ftr-458	176	6	eisner	eisner	PROPN
ftr-458	176	7	v.	v.	PROPN
ftr-458	176	8	macomber	macomber	PROPN
ftr-458	176	9	,	,	PUNCT
ftr-458	176	10	which	which	PRON
ftr-458	176	11	required	require	VERB
ftr-458	176	12	something	something	PRON
ftr-458	176	13	to	to	PART
ftr-458	176	14	be	be	AUX
ftr-458	176	15	"	"	PUNCT
ftr-458	176	16	severed	sever	VERB
ftr-458	176	17	"	"	PUNCT
ftr-458	176	18	from	from	ADP
ftr-458	176	19	a	a	DET
ftr-458	176	20	taxpayer	taxpayer	NOUN
ftr-458	176	21	's	's	PART
ftr-458	176	22	original	original	ADJ
ftr-458	176	23	investment	investment	NOUN
ftr-458	176	24	for	for	ADP
ftr-458	176	25	the	the	DET
ftr-458	176	26	taxpayer	taxpayer	NOUN
ftr-458	176	27	's	's	PART
ftr-458	176	28	"	"	PUNCT
ftr-458	176	29	'	'	PUNCT
ftr-458	176	30	separate	separate	ADJ
ftr-458	176	31	use	use	NOUN
ftr-458	176	32	,	,	PUNCT
ftr-458	176	33	benefit	benefit	NOUN
ftr-458	176	34	and	and	CCONJ
ftr-458	176	35	disposal	disposal	NOUN
ftr-458	176	36	.	.	PUNCT
ftr-458	177	1	"'17	"'17	ADJ
ftr-458	177	2	appreciation	appreciation	NOUN
ftr-458	177	3	alone	alone	ADV
ftr-458	177	4	was	be	AUX
ftr-458	177	5	not	not	PART
ftr-458	177	6	subject	subject	ADJ
ftr-458	177	7	to	to	ADP
ftr-458	177	8	tax	tax	NOUN
ftr-458	177	9	.	.	PUNCT
ftr-458	178	1	the	the	DET
ftr-458	178	2	severance	severance	NOUN
ftr-458	178	3	concept	concept	NOUN
ftr-458	178	4	eventually	eventually	ADV
ftr-458	178	5	gave	give	VERB
ftr-458	178	6	way	way	NOUN
ftr-458	178	7	in	in	ADP
ftr-458	178	8	helvering	helvere	VERB
ftr-458	178	9	v.	v.	ADP
ftr-458	178	10	bruun	bruun	PROPN
ftr-458	178	11	because	because	SCONJ
ftr-458	178	12	it	it	PRON
ftr-458	178	13	was	be	AUX
ftr-458	178	14	inconsistent	inconsistent	ADJ
ftr-458	178	15	with	with	ADP
ftr-458	178	16	taxing	tax	VERB
ftr-458	178	17	exchanges	exchange	NOUN
ftr-458	178	18	of	of	ADP
ftr-458	178	19	property	property	NOUN
ftr-458	178	20	.	.	PUNCT
ftr-458	179	1	8	8	NUM
ftr-458	179	2	the	the	DET
ftr-458	179	3	value	value	NOUN
ftr-458	179	4	of	of	ADP
ftr-458	179	5	property	property	NOUN
ftr-458	179	6	received	receive	VERB
ftr-458	179	7	in	in	ADP
ftr-458	179	8	an	an	DET
ftr-458	179	9	exchange	exchange	NOUN
ftr-458	179	10	reflects	reflect	VERB
ftr-458	179	11	unsevered	unsevered	ADJ
ftr-458	179	12	,	,	PUNCT
ftr-458	179	13	yet	yet	ADV
ftr-458	179	14	realized	realize	VERB
ftr-458	179	15	,	,	PUNCT
ftr-458	179	16	gain	gain	NOUN
ftr-458	179	17	in	in	ADP
ftr-458	179	18	the	the	DET
ftr-458	179	19	property	property	NOUN
ftr-458	179	20	disposed	dispose	VERB
ftr-458	179	21	of	of	ADP
ftr-458	179	22	.	.	PUNCT
ftr-458	180	1	realization	realization	NOUN
ftr-458	180	2	under	under	ADP
ftr-458	180	3	current	current	ADJ
ftr-458	180	4	law	law	NOUN
ftr-458	180	5	generally	generally	ADV
ftr-458	180	6	depends	depend	VERB
ftr-458	180	7	on	on	ADP
ftr-458	180	8	17	17	NUM
ftr-458	180	9	.	.	PUNCT
ftr-458	181	1	252	252	NUM
ftr-458	181	2	u.s	u.s	PROPN
ftr-458	181	3	.	.	PROPN
ftr-458	181	4	189	189	NUM
ftr-458	181	5	,	,	PUNCT
ftr-458	181	6	207	207	NUM
ftr-458	181	7	-	-	SYM
ftr-458	181	8	208	208	NUM
ftr-458	181	9	(	(	PUNCT
ftr-458	181	10	1920	1920	NUM
ftr-458	181	11	)	)	PUNCT
ftr-458	181	12	(	(	PUNCT
ftr-458	181	13	holding	hold	VERB
ftr-458	181	14	shareholders	shareholder	NOUN
ftr-458	181	15	not	not	PART
ftr-458	181	16	taxable	taxable	ADJ
ftr-458	181	17	on	on	ADP
ftr-458	181	18	receipt	receipt	NOUN
ftr-458	181	19	of	of	ADP
ftr-458	181	20	stock	stock	NOUN
ftr-458	181	21	dividends	dividend	NOUN
ftr-458	181	22	)	)	PUNCT
ftr-458	181	23	.	.	PUNCT
ftr-458	182	1	the	the	DET
ftr-458	182	2	court	court	NOUN
ftr-458	182	3	's	's	PART
ftr-458	182	4	struggle	struggle	NOUN
ftr-458	182	5	with	with	ADP
ftr-458	182	6	stock	stock	NOUN
ftr-458	182	7	dividends	dividend	NOUN
ftr-458	182	8	in	in	ADP
ftr-458	182	9	eisner	eisner	PROPN
ftr-458	182	10	v.	v.	PROPN
ftr-458	182	11	macomber	macomber	PROPN
ftr-458	182	12	reflected	reflect	VERB
ftr-458	182	13	the	the	DET
ftr-458	182	14	lack	lack	NOUN
ftr-458	182	15	of	of	ADP
ftr-458	182	16	consensus	consensus	NOUN
ftr-458	182	17	at	at	ADP
ftr-458	182	18	the	the	DET
ftr-458	182	19	time	time	NOUN
ftr-458	182	20	of	of	ADP
ftr-458	182	21	the	the	DET
ftr-458	182	22	decision	decision	NOUN
ftr-458	182	23	on	on	ADP
ftr-458	182	24	the	the	DET
ftr-458	182	25	meaning	meaning	NOUN
ftr-458	182	26	of	of	ADP
ftr-458	182	27	economic	economic	ADJ
ftr-458	182	28	income	income	NOUN
ftr-458	182	29	.	.	PUNCT
ftr-458	183	1	the	the	DET
ftr-458	183	2	theme	theme	NOUN
ftr-458	183	3	in	in	ADP
ftr-458	183	4	that	that	DET
ftr-458	183	5	opinion	opinion	NOUN
ftr-458	183	6	that	that	SCONJ
ftr-458	183	7	income	income	NOUN
ftr-458	183	8	existed	exist	VERB
ftr-458	183	9	only	only	ADV
ftr-458	183	10	upon	upon	SCONJ
ftr-458	183	11	separation	separation	NOUN
ftr-458	183	12	from	from	ADP
ftr-458	183	13	capital	capital	NOUN
ftr-458	183	14	was	be	AUX
ftr-458	183	15	a	a	DET
ftr-458	183	16	counterpoint	counterpoint	NOUN
ftr-458	183	17	,	,	PUNCT
ftr-458	183	18	reflected	reflect	VERB
ftr-458	183	19	in	in	ADP
ftr-458	183	20	the	the	DET
ftr-458	183	21	economics	economic	NOUN
ftr-458	183	22	literature	literature	NOUN
ftr-458	183	23	,	,	PUNCT
ftr-458	183	24	to	to	ADP
ftr-458	183	25	the	the	DET
ftr-458	183	26	haig	haig	PROPN
ftr-458	183	27	-	-	PUNCT
ftr-458	183	28	simons	simons	PROPN
ftr-458	183	29	concept	concept	NOUN
ftr-458	183	30	of	of	ADP
ftr-458	183	31	income	income	NOUN
ftr-458	183	32	.	.	PUNCT
ftr-458	184	1	see	see	VERB
ftr-458	184	2	edwin	edwin	PROPN
ftr-458	184	3	r.a	r.a	PROPN
ftr-458	184	4	.	.	PROPN
ftr-458	184	5	seligman	seligman	PROPN
ftr-458	184	6	,	,	PUNCT
ftr-458	184	7	are	be	AUX
ftr-458	184	8	stock	stock	NOUN
ftr-458	184	9	dividends	dividend	NOUN
ftr-458	184	10	income	income	NOUN
ftr-458	184	11	?	?	PUNCT
ftr-458	185	1	9	9	NUM
ftr-458	185	2	am	am	NOUN
ftr-458	185	3	.	.	PUNCT
ftr-458	186	1	econ	econ	PROPN
ftr-458	186	2	.	.	PUNCT
ftr-458	187	1	rev	rev	PROPN
ftr-458	187	2	.	.	PROPN
ftr-458	187	3	517	517	NUM
ftr-458	187	4	,	,	PUNCT
ftr-458	187	5	524	524	NUM
ftr-458	187	6	(	(	PUNCT
ftr-458	187	7	sept	sept	PROPN
ftr-458	187	8	.	.	PROPN
ftr-458	187	9	1919	1919	NUM
ftr-458	187	10	)	)	PUNCT
ftr-458	188	1	(	(	PUNCT
ftr-458	188	2	uncut	uncut	VERB
ftr-458	188	3	trees	tree	NOUN
ftr-458	188	4	in	in	ADP
ftr-458	188	5	forest	forest	NOUN
ftr-458	188	6	not	not	PART
ftr-458	188	7	income	income	NOUN
ftr-458	188	8	because	because	SCONJ
ftr-458	188	9	not	not	PART
ftr-458	188	10	separated	separate	VERB
ftr-458	188	11	)	)	PUNCT
ftr-458	188	12	,	,	PUNCT
ftr-458	188	13	quoted	quote	VERB
ftr-458	188	14	in	in	ADP
ftr-458	188	15	simons	simon	NOUN
ftr-458	188	16	,	,	PUNCT
ftr-458	188	17	supra	supra	PROPN
ftr-458	188	18	note	note	PROPN
ftr-458	188	19	7	7	NUM
ftr-458	188	20	,	,	PUNCT
ftr-458	188	21	at	at	ADP
ftr-458	188	22	87	87	NUM
ftr-458	188	23	;	;	PUNCT
ftr-458	188	24	see	see	VERB
ftr-458	188	25	also	also	ADV
ftr-458	188	26	richard	richard	PROPN
ftr-458	188	27	l.	l.	PROPN
ftr-458	188	28	bacon	bacon	PROPN
ftr-458	188	29	&	&	CCONJ
ftr-458	188	30	harold	harold	PROPN
ftr-458	188	31	l.	l.	PROPN
ftr-458	188	32	adrion	adrion	PROPN
ftr-458	188	33	,	,	PUNCT
ftr-458	188	34	taxable	taxable	ADJ
ftr-458	188	35	events	event	NOUN
ftr-458	188	36	:	:	PUNCT
ftr-458	188	37	the	the	DET
ftr-458	188	38	aftermath	aftermath	NOUN
ftr-458	188	39	of	of	ADP
ftr-458	188	40	cottage	cottage	NOUN
ftr-458	188	41	savings	saving	NOUN
ftr-458	188	42	(	(	PUNCT
ftr-458	188	43	part	part	NOUN
ftr-458	188	44	i	i	PROPN
ftr-458	188	45	)	)	PUNCT
ftr-458	188	46	,	,	PUNCT
ftr-458	188	47	59	59	NUM
ftr-458	188	48	tax	tax	NOUN
ftr-458	188	49	notes	note	NOUN
ftr-458	188	50	1227	1227	NUM
ftr-458	188	51	,	,	PUNCT
ftr-458	188	52	1241	1241	NUM
ftr-458	188	53	(	(	PUNCT
ftr-458	188	54	may	may	PROPN
ftr-458	188	55	31	31	NUM
ftr-458	188	56	,	,	PUNCT
ftr-458	188	57	1993	1993	NUM
ftr-458	188	58	)	)	PUNCT
ftr-458	188	59	,	,	PUNCT
ftr-458	188	60	and	and	CCONJ
ftr-458	188	61	(	(	PUNCT
ftr-458	188	62	part	part	NOUN
ftr-458	188	63	ii	ii	PROPN
ftr-458	188	64	)	)	PUNCT
ftr-458	188	65	,	,	PUNCT
ftr-458	188	66	59	59	NUM
ftr-458	188	67	tax	tax	NOUN
ftr-458	188	68	notes	note	NOUN
ftr-458	188	69	1385	1385	NUM
ftr-458	188	70	(	(	PUNCT
ftr-458	188	71	june	june	PROPN
ftr-458	188	72	7	7	NUM
ftr-458	188	73	,	,	PUNCT
ftr-458	188	74	1993	1993	NUM
ftr-458	188	75	)	)	PUNCT
ftr-458	188	76	(	(	PUNCT
ftr-458	188	77	alleging	allege	VERB
ftr-458	188	78	that	that	DET
ftr-458	188	79	eisner	eisner	PROPN
ftr-458	188	80	v.	v.	PROPN
ftr-458	188	81	macomber	macomber	PROPN
ftr-458	188	82	court	court	PROPN
ftr-458	188	83	confused	confuse	VERB
ftr-458	188	84	distinction	distinction	NOUN
ftr-458	188	85	between	between	ADP
ftr-458	188	86	whether	whether	SCONJ
ftr-458	188	87	income	income	NOUN
ftr-458	188	88	exists	exist	VERB
ftr-458	188	89	and	and	CCONJ
ftr-458	188	90	when	when	SCONJ
ftr-458	188	91	income	income	NOUN
ftr-458	188	92	is	be	AUX
ftr-458	188	93	realized	realize	VERB
ftr-458	188	94	)	)	PUNCT
ftr-458	188	95	.	.	PUNCT
ftr-458	189	1	18	18	NUM
ftr-458	189	2	.	.	X
ftr-458	189	3	309	309	NUM
ftr-458	189	4	u.s	u.s	PROPN
ftr-458	189	5	.	.	PROPN
ftr-458	189	6	461	461	NUM
ftr-458	189	7	(	(	PUNCT
ftr-458	189	8	1940	1940	NUM
ftr-458	189	9	)	)	PUNCT
ftr-458	189	10	(	(	PUNCT
ftr-458	189	11	taxing	tax	VERB
ftr-458	189	12	landlord	landlord	NOUN
ftr-458	189	13	at	at	ADP
ftr-458	189	14	expiration	expiration	NOUN
ftr-458	189	15	of	of	ADP
ftr-458	189	16	lease	lease	NOUN
ftr-458	189	17	upon	upon	SCONJ
ftr-458	189	18	receipt	receipt	NOUN
ftr-458	189	19	of	of	ADP
ftr-458	189	20	building	building	NOUN
ftr-458	189	21	constructed	construct	VERB
ftr-458	189	22	by	by	ADP
ftr-458	189	23	tenant	tenant	NOUN
ftr-458	189	24	)	)	PUNCT
ftr-458	189	25	;	;	PUNCT
ftr-458	189	26	see	see	VERB
ftr-458	189	27	stanley	stanley	PROPN
ftr-458	189	28	s.	s.	PROPN
ftr-458	189	29	surrey	surrey	PROPN
ftr-458	189	30	,	,	PUNCT
ftr-458	189	31	the	the	DET
ftr-458	189	32	supreme	supreme	PROPN
ftr-458	189	33	court	court	PROPN
ftr-458	189	34	and	and	CCONJ
ftr-458	189	35	the	the	DET
ftr-458	189	36	federal	federal	ADJ
ftr-458	189	37	income	income	NOUN
ftr-458	189	38	tax	tax	NOUN
ftr-458	189	39	:	:	PUNCT
ftr-458	189	40	some	some	DET
ftr-458	189	41	implications	implication	NOUN
ftr-458	189	42	of	of	ADP
ftr-458	189	43	the	the	DET
ftr-458	189	44	recent	recent	ADJ
ftr-458	189	45	decisions	decision	NOUN
ftr-458	189	46	,	,	PUNCT
ftr-458	189	47	35	35	NUM
ftr-458	189	48	i11	i11	NOUN
ftr-458	189	49	.	.	PUNCT
ftr-458	190	1	l.	l.	PROPN
ftr-458	190	2	rev	rev	PROPN
ftr-458	190	3	.	.	PUNCT
ftr-458	191	1	nw	nw	PROPN
ftr-458	191	2	.	.	PUNCT
ftr-458	191	3	u.	u.	PROPN
ftr-458	191	4	779	779	NUM
ftr-458	191	5	,	,	PUNCT
ftr-458	191	6	783	783	NUM
ftr-458	191	7	-	-	SYM
ftr-458	191	8	84	84	NUM
ftr-458	191	9	(	(	PUNCT
ftr-458	191	10	1941	1941	NUM
ftr-458	191	11	)	)	PUNCT
ftr-458	191	12	(	(	PUNCT
ftr-458	191	13	noting	note	VERB
ftr-458	191	14	that	that	SCONJ
ftr-458	191	15	bruun	bruun	PROPN
ftr-458	191	16	replaces	replace	VERB
ftr-458	191	17	the	the	DET
ftr-458	191	18	conceptual	conceptual	ADJ
ftr-458	191	19	approach	approach	NOUN
ftr-458	191	20	of	of	ADP
ftr-458	191	21	eisner	eisner	PROPN
ftr-458	191	22	v.	v.	PROPN
ftr-458	191	23	macomber	macomber	PROPN
ftr-458	191	24	with	with	ADP
ftr-458	191	25	an	an	DET
ftr-458	191	26	administrative	administrative	ADJ
ftr-458	191	27	rule	rule	NOUN
ftr-458	191	28	capable	capable	ADJ
ftr-458	191	29	of	of	ADP
ftr-458	191	30	"	"	PUNCT
ftr-458	191	31	routine	routine	ADJ
ftr-458	191	32	handling	handling	NOUN
ftr-458	191	33	"	"	PUNCT
ftr-458	191	34	)	)	PUNCT
ftr-458	191	35	.	.	PUNCT
ftr-458	192	1	[	[	X
ftr-458	192	2	vol	vol	NOUN
ftr-458	192	3	3:1	3:1	NUM
ftr-458	192	4	another	another	DET
ftr-458	192	5	uneasy	uneasy	ADJ
ftr-458	192	6	compromise	compromise	NOUN
ftr-458	192	7	ownership	ownership	NOUN
ftr-458	192	8	,	,	PUNCT
ftr-458	192	9	which	which	PRON
ftr-458	192	10	in	in	ADP
ftr-458	192	11	turn	turn	NOUN
ftr-458	192	12	depends	depend	VERB
ftr-458	192	13	on	on	ADP
ftr-458	192	14	benefits	benefit	NOUN
ftr-458	192	15	and	and	CCONJ
ftr-458	192	16	burdens	burden	NOUN
ftr-458	192	17	.	.	PUNCT
ftr-458	192	18	'	'	PUNCT
ftr-458	193	1	9	9	NUM
ftr-458	193	2	a	a	DET
ftr-458	193	3	disposition	disposition	NOUN
ftr-458	193	4	of	of	ADP
ftr-458	193	5	the	the	DET
ftr-458	193	6	benefits	benefit	NOUN
ftr-458	193	7	and	and	CCONJ
ftr-458	193	8	burdens	burden	NOUN
ftr-458	193	9	of	of	ADP
ftr-458	193	10	ownership	ownership	NOUN
ftr-458	193	11	,	,	PUNCT
ftr-458	193	12	including	include	VERB
ftr-458	193	13	risk	risk	NOUN
ftr-458	193	14	of	of	ADP
ftr-458	193	15	profit	profit	NOUN
ftr-458	193	16	and	and	CCONJ
ftr-458	193	17	loss	loss	NOUN
ftr-458	193	18	,	,	PUNCT
ftr-458	193	19	is	be	AUX
ftr-458	193	20	a	a	DET
ftr-458	193	21	realization	realization	NOUN
ftr-458	193	22	event	event	NOUN
ftr-458	193	23	.	.	PUNCT
ftr-458	194	1	the	the	DET
ftr-458	194	2	benefits	benefit	NOUN
ftr-458	194	3	and	and	CCONJ
ftr-458	194	4	burdens	burden	NOUN
ftr-458	194	5	test	test	NOUN
ftr-458	194	6	emphasizes	emphasize	VERB
ftr-458	194	7	risk	risk	NOUN
ftr-458	194	8	of	of	ADP
ftr-458	194	9	profit	profit	NOUN
ftr-458	194	10	and	and	CCONJ
ftr-458	194	11	loss	loss	NOUN
ftr-458	194	12	,	,	PUNCT
ftr-458	194	13	and	and	CCONJ
ftr-458	194	14	reflects	reflect	VERB
ftr-458	194	15	valuation	valuation	NOUN
ftr-458	194	16	concerns	concern	NOUN
ftr-458	194	17	and	and	CCONJ
ftr-458	194	18	formal	formal	ADJ
ftr-458	194	19	legal	legal	ADJ
ftr-458	194	20	concepts	concept	NOUN
ftr-458	194	21	unrelated	unrelated	ADJ
ftr-458	194	22	to	to	ADP
ftr-458	194	23	risk	risk	NOUN
ftr-458	194	24	.	.	PUNCT
ftr-458	195	1	a.	a.	NOUN
ftr-458	195	2	benefits	benefit	NOUN
ftr-458	195	3	and	and	CCONJ
ftr-458	195	4	burdens	burden	NOUN
ftr-458	195	5	of	of	ADP
ftr-458	195	6	ownership	ownership	NOUN
ftr-458	195	7	a	a	DET
ftr-458	195	8	disposition	disposition	NOUN
ftr-458	195	9	of	of	ADP
ftr-458	195	10	ownership	ownership	NOUN
ftr-458	195	11	of	of	ADP
ftr-458	195	12	an	an	DET
ftr-458	195	13	asset	asset	NOUN
ftr-458	195	14	is	be	AUX
ftr-458	195	15	generally	generally	ADV
ftr-458	195	16	a	a	DET
ftr-458	195	17	realization	realization	NOUN
ftr-458	195	18	event	event	NOUN
ftr-458	195	19	.	.	PUNCT
ftr-458	196	1	ownership	ownership	NOUN
ftr-458	196	2	for	for	ADP
ftr-458	196	3	this	this	DET
ftr-458	196	4	purpose	purpose	NOUN
ftr-458	196	5	is	be	AUX
ftr-458	196	6	not	not	PART
ftr-458	196	7	simply	simply	ADV
ftr-458	196	8	a	a	DET
ftr-458	196	9	matter	matter	NOUN
ftr-458	196	10	of	of	ADP
ftr-458	196	11	having	have	VERB
ftr-458	196	12	legal	legal	ADJ
ftr-458	196	13	title	title	NOUN
ftr-458	196	14	.	.	PUNCT
ftr-458	196	15	'	'	PUNCT
ftr-458	197	1	instead	instead	ADV
ftr-458	197	2	,	,	PUNCT
ftr-458	197	3	ownership	ownership	NOUN
ftr-458	197	4	depends	depend	VERB
ftr-458	197	5	on	on	ADP
ftr-458	197	6	having	have	VERB
ftr-458	197	7	the	the	DET
ftr-458	197	8	benefits	benefit	NOUN
ftr-458	197	9	and	and	CCONJ
ftr-458	197	10	burdens	burden	NOUN
ftr-458	197	11	of	of	ADP
ftr-458	197	12	ownership.2	ownership.2	NOUN
ftr-458	197	13	'	'	PUNCT
ftr-458	197	14	in	in	ADP
ftr-458	197	15	determining	determine	VERB
ftr-458	197	16	whether	whether	SCONJ
ftr-458	197	17	a	a	DET
ftr-458	197	18	sale	sale	NOUN
ftr-458	197	19	occurred	occur	VERB
ftr-458	197	20	in	in	ADP
ftr-458	197	21	grodt	grodt	PROPN
ftr-458	197	22	&	&	CCONJ
ftr-458	197	23	mckay	mckay	PROPN
ftr-458	197	24	realt	realt	PROPN
ftr-458	197	25	,	,	PUNCT
ftr-458	197	26	ic	ic	PROPN
ftr-458	197	27	.	.	PUNCT
ftr-458	198	1	v.	v.	PROPN
ftr-458	198	2	commissioner	commissioner	PROPN
ftr-458	198	3	,	,	PUNCT
ftr-458	198	4	the	the	DET
ftr-458	198	5	tax	tax	NOUN
ftr-458	198	6	court	court	NOUN
ftr-458	198	7	catalogued	catalogue	VERB
ftr-458	198	8	the	the	DET
ftr-458	198	9	relevant	relevant	ADJ
ftr-458	198	10	benefits	benefit	NOUN
ftr-458	198	11	and	and	CCONJ
ftr-458	198	12	burdens	burden	NOUN
ftr-458	198	13	:	:	PUNCT
ftr-458	198	14	(	(	PUNCT
ftr-458	198	15	1	1	X
ftr-458	198	16	)	)	PUNCT
ftr-458	198	17	whether	whether	SCONJ
ftr-458	198	18	legal	legal	ADJ
ftr-458	198	19	title	title	NOUN
ftr-458	198	20	passes	pass	VERB
ftr-458	198	21	;	;	PUNCT
ftr-458	198	22	(	(	PUNCT
ftr-458	198	23	2	2	X
ftr-458	198	24	)	)	PUNCT
ftr-458	198	25	how	how	SCONJ
ftr-458	198	26	the	the	DET
ftr-458	198	27	parties	party	NOUN
ftr-458	198	28	treat	treat	VERB
ftr-458	198	29	the	the	DET
ftr-458	198	30	transaction	transaction	NOUN
ftr-458	198	31	;	;	PUNCT
ftr-458	198	32	(	(	PUNCT
ftr-458	198	33	3	3	X
ftr-458	198	34	)	)	PUNCT
ftr-458	198	35	whether	whether	SCONJ
ftr-458	198	36	an	an	DET
ftr-458	198	37	equity	equity	NOUN
ftr-458	198	38	was	be	AUX
ftr-458	198	39	acquired	acquire	VERB
ftr-458	198	40	in	in	ADP
ftr-458	198	41	the	the	DET
ftr-458	198	42	property	property	NOUN
ftr-458	198	43	;	;	PUNCT
ftr-458	198	44	(	(	PUNCT
ftr-458	198	45	4	4	X
ftr-458	198	46	)	)	PUNCT
ftr-458	198	47	whether	whether	SCONJ
ftr-458	198	48	the	the	DET
ftr-458	198	49	contract	contract	NOUN
ftr-458	198	50	creates	create	VERB
ftr-458	198	51	a	a	DET
ftr-458	198	52	present	present	ADJ
ftr-458	198	53	obligation	obligation	NOUN
ftr-458	198	54	on	on	ADP
ftr-458	198	55	the	the	DET
ftr-458	198	56	seller	seller	NOUN
ftr-458	198	57	to	to	PART
ftr-458	198	58	execute	execute	VERB
ftr-458	198	59	and	and	CCONJ
ftr-458	198	60	deliver	deliver	VERB
ftr-458	198	61	a	a	DET
ftr-458	198	62	deed	deed	NOUN
ftr-458	198	63	and	and	CCONJ
ftr-458	198	64	a	a	DET
ftr-458	198	65	present	present	ADJ
ftr-458	198	66	obligation	obligation	NOUN
ftr-458	198	67	on	on	ADP
ftr-458	198	68	the	the	DET
ftr-458	198	69	purchaser	purchaser	NOUN
ftr-458	198	70	to	to	PART
ftr-458	198	71	make	make	VERB
ftr-458	198	72	payments	payment	NOUN
ftr-458	198	73	;	;	PUNCT
ftr-458	198	74	(	(	PUNCT
ftr-458	198	75	5	5	X
ftr-458	198	76	)	)	PUNCT
ftr-458	198	77	whether	whether	SCONJ
ftr-458	198	78	the	the	DET
ftr-458	198	79	right	right	NOUN
ftr-458	198	80	of	of	ADP
ftr-458	198	81	possession	possession	NOUN
ftr-458	198	82	is	be	AUX
ftr-458	198	83	vested	vest	VERB
ftr-458	198	84	in	in	ADP
ftr-458	198	85	the	the	DET
ftr-458	198	86	purchaser	purchaser	NOUN
ftr-458	198	87	;	;	PUNCT
ftr-458	198	88	(	(	PUNCT
ftr-458	198	89	6	6	X
ftr-458	198	90	)	)	PUNCT
ftr-458	198	91	which	which	DET
ftr-458	198	92	party	party	NOUN
ftr-458	198	93	pays	pay	VERB
ftr-458	198	94	the	the	DET
ftr-458	198	95	property	property	NOUN
ftr-458	198	96	taxes	taxis	NOUN
ftr-458	198	97	;	;	PUNCT
ftr-458	198	98	(	(	PUNCT
ftr-458	198	99	7	7	X
ftr-458	198	100	)	)	PUNCT
ftr-458	198	101	which	which	PRON
ftr-458	198	102	party	party	NOUN
ftr-458	198	103	bears	bear	VERB
ftr-458	198	104	the	the	DET
ftr-458	198	105	risk	risk	NOUN
ftr-458	198	106	of	of	ADP
ftr-458	198	107	loss	loss	NOUN
ftr-458	198	108	or	or	CCONJ
ftr-458	198	109	damage	damage	NOUN
ftr-458	198	110	to	to	ADP
ftr-458	198	111	the	the	DET
ftr-458	198	112	property	property	NOUN
ftr-458	198	113	;	;	PUNCT
ftr-458	198	114	and	and	CCONJ
ftr-458	198	115	(	(	PUNCT
ftr-458	198	116	8)	8)	NUM
ftr-458	198	117	which	which	DET
ftr-458	198	118	party	party	NOUN
ftr-458	198	119	receives	receive	VERB
ftr-458	198	120	the	the	DET
ftr-458	198	121	profits	profit	NOUN
ftr-458	198	122	from	from	ADP
ftr-458	198	123	the	the	DET
ftr-458	198	124	operation	operation	NOUN
ftr-458	198	125	and	and	CCONJ
ftr-458	198	126	sale	sale	NOUN
ftr-458	198	127	of	of	ADP
ftr-458	198	128	the	the	DET
ftr-458	198	129	property.19	property.19	NOUN
ftr-458	198	130	.	.	PUNCT
ftr-458	199	1	there	there	PRON
ftr-458	199	2	is	be	VERB
ftr-458	199	3	virtually	virtually	ADV
ftr-458	199	4	no	no	DET
ftr-458	199	5	statutory	statutory	ADJ
ftr-458	199	6	guidance	guidance	NOUN
ftr-458	199	7	and	and	CCONJ
ftr-458	199	8	little	little	ADJ
ftr-458	199	9	regulatory	regulatory	ADJ
ftr-458	199	10	guidance	guidance	NOUN
ftr-458	199	11	on	on	ADP
ftr-458	199	12	the	the	DET
ftr-458	199	13	issue	issue	NOUN
ftr-458	199	14	of	of	ADP
ftr-458	199	15	what	what	PRON
ftr-458	199	16	constitutes	constitute	VERB
ftr-458	199	17	a	a	DET
ftr-458	199	18	realization	realization	NOUN
ftr-458	199	19	event	event	NOUN
ftr-458	199	20	.	.	PUNCT
ftr-458	200	1	see	see	VERB
ftr-458	200	2	irc	irc	PROPN
ftr-458	200	3	§	§	PROPN
ftr-458	200	4	§	§	PROPN
ftr-458	200	5	61	61	NUM
ftr-458	200	6	(	(	PUNCT
ftr-458	200	7	a)(3	a)(3	NOUN
ftr-458	200	8	)	)	PUNCT
ftr-458	200	9	,	,	PUNCT
ftr-458	200	10	1001	1001	NUM
ftr-458	200	11	.	.	PUNCT
ftr-458	201	1	regulations	regulation	NOUN
ftr-458	201	2	§	§	PROPN
ftr-458	201	3	1.100	1.100	NUM
ftr-458	201	4	11(a	11(a	NUM
ftr-458	201	5	)	)	PUNCT
ftr-458	201	6	states	state	VERB
ftr-458	201	7	that	that	SCONJ
ftr-458	201	8	an	an	DET
ftr-458	201	9	exchange	exchange	NOUN
ftr-458	201	10	of	of	ADP
ftr-458	201	11	property	property	NOUN
ftr-458	201	12	for	for	ADP
ftr-458	201	13	cash	cash	NOUN
ftr-458	201	14	or	or	CCONJ
ftr-458	201	15	other	other	ADJ
ftr-458	201	16	property	property	NOUN
ftr-458	201	17	"	"	PUNCT
ftr-458	201	18	differing	differ	VERB
ftr-458	201	19	materially	materially	ADV
ftr-458	201	20	either	either	CCONJ
ftr-458	201	21	in	in	ADP
ftr-458	201	22	kind	kind	NOUN
ftr-458	201	23	or	or	CCONJ
ftr-458	201	24	in	in	ADP
ftr-458	201	25	extent	extent	NOUN
ftr-458	201	26	"	"	PUNCT
ftr-458	201	27	is	be	AUX
ftr-458	201	28	a	a	DET
ftr-458	201	29	realization	realization	NOUN
ftr-458	201	30	event	event	NOUN
ftr-458	201	31	.	.	PUNCT
ftr-458	202	1	regulations	regulation	NOUN
ftr-458	202	2	have	have	AUX
ftr-458	202	3	been	be	AUX
ftr-458	202	4	proposed	propose	VERB
ftr-458	202	5	that	that	PRON
ftr-458	202	6	would	would	AUX
ftr-458	202	7	treat	treat	VERB
ftr-458	202	8	"	"	PUNCT
ftr-458	202	9	a	a	DET
ftr-458	202	10	significant	significant	ADJ
ftr-458	202	11	modification	modification	NOUN
ftr-458	202	12	of	of	ADP
ftr-458	202	13	a	a	DET
ftr-458	202	14	debt	debt	NOUN
ftr-458	202	15	instrument	instrument	NOUN
ftr-458	202	16	"	"	PUNCT
ftr-458	202	17	as	as	ADP
ftr-458	202	18	satisfying	satisfy	VERB
ftr-458	202	19	the	the	DET
ftr-458	202	20	material	material	NOUN
ftr-458	202	21	difference	difference	NOUN
ftr-458	202	22	standard	standard	NOUN
ftr-458	202	23	.	.	PUNCT
ftr-458	203	1	prop	prop	PROPN
ftr-458	203	2	.	.	PUNCT
ftr-458	204	1	regs	regs	PROPN
ftr-458	204	2	.	.	PUNCT
ftr-458	205	1	§	§	PROPN
ftr-458	205	2	1.1001	1.1001	NUM
ftr-458	205	3	-	-	SYM
ftr-458	205	4	3	3	NUM
ftr-458	205	5	.	.	PUNCT
ftr-458	205	6	significant	significant	ADJ
ftr-458	205	7	modifications	modification	NOUN
ftr-458	205	8	include	include	VERB
ftr-458	205	9	certain	certain	ADJ
ftr-458	205	10	changes	change	NOUN
ftr-458	205	11	in	in	ADP
ftr-458	205	12	the	the	DET
ftr-458	205	13	yield	yield	NOUN
ftr-458	205	14	,	,	PUNCT
ftr-458	205	15	term	term	NOUN
ftr-458	205	16	.	.	PUNCT
ftr-458	206	1	or	or	CCONJ
ftr-458	206	2	obligor	obligor	VERB
ftr-458	206	3	of	of	ADP
ftr-458	206	4	a	a	DET
ftr-458	206	5	debt	debt	NOUN
ftr-458	206	6	instrument	instrument	NOUN
ftr-458	206	7	,	,	PUNCT
ftr-458	206	8	but	but	CCONJ
ftr-458	206	9	not	not	PART
ftr-458	206	10	a	a	DET
ftr-458	206	11	"	"	PUNCT
ftr-458	206	12	ministerial	ministerial	ADJ
ftr-458	206	13	change	change	NOUN
ftr-458	206	14	.	.	PUNCT
ftr-458	206	15	"	"	PUNCT
ftr-458	207	1	prop	prop	NOUN
ftr-458	207	2	.	.	PUNCT
ftr-458	207	3	regs	regs	PROPN
ftr-458	207	4	.	.	PUNCT
ftr-458	208	1	§	§	PROPN
ftr-458	208	2	1.1001	1.1001	NUM
ftr-458	208	3	-	-	PUNCT
ftr-458	208	4	3(e	3(e	NUM
ftr-458	208	5	)	)	PUNCT
ftr-458	208	6	.	.	PUNCT
ftr-458	209	1	most	most	ADJ
ftr-458	209	2	gnidance	gnidance	NOUN
ftr-458	209	3	on	on	ADP
ftr-458	209	4	realization	realization	NOUN
ftr-458	209	5	is	be	AUX
ftr-458	209	6	found	find	VERB
ftr-458	209	7	in	in	ADP
ftr-458	209	8	case	case	NOUN
ftr-458	209	9	law	law	NOUN
ftr-458	209	10	.	.	PUNCT
ftr-458	210	1	20	20	NUM
ftr-458	210	2	.	.	X
ftr-458	210	3	helvering	helvere	VERB
ftr-458	210	4	v.	v.	ADP
ftr-458	210	5	f.	f.	PROPN
ftr-458	210	6	&	&	CCONJ
ftr-458	210	7	r.	r.	PROPN
ftr-458	210	8	lazarus	lazarus	PROPN
ftr-458	210	9	&	&	CCONJ
ftr-458	210	10	co	co	PROPN
ftr-458	210	11	..	..	PROPN
ftr-458	210	12	308	308	NUM
ftr-458	210	13	u.s	u.s	PROPN
ftr-458	210	14	.	.	PROPN
ftr-458	210	15	252	252	NUM
ftr-458	210	16	(	(	PUNCT
ftr-458	210	17	1939	1939	NUM
ftr-458	210	18	)	)	PUNCT
ftr-458	210	19	(	(	PUNCT
ftr-458	210	20	holding	hold	VERB
ftr-458	210	21	no	no	DET
ftr-458	210	22	sale	sale	NOUN
ftr-458	210	23	notwithstanding	notwithstanding	ADP
ftr-458	210	24	transfer	transfer	NOUN
ftr-458	210	25	of	of	ADP
ftr-458	210	26	title	title	NOUN
ftr-458	210	27	)	)	PUNCT
ftr-458	210	28	.	.	PUNCT
ftr-458	211	1	21	21	NUM
ftr-458	211	2	.	.	X
ftr-458	212	1	see	see	VERB
ftr-458	212	2	,	,	PUNCT
ftr-458	212	3	e.g.	e.g.	ADV
ftr-458	212	4	,	,	PUNCT
ftr-458	212	5	grodt	grodt	PROPN
ftr-458	212	6	&	&	CCONJ
ftr-458	212	7	mckay	mckay	PROPN
ftr-458	212	8	realty	realty	PROPN
ftr-458	212	9	.	.	PUNCT
ftr-458	213	1	inc	inc	PROPN
ftr-458	213	2	.	.	PROPN
ftr-458	214	1	v.	v.	PROPN
ftr-458	214	2	commissioner	commissioner	PROPN
ftr-458	214	3	,	,	PUNCT
ftr-458	214	4	77	77	NUM
ftr-458	214	5	t.c	t.c	PROPN
ftr-458	214	6	.	.	PROPN
ftr-458	214	7	1221	1221	NUM
ftr-458	214	8	.	.	PUNCT
ftr-458	215	1	1237	1237	NUM
ftr-458	215	2	(	(	PUNCT
ftr-458	215	3	1981	1981	NUM
ftr-458	215	4	)	)	PUNCT
ftr-458	215	5	(	(	PUNCT
ftr-458	216	1	finding	find	VERB
ftr-458	216	2	that	that	SCONJ
ftr-458	216	3	the	the	DET
ftr-458	216	4	passage	passage	NOUN
ftr-458	216	5	of	of	ADP
ftr-458	216	6	benefits	benefit	NOUN
ftr-458	216	7	and	and	CCONJ
ftr-458	216	8	burdens	burden	NOUN
ftr-458	216	9	is	be	AUX
ftr-458	216	10	"	"	PUNCT
ftr-458	216	11	key	key	ADJ
ftr-458	216	12	"	"	PUNCT
ftr-458	216	13	to	to	PART
ftr-458	216	14	sale	sale	NOUN
ftr-458	216	15	)	)	PUNCT
ftr-458	216	16	merrill	merrill	PROPN
ftr-458	216	17	v.	v.	PROPN
ftr-458	216	18	commissioner	commissioner	PROPN
ftr-458	216	19	,	,	PUNCT
ftr-458	216	20	40	40	NUM
ftr-458	216	21	t.c	t.c	PROPN
ftr-458	216	22	.	.	PROPN
ftr-458	216	23	66	66	NUM
ftr-458	216	24	,	,	PUNCT
ftr-458	216	25	76	76	NUM
ftr-458	216	26	(	(	PUNCT
ftr-458	216	27	1963	1963	NUM
ftr-458	216	28	)	)	PUNCT
ftr-458	216	29	.	.	PUNCT
ftr-458	217	1	affd	affd	PROPN
ftr-458	217	2	.	.	PROPN
ftr-458	218	1	336	336	NUM
ftr-458	218	2	f.2d	f.2d	ADP
ftr-458	218	3	771	771	NUM
ftr-458	218	4	(	(	PUNCT
ftr-458	218	5	9th	9th	ADJ
ftr-458	218	6	cir	cir	NOUN
ftr-458	218	7	.	.	PROPN
ftr-458	218	8	1964	1964	NUM
ftr-458	218	9	)	)	PUNCT
ftr-458	219	1	(	(	PUNCT
ftr-458	219	2	deciding	decide	VERB
ftr-458	219	3	that	that	DET
ftr-458	219	4	seller	seller	NOUN
ftr-458	219	5	's	's	PART
ftr-458	219	6	holding	hold	VERB
ftr-458	219	7	period	period	NOUN
ftr-458	219	8	ended	end	VERB
ftr-458	219	9	prior	prior	ADV
ftr-458	219	10	to	to	ADP
ftr-458	219	11	passage	passage	NOUN
ftr-458	219	12	of	of	ADP
ftr-458	219	13	bare	bare	ADJ
ftr-458	219	14	legal	legal	ADJ
ftr-458	219	15	title	title	NOUN
ftr-458	219	16	because	because	SCONJ
ftr-458	219	17	buyers	buyer	NOUN
ftr-458	219	18	obtained	obtain	VERB
ftr-458	219	19	"	"	PUNCT
ftr-458	219	20	almost	almost	ADV
ftr-458	219	21	all	all	DET
ftr-458	219	22	the	the	DET
ftr-458	219	23	incidents	incident	NOUN
ftr-458	219	24	,	,	PUNCT
ftr-458	219	25	both	both	CCONJ
ftr-458	219	26	beneficial	beneficial	ADJ
ftr-458	219	27	and	and	CCONJ
ftr-458	219	28	detrimental	detrimental	ADJ
ftr-458	219	29	,	,	PUNCT
ftr-458	219	30	of	of	ADP
ftr-458	219	31	total	total	ADJ
ftr-458	219	32	ownership	ownership	NOUN
ftr-458	219	33	"	"	PUNCT
ftr-458	219	34	)	)	PUNCT
ftr-458	219	35	.	.	PUNCT
ftr-458	220	1	22	22	NUM
ftr-458	220	2	.	.	X
ftr-458	221	1	77	77	NUM
ftr-458	221	2	t.c	t.c	PROPN
ftr-458	221	3	.	.	PROPN
ftr-458	221	4	1221	1221	NUM
ftr-458	221	5	,	,	PUNCT
ftr-458	221	6	1237	1237	NUM
ftr-458	221	7	-	-	SYM
ftr-458	221	8	38	38	NUM
ftr-458	221	9	(	(	PUNCT
ftr-458	221	10	1981	1981	NUM
ftr-458	221	11	)	)	PUNCT
ftr-458	221	12	(	(	PUNCT
ftr-458	221	13	citations	citation	NOUN
ftr-458	221	14	omitted	omit	VERB
ftr-458	221	15	)	)	PUNCT
ftr-458	221	16	.	.	PUNCT
ftr-458	222	1	the	the	DET
ftr-458	222	2	tax	tax	NOUN
ftr-458	222	3	court	court	NOUN
ftr-458	222	4	and	and	CCONJ
ftr-458	222	5	other	other	ADJ
ftr-458	222	6	courts	court	NOUN
ftr-458	222	7	have	have	AUX
ftr-458	222	8	subsequently	subsequently	ADV
ftr-458	222	9	used	use	VERB
ftr-458	222	10	those	those	DET
ftr-458	222	11	factors	factor	NOUN
ftr-458	222	12	.	.	PUNCT
ftr-458	223	1	see	see	VERB
ftr-458	223	2	,	,	PUNCT
ftr-458	223	3	e.g	e.g	PROPN
ftr-458	223	4	..	..	PROPN
ftr-458	223	5	bailey	bailey	PROPN
ftr-458	223	6	v.	v.	PROPN
ftr-458	223	7	commissioner	commissioner	PROPN
ftr-458	223	8	.	.	PUNCT
ftr-458	224	1	912	912	NUM
ftr-458	224	2	f.2d	f.2d	NUM
ftr-458	224	3	44	44	NUM
ftr-458	224	4	,	,	PUNCT
ftr-458	224	5	47	47	NUM
ftr-458	224	6	(	(	PUNCT
ftr-458	224	7	2d	2d	NUM
ftr-458	224	8	cir	cir	NOUN
ftr-458	224	9	.	.	PUNCT
ftr-458	224	10	1990	1990	NUM
ftr-458	224	11	)	)	PUNCT
ftr-458	224	12	(	(	PUNCT
ftr-458	224	13	stating	state	VERB
ftr-458	224	14	that	that	SCONJ
ftr-458	224	15	"	"	PUNCT
ftr-458	224	16	many	many	ADJ
ftr-458	224	17	different	different	ADJ
ftr-458	224	18	factors	factor	NOUN
ftr-458	224	19	"	"	PUNCT
ftr-458	224	20	determine	determine	VERB
ftr-458	224	21	tax	tax	NOUN
ftr-458	224	22	ownership	ownership	NOUN
ftr-458	224	23	)	)	PUNCT
ftr-458	224	24	;	;	PUNCT
ftr-458	225	1	benedict	benedict	PROPN
ftr-458	225	2	v.	v.	PROPN
ftr-458	225	3	united	united	PROPN
ftr-458	225	4	states	states	PROPN
ftr-458	225	5	,	,	PUNCT
ftr-458	225	6	881	881	NUM
ftr-458	225	7	f.	f.	PROPN
ftr-458	225	8	supp	supp	PROPN
ftr-458	225	9	.	.	PUNCT
ftr-458	225	10	1532	1532	NUM
ftr-458	225	11	,	,	PUNCT
ftr-458	225	12	1542	1542	NUM
ftr-458	225	13	-	-	SYM
ftr-458	225	14	50	50	NUM
ftr-458	225	15	(	(	PUNCT
ftr-458	225	16	d.c	d.c	PROPN
ftr-458	225	17	.	.	PROPN
ftr-458	225	18	utah	utah	PROPN
ftr-458	225	19	1995	1995	NUM
ftr-458	225	20	)	)	PUNCT
ftr-458	225	21	(	(	PUNCT
ftr-458	225	22	analyzing	analyze	VERB
ftr-458	225	23	each	each	DET
ftr-458	225	24	grodt	grodt	PROPN
ftr-458	225	25	&	&	CCONJ
ftr-458	225	26	mckay	mckay	PROPN
ftr-458	225	27	factor	factor	PROPN
ftr-458	225	28	)	)	PUNCT
ftr-458	225	29	.	.	PUNCT
ftr-458	226	1	1996	1996	NUM
ftr-458	226	2	]	]	PUNCT
ftr-458	226	3	florida	florida	PROPN
ftr-458	226	4	tax	tax	PROPN
ftr-458	226	5	review	review	PROPN
ftr-458	226	6	as	as	SCONJ
ftr-458	226	7	reflected	reflect	VERB
ftr-458	226	8	in	in	ADP
ftr-458	226	9	items	item	NOUN
ftr-458	226	10	(	(	PUNCT
ftr-458	226	11	7	7	NUM
ftr-458	226	12	)	)	PUNCT
ftr-458	226	13	and	and	CCONJ
ftr-458	226	14	(	(	PUNCT
ftr-458	226	15	8)	8)	NUM
ftr-458	226	16	,	,	PUNCT
ftr-458	226	17	risk	risk	NOUN
ftr-458	226	18	of	of	ADP
ftr-458	226	19	profit	profit	NOUN
ftr-458	226	20	and	and	CCONJ
ftr-458	226	21	loss	loss	NOUN
ftr-458	226	22	is	be	AUX
ftr-458	226	23	a	a	DET
ftr-458	226	24	prominent	prominent	ADJ
ftr-458	226	25	theme	theme	NOUN
ftr-458	226	26	.	.	PUNCT
ftr-458	227	1	for	for	ADP
ftr-458	227	2	example	example	NOUN
ftr-458	227	3	,	,	PUNCT
ftr-458	227	4	in	in	ADP
ftr-458	227	5	bradford	bradford	PROPN
ftr-458	227	6	v.	v.	PROPN
ftr-458	227	7	united	united	PROPN
ftr-458	227	8	states	states	PROPN
ftr-458	227	9	,	,	PUNCT
ftr-458	227	10	a	a	DET
ftr-458	227	11	taxpayer	taxpayer	NOUN
ftr-458	227	12	that	that	PRON
ftr-458	227	13	acquired	acquire	VERB
ftr-458	227	14	shares	share	NOUN
ftr-458	227	15	subject	subject	ADJ
ftr-458	227	16	to	to	ADP
ftr-458	227	17	an	an	DET
ftr-458	227	18	obligation	obligation	NOUN
ftr-458	227	19	to	to	PART
ftr-458	227	20	resell	resell	VERB
ftr-458	227	21	them	they	PRON
ftr-458	227	22	at	at	ADP
ftr-458	227	23	a	a	DET
ftr-458	227	24	specified	specified	ADJ
ftr-458	227	25	time	time	NOUN
ftr-458	227	26	for	for	ADP
ftr-458	227	27	a	a	DET
ftr-458	227	28	fixed	fix	VERB
ftr-458	227	29	price	price	NOUN
ftr-458	227	30	had	have	VERB
ftr-458	227	31	a	a	DET
ftr-458	227	32	holding	hold	VERB
ftr-458	227	33	period	period	NOUN
ftr-458	227	34	in	in	ADP
ftr-458	227	35	the	the	DET
ftr-458	227	36	shares	share	NOUN
ftr-458	227	37	of	of	ADP
ftr-458	227	38	zero	zero	NUM
ftr-458	227	39	because	because	SCONJ
ftr-458	227	40	the	the	DET
ftr-458	227	41	purchaser	purchaser	NOUN
ftr-458	227	42	would	would	AUX
ftr-458	227	43	enjoy	enjoy	VERB
ftr-458	227	44	appreciation	appreciation	NOUN
ftr-458	227	45	or	or	CCONJ
ftr-458	227	46	suffer	suffer	VERB
ftr-458	227	47	depreciation	depreciation	NOUN
ftr-458	227	48	in	in	ADP
ftr-458	227	49	the	the	DET
ftr-458	227	50	shares	share	NOUN
ftr-458	227	51	arising	arise	VERB
ftr-458	227	52	after	after	SCONJ
ftr-458	227	53	the	the	DET
ftr-458	227	54	taxpayer	taxpayer	NOUN
ftr-458	227	55	acquired	acquire	VERB
ftr-458	227	56	them.23	them.23	INTJ
ftr-458	227	57	in	in	ADP
ftr-458	227	58	determining	determine	VERB
ftr-458	227	59	whether	whether	SCONJ
ftr-458	227	60	an	an	DET
ftr-458	227	61	estate	estate	NOUN
ftr-458	227	62	sells	sell	VERB
ftr-458	227	63	assets	asset	NOUN
ftr-458	227	64	to	to	ADP
ftr-458	227	65	beneficiaries	beneficiary	NOUN
ftr-458	227	66	,	,	PUNCT
ftr-458	227	67	risk	risk	NOUN
ftr-458	227	68	of	of	ADP
ftr-458	227	69	profit	profit	NOUN
ftr-458	227	70	and	and	CCONJ
ftr-458	227	71	loss	loss	NOUN
ftr-458	227	72	is	be	AUX
ftr-458	227	73	often	often	ADV
ftr-458	227	74	critical	critical	ADJ
ftr-458	227	75	.	.	PUNCT
ftr-458	228	1	in	in	ADP
ftr-458	228	2	the	the	DET
ftr-458	228	3	case	case	NOUN
ftr-458	228	4	of	of	ADP
ftr-458	228	5	a	a	DET
ftr-458	228	6	specific	specific	ADJ
ftr-458	228	7	bequest	bequest	NOUN
ftr-458	228	8	,	,	PUNCT
ftr-458	228	9	where	where	SCONJ
ftr-458	228	10	the	the	DET
ftr-458	228	11	will	will	NOUN
ftr-458	228	12	identifies	identify	VERB
ftr-458	228	13	particular	particular	ADJ
ftr-458	228	14	property	property	NOUN
ftr-458	228	15	to	to	PART
ftr-458	228	16	be	be	AUX
ftr-458	228	17	delivered	deliver	VERB
ftr-458	228	18	to	to	ADP
ftr-458	228	19	the	the	DET
ftr-458	228	20	beneficiary	beneficiary	NOUN
ftr-458	228	21	,	,	PUNCT
ftr-458	228	22	the	the	DET
ftr-458	228	23	estate	estate	NOUN
ftr-458	228	24	does	do	AUX
ftr-458	228	25	not	not	PART
ftr-458	228	26	realize	realize	VERB
ftr-458	228	27	gain	gain	NOUN
ftr-458	228	28	or	or	CCONJ
ftr-458	228	29	loss	loss	NOUN
ftr-458	228	30	on	on	ADP
ftr-458	228	31	transferring	transfer	VERB
ftr-458	228	32	the	the	DET
ftr-458	228	33	property	property	NOUN
ftr-458	228	34	to	to	ADP
ftr-458	228	35	the	the	DET
ftr-458	228	36	beneficiary	beneficiary	NOUN
ftr-458	228	37	because	because	SCONJ
ftr-458	228	38	the	the	DET
ftr-458	228	39	estate	estate	NOUN
ftr-458	228	40	was	be	AUX
ftr-458	228	41	never	never	ADV
ftr-458	228	42	exposed	expose	VERB
ftr-458	228	43	to	to	ADP
ftr-458	228	44	risk	risk	NOUN
ftr-458	228	45	in	in	ADP
ftr-458	228	46	the	the	DET
ftr-458	228	47	several	several	ADJ
ftr-458	228	48	extensive	extensive	ADJ
ftr-458	228	49	studies	study	NOUN
ftr-458	228	50	of	of	ADP
ftr-458	228	51	tax	tax	NOUN
ftr-458	228	52	ownership	ownership	NOUN
ftr-458	228	53	have	have	AUX
ftr-458	228	54	been	be	AUX
ftr-458	228	55	made	make	VERB
ftr-458	228	56	.	.	PUNCT
ftr-458	229	1	richard	richard	PROPN
ftr-458	229	2	marsh	marsh	PROPN
ftr-458	229	3	argues	argue	VERB
ftr-458	229	4	that	that	SCONJ
ftr-458	229	5	the	the	DET
ftr-458	229	6	multi	multi	ADJ
ftr-458	229	7	-	-	ADJ
ftr-458	229	8	factor	factor	NOUN
ftr-458	229	9	test	test	NOUN
ftr-458	229	10	described	describe	VERB
ftr-458	229	11	in	in	ADP
ftr-458	229	12	grodt	grodt	PROPN
ftr-458	229	13	&	&	CCONJ
ftr-458	229	14	mckay	mckay	PROPN
ftr-458	229	15	is	be	AUX
ftr-458	229	16	one	one	NUM
ftr-458	229	17	of	of	ADP
ftr-458	229	18	at	at	ADV
ftr-458	229	19	least	least	ADV
ftr-458	229	20	six	six	NUM
ftr-458	229	21	tests	test	NOUN
ftr-458	229	22	for	for	ADP
ftr-458	229	23	a	a	DET
ftr-458	229	24	sale	sale	NOUN
ftr-458	229	25	of	of	ADP
ftr-458	229	26	real	real	ADJ
ftr-458	229	27	estate	estate	NOUN
ftr-458	229	28	that	that	PRON
ftr-458	229	29	courts	court	NOUN
ftr-458	229	30	have	have	AUX
ftr-458	229	31	purported	purport	VERB
ftr-458	229	32	to	to	PART
ftr-458	229	33	apply	apply	VERB
ftr-458	229	34	.	.	PUNCT
ftr-458	230	1	the	the	DET
ftr-458	230	2	others	other	NOUN
ftr-458	230	3	are	be	AUX
ftr-458	230	4	whether	whether	SCONJ
ftr-458	230	5	title	title	NOUN
ftr-458	230	6	has	have	AUX
ftr-458	230	7	passed	pass	VERB
ftr-458	230	8	,	,	PUNCT
ftr-458	230	9	whether	whether	SCONJ
ftr-458	230	10	the	the	DET
ftr-458	230	11	parties	party	NOUN
ftr-458	230	12	intended	intend	VERB
ftr-458	230	13	a	a	DET
ftr-458	230	14	sale	sale	NOUN
ftr-458	230	15	,	,	PUNCT
ftr-458	230	16	whether	whether	SCONJ
ftr-458	230	17	the	the	DET
ftr-458	230	18	purchasers	purchaser	NOUN
ftr-458	230	19	are	be	AUX
ftr-458	230	20	unconditionally	unconditionally	ADV
ftr-458	230	21	obligated	obligate	VERB
ftr-458	230	22	to	to	PART
ftr-458	230	23	pay	pay	VERB
ftr-458	230	24	,	,	PUNCT
ftr-458	230	25	whether	whether	SCONJ
ftr-458	230	26	sufficient	sufficient	ADJ
ftr-458	230	27	benefits	benefit	NOUN
ftr-458	230	28	and	and	CCONJ
ftr-458	230	29	burdens	burden	NOUN
ftr-458	230	30	of	of	ADP
ftr-458	230	31	ownership	ownership	NOUN
ftr-458	230	32	pass	pass	NOUN
ftr-458	230	33	,	,	PUNCT
ftr-458	230	34	and	and	CCONJ
ftr-458	230	35	whether	whether	SCONJ
ftr-458	230	36	either	either	CCONJ
ftr-458	230	37	title	title	NOUN
ftr-458	230	38	or	or	CCONJ
ftr-458	230	39	benefits	benefit	NOUN
ftr-458	230	40	and	and	CCONJ
ftr-458	230	41	burdens	burden	NOUN
ftr-458	230	42	of	of	ADP
ftr-458	230	43	ownership	ownership	NOUN
ftr-458	230	44	pass	pass	NOUN
ftr-458	230	45	.	.	PUNCT
ftr-458	231	1	marsh	marsh	PROPN
ftr-458	231	2	argues	argue	VERB
ftr-458	231	3	that	that	SCONJ
ftr-458	231	4	with	with	ADP
ftr-458	231	5	certain	certain	ADJ
ftr-458	231	6	modifications	modification	NOUN
ftr-458	231	7	,	,	PUNCT
ftr-458	231	8	the	the	DET
ftr-458	231	9	benefits	benefit	NOUN
ftr-458	231	10	and	and	CCONJ
ftr-458	231	11	burdens	burden	NOUN
ftr-458	231	12	test	test	VERB
ftr-458	231	13	best	well	ADV
ftr-458	231	14	reconciles	reconcile	VERB
ftr-458	231	15	the	the	DET
ftr-458	231	16	cases	case	NOUN
ftr-458	231	17	.	.	PUNCT
ftr-458	232	1	he	he	PRON
ftr-458	232	2	advocates	advocate	VERB
ftr-458	232	3	a	a	DET
ftr-458	232	4	three	three	NUM
ftr-458	232	5	-	-	PUNCT
ftr-458	232	6	pronged	pronged	ADJ
ftr-458	232	7	test	test	NOUN
ftr-458	232	8	for	for	ADP
ftr-458	232	9	real	real	ADJ
ftr-458	232	10	estate	estate	NOUN
ftr-458	232	11	sales	sale	NOUN
ftr-458	232	12	:	:	PUNCT
ftr-458	232	13	(	(	PUNCT
ftr-458	232	14	1	1	X
ftr-458	232	15	)	)	PUNCT
ftr-458	232	16	whether	whether	SCONJ
ftr-458	232	17	the	the	DET
ftr-458	232	18	purchaser	purchaser	NOUN
ftr-458	232	19	has	have	AUX
ftr-458	232	20	acquired	acquire	VERB
ftr-458	232	21	at	at	ADP
ftr-458	232	22	least	least	ADJ
ftr-458	232	23	the	the	DET
ftr-458	232	24	overall	overall	ADJ
ftr-458	232	25	potential	potential	NOUN
ftr-458	232	26	for	for	ADP
ftr-458	232	27	appreciation	appreciation	NOUN
ftr-458	232	28	in	in	ADP
ftr-458	232	29	the	the	DET
ftr-458	232	30	property	property	NOUN
ftr-458	232	31	,	,	PUNCT
ftr-458	232	32	(	(	PUNCT
ftr-458	232	33	2	2	X
ftr-458	232	34	)	)	PUNCT
ftr-458	232	35	whether	whether	SCONJ
ftr-458	232	36	the	the	DET
ftr-458	232	37	risks	risk	NOUN
ftr-458	232	38	and	and	CCONJ
ftr-458	232	39	rewards	reward	NOUN
ftr-458	232	40	of	of	ADP
ftr-458	232	41	operation	operation	NOUN
ftr-458	232	42	of	of	ADP
ftr-458	232	43	the	the	DET
ftr-458	232	44	property	property	NOUN
ftr-458	232	45	have	have	AUX
ftr-458	232	46	shifted	shift	VERB
ftr-458	232	47	in	in	ADP
ftr-458	232	48	some	some	DET
ftr-458	232	49	significant	significant	ADJ
ftr-458	232	50	manner	manner	NOUN
ftr-458	232	51	from	from	ADP
ftr-458	232	52	the	the	DET
ftr-458	232	53	seller	seller	NOUN
ftr-458	232	54	to	to	ADP
ftr-458	232	55	the	the	DET
ftr-458	232	56	purchaser	purchaser	NOUN
ftr-458	232	57	,	,	PUNCT
ftr-458	232	58	and	and	CCONJ
ftr-458	232	59	(	(	PUNCT
ftr-458	232	60	3	3	X
ftr-458	232	61	)	)	PUNCT
ftr-458	232	62	whether	whether	SCONJ
ftr-458	232	63	the	the	DET
ftr-458	232	64	purchaser	purchaser	NOUN
ftr-458	232	65	has	have	VERB
ftr-458	232	66	the	the	DET
ftr-458	232	67	most	most	ADJ
ftr-458	232	68	"	"	PUNCT
ftr-458	232	69	junior	junior	ADJ
ftr-458	232	70	"	"	PUNCT
ftr-458	232	71	stake	stake	NOUN
ftr-458	232	72	in	in	ADP
ftr-458	232	73	the	the	DET
ftr-458	232	74	property	property	NOUN
ftr-458	232	75	's	's	PART
ftr-458	232	76	residual	residual	ADJ
ftr-458	232	77	,	,	PUNCT
ftr-458	232	78	except	except	SCONJ
ftr-458	232	79	for	for	ADP
ftr-458	232	80	any	any	DET
ftr-458	232	81	nonrecourse	nonrecourse	NOUN
ftr-458	232	82	lender	lender	NOUN
ftr-458	232	83	or	or	CCONJ
ftr-458	232	84	the	the	DET
ftr-458	232	85	equivalent	equivalent	NOUN
ftr-458	232	86	.	.	PUNCT
ftr-458	233	1	richard	richard	PROPN
ftr-458	233	2	e.	e.	PROPN
ftr-458	233	3	marsh	marsh	PROPN
ftr-458	233	4	,	,	PUNCT
ftr-458	233	5	jr	jr	PROPN
ftr-458	233	6	.	.	PROPN
ftr-458	233	7	,	,	PUNCT
ftr-458	233	8	tax	tax	NOUN
ftr-458	233	9	ownership	ownership	NOUN
ftr-458	233	10	of	of	ADP
ftr-458	233	11	real	real	ADJ
ftr-458	233	12	estate	estate	NOUN
ftr-458	233	13	,	,	PUNCT
ftr-458	233	14	39	39	NUM
ftr-458	233	15	tax	tax	NOUN
ftr-458	233	16	law	law	NOUN
ftr-458	233	17	.	.	PUNCT
ftr-458	234	1	563	563	NUM
ftr-458	234	2	,	,	PUNCT
ftr-458	234	3	566	566	NUM
ftr-458	234	4	-	-	SYM
ftr-458	234	5	67	67	NUM
ftr-458	234	6	(	(	PUNCT
ftr-458	234	7	1985	1985	NUM
ftr-458	234	8	)	)	PUNCT
ftr-458	234	9	.	.	PUNCT
ftr-458	235	1	examining	examine	VERB
ftr-458	235	2	tax	tax	NOUN
ftr-458	235	3	ownership	ownership	NOUN
ftr-458	235	4	in	in	ADP
ftr-458	235	5	the	the	DET
ftr-458	235	6	context	context	NOUN
ftr-458	235	7	of	of	ADP
ftr-458	235	8	leasing	leasing	NOUN
ftr-458	235	9	transactions	transaction	NOUN
ftr-458	235	10	,	,	PUNCT
ftr-458	235	11	michael	michael	PROPN
ftr-458	235	12	simonson	simonson	PROPN
ftr-458	235	13	also	also	ADV
ftr-458	235	14	proposes	propose	VERB
ftr-458	235	15	a	a	DET
ftr-458	235	16	three	three	NUM
ftr-458	235	17	-	-	PUNCT
ftr-458	235	18	part	part	NOUN
ftr-458	235	19	test	test	NOUN
ftr-458	235	20	:	:	PUNCT
ftr-458	235	21	(	(	PUNCT
ftr-458	235	22	1	1	X
ftr-458	235	23	)	)	PUNCT
ftr-458	235	24	whether	whether	SCONJ
ftr-458	235	25	the	the	DET
ftr-458	235	26	lessor	lessor	NOUN
ftr-458	235	27	retained	retain	VERB
ftr-458	235	28	an	an	DET
ftr-458	235	29	asset	asset	NOUN
ftr-458	235	30	of	of	ADP
ftr-458	235	31	value	value	NOUN
ftr-458	235	32	at	at	ADP
ftr-458	235	33	the	the	DET
ftr-458	235	34	end	end	NOUN
ftr-458	235	35	of	of	ADP
ftr-458	235	36	the	the	DET
ftr-458	235	37	lease	lease	NOUN
ftr-458	235	38	term	term	NOUN
ftr-458	235	39	,	,	PUNCT
ftr-458	235	40	(	(	PUNCT
ftr-458	235	41	2	2	X
ftr-458	235	42	)	)	PUNCT
ftr-458	235	43	whether	whether	SCONJ
ftr-458	235	44	the	the	DET
ftr-458	235	45	lessor	lessor	NOUN
ftr-458	235	46	made	make	VERB
ftr-458	235	47	a	a	DET
ftr-458	235	48	significant	significant	ADJ
ftr-458	235	49	equity	equity	NOUN
ftr-458	235	50	investment	investment	NOUN
ftr-458	235	51	in	in	ADP
ftr-458	235	52	the	the	DET
ftr-458	235	53	leased	lease	VERB
ftr-458	235	54	property	property	NOUN
ftr-458	235	55	at	at	ADP
ftr-458	235	56	some	some	DET
ftr-458	235	57	point	point	NOUN
ftr-458	235	58	during	during	ADP
ftr-458	235	59	the	the	DET
ftr-458	235	60	lease	lease	NOUN
ftr-458	235	61	term	term	NOUN
ftr-458	235	62	and	and	CCONJ
ftr-458	235	63	,	,	PUNCT
ftr-458	235	64	most	most	ADV
ftr-458	235	65	significantly	significantly	ADV
ftr-458	235	66	,	,	PUNCT
ftr-458	235	67	(	(	PUNCT
ftr-458	235	68	3	3	X
ftr-458	235	69	)	)	PUNCT
ftr-458	235	70	whether	whether	SCONJ
ftr-458	235	71	the	the	DET
ftr-458	235	72	lessor	lessor	NOUN
ftr-458	235	73	retained	retain	VERB
ftr-458	235	74	either	either	CCONJ
ftr-458	235	75	"	"	PUNCT
ftr-458	235	76	upside	upside	ADJ
ftr-458	235	77	"	"	PUNCT
ftr-458	235	78	potential	potential	ADJ
ftr-458	235	79	or	or	CCONJ
ftr-458	235	80	"	"	PUNCT
ftr-458	235	81	downside	downside	ADJ
ftr-458	235	82	"	"	PUNCT
ftr-458	235	83	risk	risk	NOUN
ftr-458	235	84	normally	normally	ADV
ftr-458	235	85	associated	associate	VERB
ftr-458	235	86	with	with	ADP
ftr-458	235	87	the	the	DET
ftr-458	235	88	ownership	ownership	NOUN
ftr-458	235	89	position	position	NOUN
ftr-458	235	90	of	of	ADP
ftr-458	235	91	a	a	DET
ftr-458	235	92	lessor	lessor	NOUN
ftr-458	235	93	.	.	PUNCT
ftr-458	236	1	michael	michael	PROPN
ftr-458	236	2	h.	h.	PROPN
ftr-458	236	3	simonson	simonson	PROPN
ftr-458	236	4	,	,	PUNCT
ftr-458	236	5	determining	determine	VERB
ftr-458	236	6	tax	tax	NOUN
ftr-458	236	7	ownership	ownership	NOUN
ftr-458	236	8	of	of	ADP
ftr-458	236	9	leased	lease	VERB
ftr-458	236	10	property	property	NOUN
ftr-458	236	11	,	,	PUNCT
ftr-458	236	12	38	38	NUM
ftr-458	236	13	tax	tax	NOUN
ftr-458	236	14	law	law	NOUN
ftr-458	236	15	.	.	PUNCT
ftr-458	237	1	1	1	NUM
ftr-458	237	2	,	,	PUNCT
ftr-458	237	3	3	3	NUM
ftr-458	237	4	(	(	PUNCT
ftr-458	237	5	1984	1984	NUM
ftr-458	237	6	)	)	PUNCT
ftr-458	237	7	.	.	PUNCT
ftr-458	238	1	simonson	simonson	PROPN
ftr-458	238	2	rejects	reject	VERB
ftr-458	238	3	as	as	ADP
ftr-458	238	4	unhelpful	unhelpful	ADJ
ftr-458	238	5	distractions	distraction	NOUN
ftr-458	238	6	the	the	DET
ftr-458	238	7	economic	economic	ADJ
ftr-458	238	8	profit	profit	NOUN
ftr-458	238	9	requirement	requirement	NOUN
ftr-458	238	10	and	and	CCONJ
ftr-458	238	11	subjective	subjective	ADJ
ftr-458	238	12	intent	intent	ADJ
ftr-458	238	13	inquiry	inquiry	NOUN
ftr-458	238	14	that	that	SCONJ
ftr-458	238	15	courts	court	NOUN
ftr-458	238	16	often	often	ADV
ftr-458	238	17	use	use	VERB
ftr-458	238	18	.	.	PUNCT
ftr-458	239	1	see	see	VERB
ftr-458	239	2	peter	peter	PROPN
ftr-458	239	3	l.	l.	PROPN
ftr-458	239	4	faber	faber	PROPN
ftr-458	239	5	,	,	PUNCT
ftr-458	239	6	determining	determine	VERB
ftr-458	239	7	the	the	DET
ftr-458	239	8	owner	owner	NOUN
ftr-458	239	9	of	of	ADP
ftr-458	239	10	an	an	DET
ftr-458	239	11	asset	asset	NOUN
ftr-458	239	12	for	for	ADP
ftr-458	239	13	tax	tax	NOUN
ftr-458	239	14	purposes	purpose	NOUN
ftr-458	239	15	,	,	PUNCT
ftr-458	239	16	61	61	NUM
ftr-458	239	17	taxes	taxis	NOUN
ftr-458	239	18	795	795	NUM
ftr-458	239	19	,	,	PUNCT
ftr-458	239	20	809	809	NUM
ftr-458	239	21	(	(	PUNCT
ftr-458	239	22	1983	1983	NUM
ftr-458	239	23	)	)	PUNCT
ftr-458	239	24	(	(	PUNCT
ftr-458	239	25	arguing	argue	VERB
ftr-458	239	26	that	that	SCONJ
ftr-458	239	27	the	the	DET
ftr-458	239	28	right	right	NOUN
ftr-458	239	29	to	to	ADP
ftr-458	239	30	capital	capital	NOUN
ftr-458	239	31	appreciation	appreciation	NOUN
ftr-458	239	32	and	and	CCONJ
ftr-458	239	33	depreciation	depreciation	NOUN
ftr-458	239	34	are	be	AUX
ftr-458	239	35	the	the	DET
ftr-458	239	36	most	most	ADV
ftr-458	239	37	important	important	ADJ
ftr-458	239	38	"	"	PUNCT
ftr-458	239	39	sticks	stick	NOUN
ftr-458	239	40	in	in	ADP
ftr-458	239	41	the	the	DET
ftr-458	239	42	bundle	bundle	NOUN
ftr-458	239	43	"	"	PUNCT
ftr-458	239	44	of	of	ADP
ftr-458	239	45	ownership	ownership	NOUN
ftr-458	239	46	)	)	PUNCT
ftr-458	239	47	.	.	PUNCT
ftr-458	240	1	23	23	NUM
ftr-458	240	2	.	.	NOUN
ftr-458	240	3	444	444	NUM
ftr-458	240	4	f.2d	f.2d	NOUN
ftr-458	240	5	1133	1133	NUM
ftr-458	240	6	(	(	PUNCT
ftr-458	240	7	ct	ct	PROPN
ftr-458	240	8	.	.	PUNCT
ftr-458	240	9	cl	cl	NOUN
ftr-458	240	10	.	.	PROPN
ftr-458	240	11	1971	1971	NUM
ftr-458	240	12	)	)	PUNCT
ftr-458	240	13	.	.	PUNCT
ftr-458	241	1	see	see	AUX
ftr-458	241	2	also	also	ADV
ftr-458	241	3	rev	rev	VERB
ftr-458	241	4	.	.	PUNCT
ftr-458	242	1	rul	rul	PROPN
ftr-458	242	2	.	.	PUNCT
ftr-458	242	3	82	82	NUM
ftr-458	242	4	-	-	SYM
ftr-458	242	5	150	150	NUM
ftr-458	242	6	,	,	PUNCT
ftr-458	242	7	1982	1982	NUM
ftr-458	242	8	-	-	SYM
ftr-458	242	9	2	2	NUM
ftr-458	242	10	c.b	c.b	PROPN
ftr-458	242	11	.	.	PROPN
ftr-458	242	12	i10	i10	PROPN
ftr-458	242	13	(	(	PUNCT
ftr-458	242	14	holding	hold	VERB
ftr-458	242	15	that	that	DET
ftr-458	242	16	owner	owner	NOUN
ftr-458	242	17	of	of	ADP
ftr-458	242	18	deep	deep	ADJ
ftr-458	242	19	in	in	ADP
ftr-458	242	20	-	-	PUNCT
ftr-458	242	21	the	the	DET
ftr-458	242	22	-	-	PUNCT
ftr-458	242	23	money	money	NOUN
ftr-458	242	24	option	option	NOUN
ftr-458	242	25	to	to	PART
ftr-458	242	26	purchase	purchase	VERB
ftr-458	242	27	nontraded	nontraded	ADJ
ftr-458	242	28	stock	stock	NOUN
ftr-458	242	29	of	of	ADP
ftr-458	242	30	foreign	foreign	ADJ
ftr-458	242	31	corporation	corporation	NOUN
ftr-458	242	32	is	be	AUX
ftr-458	242	33	actual	actual	ADJ
ftr-458	242	34	owner	owner	NOUN
ftr-458	242	35	of	of	ADP
ftr-458	242	36	stock	stock	NOUN
ftr-458	242	37	for	for	ADP
ftr-458	242	38	foreign	foreign	ADJ
ftr-458	242	39	personal	personal	ADJ
ftr-458	242	40	holding	hold	VERB
ftr-458	242	41	company	company	NOUN
ftr-458	242	42	purposes	purpose	NOUN
ftr-458	242	43	)	)	PUNCT
ftr-458	242	44	.	.	PUNCT
ftr-458	243	1	but	but	CCONJ
ftr-458	243	2	see	see	VERB
ftr-458	243	3	stanley	stanley	PROPN
ftr-458	243	4	v.	v.	PROPN
ftr-458	243	5	united	united	PROPN
ftr-458	243	6	states	states	PROPN
ftr-458	243	7	,	,	PUNCT
ftr-458	243	8	436	436	NUM
ftr-458	243	9	f.supp	f.supp	ADJ
ftr-458	243	10	.	.	PUNCT
ftr-458	244	1	581	581	NUM
ftr-458	244	2	(	(	PUNCT
ftr-458	244	3	n.d	n.d	PROPN
ftr-458	244	4	.	.	PROPN
ftr-458	244	5	miss	miss	PROPN
ftr-458	244	6	.	.	PUNCT
ftr-458	245	1	1977	1977	NUM
ftr-458	245	2	)	)	PUNCT
ftr-458	246	1	,	,	PUNCT
ftr-458	246	2	aff'd	aff'd	NOUN
ftr-458	246	3	,	,	PUNCT
ftr-458	246	4	599	599	NUM
ftr-458	246	5	f.2d	f.2d	NUM
ftr-458	246	6	672	672	NUM
ftr-458	246	7	(	(	PUNCT
ftr-458	246	8	5th	5th	ADJ
ftr-458	246	9	cir	cir	NOUN
ftr-458	246	10	.	.	PUNCT
ftr-458	246	11	1979	1979	NUM
ftr-458	246	12	)	)	PUNCT
ftr-458	246	13	(	(	PUNCT
ftr-458	246	14	per	per	ADP
ftr-458	246	15	curiam	curiam	NOUN
ftr-458	246	16	)	)	PUNCT
ftr-458	246	17	(	(	PUNCT
ftr-458	246	18	holding	hold	VERB
ftr-458	246	19	that	that	SCONJ
ftr-458	246	20	no	no	DET
ftr-458	246	21	sale	sale	NOUN
ftr-458	246	22	occurred	occur	VERB
ftr-458	246	23	upon	upon	SCONJ
ftr-458	246	24	agreement	agreement	NOUN
ftr-458	246	25	to	to	PART
ftr-458	246	26	purchase	purchase	VERB
ftr-458	246	27	interest	interest	NOUN
ftr-458	246	28	-	-	PUNCT
ftr-458	246	29	paying	pay	VERB
ftr-458	246	30	convertible	convertible	ADJ
ftr-458	246	31	debentures	debenture	NOUN
ftr-458	246	32	from	from	ADP
ftr-458	246	33	family	family	NOUN
ftr-458	246	34	members	member	NOUN
ftr-458	246	35	at	at	ADP
ftr-458	246	36	maturity	maturity	NOUN
ftr-458	246	37	because	because	SCONJ
ftr-458	246	38	purchaser	purchaser	NOUN
ftr-458	246	39	's	's	PART
ftr-458	246	40	only	only	ADJ
ftr-458	246	41	attribute	attribute	NOUN
ftr-458	246	42	of	of	ADP
ftr-458	246	43	ownership	ownership	NOUN
ftr-458	246	44	prior	prior	ADV
ftr-458	246	45	to	to	ADP
ftr-458	246	46	maturity	maturity	NOUN
ftr-458	246	47	was	be	AUX
ftr-458	246	48	risk	risk	NOUN
ftr-458	246	49	of	of	ADP
ftr-458	246	50	profit	profit	NOUN
ftr-458	246	51	and	and	CCONJ
ftr-458	246	52	loss	loss	NOUN
ftr-458	246	53	in	in	ADP
ftr-458	246	54	issuer	issuer	NOUN
ftr-458	246	55	's	's	PART
ftr-458	246	56	common	common	ADJ
ftr-458	246	57	stock	stock	NOUN
ftr-458	246	58	)	)	PUNCT
ftr-458	246	59	;	;	PUNCT
ftr-458	246	60	morgan	morgan	PROPN
ftr-458	246	61	pacific	pacific	PROPN
ftr-458	246	62	corp	corp	PROPN
ftr-458	246	63	.	.	PROPN
ftr-458	247	1	v.	v.	PROPN
ftr-458	247	2	commissioner	commissioner	PROPN
ftr-458	247	3	,	,	PUNCT
ftr-458	247	4	70	70	NUM
ftr-458	247	5	t.c	t.c	PROPN
ftr-458	247	6	.	.	PROPN
ftr-458	247	7	memo	memo	NOUN
ftr-458	247	8	.	.	PUNCT
ftr-458	248	1	(	(	PUNCT
ftr-458	248	2	cch	cch	PROPN
ftr-458	248	3	)	)	PUNCT
ftr-458	248	4	540	540	NUM
ftr-458	248	5	,	,	PUNCT
ftr-458	248	6	t.c	t.c	PROPN
ftr-458	248	7	.	.	PROPN
ftr-458	248	8	memo	memo	NOUN
ftr-458	248	9	(	(	PUNCT
ftr-458	248	10	ria	ria	PROPN
ftr-458	248	11	)	)	PUNCT
ftr-458	248	12	95418	95418	NUM
ftr-458	248	13	(	(	PUNCT
ftr-458	248	14	1995	1995	NUM
ftr-458	248	15	)	)	PUNCT
ftr-458	248	16	(	(	PUNCT
ftr-458	248	17	finding	find	VERB
ftr-458	248	18	that	that	SCONJ
ftr-458	248	19	noteholder	noteholder	PROPN
ftr-458	248	20	's	's	PART
ftr-458	248	21	agreement	agreement	NOUN
ftr-458	248	22	with	with	ADP
ftr-458	248	23	shareholders	shareholder	NOUN
ftr-458	248	24	of	of	ADP
ftr-458	248	25	note	note	NOUN
ftr-458	248	26	issuer	issuer	NOUN
ftr-458	248	27	to	to	PART
ftr-458	248	28	swap	swap	VERB
ftr-458	248	29	debt	debt	NOUN
ftr-458	248	30	return	return	NOUN
ftr-458	248	31	for	for	ADP
ftr-458	248	32	equity	equity	NOUN
ftr-458	248	33	return	return	NOUN
ftr-458	248	34	was	be	AUX
ftr-458	248	35	consistent	consistent	ADJ
ftr-458	248	36	with	with	ADP
ftr-458	248	37	debtor	debtor	NOUN
ftr-458	248	38	/	/	SYM
ftr-458	248	39	creditor	creditor	NOUN
ftr-458	248	40	relationship	relationship	NOUN
ftr-458	248	41	)	)	PUNCT
ftr-458	248	42	.	.	PUNCT
ftr-458	249	1	[	[	X
ftr-458	249	2	vol	vol	NOUN
ftr-458	249	3	.	.	PUNCT
ftr-458	249	4	3:1	3:1	NUM
ftr-458	249	5	another	another	DET
ftr-458	249	6	uneasy	uneasy	ADJ
ftr-458	249	7	compromise	compromise	NOUN
ftr-458	249	8	property	property	NOUN
ftr-458	249	9	and	and	CCONJ
ftr-458	249	10	therefore	therefore	ADV
ftr-458	249	11	never	never	ADV
ftr-458	249	12	owned	own	VERB
ftr-458	249	13	it.24	it.24	NOUN
ftr-458	249	14	on	on	ADP
ftr-458	249	15	the	the	DET
ftr-458	249	16	other	other	ADJ
ftr-458	249	17	hand	hand	NOUN
ftr-458	249	18	,	,	PUNCT
ftr-458	249	19	if	if	SCONJ
ftr-458	249	20	a	a	DET
ftr-458	249	21	bequest	bequest	NOUN
ftr-458	249	22	of	of	ADP
ftr-458	249	23	a	a	DET
ftr-458	249	24	specific	specific	ADJ
ftr-458	249	25	dollar	dollar	NOUN
ftr-458	249	26	amount	amount	NOUN
ftr-458	249	27	is	be	AUX
ftr-458	249	28	satisfied	satisfied	ADJ
ftr-458	249	29	with	with	ADP
ftr-458	249	30	property	property	NOUN
ftr-458	249	31	other	other	ADJ
ftr-458	249	32	than	than	ADP
ftr-458	249	33	money	money	NOUN
ftr-458	249	34	,	,	PUNCT
ftr-458	249	35	the	the	DET
ftr-458	249	36	estate	estate	NOUN
ftr-458	249	37	realizes	realize	VERB
ftr-458	249	38	gain	gain	NOUN
ftr-458	249	39	or	or	CCONJ
ftr-458	249	40	loss	loss	NOUN
ftr-458	249	41	as	as	SCONJ
ftr-458	249	42	if	if	SCONJ
ftr-458	249	43	the	the	DET
ftr-458	249	44	estate	estate	NOUN
ftr-458	249	45	sold	sell	VERB
ftr-458	249	46	the	the	DET
ftr-458	249	47	property	property	NOUN
ftr-458	249	48	to	to	ADP
ftr-458	249	49	a	a	DET
ftr-458	249	50	third	third	ADJ
ftr-458	249	51	party	party	NOUN
ftr-458	249	52	and	and	CCONJ
ftr-458	249	53	delivered	deliver	VERB
ftr-458	249	54	cash	cash	NOUN
ftr-458	249	55	to	to	ADP
ftr-458	249	56	the	the	DET
ftr-458	249	57	beneficiary	beneficiary	NOUN
ftr-458	249	58	.	.	PUNCT
ftr-458	249	59	'	'	PUNCT
ftr-458	250	1	item	item	NOUN
ftr-458	250	2	(	(	PUNCT
ftr-458	250	3	4	4	NUM
ftr-458	250	4	)	)	PUNCT
ftr-458	250	5	in	in	ADP
ftr-458	250	6	the	the	DET
ftr-458	250	7	grodt	grodt	PROPN
ftr-458	250	8	&	&	CCONJ
ftr-458	250	9	mckay	mckay	PROPN
ftr-458	250	10	list	list	PROPN
ftr-458	250	11	-	-	PUNCT
ftr-458	250	12	whether	whether	SCONJ
ftr-458	250	13	the	the	DET
ftr-458	250	14	contract	contract	NOUN
ftr-458	250	15	creates	create	VERB
ftr-458	250	16	present	present	ADJ
ftr-458	250	17	obligations	obligation	NOUN
ftr-458	250	18	on	on	ADP
ftr-458	250	19	the	the	DET
ftr-458	250	20	part	part	NOUN
ftr-458	250	21	of	of	ADP
ftr-458	250	22	the	the	DET
ftr-458	250	23	purchaser	purchaser	NOUN
ftr-458	250	24	and	and	CCONJ
ftr-458	250	25	seller	seller	NOUN
ftr-458	250	26	-	-	PUNCT
ftr-458	250	27	relates	relate	VERB
ftr-458	250	28	to	to	ADP
ftr-458	250	29	the	the	DET
ftr-458	250	30	closed	closed	ADJ
ftr-458	250	31	transaction	transaction	NOUN
ftr-458	250	32	doctrine	doctrine	NOUN
ftr-458	250	33	,	,	PUNCT
ftr-458	250	34	which	which	PRON
ftr-458	250	35	reflects	reflect	VERB
ftr-458	250	36	the	the	DET
ftr-458	250	37	concept	concept	NOUN
ftr-458	250	38	of	of	ADP
ftr-458	250	39	risk	risk	NOUN
ftr-458	250	40	,	,	PUNCT
ftr-458	250	41	formal	formal	ADJ
ftr-458	250	42	notions	notion	NOUN
ftr-458	250	43	of	of	ADP
ftr-458	250	44	when	when	SCONJ
ftr-458	250	45	a	a	DET
ftr-458	250	46	transaction	transaction	NOUN
ftr-458	250	47	is	be	AUX
ftr-458	250	48	"	"	PUNCT
ftr-458	250	49	closed	closed	ADJ
ftr-458	250	50	"	"	PUNCT
ftr-458	250	51	,	,	PUNCT
ftr-458	250	52	and	and	CCONJ
ftr-458	250	53	administrative	administrative	ADJ
ftr-458	250	54	concerns	concern	NOUN
ftr-458	250	55	about	about	ADP
ftr-458	250	56	valuation	valuation	NOUN
ftr-458	250	57	.	.	PUNCT
ftr-458	251	1	under	under	ADP
ftr-458	251	2	that	that	DET
ftr-458	251	3	doctrine	doctrine	NOUN
ftr-458	251	4	,	,	PUNCT
ftr-458	251	5	a	a	DET
ftr-458	251	6	transaction	transaction	NOUN
ftr-458	251	7	that	that	PRON
ftr-458	251	8	is	be	AUX
ftr-458	251	9	subject	subject	ADJ
ftr-458	251	10	to	to	ADP
ftr-458	251	11	meaningful	meaningful	ADJ
ftr-458	251	12	conditions	condition	NOUN
ftr-458	251	13	to	to	ADP
ftr-458	251	14	closing	close	VERB
ftr-458	251	15	generally	generally	ADV
ftr-458	251	16	is	be	AUX
ftr-458	251	17	not	not	PART
ftr-458	251	18	a	a	DET
ftr-458	251	19	realization	realization	NOUN
ftr-458	251	20	event	event	NOUN
ftr-458	251	21	until	until	ADP
ftr-458	251	22	closing	close	VERB
ftr-458	251	23	because	because	SCONJ
ftr-458	251	24	,	,	PUNCT
ftr-458	251	25	prior	prior	ADV
ftr-458	251	26	to	to	ADP
ftr-458	251	27	closing	closing	NOUN
ftr-458	251	28	,	,	PUNCT
ftr-458	251	29	there	there	PRON
ftr-458	251	30	is	be	VERB
ftr-458	251	31	a	a	DET
ftr-458	251	32	risk	risk	NOUN
ftr-458	251	33	that	that	SCONJ
ftr-458	251	34	the	the	DET
ftr-458	251	35	transaction	transaction	NOUN
ftr-458	251	36	might	might	AUX
ftr-458	251	37	not	not	PART
ftr-458	251	38	in	in	ADP
ftr-458	251	39	fact	fact	NOUN
ftr-458	251	40	occur.26	occur.26	VERB
ftr-458	251	41	an	an	DET
ftr-458	251	42	executory	executory	ADJ
ftr-458	251	43	contract	contract	NOUN
ftr-458	251	44	to	to	PART
ftr-458	251	45	sell	sell	VERB
ftr-458	251	46	is	be	AUX
ftr-458	251	47	not	not	PART
ftr-458	251	48	itself	itself	PRON
ftr-458	251	49	a	a	DET
ftr-458	251	50	sale	sale	NOUN
ftr-458	251	51	.	.	PUNCT
ftr-458	252	1	but	but	CCONJ
ftr-458	252	2	,	,	PUNCT
ftr-458	252	3	prior	prior	ADV
ftr-458	252	4	to	to	ADP
ftr-458	252	5	the	the	DET
ftr-458	252	6	closing	closing	NOUN
ftr-458	252	7	date	date	NOUN
ftr-458	252	8	,	,	PUNCT
ftr-458	252	9	there	there	PRON
ftr-458	252	10	may	may	AUX
ftr-458	252	11	be	be	AUX
ftr-458	252	12	as	as	ADP
ftr-458	252	13	a	a	DET
ftr-458	252	14	practical	practical	ADJ
ftr-458	252	15	matter	matter	NOUN
ftr-458	252	16	little	little	ADJ
ftr-458	252	17	risk	risk	NOUN
ftr-458	252	18	that	that	SCONJ
ftr-458	252	19	a	a	DET
ftr-458	252	20	transaction	transaction	NOUN
ftr-458	252	21	will	will	AUX
ftr-458	252	22	fail	fail	VERB
ftr-458	252	23	to	to	PART
ftr-458	252	24	occur	occur	VERB
ftr-458	252	25	,	,	PUNCT
ftr-458	252	26	and	and	CCONJ
ftr-458	252	27	the	the	DET
ftr-458	252	28	closed	closed	ADJ
ftr-458	252	29	transaction	transaction	NOUN
ftr-458	252	30	doctrine	doctrine	NOUN
ftr-458	252	31	may	may	AUX
ftr-458	252	32	nonetheless	nonetheless	ADV
ftr-458	252	33	have	have	VERB
ftr-458	252	34	the	the	DET
ftr-458	252	35	result	result	NOUN
ftr-458	252	36	of	of	ADP
ftr-458	252	37	delaying	delay	VERB
ftr-458	252	38	the	the	DET
ftr-458	252	39	sale	sale	NOUN
ftr-458	252	40	for	for	ADP
ftr-458	252	41	tax	tax	NOUN
ftr-458	252	42	purposes	purpose	NOUN
ftr-458	252	43	until	until	ADP
ftr-458	252	44	a	a	DET
ftr-458	252	45	formal	formal	ADJ
ftr-458	252	46	closing	closing	NOUN
ftr-458	252	47	occurs	occur	NOUN
ftr-458	252	48	.	.	PUNCT
ftr-458	253	1	further	far	ADV
ftr-458	253	2	,	,	PUNCT
ftr-458	253	3	a	a	DET
ftr-458	253	4	transaction	transaction	NOUN
ftr-458	253	5	may	may	AUX
ftr-458	253	6	be	be	AUX
ftr-458	253	7	considered	consider	VERB
ftr-458	253	8	closed	close	VERB
ftr-458	253	9	in	in	ADP
ftr-458	253	10	advance	advance	NOUN
ftr-458	253	11	of	of	ADP
ftr-458	253	12	full	full	ADJ
ftr-458	253	13	performance	performance	NOUN
ftr-458	253	14	by	by	ADP
ftr-458	253	15	the	the	DET
ftr-458	253	16	parties	party	NOUN
ftr-458	253	17	,	,	PUNCT
ftr-458	253	18	even	even	ADV
ftr-458	253	19	though	though	SCONJ
ftr-458	253	20	there	there	PRON
ftr-458	253	21	is	be	VERB
ftr-458	253	22	a	a	DET
ftr-458	253	23	risk	risk	NOUN
ftr-458	253	24	that	that	SCONJ
ftr-458	253	25	such	such	ADJ
ftr-458	253	26	performance	performance	NOUN
ftr-458	253	27	may	may	AUX
ftr-458	253	28	never	never	ADV
ftr-458	253	29	occur	occur	VERB
ftr-458	253	30	.	.	PUNCT
ftr-458	254	1	a	a	DET
ftr-458	254	2	purchaser	purchaser	NOUN
ftr-458	254	3	may	may	AUX
ftr-458	254	4	become	become	VERB
ftr-458	254	5	unable	unable	ADJ
ftr-458	254	6	to	to	PART
ftr-458	254	7	pay	pay	VERB
ftr-458	254	8	.	.	PUNCT
ftr-458	255	1	either	either	DET
ftr-458	255	2	party	party	NOUN
ftr-458	255	3	may	may	AUX
ftr-458	255	4	choose	choose	VERB
ftr-458	255	5	to	to	ADP
ftr-458	255	6	24	24	NUM
ftr-458	255	7	.	.	PUNCT
ftr-458	256	1	see	see	VERB
ftr-458	256	2	rev	rev	PROPN
ftr-458	256	3	.	.	PROPN
ftr-458	256	4	rul	rul	NOUN
ftr-458	256	5	.	.	PUNCT
ftr-458	257	1	55	55	NUM
ftr-458	257	2	-	-	SYM
ftr-458	257	3	117	117	NUM
ftr-458	257	4	,	,	PUNCT
ftr-458	257	5	1955	1955	NUM
ftr-458	257	6	-	-	SYM
ftr-458	257	7	1	1	NUM
ftr-458	257	8	c.b	c.b	PROPN
ftr-458	257	9	.	.	PROPN
ftr-458	257	10	233	233	NUM
ftr-458	257	11	(	(	PUNCT
ftr-458	257	12	ruling	rule	VERB
ftr-458	257	13	that	that	SCONJ
ftr-458	257	14	no	no	DET
ftr-458	257	15	sale	sale	NOUN
ftr-458	257	16	or	or	CCONJ
ftr-458	257	17	exchange	exchange	NOUN
ftr-458	257	18	occurs	occur	VERB
ftr-458	257	19	upon	upon	SCONJ
ftr-458	257	20	partial	partial	ADJ
ftr-458	257	21	distribution	distribution	NOUN
ftr-458	257	22	of	of	ADP
ftr-458	257	23	testamentary	testamentary	ADJ
ftr-458	257	24	trust	trust	NOUN
ftr-458	257	25	principal	principal	NOUN
ftr-458	257	26	)	)	PUNCT
ftr-458	257	27	;	;	PUNCT
ftr-458	258	1	priv	priv	PROPN
ftr-458	258	2	.	.	PUNCT
ftr-458	259	1	let	let	VERB
ftr-458	259	2	.	.	PUNCT
ftr-458	260	1	rul	rul	NOUN
ftr-458	260	2	.	.	PROPN
ftr-458	260	3	8447003	8447003	NUM
ftr-458	260	4	(	(	PUNCT
ftr-458	260	5	june	june	PROPN
ftr-458	260	6	8	8	NUM
ftr-458	260	7	.	.	SYM
ftr-458	260	8	1984	1984	NUM
ftr-458	260	9	)	)	PUNCT
ftr-458	260	10	(	(	PUNCT
ftr-458	260	11	reaching	reach	VERB
ftr-458	260	12	same	same	ADJ
ftr-458	260	13	conclusion	conclusion	NOUN
ftr-458	260	14	because	because	SCONJ
ftr-458	260	15	beneficiary	beneficiary	NOUN
ftr-458	260	16	's	's	PART
ftr-458	260	17	right	right	ADJ
ftr-458	260	18	"	"	PUNCT
ftr-458	260	19	fluctuated	fluctuate	VERB
ftr-458	260	20	"	"	PUNCT
ftr-458	260	21	until	until	ADP
ftr-458	260	22	distribution	distribution	NOUN
ftr-458	260	23	date	date	NOUN
ftr-458	260	24	)	)	PUNCT
ftr-458	260	25	;	;	PUNCT
ftr-458	260	26	see	see	VERB
ftr-458	260	27	also	also	ADV
ftr-458	260	28	regs	reg	VERB
ftr-458	260	29	.	.	PUNCT
ftr-458	261	1	§	§	PROPN
ftr-458	261	2	1.1014	1.1014	NUM
ftr-458	261	3	-	-	SYM
ftr-458	261	4	4(a)(2	4(a)(2	NUM
ftr-458	261	5	)	)	PUNCT
ftr-458	261	6	(	(	PUNCT
ftr-458	261	7	requiring	require	VERB
ftr-458	261	8	heir	heir	NOUN
ftr-458	261	9	to	to	PART
ftr-458	261	10	take	take	VERB
ftr-458	261	11	basis	basis	NOUN
ftr-458	261	12	equal	equal	ADJ
ftr-458	261	13	to	to	ADP
ftr-458	261	14	fair	fair	ADJ
ftr-458	261	15	market	market	NOUN
ftr-458	261	16	value	value	NOUN
ftr-458	261	17	on	on	ADP
ftr-458	261	18	estate	estate	NOUN
ftr-458	261	19	tax	tax	NOUN
ftr-458	261	20	valuation	valuation	NOUN
ftr-458	261	21	date	date	NOUN
ftr-458	261	22	)	)	PUNCT
ftr-458	261	23	.	.	PUNCT
ftr-458	262	1	25	25	NUM
ftr-458	262	2	.	.	PUNCT
ftr-458	262	3	regs	regs	PROPN
ftr-458	262	4	.	.	PUNCT
ftr-458	263	1	§	§	PROPN
ftr-458	263	2	1.661(a)-2(f	1.661(a)-2(f	PROPN
ftr-458	263	3	)	)	PUNCT
ftr-458	263	4	(	(	PUNCT
ftr-458	263	5	no	no	DET
ftr-458	263	6	gain	gain	NOUN
ftr-458	263	7	or	or	CCONJ
ftr-458	263	8	loss	loss	NOUN
ftr-458	263	9	is	be	AUX
ftr-458	263	10	realized	realize	VERB
ftr-458	263	11	by	by	ADP
ftr-458	263	12	trust	trust	NOUN
ftr-458	263	13	or	or	CCONJ
ftr-458	263	14	estate	estate	NOUN
ftr-458	263	15	on	on	ADP
ftr-458	263	16	in	in	ADP
ftr-458	263	17	-	-	PUNCT
ftr-458	263	18	kind	kind	NOUN
ftr-458	263	19	distribution	distribution	NOUN
ftr-458	263	20	except	except	SCONJ
ftr-458	263	21	in	in	ADP
ftr-458	263	22	satisfaction	satisfaction	NOUN
ftr-458	263	23	of	of	ADP
ftr-458	263	24	right	right	ADV
ftr-458	263	25	to	to	ADP
ftr-458	263	26	specific	specific	ADJ
ftr-458	263	27	dollar	dollar	NOUN
ftr-458	263	28	amount	amount	NOUN
ftr-458	263	29	or	or	CCONJ
ftr-458	263	30	other	other	ADJ
ftr-458	263	31	specific	specific	ADJ
ftr-458	263	32	property	property	NOUN
ftr-458	263	33	)	)	PUNCT
ftr-458	263	34	;	;	PUNCT
ftr-458	263	35	see	see	VERB
ftr-458	263	36	kenan	kenan	PROPN
ftr-458	263	37	v.	v.	PROPN
ftr-458	263	38	commissioner	commissioner	PROPN
ftr-458	263	39	,	,	PUNCT
ftr-458	263	40	114	114	NUM
ftr-458	263	41	f.2d	f.2d	SYM
ftr-458	263	42	217	217	NUM
ftr-458	263	43	(	(	PUNCT
ftr-458	263	44	2d	2d	NUM
ftr-458	263	45	cir	cir	NOUN
ftr-458	263	46	.	.	PUNCT
ftr-458	263	47	1940	1940	NUM
ftr-458	263	48	)	)	PUNCT
ftr-458	263	49	(	(	PUNCT
ftr-458	263	50	holding	hold	VERB
ftr-458	263	51	that	that	DET
ftr-458	263	52	gain	gain	NOUN
ftr-458	263	53	was	be	AUX
ftr-458	263	54	realized	realize	VERB
ftr-458	263	55	because	because	SCONJ
ftr-458	263	56	beneficiary	beneficiary	NOUN
ftr-458	263	57	"	"	PUNCT
ftr-458	263	58	took	take	VERB
ftr-458	263	59	none	none	NOUN
ftr-458	263	60	of	of	ADP
ftr-458	263	61	the	the	DET
ftr-458	263	62	chances	chance	NOUN
ftr-458	263	63	"	"	PUNCT
ftr-458	263	64	that	that	SCONJ
ftr-458	263	65	property	property	NOUN
ftr-458	263	66	would	would	AUX
ftr-458	263	67	appreciate	appreciate	VERB
ftr-458	263	68	or	or	CCONJ
ftr-458	263	69	depreciate	depreciate	VERB
ftr-458	263	70	)	)	PUNCT
ftr-458	263	71	;	;	PUNCT
ftr-458	263	72	suisman	suisman	PROPN
ftr-458	263	73	v.	v.	PROPN
ftr-458	263	74	eaton	eaton	PROPN
ftr-458	263	75	,	,	PUNCT
ftr-458	263	76	15	15	NUM
ftr-458	263	77	f.supp	f.supp	ADJ
ftr-458	263	78	.	.	PROPN
ftr-458	263	79	113	113	NUM
ftr-458	263	80	(	(	PUNCT
ftr-458	263	81	d.	d.	PROPN
ftr-458	263	82	conn	conn	PROPN
ftr-458	263	83	.	.	PROPN
ftr-458	263	84	1935	1935	NUM
ftr-458	263	85	)	)	PUNCT
ftr-458	263	86	,	,	PUNCT
ftr-458	263	87	aff'd	aff'd	NOUN
ftr-458	263	88	,	,	PUNCT
ftr-458	263	89	83	83	NUM
ftr-458	263	90	f.2d	f.2d	NOUN
ftr-458	263	91	1019	1019	NUM
ftr-458	263	92	(	(	PUNCT
ftr-458	263	93	2d	2d	NUM
ftr-458	263	94	cir	cir	NOUN
ftr-458	263	95	.	.	PUNCT
ftr-458	263	96	1936	1936	NUM
ftr-458	263	97	)	)	PUNCT
ftr-458	263	98	(	(	PUNCT
ftr-458	263	99	per	per	ADP
ftr-458	263	100	curiam	curiam	NOUN
ftr-458	263	101	)	)	PUNCT
ftr-458	263	102	,	,	PUNCT
ftr-458	263	103	cert	cert	PROPN
ftr-458	263	104	.	.	PUNCT
ftr-458	264	1	denied	deny	VERB
ftr-458	264	2	299	299	NUM
ftr-458	264	3	u.s	u.s	PROPN
ftr-458	264	4	.	.	PROPN
ftr-458	264	5	573	573	NUM
ftr-458	264	6	(	(	PUNCT
ftr-458	264	7	1936	1936	NUM
ftr-458	264	8	)	)	PUNCT
ftr-458	264	9	(	(	PUNCT
ftr-458	264	10	holding	hold	VERB
ftr-458	264	11	that	that	DET
ftr-458	264	12	transfer	transfer	NOUN
ftr-458	264	13	of	of	ADP
ftr-458	264	14	securities	security	NOUN
ftr-458	264	15	in	in	ADP
ftr-458	264	16	satisfaction	satisfaction	NOUN
ftr-458	264	17	of	of	ADP
ftr-458	264	18	legacy	legacy	NOUN
ftr-458	264	19	of	of	ADP
ftr-458	264	20	specified	specify	VERB
ftr-458	264	21	dollar	dollar	NOUN
ftr-458	264	22	amount	amount	NOUN
ftr-458	264	23	was	be	AUX
ftr-458	264	24	"	"	PUNCT
ftr-458	264	25	sale	sale	NOUN
ftr-458	264	26	or	or	CCONJ
ftr-458	264	27	other	other	ADJ
ftr-458	264	28	disposition	disposition	NOUN
ftr-458	264	29	"	"	PUNCT
ftr-458	264	30	)	)	PUNCT
ftr-458	264	31	;	;	PUNCT
ftr-458	264	32	rev	rev	PROPN
ftr-458	264	33	.	.	PROPN
ftr-458	265	1	rul	rul	PROPN
ftr-458	265	2	.	.	PUNCT
ftr-458	266	1	83	83	NUM
ftr-458	266	2	-	-	SYM
ftr-458	266	3	75	75	NUM
ftr-458	266	4	.	.	PUNCT
ftr-458	266	5	1983	1983	NUM
ftr-458	266	6	-	-	SYM
ftr-458	266	7	1	1	NUM
ftr-458	266	8	c.b	c.b	PROPN
ftr-458	266	9	.	.	PROPN
ftr-458	266	10	114	114	NUM
ftr-458	266	11	(	(	PUNCT
ftr-458	266	12	ruling	rule	VERB
ftr-458	266	13	that	that	SCONJ
ftr-458	266	14	distribution	distribution	NOUN
ftr-458	266	15	of	of	ADP
ftr-458	266	16	trust	trust	NOUN
ftr-458	266	17	corpus	corpus	NOUN
ftr-458	266	18	to	to	PART
ftr-458	266	19	pay	pay	VERB
ftr-458	266	20	fixed	fix	VERB
ftr-458	266	21	annuity	annuity	NOUN
ftr-458	266	22	to	to	ADP
ftr-458	266	23	charity	charity	NOUN
ftr-458	266	24	is	be	AUX
ftr-458	266	25	sale	sale	NOUN
ftr-458	266	26	or	or	CCONJ
ftr-458	266	27	exchange	exchange	NOUN
ftr-458	266	28	)	)	PUNCT
ftr-458	267	1	;	;	PUNCT
ftr-458	267	2	see	see	VERB
ftr-458	267	3	also	also	ADV
ftr-458	267	4	louis	louis	PROPN
ftr-458	267	5	a.	a.	NOUN
ftr-458	267	6	delcotto	delcotto	NOUN
ftr-458	267	7	.	.	PUNCT
ftr-458	268	1	sales	sale	NOUN
ftr-458	268	2	and	and	CCONJ
ftr-458	268	3	other	other	ADJ
ftr-458	268	4	dispositions	disposition	NOUN
ftr-458	268	5	of	of	ADP
ftr-458	268	6	property	property	NOUN
ftr-458	268	7	under	under	ADP
ftr-458	268	8	section	section	NOUN
ftr-458	268	9	1001	1001	NUM
ftr-458	268	10	:	:	PUNCT
ftr-458	268	11	the	the	DET
ftr-458	268	12	taxable	taxable	ADJ
ftr-458	268	13	event	event	NOUN
ftr-458	268	14	,	,	PUNCT
ftr-458	268	15	amount	amount	NOUN
ftr-458	268	16	realized	realize	VERB
ftr-458	268	17	and	and	CCONJ
ftr-458	268	18	related	relate	VERB
ftr-458	268	19	problems	problem	NOUN
ftr-458	268	20	of	of	ADP
ftr-458	268	21	basis	basis	NOUN
ftr-458	268	22	,	,	PUNCT
ftr-458	268	23	26	26	NUM
ftr-458	268	24	buff	buff	PROPN
ftr-458	268	25	.	.	PUNCT
ftr-458	269	1	l.	l.	PROPN
ftr-458	269	2	rev	rev	PROPN
ftr-458	269	3	.	.	PROPN
ftr-458	269	4	219	219	NUM
ftr-458	269	5	,	,	PUNCT
ftr-458	269	6	228	228	NUM
ftr-458	269	7	-	-	SYM
ftr-458	269	8	32	32	NUM
ftr-458	269	9	(	(	PUNCT
ftr-458	269	10	1977	1977	NUM
ftr-458	269	11	)	)	PUNCT
ftr-458	269	12	.	.	PUNCT
ftr-458	270	1	26	26	NUM
ftr-458	270	2	.	.	PUNCT
ftr-458	271	1	lucas	lucas	PROPN
ftr-458	271	2	v.	v.	PROPN
ftr-458	271	3	north	north	PROPN
ftr-458	271	4	texas	texas	PROPN
ftr-458	271	5	lumber	lumber	PROPN
ftr-458	271	6	co.	co.	PROPN
ftr-458	271	7	,	,	PUNCT
ftr-458	271	8	281	281	NUM
ftr-458	271	9	u.s	u.s	PROPN
ftr-458	271	10	.	.	PROPN
ftr-458	271	11	11	11	NUM
ftr-458	271	12	.	.	X
ftr-458	271	13	13	13	NUM
ftr-458	271	14	(	(	PUNCT
ftr-458	271	15	1930	1930	NUM
ftr-458	271	16	)	)	PUNCT
ftr-458	271	17	(	(	PUNCT
ftr-458	271	18	holding	hold	VERB
ftr-458	271	19	that	that	DET
ftr-458	271	20	notice	notice	NOUN
ftr-458	271	21	of	of	ADP
ftr-458	271	22	exercise	exercise	NOUN
ftr-458	271	23	of	of	ADP
ftr-458	271	24	option	option	NOUN
ftr-458	271	25	is	be	AUX
ftr-458	271	26	not	not	PART
ftr-458	271	27	a	a	DET
ftr-458	271	28	sale	sale	NOUN
ftr-458	271	29	where	where	SCONJ
ftr-458	271	30	purchaser	purchaser	NOUN
ftr-458	271	31	was	be	AUX
ftr-458	271	32	ready	ready	ADJ
ftr-458	271	33	to	to	PART
ftr-458	271	34	close	close	VERB
ftr-458	271	35	"	"	PUNCT
ftr-458	271	36	as	as	ADV
ftr-458	271	37	soon	soon	ADV
ftr-458	271	38	as	as	SCONJ
ftr-458	271	39	the	the	DET
ftr-458	271	40	papers	paper	NOUN
ftr-458	271	41	were	be	AUX
ftr-458	271	42	prepared	prepare	VERB
ftr-458	271	43	"	"	PUNCT
ftr-458	271	44	)	)	PUNCT
ftr-458	271	45	;	;	PUNCT
ftr-458	271	46	borrelli	borrelli	PROPN
ftr-458	271	47	v.	v.	PROPN
ftr-458	271	48	commissioner	commissioner	PROPN
ftr-458	271	49	,	,	PUNCT
ftr-458	271	50	31	31	NUM
ftr-458	271	51	t.c	t.c	PROPN
ftr-458	271	52	.	.	PROPN
ftr-458	271	53	memo	memo	NOUN
ftr-458	271	54	(	(	PUNCT
ftr-458	271	55	cch	cch	PROPN
ftr-458	271	56	)	)	PUNCT
ftr-458	271	57	876	876	NUM
ftr-458	271	58	,	,	PUNCT
ftr-458	271	59	881	881	NUM
ftr-458	271	60	,	,	PUNCT
ftr-458	271	61	t.c	t.c	PROPN
ftr-458	271	62	.	.	PROPN
ftr-458	271	63	memo	memo	NOUN
ftr-458	271	64	(	(	PUNCT
ftr-458	271	65	p	p	NOUN
ftr-458	271	66	-	-	PUNCT
ftr-458	271	67	h	h	NOUN
ftr-458	271	68	)	)	PUNCT
ftr-458	271	69	72,178	72,178	NUM
ftr-458	271	70	,	,	PUNCT
ftr-458	271	71	72	72	NUM
ftr-458	271	72	-	-	SYM
ftr-458	271	73	919	919	NUM
ftr-458	271	74	(	(	PUNCT
ftr-458	271	75	1972	1972	NUM
ftr-458	271	76	)	)	PUNCT
ftr-458	271	77	(	(	PUNCT
ftr-458	271	78	holding	hold	VERB
ftr-458	271	79	that	that	DET
ftr-458	271	80	option	option	NOUN
ftr-458	271	81	is	be	AUX
ftr-458	271	82	not	not	PART
ftr-458	271	83	a	a	DET
ftr-458	271	84	sale	sale	NOUN
ftr-458	271	85	because	because	SCONJ
ftr-458	271	86	conditional	conditional	ADJ
ftr-458	271	87	):	):	PUNCT
ftr-458	271	88	hoven	hoven	PROPN
ftr-458	271	89	v.	v.	PROPN
ftr-458	271	90	commissioner	commissioner	PROPN
ftr-458	271	91	,	,	PUNCT
ftr-458	271	92	56	56	NUM
ftr-458	271	93	t.c	t.c	PROPN
ftr-458	271	94	.	.	PROPN
ftr-458	271	95	50	50	NUM
ftr-458	271	96	,	,	PUNCT
ftr-458	271	97	56	56	NUM
ftr-458	271	98	(	(	PUNCT
ftr-458	271	99	1971	1971	NUM
ftr-458	271	100	)	)	PUNCT
ftr-458	271	101	(	(	PUNCT
ftr-458	271	102	holding	hold	VERB
ftr-458	271	103	that	that	SCONJ
ftr-458	271	104	executory	executory	ADJ
ftr-458	271	105	contract	contract	NOUN
ftr-458	271	106	is	be	AUX
ftr-458	271	107	not	not	PART
ftr-458	271	108	a	a	DET
ftr-458	271	109	sale	sale	NOUN
ftr-458	271	110	because	because	SCONJ
ftr-458	271	111	purchaser	purchaser	NOUN
ftr-458	271	112	not	not	PART
ftr-458	271	113	unconditionally	unconditionally	ADV
ftr-458	271	114	obligated	obligate	VERB
ftr-458	271	115	)	)	PUNCT
ftr-458	271	116	;	;	PUNCT
ftr-458	271	117	dyke	dyke	PROPN
ftr-458	271	118	v.	v.	PROPN
ftr-458	271	119	commissioner	commissioner	PROPN
ftr-458	271	120	,	,	PUNCT
ftr-458	271	121	6	6	NUM
ftr-458	271	122	t.c	t.c	PROPN
ftr-458	271	123	.	.	PROPN
ftr-458	271	124	1134	1134	NUM
ftr-458	271	125	,	,	PUNCT
ftr-458	271	126	1139.40	1139.40	NUM
ftr-458	271	127	(	(	PUNCT
ftr-458	271	128	1946	1946	NUM
ftr-458	271	129	)	)	PUNCT
ftr-458	271	130	(	(	PUNCT
ftr-458	271	131	holding	hold	VERB
ftr-458	271	132	that	that	SCONJ
ftr-458	271	133	no	no	DET
ftr-458	271	134	sale	sale	NOUN
ftr-458	271	135	of	of	ADP
ftr-458	271	136	shares	share	NOUN
ftr-458	271	137	occurred	occur	VERB
ftr-458	271	138	until	until	SCONJ
ftr-458	271	139	all	all	DET
ftr-458	271	140	conditions	condition	NOUN
ftr-458	271	141	of	of	ADP
ftr-458	271	142	escrow	escrow	NOUN
ftr-458	271	143	agreement	agreement	NOUN
ftr-458	271	144	were	be	AUX
ftr-458	271	145	satisfied	satisfied	ADJ
ftr-458	271	146	)	)	PUNCT
ftr-458	271	147	.	.	PUNCT
ftr-458	272	1	remote	remote	ADJ
ftr-458	272	2	contingencies	contingency	NOUN
ftr-458	272	3	are	be	AUX
ftr-458	272	4	no	no	DET
ftr-458	272	5	impediment	impediment	NOUN
ftr-458	272	6	to	to	ADP
ftr-458	272	7	a	a	DET
ftr-458	272	8	closed	closed	ADJ
ftr-458	272	9	transaction	transaction	NOUN
ftr-458	272	10	.	.	PUNCT
ftr-458	273	1	herbert	herbert	PROPN
ftr-458	273	2	j.	j.	PROPN
ftr-458	273	3	investment	investment	PROPN
ftr-458	273	4	corp	corp	PROPN
ftr-458	273	5	.	.	PROPN
ftr-458	274	1	v.	v.	PROPN
ftr-458	274	2	united	united	PROPN
ftr-458	274	3	states	states	PROPN
ftr-458	274	4	,	,	PUNCT
ftr-458	274	5	500	500	NUM
ftr-458	274	6	f.2d	f.2d	NUM
ftr-458	274	7	44	44	NUM
ftr-458	274	8	.	.	PUNCT
ftr-458	275	1	46	46	NUM
ftr-458	275	2	(	(	PUNCT
ftr-458	275	3	7th	7th	ADJ
ftr-458	275	4	cir	cir	NOUN
ftr-458	275	5	.	.	PROPN
ftr-458	275	6	1974	1974	NUM
ftr-458	275	7	)	)	PUNCT
ftr-458	275	8	.	.	PUNCT
ftr-458	276	1	1996	1996	NUM
ftr-458	276	2	]	]	PUNCT
ftr-458	276	3	florida	florida	PROPN
ftr-458	276	4	tax	tax	PROPN
ftr-458	276	5	review	review	NOUN
ftr-458	276	6	breach.27	breach.27	PROPN
ftr-458	276	7	a	a	DET
ftr-458	276	8	seller	seller	NOUN
ftr-458	276	9	may	may	AUX
ftr-458	276	10	continue	continue	VERB
ftr-458	276	11	to	to	PART
ftr-458	276	12	be	be	AUX
ftr-458	276	13	at	at	ADP
ftr-458	276	14	risk	risk	NOUN
ftr-458	276	15	with	with	ADP
ftr-458	276	16	respect	respect	NOUN
ftr-458	276	17	to	to	ADP
ftr-458	276	18	property	property	NOUN
ftr-458	276	19	after	after	SCONJ
ftr-458	276	20	it	it	PRON
ftr-458	276	21	is	be	AUX
ftr-458	276	22	sold	sell	VERB
ftr-458	276	23	because	because	SCONJ
ftr-458	276	24	,	,	PUNCT
ftr-458	276	25	for	for	ADP
ftr-458	276	26	example	example	NOUN
ftr-458	276	27	,	,	PUNCT
ftr-458	276	28	sales	sale	NOUN
ftr-458	276	29	proceeds	proceed	VERB
ftr-458	276	30	contingent	contingent	NOUN
ftr-458	276	31	on	on	ADP
ftr-458	276	32	the	the	DET
ftr-458	276	33	performance	performance	NOUN
ftr-458	276	34	of	of	ADP
ftr-458	276	35	the	the	DET
ftr-458	276	36	property	property	NOUN
ftr-458	276	37	are	be	AUX
ftr-458	276	38	yet	yet	ADV
ftr-458	276	39	to	to	PART
ftr-458	276	40	be	be	AUX
ftr-458	276	41	paid	pay	VERB
ftr-458	276	42	or	or	CCONJ
ftr-458	276	43	the	the	DET
ftr-458	276	44	seller	seller	NOUN
ftr-458	276	45	remains	remain	VERB
ftr-458	276	46	responsible	responsible	ADJ
ftr-458	276	47	for	for	ADP
ftr-458	276	48	liabilities	liability	NOUN
ftr-458	276	49	related	relate	VERB
ftr-458	276	50	to	to	ADP
ftr-458	276	51	the	the	DET
ftr-458	276	52	property.28	property.28	NOUN
ftr-458	276	53	because	because	SCONJ
ftr-458	276	54	sales	sale	NOUN
ftr-458	276	55	that	that	PRON
ftr-458	276	56	involve	involve	VERB
ftr-458	276	57	contingent	contingent	NOUN
ftr-458	276	58	proceeds	proceed	NOUN
ftr-458	276	59	raise	raise	VERB
ftr-458	276	60	valuation	valuation	NOUN
ftr-458	276	61	problems	problem	NOUN
ftr-458	276	62	,	,	PUNCT
ftr-458	276	63	such	such	ADJ
ftr-458	276	64	transactions	transaction	NOUN
ftr-458	276	65	are	be	AUX
ftr-458	276	66	,	,	PUNCT
ftr-458	276	67	under	under	ADP
ftr-458	276	68	rare	rare	ADJ
ftr-458	276	69	circumstances	circumstance	NOUN
ftr-458	276	70	,	,	PUNCT
ftr-458	276	71	held	hold	VERB
ftr-458	276	72	open	open	ADJ
ftr-458	276	73	until	until	SCONJ
ftr-458	276	74	the	the	DET
ftr-458	276	75	proceeds	proceed	NOUN
ftr-458	276	76	are	be	AUX
ftr-458	276	77	actually	actually	ADV
ftr-458	276	78	received	receive	VERB
ftr-458	276	79	.	.	PUNCT
ftr-458	277	1	9	9	NUM
ftr-458	277	2	prevailing	prevail	VERB
ftr-458	277	3	tax	tax	NOUN
ftr-458	277	4	law	law	NOUN
ftr-458	277	5	identifies	identify	VERB
ftr-458	277	6	a	a	DET
ftr-458	277	7	single	single	ADJ
ftr-458	277	8	owner	owner	NOUN
ftr-458	277	9	of	of	ADP
ftr-458	277	10	each	each	DET
ftr-458	277	11	item	item	NOUN
ftr-458	277	12	of	of	ADP
ftr-458	277	13	property	property	NOUN
ftr-458	277	14	and	and	CCONJ
ftr-458	277	15	views	view	VERB
ftr-458	277	16	certain	certain	ADJ
ftr-458	277	17	rights	right	NOUN
ftr-458	277	18	to	to	PART
ftr-458	277	19	acquire	acquire	VERB
ftr-458	277	20	property	property	NOUN
ftr-458	277	21	as	as	ADV
ftr-458	277	22	separate	separate	ADJ
ftr-458	277	23	from	from	ADP
ftr-458	277	24	ownership	ownership	NOUN
ftr-458	277	25	,	,	PUNCT
ftr-458	277	26	even	even	ADV
ftr-458	277	27	if	if	SCONJ
ftr-458	277	28	such	such	ADJ
ftr-458	277	29	rights	right	NOUN
ftr-458	277	30	convey	convey	VERB
ftr-458	277	31	risk	risk	NOUN
ftr-458	277	32	of	of	ADP
ftr-458	277	33	profit	profit	NOUN
ftr-458	277	34	or	or	CCONJ
ftr-458	277	35	loss	loss	NOUN
ftr-458	277	36	in	in	ADP
ftr-458	277	37	the	the	DET
ftr-458	277	38	property	property	NOUN
ftr-458	277	39	.	.	PUNCT
ftr-458	278	1	an	an	DET
ftr-458	278	2	owner	owner	NOUN
ftr-458	278	3	of	of	ADP
ftr-458	278	4	an	an	DET
ftr-458	278	5	option	option	NOUN
ftr-458	278	6	to	to	PART
ftr-458	278	7	purchase	purchase	VERB
ftr-458	278	8	an	an	DET
ftr-458	278	9	asset	asset	NOUN
ftr-458	278	10	enjoys	enjoy	VERB
ftr-458	278	11	the	the	DET
ftr-458	278	12	potential	potential	NOUN
ftr-458	278	13	for	for	ADP
ftr-458	278	14	profit	profit	NOUN
ftr-458	278	15	in	in	ADP
ftr-458	278	16	the	the	DET
ftr-458	278	17	asset	asset	NOUN
ftr-458	278	18	because	because	SCONJ
ftr-458	278	19	if	if	SCONJ
ftr-458	278	20	the	the	DET
ftr-458	278	21	asset	asset	NOUN
ftr-458	278	22	increases	increase	VERB
ftr-458	278	23	in	in	ADP
ftr-458	278	24	value	value	NOUN
ftr-458	278	25	,	,	PUNCT
ftr-458	278	26	so	so	ADV
ftr-458	278	27	does	do	VERB
ftr-458	278	28	the	the	DET
ftr-458	278	29	option	option	NOUN
ftr-458	278	30	.	.	PUNCT
ftr-458	279	1	the	the	DET
ftr-458	279	2	supreme	supreme	PROPN
ftr-458	279	3	court	court	PROPN
ftr-458	279	4	held	hold	VERB
ftr-458	279	5	in	in	ADP
ftr-458	279	6	helvering	helvere	VERB
ftr-458	279	7	v.	v.	ADP
ftr-458	279	8	san	san	PROPN
ftr-458	279	9	joaquin	joaquin	PROPN
ftr-458	279	10	fruit	fruit	PROPN
ftr-458	279	11	&	&	CCONJ
ftr-458	279	12	investment	investment	PROPN
ftr-458	279	13	co.	co.	PROPN
ftr-458	279	14	,3	,3	PUNCT
ftr-458	279	15	"	"	PUNCT
ftr-458	279	16	however	however	ADV
ftr-458	279	17	,	,	PUNCT
ftr-458	279	18	that	that	SCONJ
ftr-458	279	19	an	an	DET
ftr-458	279	20	option	option	NOUN
ftr-458	279	21	is	be	AUX
ftr-458	279	22	a	a	DET
ftr-458	279	23	property	property	NOUN
ftr-458	279	24	right	right	ADV
ftr-458	279	25	separate	separate	ADJ
ftr-458	279	26	from	from	ADP
ftr-458	279	27	ownership	ownership	NOUN
ftr-458	279	28	and	and	CCONJ
ftr-458	279	29	conveys	convey	VERB
ftr-458	279	30	no	no	DET
ftr-458	279	31	interest	interest	NOUN
ftr-458	279	32	in	in	ADP
ftr-458	279	33	the	the	DET
ftr-458	279	34	underlying	underlie	VERB
ftr-458	279	35	asset	asset	NOUN
ftr-458	279	36	until	until	ADP
ftr-458	279	37	exercise	exercise	NOUN
ftr-458	279	38	.	.	PUNCT
ftr-458	280	1	similarly	similarly	ADV
ftr-458	280	2	,	,	PUNCT
ftr-458	280	3	under	under	ADP
ftr-458	280	4	this	this	DET
ftr-458	280	5	separate	separate	ADJ
ftr-458	280	6	transactions	transaction	NOUN
ftr-458	280	7	approach	approach	NOUN
ftr-458	280	8	,	,	PUNCT
ftr-458	280	9	the	the	DET
ftr-458	280	10	second	second	ADJ
ftr-458	280	11	circuit	circuit	NOUN
ftr-458	280	12	in	in	ADP
ftr-458	280	13	woodsam	woodsam	PROPN
ftr-458	280	14	associates	associates	PROPN
ftr-458	280	15	,	,	PUNCT
ftr-458	280	16	inc	inc	PROPN
ftr-458	280	17	.	.	PROPN
ftr-458	280	18	v.	v.	PROPN
ftr-458	280	19	commissioner3	commissioner3	PROPN
ftr-458	280	20	'	'	PUNCT
ftr-458	280	21	held	hold	VERB
ftr-458	280	22	that	that	SCONJ
ftr-458	280	23	no	no	DET
ftr-458	280	24	disposition	disposition	NOUN
ftr-458	280	25	results	result	VERB
ftr-458	280	26	from	from	ADP
ftr-458	280	27	incurring	incur	VERB
ftr-458	280	28	a	a	DET
ftr-458	280	29	nonrecourse	nonrecourse	NOUN
ftr-458	280	30	mortgage	mortgage	NOUN
ftr-458	280	31	secured	secure	VERB
ftr-458	280	32	by	by	ADP
ftr-458	280	33	an	an	DET
ftr-458	280	34	asset	asset	NOUN
ftr-458	280	35	whose	whose	DET
ftr-458	280	36	basis	basis	NOUN
ftr-458	280	37	to	to	ADP
ftr-458	280	38	the	the	DET
ftr-458	280	39	taxpayer	taxpayer	NOUN
ftr-458	280	40	is	be	AUX
ftr-458	280	41	less	less	ADJ
ftr-458	280	42	than	than	ADP
ftr-458	280	43	the	the	DET
ftr-458	280	44	amount	amount	NOUN
ftr-458	280	45	of	of	ADP
ftr-458	280	46	the	the	DET
ftr-458	280	47	mortgage	mortgage	NOUN
ftr-458	280	48	.	.	PUNCT
ftr-458	281	1	a	a	DET
ftr-458	281	2	creditor	creditor	NOUN
ftr-458	281	3	is	be	AUX
ftr-458	281	4	not	not	PART
ftr-458	281	5	an	an	DET
ftr-458	281	6	owner	owner	NOUN
ftr-458	281	7	even	even	ADV
ftr-458	281	8	though	though	SCONJ
ftr-458	281	9	the	the	DET
ftr-458	281	10	creditor	creditor	NOUN
ftr-458	281	11	bears	bear	VERB
ftr-458	281	12	risk	risk	NOUN
ftr-458	281	13	of	of	ADP
ftr-458	281	14	loss	loss	NOUN
ftr-458	281	15	.	.	PUNCT
ftr-458	282	1	finally	finally	ADV
ftr-458	282	2	,	,	PUNCT
ftr-458	282	3	in	in	ADP
ftr-458	282	4	cottage	cottage	NOUN
ftr-458	282	5	savings	saving	NOUN
ftr-458	282	6	association	association	PROPN
ftr-458	282	7	v.	v.	PROPN
ftr-458	282	8	commissioner,32	commissioner,32	VERB
ftr-458	282	9	the	the	DET
ftr-458	282	10	27	27	NUM
ftr-458	282	11	.	.	PUNCT
ftr-458	283	1	the	the	DET
ftr-458	283	2	cases	case	NOUN
ftr-458	283	3	have	have	AUX
ftr-458	283	4	viewed	view	VERB
ftr-458	283	5	the	the	DET
ftr-458	283	6	possibility	possibility	NOUN
ftr-458	283	7	of	of	ADP
ftr-458	283	8	breach	breach	NOUN
ftr-458	283	9	as	as	ADP
ftr-458	283	10	irrelevant	irrelevant	ADJ
ftr-458	283	11	and	and	CCONJ
ftr-458	283	12	,	,	PUNCT
ftr-458	283	13	accordingly	accordingly	ADV
ftr-458	283	14	,	,	PUNCT
ftr-458	283	15	have	have	AUX
ftr-458	283	16	chosen	choose	VERB
ftr-458	283	17	a	a	DET
ftr-458	283	18	legally	legally	ADV
ftr-458	283	19	,	,	PUNCT
ftr-458	283	20	rather	rather	ADV
ftr-458	283	21	than	than	ADP
ftr-458	283	22	economically	economically	ADV
ftr-458	283	23	,	,	PUNCT
ftr-458	283	24	oriented	oriented	ADJ
ftr-458	283	25	test	test	NOUN
ftr-458	283	26	.	.	PUNCT
ftr-458	284	1	see	see	VERB
ftr-458	284	2	fletcher	fletcher	PROPN
ftr-458	284	3	v.	v.	PROPN
ftr-458	284	4	united	united	PROPN
ftr-458	284	5	states	states	PROPN
ftr-458	284	6	,	,	PUNCT
ftr-458	284	7	303	303	NUM
ftr-458	284	8	f.	f.	PROPN
ftr-458	284	9	supp	supp	PROPN
ftr-458	284	10	.	.	PUNCT
ftr-458	285	1	583	583	NUM
ftr-458	285	2	(	(	PUNCT
ftr-458	285	3	n.d	n.d	PROPN
ftr-458	285	4	.	.	PROPN
ftr-458	285	5	ind	ind	PROPN
ftr-458	285	6	.	.	PROPN
ftr-458	285	7	1967	1967	NUM
ftr-458	285	8	)	)	PUNCT
ftr-458	285	9	,	,	PUNCT
ftr-458	285	10	aff'd	aff'd	NOUN
ftr-458	285	11	,	,	PUNCT
ftr-458	285	12	436	436	NUM
ftr-458	285	13	f.2d	f.2d	ADP
ftr-458	285	14	413	413	NUM
ftr-458	285	15	,	,	PUNCT
ftr-458	285	16	415	415	NUM
ftr-458	285	17	(	(	PUNCT
ftr-458	285	18	7th	7th	ADJ
ftr-458	285	19	cir	cir	NOUN
ftr-458	285	20	.	.	PROPN
ftr-458	285	21	1971	1971	NUM
ftr-458	285	22	)	)	PUNCT
ftr-458	285	23	(	(	PUNCT
ftr-458	285	24	per	per	ADP
ftr-458	285	25	curiam	curiam	NOUN
ftr-458	285	26	)	)	PUNCT
ftr-458	285	27	(	(	PUNCT
ftr-458	285	28	holding	hold	VERB
ftr-458	285	29	that	that	DET
ftr-458	285	30	contract	contract	NOUN
ftr-458	285	31	obligation	obligation	NOUN
ftr-458	285	32	was	be	AUX
ftr-458	285	33	not	not	PART
ftr-458	285	34	an	an	DET
ftr-458	285	35	option	option	NOUN
ftr-458	285	36	because	because	SCONJ
ftr-458	285	37	breach	breach	VERB
ftr-458	285	38	unlawful	unlawful	ADJ
ftr-458	285	39	)	)	PUNCT
ftr-458	285	40	;	;	PUNCT
ftr-458	285	41	grodt	grodt	PROPN
ftr-458	285	42	&	&	CCONJ
ftr-458	285	43	mckay	mckay	PROPN
ftr-458	285	44	realty	realty	PROPN
ftr-458	285	45	,	,	PUNCT
ftr-458	285	46	inc	inc	PROPN
ftr-458	285	47	.	.	PROPN
ftr-458	286	1	v.	v.	PROPN
ftr-458	286	2	commissioner	commissioner	PROPN
ftr-458	286	3	,	,	PUNCT
ftr-458	286	4	77	77	NUM
ftr-458	286	5	t.c	t.c	PROPN
ftr-458	286	6	.	.	PROPN
ftr-458	286	7	1221	1221	NUM
ftr-458	286	8	,	,	PUNCT
ftr-458	286	9	1242	1242	NUM
ftr-458	286	10	(	(	PUNCT
ftr-458	286	11	1981	1981	NUM
ftr-458	286	12	)	)	PUNCT
ftr-458	286	13	(	(	PUNCT
ftr-458	286	14	holding	hold	VERB
ftr-458	286	15	that	that	DET
ftr-458	286	16	risk	risk	NOUN
ftr-458	286	17	of	of	ADP
ftr-458	286	18	nonperformance	nonperformance	NOUN
ftr-458	286	19	is	be	AUX
ftr-458	286	20	not	not	PART
ftr-458	286	21	normally	normally	ADV
ftr-458	286	22	associated	associate	VERB
ftr-458	286	23	with	with	ADP
ftr-458	286	24	tax	tax	NOUN
ftr-458	286	25	ownership	ownership	NOUN
ftr-458	286	26	)	)	PUNCT
ftr-458	286	27	.	.	PUNCT
ftr-458	287	1	28	28	NUM
ftr-458	287	2	.	.	PUNCT
ftr-458	288	1	commissioner	commissioner	PROPN
ftr-458	288	2	v.	v.	PROPN
ftr-458	288	3	brown	brown	PROPN
ftr-458	288	4	,	,	PUNCT
ftr-458	288	5	380	380	NUM
ftr-458	288	6	u.s	u.s	PROPN
ftr-458	288	7	.	.	PROPN
ftr-458	288	8	563	563	NUM
ftr-458	288	9	,	,	PUNCT
ftr-458	288	10	574	574	NUM
ftr-458	288	11	(	(	PUNCT
ftr-458	288	12	1965	1965	NUM
ftr-458	288	13	)	)	PUNCT
ftr-458	288	14	(	(	PUNCT
ftr-458	288	15	holding	hold	VERB
ftr-458	288	16	that	that	DET
ftr-458	288	17	risk	risk	NOUN
ftr-458	288	18	shifting	shift	VERB
ftr-458	288	19	is	be	AUX
ftr-458	288	20	not	not	PART
ftr-458	288	21	"	"	PUNCT
ftr-458	288	22	an	an	DET
ftr-458	288	23	essential	essential	ADJ
ftr-458	288	24	ingredient	ingredient	NOUN
ftr-458	288	25	"	"	PUNCT
ftr-458	288	26	of	of	ADP
ftr-458	288	27	a	a	DET
ftr-458	288	28	sale	sale	NOUN
ftr-458	288	29	)	)	PUNCT
ftr-458	288	30	.	.	PUNCT
ftr-458	289	1	contingent	contingent	ADJ
ftr-458	289	2	payment	payment	NOUN
ftr-458	289	3	sales	sale	NOUN
ftr-458	289	4	may	may	AUX
ftr-458	289	5	be	be	AUX
ftr-458	289	6	eligible	eligible	ADJ
ftr-458	289	7	for	for	ADP
ftr-458	289	8	installment	installment	NOUN
ftr-458	289	9	method	method	NOUN
ftr-458	289	10	reporting	reporting	NOUN
ftr-458	289	11	.	.	PUNCT
ftr-458	290	1	see	see	VERB
ftr-458	290	2	regs	reg	NOUN
ftr-458	290	3	.	.	PUNCT
ftr-458	291	1	§	§	PROPN
ftr-458	291	2	15a.453	15a.453	NUM
ftr-458	291	3	-	-	PUNCT
ftr-458	291	4	i(c	i(c	PROPN
ftr-458	291	5	)	)	PUNCT
ftr-458	291	6	.	.	PUNCT
ftr-458	292	1	29	29	NUM
ftr-458	292	2	.	.	PUNCT
ftr-458	292	3	regs	regs	PROPN
ftr-458	292	4	.	.	PUNCT
ftr-458	293	1	§	§	PROPN
ftr-458	293	2	15a.453	15a.453	NUM
ftr-458	293	3	-	-	PUNCT
ftr-458	293	4	1(d)(2)(iii	1(d)(2)(iii	NUM
ftr-458	293	5	)	)	PUNCT
ftr-458	293	6	(	(	PUNCT
ftr-458	293	7	in	in	ADP
ftr-458	293	8	"	"	PUNCT
ftr-458	293	9	rare	rare	ADJ
ftr-458	293	10	and	and	CCONJ
ftr-458	293	11	extraordinary	extraordinary	ADJ
ftr-458	293	12	"	"	PUNCT
ftr-458	293	13	case	case	NOUN
ftr-458	293	14	where	where	SCONJ
ftr-458	293	15	fair	fair	ADJ
ftr-458	293	16	market	market	NOUN
ftr-458	293	17	value	value	NOUN
ftr-458	293	18	of	of	ADP
ftr-458	293	19	contingent	contingent	ADJ
ftr-458	293	20	payment	payment	NOUN
ftr-458	293	21	obligation	obligation	NOUN
ftr-458	293	22	is	be	AUX
ftr-458	293	23	not	not	PART
ftr-458	293	24	readily	readily	ADV
ftr-458	293	25	ascertainable	ascertainable	ADJ
ftr-458	293	26	,	,	PUNCT
ftr-458	293	27	transaction	transaction	NOUN
ftr-458	293	28	may	may	AUX
ftr-458	293	29	be	be	AUX
ftr-458	293	30	held	hold	VERB
ftr-458	293	31	open	open	ADJ
ftr-458	293	32	)	)	PUNCT
ftr-458	293	33	.	.	PUNCT
ftr-458	294	1	see	see	VERB
ftr-458	294	2	also	also	ADV
ftr-458	294	3	burnet	burnet	PROPN
ftr-458	294	4	v.	v.	PROPN
ftr-458	294	5	logan	logan	PROPN
ftr-458	294	6	,	,	PUNCT
ftr-458	294	7	283	283	NUM
ftr-458	294	8	u.s	u.s	PROPN
ftr-458	294	9	.	.	PROPN
ftr-458	294	10	404	404	NUM
ftr-458	294	11	,	,	PUNCT
ftr-458	294	12	413	413	NUM
ftr-458	294	13	(	(	PUNCT
ftr-458	294	14	1930	1930	NUM
ftr-458	294	15	)	)	PUNCT
ftr-458	294	16	(	(	PUNCT
ftr-458	294	17	holding	hold	VERB
ftr-458	294	18	that	that	DET
ftr-458	294	19	seller	seller	NOUN
ftr-458	294	20	was	be	AUX
ftr-458	294	21	entitled	entitle	VERB
ftr-458	294	22	to	to	PART
ftr-458	294	23	recover	recover	VERB
ftr-458	294	24	basis	basis	NOUN
ftr-458	294	25	before	before	ADP
ftr-458	294	26	recognizing	recognize	VERB
ftr-458	294	27	gain	gain	NOUN
ftr-458	294	28	in	in	ADP
ftr-458	294	29	contingent	contingent	ADJ
ftr-458	294	30	payment	payment	NOUN
ftr-458	294	31	sale	sale	NOUN
ftr-458	294	32	since	since	SCONJ
ftr-458	294	33	contingent	contingent	ADJ
ftr-458	294	34	payments	payment	NOUN
ftr-458	294	35	might	might	AUX
ftr-458	294	36	never	never	ADV
ftr-458	294	37	be	be	AUX
ftr-458	294	38	received	receive	VERB
ftr-458	294	39	and	and	CCONJ
ftr-458	294	40	had	have	VERB
ftr-458	294	41	no	no	DET
ftr-458	294	42	readily	readily	ADV
ftr-458	294	43	ascertainable	ascertainable	ADJ
ftr-458	294	44	value	value	NOUN
ftr-458	294	45	)	)	PUNCT
ftr-458	294	46	;	;	PUNCT
ftr-458	295	1	philadelphia	philadelphia	PROPN
ftr-458	295	2	park	park	NOUN
ftr-458	295	3	amusement	amusement	PROPN
ftr-458	295	4	co.	co.	PROPN
ftr-458	296	1	v.	v.	CCONJ
ftr-458	296	2	united	united	PROPN
ftr-458	296	3	states	states	PROPN
ftr-458	296	4	,	,	PUNCT
ftr-458	296	5	126	126	NUM
ftr-458	296	6	f.supp	f.supp	ADJ
ftr-458	296	7	.	.	PUNCT
ftr-458	297	1	184	184	NUM
ftr-458	297	2	(	(	PUNCT
ftr-458	297	3	ct	ct	PROPN
ftr-458	297	4	.	.	PUNCT
ftr-458	297	5	cl	cl	NOUN
ftr-458	297	6	.	.	PUNCT
ftr-458	297	7	1954	1954	NUM
ftr-458	297	8	)	)	PUNCT
ftr-458	297	9	(	(	PUNCT
ftr-458	297	10	in	in	ADP
ftr-458	297	11	arm	arm	NOUN
ftr-458	297	12	's	's	PART
ftr-458	297	13	length	length	NOUN
ftr-458	297	14	transaction	transaction	NOUN
ftr-458	297	15	,	,	PUNCT
ftr-458	297	16	if	if	SCONJ
ftr-458	297	17	valuation	valuation	NOUN
ftr-458	297	18	of	of	ADP
ftr-458	297	19	property	property	NOUN
ftr-458	297	20	received	receive	VERB
ftr-458	297	21	is	be	AUX
ftr-458	297	22	difficult	difficult	ADJ
ftr-458	297	23	,	,	PUNCT
ftr-458	297	24	such	such	ADJ
ftr-458	297	25	value	value	NOUN
ftr-458	297	26	may	may	AUX
ftr-458	297	27	be	be	AUX
ftr-458	297	28	presumed	presume	VERB
ftr-458	297	29	to	to	PART
ftr-458	297	30	equal	equal	VERB
ftr-458	297	31	the	the	DET
ftr-458	297	32	value	value	NOUN
ftr-458	297	33	of	of	ADP
ftr-458	297	34	the	the	DET
ftr-458	297	35	property	property	NOUN
ftr-458	297	36	given	give	VERB
ftr-458	297	37	in	in	ADP
ftr-458	297	38	the	the	DET
ftr-458	297	39	exchange	exchange	NOUN
ftr-458	297	40	)	)	PUNCT
ftr-458	297	41	.	.	PUNCT
ftr-458	298	1	30	30	NUM
ftr-458	298	2	.	.	X
ftr-458	298	3	297	297	NUM
ftr-458	298	4	u.s	u.s	PROPN
ftr-458	298	5	.	.	PROPN
ftr-458	298	6	496	496	NUM
ftr-458	298	7	,	,	PUNCT
ftr-458	298	8	498	498	NUM
ftr-458	298	9	-	-	SYM
ftr-458	298	10	99	99	NUM
ftr-458	298	11	(	(	PUNCT
ftr-458	298	12	1935	1935	NUM
ftr-458	298	13	)	)	PUNCT
ftr-458	298	14	(	(	PUNCT
ftr-458	298	15	holding	hold	VERB
ftr-458	298	16	that	that	DET
ftr-458	298	17	lease	lease	NOUN
ftr-458	298	18	and	and	CCONJ
ftr-458	298	19	purchase	purchase	NOUN
ftr-458	298	20	option	option	NOUN
ftr-458	298	21	was	be	AUX
ftr-458	298	22	not	not	PART
ftr-458	298	23	a	a	DET
ftr-458	298	24	transfer	transfer	NOUN
ftr-458	298	25	of	of	ADP
ftr-458	298	26	land	land	NOUN
ftr-458	298	27	)	)	PUNCT
ftr-458	298	28	.	.	PUNCT
ftr-458	299	1	31	31	NUM
ftr-458	299	2	.	.	X
ftr-458	299	3	198	198	NUM
ftr-458	299	4	f.2d	f.2d	PUNCT
ftr-458	299	5	357	357	NUM
ftr-458	299	6	,	,	PUNCT
ftr-458	299	7	359	359	NUM
ftr-458	299	8	(	(	PUNCT
ftr-458	299	9	2d	2d	NUM
ftr-458	299	10	cir	cir	NOUN
ftr-458	299	11	.	.	PROPN
ftr-458	299	12	1952	1952	NUM
ftr-458	299	13	)	)	PUNCT
ftr-458	299	14	.	.	PUNCT
ftr-458	300	1	32	32	NUM
ftr-458	300	2	.	.	X
ftr-458	301	1	499	499	NUM
ftr-458	301	2	u.s	u.s	PROPN
ftr-458	301	3	.	.	PROPN
ftr-458	301	4	554	554	NUM
ftr-458	301	5	(	(	PUNCT
ftr-458	301	6	1991	1991	NUM
ftr-458	301	7	)	)	PUNCT
ftr-458	301	8	.	.	PUNCT
ftr-458	302	1	see	see	VERB
ftr-458	302	2	bacon	bacon	NOUN
ftr-458	302	3	&	&	CCONJ
ftr-458	302	4	adrion	adrion	PROPN
ftr-458	302	5	,	,	PUNCT
ftr-458	302	6	supra	supra	PROPN
ftr-458	302	7	note	note	PROPN
ftr-458	302	8	17	17	NUM
ftr-458	302	9	(	(	PUNCT
ftr-458	302	10	arguing	argue	VERB
ftr-458	302	11	that	that	SCONJ
ftr-458	302	12	cottage	cottage	NOUN
ftr-458	302	13	savings	saving	NOUN
ftr-458	302	14	affirms	affirm	VERB
ftr-458	302	15	that	that	SCONJ
ftr-458	302	16	exchange	exchange	NOUN
ftr-458	302	17	of	of	ADP
ftr-458	302	18	property	property	NOUN
ftr-458	302	19	is	be	AUX
ftr-458	302	20	realization	realization	NOUN
ftr-458	302	21	event	event	NOUN
ftr-458	302	22	regardless	regardless	ADV
ftr-458	302	23	of	of	ADP
ftr-458	302	24	economic	economic	ADJ
ftr-458	302	25	or	or	CCONJ
ftr-458	302	26	financial	financial	ADJ
ftr-458	302	27	similarity	similarity	NOUN
ftr-458	302	28	of	of	ADP
ftr-458	302	29	properties	property	NOUN
ftr-458	302	30	exchanged	exchange	VERB
ftr-458	302	31	)	)	PUNCT
ftr-458	302	32	;	;	PUNCT
ftr-458	303	1	thomas	thomas	PROPN
ftr-458	303	2	l.	l.	PROPN
ftr-458	303	3	evans	evans	PROPN
ftr-458	303	4	,	,	PUNCT
ftr-458	303	5	the	the	DET
ftr-458	303	6	realization	realization	NOUN
ftr-458	303	7	doctrine	doctrine	NOUN
ftr-458	303	8	after	after	ADP
ftr-458	303	9	cottage	cottage	NOUN
ftr-458	303	10	savings	saving	NOUN
ftr-458	303	11	,	,	PUNCT
ftr-458	303	12	70	70	NUM
ftr-458	303	13	taxes	taxis	NOUN
ftr-458	303	14	897	897	NUM
ftr-458	303	15	(	(	PUNCT
ftr-458	303	16	1992	1992	NUM
ftr-458	303	17	)	)	PUNCT
ftr-458	303	18	(	(	PUNCT
ftr-458	303	19	explaining	explain	VERB
ftr-458	303	20	that	that	SCONJ
ftr-458	303	21	under	under	ADP
ftr-458	303	22	cottage	cottage	NOUN
ftr-458	303	23	savings	saving	NOUN
ftr-458	303	24	,	,	PUNCT
ftr-458	303	25	realization	realization	NOUN
ftr-458	303	26	doctrine	doctrine	NOUN
ftr-458	303	27	operates	operate	VERB
ftr-458	303	28	based	base	VERB
ftr-458	303	29	on	on	ADP
ftr-458	303	30	legal	legal	ADJ
ftr-458	303	31	form	form	NOUN
ftr-458	303	32	,	,	PUNCT
ftr-458	303	33	not	not	PART
ftr-458	303	34	economic	economic	ADJ
ftr-458	303	35	substance	substance	NOUN
ftr-458	303	36	)	)	PUNCT
ftr-458	303	37	;	;	PUNCT
ftr-458	303	38	loren	loren	PROPN
ftr-458	303	39	d.	d.	PROPN
ftr-458	303	40	prescott	prescott	PROPN
ftr-458	303	41	,	,	PUNCT
ftr-458	303	42	jr	jr	PROPN
ftr-458	303	43	.	.	PROPN
ftr-458	303	44	,	,	PUNCT
ftr-458	303	45	cottage	cottage	NOUN
ftr-458	303	46	[	[	X
ftr-458	303	47	vol	vol	NOUN
ftr-458	303	48	3:1	3:1	NUM
ftr-458	303	49	another	another	DET
ftr-458	303	50	uneasy	uneasy	ADJ
ftr-458	303	51	compromise	compromise	NOUN
ftr-458	303	52	supreme	supreme	PROPN
ftr-458	303	53	court	court	PROPN
ftr-458	303	54	interpreted	interpret	VERB
ftr-458	303	55	the	the	DET
ftr-458	303	56	realization	realization	NOUN
ftr-458	303	57	requirement	requirement	NOUN
ftr-458	303	58	in	in	ADP
ftr-458	303	59	a	a	DET
ftr-458	303	60	manner	manner	NOUN
ftr-458	303	61	that	that	PRON
ftr-458	303	62	the	the	DET
ftr-458	303	63	court	court	NOUN
ftr-458	303	64	believed	believe	VERB
ftr-458	303	65	served	serve	VERB
ftr-458	303	66	the	the	DET
ftr-458	303	67	purpose	purpose	NOUN
ftr-458	303	68	of	of	ADP
ftr-458	303	69	the	the	DET
ftr-458	303	70	realization	realization	NOUN
ftr-458	303	71	requirement	requirement	NOUN
ftr-458	303	72	to	to	PART
ftr-458	303	73	avoid	avoid	VERB
ftr-458	303	74	burdensome	burdensome	ADJ
ftr-458	303	75	valuation	valuation	NOUN
ftr-458	303	76	.	.	PUNCT
ftr-458	304	1	but	but	CCONJ
ftr-458	304	2	,	,	PUNCT
ftr-458	304	3	the	the	DET
ftr-458	304	4	connection	connection	NOUN
ftr-458	304	5	between	between	ADP
ftr-458	304	6	valuation	valuation	NOUN
ftr-458	304	7	and	and	CCONJ
ftr-458	304	8	the	the	DET
ftr-458	304	9	court	court	NOUN
ftr-458	304	10	's	's	PART
ftr-458	304	11	test	test	NOUN
ftr-458	304	12	for	for	ADP
ftr-458	304	13	realization	realization	NOUN
ftr-458	304	14	-	-	PUNCT
ftr-458	304	15	whether	whether	SCONJ
ftr-458	304	16	exchanged	exchange	VERB
ftr-458	304	17	properties	property	NOUN
ftr-458	304	18	embody	embody	VERB
ftr-458	304	19	"	"	PUNCT
ftr-458	304	20	legally	legally	ADV
ftr-458	304	21	distinct	distinct	ADJ
ftr-458	304	22	entitlements"--is	entitlements"--is	ADV
ftr-458	304	23	tenuous	tenuous	ADJ
ftr-458	304	24	.	.	PUNCT
ftr-458	305	1	the	the	DET
ftr-458	305	2	taxpayer	taxpayer	NOUN
ftr-458	305	3	in	in	ADP
ftr-458	305	4	that	that	DET
ftr-458	305	5	case	case	NOUN
ftr-458	305	6	,	,	PUNCT
ftr-458	305	7	a	a	DET
ftr-458	305	8	savings	saving	NOUN
ftr-458	305	9	and	and	CCONJ
ftr-458	305	10	loan	loan	NOUN
ftr-458	305	11	association	association	NOUN
ftr-458	305	12	,	,	PUNCT
ftr-458	305	13	exchanged	exchange	VERB
ftr-458	305	14	a	a	DET
ftr-458	305	15	pool	pool	NOUN
ftr-458	305	16	of	of	ADP
ftr-458	305	17	mortgage	mortgage	NOUN
ftr-458	305	18	receivables	receivables	NOUN
ftr-458	305	19	that	that	PRON
ftr-458	305	20	it	it	PRON
ftr-458	305	21	owned	own	VERB
ftr-458	305	22	for	for	ADP
ftr-458	305	23	another	another	DET
ftr-458	305	24	pool	pool	NOUN
ftr-458	305	25	of	of	ADP
ftr-458	305	26	mortgage	mortgage	NOUN
ftr-458	305	27	receivables	receivables	NOUN
ftr-458	305	28	with	with	ADP
ftr-458	305	29	similar	similar	ADJ
ftr-458	305	30	financial	financial	ADJ
ftr-458	305	31	characteristics	characteristic	NOUN
ftr-458	305	32	.	.	PUNCT
ftr-458	306	1	the	the	DET
ftr-458	306	2	transaction	transaction	NOUN
ftr-458	306	3	was	be	AUX
ftr-458	306	4	designed	design	VERB
ftr-458	306	5	to	to	PART
ftr-458	306	6	trigger	trigger	VERB
ftr-458	306	7	realization	realization	NOUN
ftr-458	306	8	of	of	ADP
ftr-458	306	9	losses	loss	NOUN
ftr-458	306	10	in	in	ADP
ftr-458	306	11	the	the	DET
ftr-458	306	12	taxpayer	taxpayer	NOUN
ftr-458	306	13	's	's	PART
ftr-458	306	14	original	original	ADJ
ftr-458	306	15	pool	pool	NOUN
ftr-458	306	16	for	for	ADP
ftr-458	306	17	tax	tax	NOUN
ftr-458	306	18	purposes	purpose	NOUN
ftr-458	306	19	but	but	CCONJ
ftr-458	306	20	not	not	PART
ftr-458	306	21	for	for	ADP
ftr-458	306	22	financial	financial	ADJ
ftr-458	306	23	accounting	accounting	NOUN
ftr-458	306	24	purposes	purpose	NOUN
ftr-458	306	25	.	.	PUNCT
ftr-458	307	1	the	the	DET
ftr-458	307	2	court	court	NOUN
ftr-458	307	3	held	hold	VERB
ftr-458	307	4	that	that	SCONJ
ftr-458	307	5	the	the	DET
ftr-458	307	6	exchange	exchange	NOUN
ftr-458	307	7	was	be	AUX
ftr-458	307	8	a	a	DET
ftr-458	307	9	realization	realization	NOUN
ftr-458	307	10	event	event	NOUN
ftr-458	307	11	because	because	SCONJ
ftr-458	307	12	the	the	DET
ftr-458	307	13	exchanged	exchange	VERB
ftr-458	307	14	properties	property	NOUN
ftr-458	307	15	consisted	consist	VERB
ftr-458	307	16	of	of	ADP
ftr-458	307	17	different	different	ADJ
ftr-458	307	18	legal	legal	ADJ
ftr-458	307	19	rights	right	NOUN
ftr-458	307	20	and	and	CCONJ
ftr-458	307	21	obligations	obligation	NOUN
ftr-458	307	22	.	.	PUNCT
ftr-458	308	1	the	the	DET
ftr-458	308	2	new	new	ADJ
ftr-458	308	3	mortgages	mortgage	NOUN
ftr-458	308	4	were	be	AUX
ftr-458	308	5	made	make	VERB
ftr-458	308	6	by	by	ADP
ftr-458	308	7	different	different	ADJ
ftr-458	308	8	obligors	obligor	NOUN
ftr-458	308	9	and	and	CCONJ
ftr-458	308	10	secured	secure	VERB
ftr-458	308	11	by	by	ADP
ftr-458	308	12	different	different	ADJ
ftr-458	308	13	properties	property	NOUN
ftr-458	308	14	than	than	ADP
ftr-458	308	15	the	the	DET
ftr-458	308	16	old	old	ADJ
ftr-458	308	17	mortgages.33	mortgages.33	NOUN
ftr-458	308	18	it	it	PRON
ftr-458	308	19	is	be	AUX
ftr-458	308	20	unclear	unclear	ADJ
ftr-458	308	21	why	why	SCONJ
ftr-458	308	22	the	the	DET
ftr-458	308	23	court	court	NOUN
ftr-458	308	24	believed	believe	VERB
ftr-458	308	25	that	that	SCONJ
ftr-458	308	26	an	an	DET
ftr-458	308	27	exchange	exchange	NOUN
ftr-458	308	28	of	of	ADP
ftr-458	308	29	properties	property	NOUN
ftr-458	308	30	with	with	ADP
ftr-458	308	31	different	different	ADJ
ftr-458	308	32	legal	legal	ADJ
ftr-458	308	33	rights	right	NOUN
ftr-458	308	34	and	and	CCONJ
ftr-458	308	35	obligations	obligation	NOUN
ftr-458	308	36	makes	make	VERB
ftr-458	308	37	valuation	valuation	NOUN
ftr-458	308	38	practical	practical	ADJ
ftr-458	308	39	.	.	PUNCT
ftr-458	309	1	the	the	DET
ftr-458	309	2	court	court	NOUN
ftr-458	309	3	's	's	PART
ftr-458	309	4	emphasis	emphasis	NOUN
ftr-458	309	5	on	on	ADP
ftr-458	309	6	legal	legal	ADJ
ftr-458	309	7	rights	right	NOUN
ftr-458	309	8	and	and	CCONJ
ftr-458	309	9	obligations	obligation	NOUN
ftr-458	309	10	was	be	AUX
ftr-458	309	11	,	,	PUNCT
ftr-458	309	12	in	in	ADP
ftr-458	309	13	addition	addition	NOUN
ftr-458	309	14	,	,	PUNCT
ftr-458	309	15	a	a	DET
ftr-458	309	16	rejection	rejection	NOUN
ftr-458	309	17	of	of	ADP
ftr-458	309	18	economic	economic	ADJ
ftr-458	309	19	risk	risk	NOUN
ftr-458	309	20	as	as	ADP
ftr-458	309	21	a	a	DET
ftr-458	309	22	relevant	relevant	ADJ
ftr-458	309	23	criterion	criterion	NOUN
ftr-458	309	24	for	for	ADP
ftr-458	309	25	realization	realization	NOUN
ftr-458	309	26	.	.	PUNCT
ftr-458	310	1	the	the	DET
ftr-458	310	2	court	court	NOUN
ftr-458	310	3	rejected	reject	VERB
ftr-458	310	4	as	as	ADP
ftr-458	310	5	subjective	subjective	ADJ
ftr-458	310	6	,	,	PUNCT
ftr-458	310	7	not	not	PART
ftr-458	310	8	administrable	administrable	ADJ
ftr-458	310	9	,	,	PUNCT
ftr-458	310	10	and	and	CCONJ
ftr-458	310	11	doctrinally	doctrinally	ADV
ftr-458	310	12	irrelevant	irrelevant	ADJ
ftr-458	310	13	the	the	DET
ftr-458	310	14	commissioner	commissioner	NOUN
ftr-458	310	15	's	's	PART
ftr-458	310	16	argument	argument	NOUN
ftr-458	310	17	that	that	SCONJ
ftr-458	310	18	no	no	DET
ftr-458	310	19	realization	realization	NOUN
ftr-458	310	20	occurred	occur	VERB
ftr-458	310	21	because	because	SCONJ
ftr-458	310	22	the	the	DET
ftr-458	310	23	new	new	ADJ
ftr-458	310	24	pool	pool	NOUN
ftr-458	310	25	was	be	AUX
ftr-458	310	26	an	an	DET
ftr-458	310	27	"	"	PUNCT
ftr-458	310	28	economic	economic	ADJ
ftr-458	310	29	substitute	substitute	NOUN
ftr-458	310	30	"	"	PUNCT
ftr-458	310	31	for	for	ADP
ftr-458	310	32	the	the	DET
ftr-458	310	33	old	old	ADJ
ftr-458	310	34	pool	pool	NOUN
ftr-458	310	35	.	.	PUNCT
ftr-458	311	1	b.	b.	NOUN
ftr-458	311	2	fungible	fungible	ADJ
ftr-458	311	3	assets	asset	NOUN
ftr-458	311	4	notwithstanding	notwithstanding	ADP
ftr-458	311	5	cottage	cottage	NOUN
ftr-458	311	6	savings	saving	NOUN
ftr-458	311	7	,	,	PUNCT
ftr-458	311	8	risk	risk	NOUN
ftr-458	311	9	is	be	AUX
ftr-458	311	10	an	an	DET
ftr-458	311	11	important	important	ADJ
ftr-458	311	12	theme	theme	NOUN
ftr-458	311	13	under	under	ADP
ftr-458	311	14	the	the	DET
ftr-458	311	15	benefits	benefit	NOUN
ftr-458	311	16	and	and	CCONJ
ftr-458	311	17	burdens	burden	NOUN
ftr-458	311	18	doctrine	doctrine	NOUN
ftr-458	311	19	.	.	PUNCT
ftr-458	312	1	hedging	hedge	VERB
ftr-458	312	2	publicly	publicly	ADV
ftr-458	312	3	-	-	PUNCT
ftr-458	312	4	traded	trade	VERB
ftr-458	312	5	stock	stock	NOUN
ftr-458	312	6	might	might	AUX
ftr-458	312	7	therefore	therefore	ADV
ftr-458	312	8	appear	appear	VERB
ftr-458	312	9	at	at	ADP
ftr-458	312	10	first	first	ADJ
ftr-458	312	11	blush	blush	NOUN
ftr-458	312	12	to	to	PART
ftr-458	312	13	constitute	constitute	VERB
ftr-458	312	14	a	a	DET
ftr-458	312	15	disposition	disposition	NOUN
ftr-458	312	16	of	of	ADP
ftr-458	312	17	the	the	DET
ftr-458	312	18	stock	stock	NOUN
ftr-458	312	19	because	because	SCONJ
ftr-458	312	20	the	the	DET
ftr-458	312	21	hedge	hedge	NOUN
ftr-458	312	22	changes	change	NOUN
ftr-458	312	23	,	,	PUNCT
ftr-458	312	24	and	and	CCONJ
ftr-458	312	25	in	in	ADP
ftr-458	312	26	some	some	DET
ftr-458	312	27	cases	case	NOUN
ftr-458	312	28	eliminates	eliminate	NOUN
ftr-458	312	29	,	,	PUNCT
ftr-458	312	30	the	the	DET
ftr-458	312	31	taxpayer	taxpayer	NOUN
ftr-458	312	32	's	's	PART
ftr-458	312	33	exposure	exposure	NOUN
ftr-458	312	34	to	to	PART
ftr-458	312	35	risk	risk	VERB
ftr-458	312	36	in	in	ADP
ftr-458	312	37	the	the	DET
ftr-458	312	38	stock.-3	stock.-3	PROPN
ftr-458	312	39	edward	edward	PROPN
ftr-458	312	40	kleinbard	kleinbard	PROPN
ftr-458	312	41	has	have	AUX
ftr-458	312	42	argued	argue	VERB
ftr-458	312	43	,	,	PUNCT
ftr-458	312	44	however	however	ADV
ftr-458	312	45	,	,	PUNCT
ftr-458	312	46	that	that	SCONJ
ftr-458	312	47	different	different	ADJ
ftr-458	312	48	criteria	criterion	NOUN
ftr-458	312	49	for	for	ADP
ftr-458	312	50	ownership	ownership	NOUN
ftr-458	312	51	apply	apply	VERB
ftr-458	312	52	in	in	ADP
ftr-458	312	53	the	the	DET
ftr-458	312	54	context	context	NOUN
ftr-458	312	55	of	of	ADP
ftr-458	312	56	fungible	fungible	ADJ
ftr-458	312	57	traded	trade	VERB
ftr-458	312	58	assets	asset	NOUN
ftr-458	312	59	.	.	PUNCT
ftr-458	312	60	"	"	PUNCT
ftr-458	313	1	the	the	DET
ftr-458	313	2	benefits	benefit	NOUN
ftr-458	313	3	and	and	CCONJ
ftr-458	313	4	burdens	burden	NOUN
ftr-458	313	5	doctrine	doctrine	NOUN
ftr-458	313	6	developed	develop	VERB
ftr-458	313	7	primarily	primarily	ADV
ftr-458	313	8	in	in	ADP
ftr-458	313	9	the	the	DET
ftr-458	313	10	context	context	NOUN
ftr-458	313	11	of	of	ADP
ftr-458	313	12	unique	unique	ADJ
ftr-458	313	13	assets	asset	NOUN
ftr-458	313	14	,	,	PUNCT
ftr-458	313	15	such	such	ADJ
ftr-458	313	16	as	as	ADP
ftr-458	313	17	real	real	ADJ
ftr-458	313	18	estate	estate	NOUN
ftr-458	313	19	.	.	PUNCT
ftr-458	314	1	unlike	unlike	ADP
ftr-458	314	2	unique	unique	ADJ
ftr-458	314	3	assets	asset	NOUN
ftr-458	314	4	,	,	PUNCT
ftr-458	314	5	fungible	fungible	ADJ
ftr-458	314	6	assets	asset	NOUN
ftr-458	314	7	can	can	AUX
ftr-458	314	8	be	be	AUX
ftr-458	314	9	sold	sell	VERB
ftr-458	314	10	short	short	ADJ
ftr-458	314	11	because	because	SCONJ
ftr-458	314	12	the	the	DET
ftr-458	314	13	short	short	ADJ
ftr-458	314	14	seller	seller	NOUN
ftr-458	314	15	can	can	AUX
ftr-458	314	16	acquire	acquire	VERB
ftr-458	314	17	property	property	NOUN
ftr-458	314	18	in	in	ADP
ftr-458	314	19	the	the	DET
ftr-458	314	20	market	market	NOUN
ftr-458	314	21	to	to	PART
ftr-458	314	22	close	close	VERB
ftr-458	314	23	out	out	ADP
ftr-458	314	24	36	36	NUM
ftr-458	314	25	shrthe	shrthe	DET
ftr-458	314	26	short	short	ADJ
ftr-458	314	27	position	position	NOUN
ftr-458	314	28	.	.	PUNCT
ftr-458	315	1	since	since	SCONJ
ftr-458	315	2	short	short	ADJ
ftr-458	315	3	sales	sale	NOUN
ftr-458	315	4	of	of	ADP
ftr-458	315	5	fungible	fungible	ADJ
ftr-458	315	6	securities	security	NOUN
ftr-458	315	7	are	be	AUX
ftr-458	315	8	possible	possible	ADJ
ftr-458	315	9	,	,	PUNCT
ftr-458	315	10	savings	saving	NOUN
ftr-458	315	11	association	association	PROPN
ftr-458	315	12	v.	v.	PROPN
ftr-458	315	13	commissioner	commissioner	PROPN
ftr-458	315	14	refining	refine	VERB
ftr-458	315	15	the	the	DET
ftr-458	315	16	concept	concept	NOUN
ftr-458	315	17	of	of	ADP
ftr-458	315	18	realization	realization	NOUN
ftr-458	315	19	,	,	PUNCT
ftr-458	315	20	60	60	NUM
ftr-458	315	21	fordham	fordham	PROPN
ftr-458	315	22	l	l	NOUN
ftr-458	315	23	rev	rev	X
ftr-458	315	24	.	.	PROPN
ftr-458	315	25	437	437	NUM
ftr-458	315	26	(	(	PUNCT
ftr-458	315	27	1991	1991	NUM
ftr-458	315	28	)	)	PUNCT
ftr-458	315	29	.	.	PUNCT
ftr-458	316	1	33	33	NUM
ftr-458	316	2	.	.	PUNCT
ftr-458	317	1	however	however	ADV
ftr-458	317	2	,	,	PUNCT
ftr-458	317	3	the	the	DET
ftr-458	317	4	proposed	propose	VERB
ftr-458	317	5	regulations	regulation	NOUN
ftr-458	317	6	interpreting	interpret	VERB
ftr-458	317	7	cottage	cottage	NOUN
ftr-458	317	8	savings	saving	NOUN
ftr-458	317	9	do	do	AUX
ftr-458	317	10	use	use	VERB
ftr-458	317	11	economic	economic	ADJ
ftr-458	317	12	tests	test	NOUN
ftr-458	317	13	.	.	PUNCT
ftr-458	318	1	prop	prop	NOUN
ftr-458	318	2	.	.	PUNCT
ftr-458	318	3	regs	regs	PROPN
ftr-458	318	4	.	.	PUNCT
ftr-458	319	1	§	§	PROPN
ftr-458	319	2	1.1001	1.1001	NUM
ftr-458	319	3	-	-	SYM
ftr-458	319	4	3	3	NUM
ftr-458	319	5	.	.	PUNCT
ftr-458	320	1	see	see	VERB
ftr-458	320	2	supra	supra	PROPN
ftr-458	320	3	note	note	PROPN
ftr-458	320	4	19	19	NUM
ftr-458	320	5	.	.	NOUN
ftr-458	320	6	34	34	NUM
ftr-458	320	7	.	.	PUNCT
ftr-458	321	1	see	see	VERB
ftr-458	321	2	supra	supra	PROPN
ftr-458	321	3	note	note	VERB
ftr-458	321	4	i	i	PRON
ftr-458	321	5	and	and	CCONJ
ftr-458	321	6	accompanying	accompany	VERB
ftr-458	321	7	text	text	NOUN
ftr-458	321	8	(	(	PUNCT
ftr-458	321	9	describing	describe	VERB
ftr-458	321	10	equity	equity	NOUN
ftr-458	321	11	swap	swap	NOUN
ftr-458	321	12	,	,	PUNCT
ftr-458	321	13	short	short	ADJ
ftr-458	321	14	sale	sale	NOUN
ftr-458	321	15	against	against	ADP
ftr-458	321	16	the	the	DET
ftr-458	321	17	box	box	NOUN
ftr-458	321	18	,	,	PUNCT
ftr-458	321	19	and	and	CCONJ
ftr-458	321	20	married	marry	VERB
ftr-458	321	21	put	put	NOUN
ftr-458	321	22	and	and	CCONJ
ftr-458	321	23	call	call	NOUN
ftr-458	321	24	)	)	PUNCT
ftr-458	321	25	.	.	PUNCT
ftr-458	322	1	35	35	NUM
ftr-458	322	2	.	.	PUNCT
ftr-458	323	1	kleinbard	kleinbard	ADJ
ftr-458	323	2	,	,	PUNCT
ftr-458	323	3	supra	supra	PROPN
ftr-458	323	4	note	note	NOUN
ftr-458	323	5	6	6	NUM
ftr-458	323	6	,	,	PUNCT
ftr-458	323	7	at	at	ADP
ftr-458	323	8	784	784	NUM
ftr-458	323	9	.	.	PUNCT
ftr-458	323	10	36	36	NUM
ftr-458	323	11	.	.	PUNCT
ftr-458	324	1	the	the	DET
ftr-458	324	2	term	term	NOUN
ftr-458	324	3	"	"	PUNCT
ftr-458	324	4	fungible	fungible	ADJ
ftr-458	324	5	"	"	PUNCT
ftr-458	324	6	is	be	AUX
ftr-458	324	7	slightly	slightly	ADV
ftr-458	324	8	over	over	ADP
ftr-458	324	9	broad	broad	ADJ
ftr-458	324	10	to	to	PART
ftr-458	324	11	describe	describe	VERB
ftr-458	324	12	the	the	DET
ftr-458	324	13	type	type	NOUN
ftr-458	324	14	of	of	ADP
ftr-458	324	15	assets	asset	NOUN
ftr-458	324	16	that	that	PRON
ftr-458	324	17	kleinbard	kleinbard	PROPN
ftr-458	324	18	argues	argue	VERB
ftr-458	324	19	are	be	AUX
ftr-458	324	20	subject	subject	ADJ
ftr-458	324	21	to	to	ADP
ftr-458	324	22	a	a	DET
ftr-458	324	23	special	special	ADJ
ftr-458	324	24	realization	realization	NOUN
ftr-458	324	25	rule	rule	NOUN
ftr-458	324	26	.	.	PUNCT
ftr-458	325	1	short	short	ADJ
ftr-458	325	2	sales	sale	NOUN
ftr-458	325	3	are	be	AUX
ftr-458	325	4	possible	possible	ADJ
ftr-458	325	5	and	and	CCONJ
ftr-458	325	6	common	common	ADJ
ftr-458	325	7	in	in	ADP
ftr-458	325	8	the	the	DET
ftr-458	325	9	case	case	NOUN
ftr-458	325	10	of	of	ADP
ftr-458	325	11	publicly	publicly	ADV
ftr-458	325	12	-	-	PUNCT
ftr-458	325	13	traded	trade	VERB
ftr-458	325	14	assets	asset	NOUN
ftr-458	325	15	,	,	PUNCT
ftr-458	325	16	but	but	CCONJ
ftr-458	325	17	not	not	PART
ftr-458	325	18	all	all	DET
ftr-458	325	19	fungible	fungible	ADJ
ftr-458	325	20	assets	asset	NOUN
ftr-458	325	21	are	be	AUX
ftr-458	325	22	publicly	publicly	ADV
ftr-458	325	23	-	-	PUNCT
ftr-458	325	24	traded	trade	VERB
ftr-458	325	25	.	.	PUNCT
ftr-458	326	1	shares	share	NOUN
ftr-458	326	2	in	in	ADP
ftr-458	326	3	a	a	DET
ftr-458	326	4	closely	closely	ADV
ftr-458	326	5	-	-	PUNCT
ftr-458	326	6	held	hold	VERB
ftr-458	326	7	corporation	corporation	NOUN
ftr-458	326	8	,	,	PUNCT
ftr-458	326	9	for	for	ADP
ftr-458	326	10	example	example	NOUN
ftr-458	326	11	,	,	PUNCT
ftr-458	326	12	are	be	AUX
ftr-458	326	13	fungible	fungible	ADJ
ftr-458	326	14	because	because	SCONJ
ftr-458	326	15	the	the	DET
ftr-458	326	16	shares	share	NOUN
ftr-458	326	17	are	be	AUX
ftr-458	326	18	interchangeable	interchangeable	ADJ
ftr-458	326	19	and	and	CCONJ
ftr-458	326	20	identical	identical	ADJ
ftr-458	326	21	,	,	PUNCT
ftr-458	326	22	but	but	CCONJ
ftr-458	326	23	short	short	ADJ
ftr-458	326	24	sales	sale	NOUN
ftr-458	326	25	in	in	ADP
ftr-458	326	26	such	such	ADJ
ftr-458	326	27	shares	share	NOUN
ftr-458	326	28	are	be	AUX
ftr-458	326	29	impractical	impractical	ADJ
ftr-458	326	30	because	because	SCONJ
ftr-458	326	31	a	a	DET
ftr-458	326	32	short	short	ADJ
ftr-458	326	33	seller	seller	NOUN
ftr-458	326	34	could	could	AUX
ftr-458	326	35	not	not	PART
ftr-458	326	36	be	be	AUX
ftr-458	326	37	19961	19961	NUM
ftr-458	326	38	florida	florida	PROPN
ftr-458	326	39	tax	tax	NOUN
ftr-458	326	40	review	review	NOUN
ftr-458	326	41	many	many	ADJ
ftr-458	326	42	people	people	NOUN
ftr-458	326	43	can	can	AUX
ftr-458	326	44	be	be	AUX
ftr-458	326	45	exposed	expose	VERB
ftr-458	326	46	to	to	ADP
ftr-458	326	47	risk	risk	NOUN
ftr-458	326	48	(	(	PUNCT
ftr-458	326	49	directly	directly	ADV
ftr-458	326	50	or	or	CCONJ
ftr-458	326	51	inversely	inversely	ADV
ftr-458	326	52	)	)	PUNCT
ftr-458	326	53	in	in	ADP
ftr-458	326	54	a	a	DET
ftr-458	326	55	particular	particular	ADJ
ftr-458	326	56	security	security	NOUN
ftr-458	326	57	.	.	PUNCT
ftr-458	327	1	but	but	CCONJ
ftr-458	327	2	,	,	PUNCT
ftr-458	327	3	for	for	ADP
ftr-458	327	4	tax	tax	NOUN
ftr-458	327	5	purposes	purpose	NOUN
ftr-458	327	6	,	,	PUNCT
ftr-458	327	7	there	there	PRON
ftr-458	327	8	is	be	VERB
ftr-458	327	9	only	only	ADV
ftr-458	327	10	one	one	NUM
ftr-458	327	11	owner	owner	NOUN
ftr-458	327	12	.	.	PUNCT
ftr-458	328	1	according	accord	VERB
ftr-458	328	2	to	to	ADP
ftr-458	328	3	kleinbard	kleinbard	PROPN
ftr-458	328	4	,	,	PUNCT
ftr-458	328	5	the	the	DET
ftr-458	328	6	critical	critical	ADJ
ftr-458	328	7	factor	factor	NOUN
ftr-458	328	8	indicating	indicate	VERB
ftr-458	328	9	ownership	ownership	NOUN
ftr-458	328	10	of	of	ADP
ftr-458	328	11	a	a	DET
ftr-458	328	12	fungible	fungible	ADJ
ftr-458	328	13	asset	asset	NOUN
ftr-458	328	14	is	be	AUX
ftr-458	328	15	the	the	DET
ftr-458	328	16	"	"	PUNCT
ftr-458	328	17	freedom	freedom	NOUN
ftr-458	328	18	to	to	PART
ftr-458	328	19	dispose	dispose	VERB
ftr-458	328	20	"	"	PUNCT
ftr-458	328	21	of	of	ADP
ftr-458	328	22	both	both	CCONJ
ftr-458	328	23	legal	legal	ADJ
ftr-458	328	24	title	title	NOUN
ftr-458	328	25	and	and	CCONJ
ftr-458	328	26	market	market	NOUN
ftr-458	328	27	risk	risk	NOUN
ftr-458	328	28	in	in	ADP
ftr-458	328	29	the	the	DET
ftr-458	328	30	asset.37	asset.37	ADJ
ftr-458	328	31	ownership	ownership	NOUN
ftr-458	328	32	of	of	ADP
ftr-458	328	33	a	a	DET
ftr-458	328	34	fungible	fungible	ADJ
ftr-458	328	35	asset	asset	NOUN
ftr-458	328	36	does	do	AUX
ftr-458	328	37	not	not	PART
ftr-458	328	38	require	require	VERB
ftr-458	328	39	exposure	exposure	NOUN
ftr-458	328	40	to	to	ADP
ftr-458	328	41	risk	risk	NOUN
ftr-458	328	42	,	,	PUNCT
ftr-458	328	43	and	and	CCONJ
ftr-458	328	44	hedging	hedge	VERB
ftr-458	328	45	such	such	DET
ftr-458	328	46	an	an	DET
ftr-458	328	47	asset	asset	NOUN
ftr-458	328	48	does	do	AUX
ftr-458	328	49	not	not	PART
ftr-458	328	50	generally	generally	ADV
ftr-458	328	51	defeat	defeat	VERB
ftr-458	328	52	ownership	ownership	NOUN
ftr-458	328	53	or	or	CCONJ
ftr-458	328	54	trigger	trigger	NOUN
ftr-458	328	55	realization	realization	NOUN
ftr-458	328	56	of	of	ADP
ftr-458	328	57	accrued	accrue	VERB
ftr-458	328	58	gain.38	gain.38	PROPN
ftr-458	328	59	c.	c.	PROPN
ftr-458	328	60	special	special	ADJ
ftr-458	328	61	statutory	statutory	ADJ
ftr-458	328	62	realization	realization	NOUN
ftr-458	328	63	rules	rule	VERB
ftr-458	328	64	the	the	DET
ftr-458	328	65	code	code	NOUN
ftr-458	328	66	provides	provide	VERB
ftr-458	328	67	several	several	ADJ
ftr-458	328	68	special	special	ADJ
ftr-458	328	69	realization	realization	NOUN
ftr-458	328	70	rules	rule	NOUN
ftr-458	328	71	applicable	applicable	ADJ
ftr-458	328	72	to	to	ADP
ftr-458	328	73	certain	certain	ADJ
ftr-458	328	74	to	to	PART
ftr-458	328	75	be	be	AUX
ftr-458	328	76	able	able	ADJ
ftr-458	328	77	to	to	PART
ftr-458	328	78	acquire	acquire	VERB
ftr-458	328	79	shares	share	NOUN
ftr-458	328	80	to	to	PART
ftr-458	328	81	cover	cover	VERB
ftr-458	328	82	the	the	DET
ftr-458	328	83	short	short	ADJ
ftr-458	328	84	sale	sale	NOUN
ftr-458	328	85	.	.	PUNCT
ftr-458	329	1	37	37	NUM
ftr-458	329	2	.	.	PUNCT
ftr-458	330	1	kleinbard	kleinbard	ADJ
ftr-458	330	2	,	,	PUNCT
ftr-458	330	3	supra	supra	PROPN
ftr-458	330	4	note	note	NOUN
ftr-458	330	5	6	6	NUM
ftr-458	330	6	,	,	PUNCT
ftr-458	330	7	at	at	ADP
ftr-458	330	8	793	793	NUM
ftr-458	330	9	-	-	SYM
ftr-458	330	10	94	94	NUM
ftr-458	330	11	.	.	PUNCT
ftr-458	331	1	see	see	VERB
ftr-458	331	2	also	also	ADV
ftr-458	331	3	kevin	kevin	PROPN
ftr-458	331	4	dolan	dolan	PROPN
ftr-458	331	5	&	&	CCONJ
ftr-458	331	6	carolyn	carolyn	PROPN
ftr-458	331	7	dupuy	dupuy	PROPN
ftr-458	331	8	,	,	PUNCT
ftr-458	331	9	equity	equity	NOUN
ftr-458	331	10	derivatives	derivative	NOUN
ftr-458	331	11	:	:	PUNCT
ftr-458	331	12	principles	principle	NOUN
ftr-458	331	13	and	and	CCONJ
ftr-458	331	14	practice	practice	NOUN
ftr-458	331	15	,	,	PUNCT
ftr-458	331	16	15	15	NUM
ftr-458	331	17	va	va	NOUN
ftr-458	331	18	.	.	PUNCT
ftr-458	331	19	tax	tax	PROPN
ftr-458	331	20	rev	rev	PROPN
ftr-458	331	21	.	.	PROPN
ftr-458	331	22	161	161	NUM
ftr-458	331	23	,	,	PUNCT
ftr-458	331	24	208	208	NUM
ftr-458	331	25	(	(	PUNCT
ftr-458	331	26	1995	1995	NUM
ftr-458	331	27	)	)	PUNCT
ftr-458	331	28	(	(	PUNCT
ftr-458	331	29	arguing	argue	VERB
ftr-458	331	30	that	that	SCONJ
ftr-458	331	31	transferring	transfer	VERB
ftr-458	331	32	the	the	DET
ftr-458	331	33	economic	economic	ADJ
ftr-458	331	34	benefits	benefit	NOUN
ftr-458	331	35	of	of	ADP
ftr-458	331	36	ownership	ownership	NOUN
ftr-458	331	37	can	can	AUX
ftr-458	331	38	not	not	PART
ftr-458	331	39	transfer	transfer	VERB
ftr-458	331	40	tax	tax	NOUN
ftr-458	331	41	ownership	ownership	NOUN
ftr-458	331	42	)	)	PUNCT
ftr-458	331	43	.	.	PUNCT
ftr-458	332	1	38	38	NUM
ftr-458	332	2	.	.	PUNCT
ftr-458	333	1	as	as	SCONJ
ftr-458	333	2	argued	argue	VERB
ftr-458	333	3	by	by	ADP
ftr-458	333	4	kleinbard	kleinbard	ADJ
ftr-458	333	5	,	,	PUNCT
ftr-458	333	6	this	this	DET
ftr-458	333	7	doctrine	doctrine	NOUN
ftr-458	333	8	developed	develop	VERB
ftr-458	333	9	primarily	primarily	ADV
ftr-458	333	10	in	in	ADP
ftr-458	333	11	the	the	DET
ftr-458	333	12	context	context	NOUN
ftr-458	333	13	of	of	ADP
ftr-458	333	14	short	short	ADJ
ftr-458	333	15	sales	sale	NOUN
ftr-458	333	16	against	against	ADP
ftr-458	333	17	die	die	VERB
ftr-458	333	18	box	box	PROPN
ftr-458	333	19	and	and	CCONJ
ftr-458	333	20	securities	security	NOUN
ftr-458	333	21	loans	loan	NOUN
ftr-458	333	22	.	.	PUNCT
ftr-458	334	1	in	in	ADP
ftr-458	334	2	a	a	DET
ftr-458	334	3	short	short	ADJ
ftr-458	334	4	sale	sale	NOUN
ftr-458	334	5	against	against	ADP
ftr-458	334	6	the	the	DET
ftr-458	334	7	box	box	NOUN
ftr-458	334	8	,	,	PUNCT
ftr-458	334	9	an	an	DET
ftr-458	334	10	owner	owner	NOUN
ftr-458	334	11	of	of	ADP
ftr-458	334	12	a	a	DET
ftr-458	334	13	security	security	NOUN
ftr-458	334	14	(	(	PUNCT
ftr-458	334	15	the	the	DET
ftr-458	334	16	security	security	NOUN
ftr-458	334	17	in	in	ADP
ftr-458	334	18	the	the	DET
ftr-458	334	19	"	"	PUNCT
ftr-458	334	20	box	box	NOUN
ftr-458	334	21	"	"	PUNCT
ftr-458	334	22	)	)	PUNCT
ftr-458	334	23	borrows	borrow	VERB
ftr-458	334	24	an	an	DET
ftr-458	334	25	identical	identical	ADJ
ftr-458	334	26	security	security	NOUN
ftr-458	334	27	and	and	CCONJ
ftr-458	334	28	then	then	ADV
ftr-458	334	29	sells	sell	VERB
ftr-458	334	30	the	the	DET
ftr-458	334	31	borrowed	borrow	VERB
ftr-458	334	32	security	security	NOUN
ftr-458	334	33	.	.	PUNCT
ftr-458	335	1	after	after	ADP
ftr-458	335	2	the	the	DET
ftr-458	335	3	sale	sale	NOUN
ftr-458	335	4	,	,	PUNCT
ftr-458	335	5	the	the	DET
ftr-458	335	6	taxpayer	taxpayer	NOUN
ftr-458	335	7	is	be	AUX
ftr-458	335	8	both	both	PRON
ftr-458	335	9	long	long	ADJ
ftr-458	335	10	and	and	CCONJ
ftr-458	335	11	short	short	ADJ
ftr-458	335	12	the	the	DET
ftr-458	335	13	security	security	NOUN
ftr-458	335	14	,	,	PUNCT
ftr-458	335	15	and	and	CCONJ
ftr-458	335	16	is	be	AUX
ftr-458	335	17	therefore	therefore	ADV
ftr-458	335	18	not	not	PART
ftr-458	335	19	at	at	ADP
ftr-458	335	20	risk	risk	NOUN
ftr-458	335	21	with	with	ADP
ftr-458	335	22	respect	respect	NOUN
ftr-458	335	23	to	to	ADP
ftr-458	335	24	the	the	DET
ftr-458	335	25	security	security	NOUN
ftr-458	335	26	.	.	PUNCT
ftr-458	336	1	see	see	VERB
ftr-458	336	2	supra	supra	PROPN
ftr-458	336	3	note	note	PROPN
ftr-458	336	4	1	1	X
ftr-458	336	5	.	.	PUNCT
ftr-458	337	1	the	the	DET
ftr-458	337	2	tax	tax	NOUN
ftr-458	337	3	law	law	NOUN
ftr-458	337	4	nonetheless	nonetheless	ADV
ftr-458	337	5	treats	treat	VERB
ftr-458	337	6	the	the	DET
ftr-458	337	7	taxpayer	taxpayer	NOUN
ftr-458	337	8	as	as	ADP
ftr-458	337	9	continuing	continue	VERB
ftr-458	337	10	to	to	PART
ftr-458	337	11	own	own	VERB
ftr-458	337	12	the	the	DET
ftr-458	337	13	security	security	NOUN
ftr-458	337	14	.	.	PUNCT
ftr-458	338	1	see	see	VERB
ftr-458	338	2	griffin	griffin	PROPN
ftr-458	338	3	v.	v.	PROPN
ftr-458	338	4	commissioner	commissioner	PROPN
ftr-458	338	5	,	,	PUNCT
ftr-458	338	6	45	45	NUM
ftr-458	338	7	b.t.a	b.t.a	NOUN
ftr-458	338	8	.	.	PROPN
ftr-458	338	9	588	588	NUM
ftr-458	338	10	,	,	PUNCT
ftr-458	338	11	593	593	NUM
ftr-458	338	12	(	(	PUNCT
ftr-458	338	13	1941	1941	NUM
ftr-458	338	14	)	)	PUNCT
ftr-458	338	15	,	,	PUNCT
ftr-458	338	16	nonacq	nonacq	PROPN
ftr-458	338	17	.	.	PROPN
ftr-458	338	18	,	,	PUNCT
ftr-458	338	19	1942	1942	NUM
ftr-458	338	20	-	-	SYM
ftr-458	338	21	1	1	NUM
ftr-458	338	22	c.b	c.b	PROPN
ftr-458	338	23	.	.	PROPN
ftr-458	338	24	23	23	NUM
ftr-458	338	25	(	(	PUNCT
ftr-458	338	26	holding	hold	VERB
ftr-458	338	27	that	that	DET
ftr-458	338	28	gain	gain	NOUN
ftr-458	338	29	or	or	CCONJ
ftr-458	338	30	loss	loss	NOUN
ftr-458	338	31	on	on	ADP
ftr-458	338	32	short	short	ADJ
ftr-458	338	33	sales	sale	NOUN
ftr-458	338	34	is	be	AUX
ftr-458	338	35	calculated	calculate	VERB
ftr-458	338	36	separately	separately	ADV
ftr-458	338	37	from	from	ADP
ftr-458	338	38	gain	gain	NOUN
ftr-458	338	39	or	or	CCONJ
ftr-458	338	40	loss	loss	NOUN
ftr-458	338	41	on	on	ADP
ftr-458	338	42	long	long	ADJ
ftr-458	338	43	positions	position	NOUN
ftr-458	338	44	)	)	PUNCT
ftr-458	338	45	;	;	PUNCT
ftr-458	338	46	bingham	bingham	PROPN
ftr-458	338	47	v.	v.	PROPN
ftr-458	338	48	commissioner	commissioner	PROPN
ftr-458	338	49	,	,	PUNCT
ftr-458	338	50	27	27	NUM
ftr-458	338	51	b.t.a	b.t.a	NOUN
ftr-458	338	52	.	.	NOUN
ftr-458	338	53	186	186	NUM
ftr-458	338	54	,	,	PUNCT
ftr-458	338	55	189	189	NUM
ftr-458	338	56	(	(	PUNCT
ftr-458	338	57	1932	1932	NUM
ftr-458	338	58	)	)	PUNCT
ftr-458	338	59	,	,	PUNCT
ftr-458	338	60	acq	acq	PROPN
ftr-458	338	61	.	.	PROPN
ftr-458	338	62	,	,	PUNCT
ftr-458	338	63	1933	1933	NUM
ftr-458	338	64	-	-	SYM
ftr-458	338	65	1	1	NUM
ftr-458	338	66	c.b	c.b	PROPN
ftr-458	338	67	.	.	PROPN
ftr-458	338	68	2	2	NUM
ftr-458	338	69	(	(	PUNCT
ftr-458	338	70	holding	hold	VERB
ftr-458	338	71	that	that	SCONJ
ftr-458	338	72	no	no	DET
ftr-458	338	73	gain	gain	NOUN
ftr-458	338	74	or	or	CCONJ
ftr-458	338	75	loss	loss	NOUN
ftr-458	338	76	is	be	AUX
ftr-458	338	77	realized	realize	VERB
ftr-458	338	78	on	on	ADP
ftr-458	338	79	short	short	ADJ
ftr-458	338	80	sale	sale	NOUN
ftr-458	338	81	against	against	ADP
ftr-458	338	82	the	the	DET
ftr-458	338	83	box	box	NOUN
ftr-458	338	84	until	until	SCONJ
ftr-458	338	85	short	short	ADJ
ftr-458	338	86	position	position	NOUN
ftr-458	338	87	is	be	AUX
ftr-458	338	88	closed	close	VERB
ftr-458	338	89	out	out	ADP
ftr-458	338	90	)	)	PUNCT
ftr-458	338	91	;	;	PUNCT
ftr-458	338	92	rev	rev	PROPN
ftr-458	338	93	.	.	PROPN
ftr-458	339	1	rul	rul	PROPN
ftr-458	339	2	.	.	PUNCT
ftr-458	340	1	72	72	NUM
ftr-458	340	2	-	-	SYM
ftr-458	340	3	478	478	NUM
ftr-458	340	4	,	,	PUNCT
ftr-458	340	5	1972	1972	NUM
ftr-458	340	6	-	-	SYM
ftr-458	340	7	2	2	NUM
ftr-458	340	8	c.b	c.b	PROPN
ftr-458	340	9	.	.	PROPN
ftr-458	340	10	487	487	NUM
ftr-458	340	11	(	(	PUNCT
ftr-458	340	12	short	short	ADJ
ftr-458	340	13	sale	sale	NOUN
ftr-458	340	14	against	against	ADP
ftr-458	340	15	the	the	DET
ftr-458	340	16	box	box	NOUN
ftr-458	340	17	is	be	AUX
ftr-458	340	18	valid	valid	ADJ
ftr-458	340	19	short	short	ADJ
ftr-458	340	20	sale	sale	NOUN
ftr-458	340	21	where	where	SCONJ
ftr-458	340	22	long	long	ADJ
ftr-458	340	23	and	and	CCONJ
ftr-458	340	24	short	short	ADJ
ftr-458	340	25	positions	position	NOUN
ftr-458	340	26	are	be	AUX
ftr-458	340	27	reflected	reflect	VERB
ftr-458	340	28	in	in	ADP
ftr-458	340	29	separate	separate	ADJ
ftr-458	340	30	accounts	account	NOUN
ftr-458	340	31	)	)	PUNCT
ftr-458	340	32	.	.	PUNCT
ftr-458	341	1	in	in	ADP
ftr-458	341	2	a	a	DET
ftr-458	341	3	securities	security	NOUN
ftr-458	341	4	loan	loan	NOUN
ftr-458	341	5	,	,	PUNCT
ftr-458	341	6	an	an	DET
ftr-458	341	7	owner	owner	NOUN
ftr-458	341	8	transfers	transfer	VERB
ftr-458	341	9	property	property	NOUN
ftr-458	341	10	in	in	ADP
ftr-458	341	11	exchange	exchange	NOUN
ftr-458	341	12	for	for	ADP
ftr-458	341	13	a	a	DET
ftr-458	341	14	contract	contract	NOUN
ftr-458	341	15	right	right	NOUN
ftr-458	341	16	,	,	PUNCT
ftr-458	341	17	but	but	CCONJ
ftr-458	341	18	remains	remain	VERB
ftr-458	341	19	at	at	ADP
ftr-458	341	20	risk	risk	NOUN
ftr-458	341	21	with	with	ADP
ftr-458	341	22	respect	respect	NOUN
ftr-458	341	23	to	to	ADP
ftr-458	341	24	the	the	DET
ftr-458	341	25	property	property	NOUN
ftr-458	341	26	.	.	PUNCT
ftr-458	342	1	nonetheless	nonetheless	ADV
ftr-458	342	2	,	,	PUNCT
ftr-458	342	3	the	the	DET
ftr-458	342	4	tax	tax	NOUN
ftr-458	342	5	law	law	NOUN
ftr-458	342	6	treats	treat	VERB
ftr-458	342	7	the	the	DET
ftr-458	342	8	securities	security	NOUN
ftr-458	342	9	lender	lender	NOUN
ftr-458	342	10	as	as	ADP
ftr-458	342	11	having	having	AUX
ftr-458	342	12	disposed	dispose	VERB
ftr-458	342	13	of	of	ADP
ftr-458	342	14	the	the	DET
ftr-458	342	15	security	security	NOUN
ftr-458	342	16	.	.	PUNCT
ftr-458	343	1	see	see	VERB
ftr-458	343	2	irc	irc	PROPN
ftr-458	343	3	§	§	PROPN
ftr-458	343	4	1058	1058	NUM
ftr-458	343	5	(	(	PUNCT
ftr-458	343	6	nonrecognition	nonrecognition	NOUN
ftr-458	343	7	of	of	ADP
ftr-458	343	8	gain	gain	NOUN
ftr-458	343	9	or	or	CCONJ
ftr-458	343	10	loss	loss	NOUN
ftr-458	343	11	for	for	ADP
ftr-458	343	12	securities	security	NOUN
ftr-458	343	13	lender	lender	NOUN
ftr-458	343	14	if	if	SCONJ
ftr-458	343	15	requirements	requirement	NOUN
ftr-458	343	16	met	meet	VERB
ftr-458	343	17	)	)	PUNCT
ftr-458	343	18	;	;	PUNCT
ftr-458	343	19	provost	provost	NOUN
ftr-458	343	20	v.	v.	CCONJ
ftr-458	343	21	united	united	PROPN
ftr-458	343	22	states	states	PROPN
ftr-458	343	23	,	,	PUNCT
ftr-458	343	24	269	269	NUM
ftr-458	343	25	u.s	u.s	PROPN
ftr-458	343	26	.	.	PROPN
ftr-458	343	27	443	443	NUM
ftr-458	343	28	(	(	PUNCT
ftr-458	343	29	1926	1926	NUM
ftr-458	343	30	)	)	PUNCT
ftr-458	343	31	;	;	PUNCT
ftr-458	343	32	rev	rev	PROPN
ftr-458	343	33	.	.	PROPN
ftr-458	344	1	rul	rul	PROPN
ftr-458	344	2	.	.	PUNCT
ftr-458	345	1	60	60	NUM
ftr-458	345	2	-	-	SYM
ftr-458	345	3	177	177	NUM
ftr-458	345	4	,	,	PUNCT
ftr-458	345	5	1960	1960	NUM
ftr-458	345	6	-	-	SYM
ftr-458	345	7	1	1	NUM
ftr-458	345	8	c.b	c.b	PROPN
ftr-458	345	9	.	.	PROPN
ftr-458	345	10	9	9	NUM
ftr-458	345	11	(	(	PUNCT
ftr-458	345	12	holding	hold	VERB
ftr-458	345	13	that	that	DET
ftr-458	345	14	dividend	dividend	NOUN
ftr-458	345	15	-	-	PUNCT
ftr-458	345	16	equivalent	equivalent	ADJ
ftr-458	345	17	payment	payment	NOUN
ftr-458	345	18	to	to	ADP
ftr-458	345	19	securities	security	NOUN
ftr-458	345	20	lender	lender	NOUN
ftr-458	345	21	is	be	AUX
ftr-458	345	22	not	not	PART
ftr-458	345	23	a	a	DET
ftr-458	345	24	dividend	dividend	NOUN
ftr-458	345	25	)	)	PUNCT
ftr-458	345	26	.	.	PUNCT
ftr-458	346	1	see	see	VERB
ftr-458	346	2	also	also	ADV
ftr-458	346	3	priv	priv	VERB
ftr-458	346	4	.	.	PUNCT
ftr-458	347	1	let	let	VERB
ftr-458	347	2	.	.	PUNCT
ftr-458	348	1	rul	rul	NOUN
ftr-458	348	2	.	.	PUNCT
ftr-458	349	1	8818010	8818010	NUM
ftr-458	349	2	(	(	PUNCT
ftr-458	349	3	feb	feb	PROPN
ftr-458	349	4	.	.	PROPN
ftr-458	349	5	4	4	NUM
ftr-458	349	6	,	,	PUNCT
ftr-458	349	7	1988	1988	NUM
ftr-458	349	8	)	)	PUNCT
ftr-458	350	1	(	(	PUNCT
ftr-458	350	2	holding	hold	VERB
ftr-458	350	3	that	that	DET
ftr-458	350	4	legging	legging	NOUN
ftr-458	350	5	into	into	ADP
ftr-458	350	6	reverse	reverse	ADJ
ftr-458	350	7	currency	currency	NOUN
ftr-458	350	8	swaps	swap	NOUN
ftr-458	350	9	is	be	AUX
ftr-458	350	10	not	not	PART
ftr-458	350	11	a	a	DET
ftr-458	350	12	realization	realization	NOUN
ftr-458	350	13	event	event	NOUN
ftr-458	350	14	with	with	ADP
ftr-458	350	15	respect	respect	NOUN
ftr-458	350	16	to	to	ADP
ftr-458	350	17	original	original	ADJ
ftr-458	350	18	currency	currency	NOUN
ftr-458	350	19	swaps	swap	NOUN
ftr-458	350	20	involving	involve	VERB
ftr-458	350	21	same	same	ADJ
ftr-458	350	22	counterparties	counterpartie	NOUN
ftr-458	350	23	because	because	SCONJ
ftr-458	350	24	the	the	DET
ftr-458	350	25	taxpayer	taxpayer	NOUN
ftr-458	350	26	remains	remain	VERB
ftr-458	350	27	obligated	obligate	VERB
ftr-458	350	28	under	under	ADP
ftr-458	350	29	original	original	ADJ
ftr-458	350	30	currency	currency	NOUN
ftr-458	350	31	swaps	swap	NOUN
ftr-458	350	32	)	)	PUNCT
ftr-458	350	33	.	.	PUNCT
ftr-458	351	1	the	the	DET
ftr-458	351	2	doctrine	doctrine	NOUN
ftr-458	351	3	is	be	AUX
ftr-458	351	4	at	at	ADP
ftr-458	351	5	odds	odd	NOUN
ftr-458	351	6	with	with	ADP
ftr-458	351	7	itself	itself	PRON
ftr-458	351	8	.	.	PUNCT
ftr-458	352	1	as	as	SCONJ
ftr-458	352	2	argued	argue	VERB
ftr-458	352	3	by	by	ADP
ftr-458	352	4	kleinbard	kleinbard	PROPN
ftr-458	352	5	,	,	PUNCT
ftr-458	352	6	the	the	DET
ftr-458	352	7	doctrine	doctrine	NOUN
ftr-458	352	8	creates	create	VERB
ftr-458	352	9	a	a	DET
ftr-458	352	10	separate	separate	ADJ
ftr-458	352	11	realization	realization	NOUN
ftr-458	352	12	rule	rule	NOUN
ftr-458	352	13	for	for	ADP
ftr-458	352	14	fungible	fungible	ADJ
ftr-458	352	15	securities	security	NOUN
ftr-458	352	16	.	.	PUNCT
ftr-458	353	1	however	however	ADV
ftr-458	353	2	,	,	PUNCT
ftr-458	353	3	that	that	DET
ftr-458	353	4	conclusion	conclusion	NOUN
ftr-458	353	5	depends	depend	VERB
ftr-458	353	6	in	in	ADP
ftr-458	353	7	part	part	NOUN
ftr-458	353	8	on	on	ADP
ftr-458	353	9	the	the	DET
ftr-458	353	10	identification	identification	NOUN
ftr-458	353	11	rule	rule	NOUN
ftr-458	353	12	in	in	ADP
ftr-458	353	13	regs	reg	NOUN
ftr-458	353	14	.	.	PUNCT
ftr-458	354	1	§	§	PROPN
ftr-458	354	2	1.1012	1.1012	NUM
ftr-458	354	3	-	-	SYM
ftr-458	354	4	1(c	1(c	NUM
ftr-458	354	5	)	)	PUNCT
ftr-458	354	6	,	,	PUNCT
ftr-458	354	7	which	which	PRON
ftr-458	354	8	reflects	reflect	VERB
ftr-458	354	9	a	a	DET
ftr-458	354	10	conception	conception	NOUN
ftr-458	354	11	of	of	ADP
ftr-458	354	12	shares	share	NOUN
ftr-458	354	13	as	as	ADP
ftr-458	354	14	nonfungible	nonfungible	ADJ
ftr-458	354	15	.	.	PUNCT
ftr-458	355	1	the	the	DET
ftr-458	355	2	identification	identification	NOUN
ftr-458	355	3	rule	rule	NOUN
ftr-458	355	4	entitles	entitle	VERB
ftr-458	355	5	a	a	DET
ftr-458	355	6	taxpayer	taxpayer	NOUN
ftr-458	355	7	that	that	PRON
ftr-458	355	8	sells	sell	VERB
ftr-458	355	9	some	some	PRON
ftr-458	355	10	,	,	PUNCT
ftr-458	355	11	but	but	CCONJ
ftr-458	355	12	not	not	PART
ftr-458	355	13	all	all	PRON
ftr-458	355	14	,	,	PUNCT
ftr-458	355	15	of	of	ADP
ftr-458	355	16	the	the	DET
ftr-458	355	17	shares	share	NOUN
ftr-458	355	18	in	in	ADP
ftr-458	355	19	a	a	DET
ftr-458	355	20	pool	pool	NOUN
ftr-458	355	21	of	of	ADP
ftr-458	355	22	identical	identical	ADJ
ftr-458	355	23	shares	share	NOUN
ftr-458	355	24	to	to	PART
ftr-458	355	25	identify	identify	VERB
ftr-458	355	26	which	which	DET
ftr-458	355	27	shares	share	NOUN
ftr-458	355	28	were	be	AUX
ftr-458	355	29	sold	sell	VERB
ftr-458	355	30	for	for	ADP
ftr-458	355	31	purposes	purpose	NOUN
ftr-458	355	32	of	of	ADP
ftr-458	355	33	determining	determine	VERB
ftr-458	355	34	the	the	DET
ftr-458	355	35	taxpayer	taxpayer	NOUN
ftr-458	355	36	's	's	PART
ftr-458	355	37	basis	basis	NOUN
ftr-458	355	38	and	and	CCONJ
ftr-458	355	39	holding	holding	NOUN
ftr-458	355	40	period	period	NOUN
ftr-458	355	41	.	.	PUNCT
ftr-458	356	1	(	(	PUNCT
ftr-458	356	2	the	the	DET
ftr-458	356	3	clinton	clinton	PROPN
ftr-458	356	4	administration	administration	NOUN
ftr-458	356	5	has	have	AUX
ftr-458	356	6	proposed	propose	VERB
ftr-458	356	7	repealing	repeal	VERB
ftr-458	356	8	the	the	DET
ftr-458	356	9	identification	identification	NOUN
ftr-458	356	10	rule	rule	NOUN
ftr-458	356	11	.	.	PUNCT
ftr-458	357	1	see	see	VERB
ftr-458	357	2	supra	supra	PROPN
ftr-458	357	3	note	note	PROPN
ftr-458	357	4	3	3	NUM
ftr-458	357	5	.	.	PUNCT
ftr-458	357	6	)	)	PUNCT
ftr-458	358	1	in	in	ADP
ftr-458	358	2	the	the	DET
ftr-458	358	3	absence	absence	NOUN
ftr-458	358	4	of	of	ADP
ftr-458	358	5	identification	identification	NOUN
ftr-458	358	6	,	,	PUNCT
ftr-458	358	7	shares	share	NOUN
ftr-458	358	8	are	be	AUX
ftr-458	358	9	treated	treat	VERB
ftr-458	358	10	as	as	SCONJ
ftr-458	358	11	sold	sell	VERB
ftr-458	358	12	on	on	ADP
ftr-458	358	13	a	a	DET
ftr-458	358	14	first	first	ADJ
ftr-458	358	15	-	-	PUNCT
ftr-458	358	16	in	in	NOUN
ftr-458	358	17	,	,	PUNCT
ftr-458	358	18	first	first	ADJ
ftr-458	358	19	-	-	PUNCT
ftr-458	358	20	out	out	ADP
ftr-458	358	21	basis	basis	NOUN
ftr-458	358	22	.	.	PUNCT
ftr-458	359	1	the	the	DET
ftr-458	359	2	identification	identification	NOUN
ftr-458	359	3	rule	rule	NOUN
ftr-458	359	4	is	be	AUX
ftr-458	359	5	an	an	DET
ftr-458	359	6	essential	essential	ADJ
ftr-458	359	7	piece	piece	NOUN
ftr-458	359	8	of	of	ADP
ftr-458	359	9	the	the	DET
ftr-458	359	10	tax	tax	NOUN
ftr-458	359	11	treatment	treatment	NOUN
ftr-458	359	12	of	of	ADP
ftr-458	359	13	short	short	ADJ
ftr-458	359	14	sales	sale	NOUN
ftr-458	359	15	against	against	ADP
ftr-458	359	16	the	the	DET
ftr-458	359	17	box	box	NOUN
ftr-458	359	18	.	.	PUNCT
ftr-458	360	1	the	the	DET
ftr-458	360	2	taxpayer	taxpayer	NOUN
ftr-458	360	3	is	be	AUX
ftr-458	360	4	entitled	entitle	VERB
ftr-458	360	5	to	to	PART
ftr-458	360	6	specify	specify	VERB
ftr-458	360	7	that	that	SCONJ
ftr-458	360	8	the	the	DET
ftr-458	360	9	shares	share	NOUN
ftr-458	360	10	delivered	deliver	VERB
ftr-458	360	11	to	to	ADP
ftr-458	360	12	the	the	DET
ftr-458	360	13	short	short	ADJ
ftr-458	360	14	sale	sale	NOUN
ftr-458	360	15	purchaser	purchaser	NOUN
ftr-458	360	16	were	be	AUX
ftr-458	360	17	the	the	DET
ftr-458	360	18	borrowed	borrow	VERB
ftr-458	360	19	shares	share	NOUN
ftr-458	360	20	,	,	PUNCT
ftr-458	360	21	not	not	PART
ftr-458	360	22	the	the	DET
ftr-458	360	23	shares	share	NOUN
ftr-458	360	24	in	in	ADP
ftr-458	360	25	the	the	DET
ftr-458	360	26	"	"	PUNCT
ftr-458	360	27	box	box	NOUN
ftr-458	360	28	.	.	PUNCT
ftr-458	360	29	"	"	PUNCT
ftr-458	361	1	kleinbard	kleinbard	PROPN
ftr-458	361	2	argues	argue	VERB
ftr-458	361	3	that	that	SCONJ
ftr-458	361	4	because	because	SCONJ
ftr-458	361	5	a	a	DET
ftr-458	361	6	short	short	ADJ
ftr-458	361	7	sale	sale	NOUN
ftr-458	361	8	against	against	ADP
ftr-458	361	9	the	the	DET
ftr-458	361	10	box	box	NOUN
ftr-458	361	11	leaves	leave	VERB
ftr-458	361	12	the	the	DET
ftr-458	361	13	taxpayer	taxpayer	NOUN
ftr-458	361	14	riskless	riskless	NOUN
ftr-458	361	15	with	with	ADP
ftr-458	361	16	respect	respect	NOUN
ftr-458	361	17	to	to	ADP
ftr-458	361	18	the	the	DET
ftr-458	361	19	shares	share	NOUN
ftr-458	361	20	initially	initially	ADV
ftr-458	361	21	owned	own	VERB
ftr-458	361	22	,	,	PUNCT
ftr-458	361	23	but	but	CCONJ
ftr-458	361	24	is	be	AUX
ftr-458	361	25	not	not	PART
ftr-458	361	26	a	a	DET
ftr-458	361	27	disposition	disposition	NOUN
ftr-458	361	28	of	of	ADP
ftr-458	361	29	those	those	DET
ftr-458	361	30	shares	share	NOUN
ftr-458	361	31	for	for	ADP
ftr-458	361	32	tax	tax	NOUN
ftr-458	361	33	purposes	purpose	NOUN
ftr-458	361	34	,	,	PUNCT
ftr-458	361	35	ownership	ownership	NOUN
ftr-458	361	36	does	do	AUX
ftr-458	361	37	not	not	PART
ftr-458	361	38	depend	depend	VERB
ftr-458	361	39	primarily	primarily	ADV
ftr-458	361	40	on	on	ADP
ftr-458	361	41	risk	risk	NOUN
ftr-458	361	42	in	in	ADP
ftr-458	361	43	the	the	DET
ftr-458	361	44	case	case	NOUN
ftr-458	361	45	of	of	ADP
ftr-458	361	46	fungible	fungible	ADJ
ftr-458	361	47	assets	asset	NOUN
ftr-458	361	48	.	.	PUNCT
ftr-458	362	1	[	[	X
ftr-458	362	2	vol	vol	NOUN
ftr-458	362	3	3:1	3:1	NUM
ftr-458	362	4	another	another	DET
ftr-458	362	5	uneasy	uneasy	ADJ
ftr-458	362	6	compromise	compromise	NOUN
ftr-458	362	7	financial	financial	ADJ
ftr-458	362	8	instruments	instrument	NOUN
ftr-458	362	9	:	:	PUNCT
ftr-458	362	10	a	a	DET
ftr-458	362	11	loss	loss	NOUN
ftr-458	362	12	deferral	deferral	ADJ
ftr-458	362	13	regime	regime	NOUN
ftr-458	362	14	for	for	ADP
ftr-458	362	15	straddles	straddle	NOUN
ftr-458	362	16	,	,	PUNCT
ftr-458	362	17	mark	mark	NOUN
ftr-458	362	18	-	-	PUNCT
ftr-458	362	19	to	to	ADP
ftr-458	362	20	-	-	PUNCT
ftr-458	362	21	market	market	NOUN
ftr-458	362	22	regimes	regime	NOUN
ftr-458	362	23	for	for	ADP
ftr-458	362	24	"	"	PUNCT
ftr-458	362	25	section	section	NOUN
ftr-458	362	26	1256	1256	NUM
ftr-458	362	27	contracts	contract	NOUN
ftr-458	362	28	"	"	PUNCT
ftr-458	362	29	and	and	CCONJ
ftr-458	362	30	for	for	ADP
ftr-458	362	31	securities	security	NOUN
ftr-458	362	32	dealers	dealer	NOUN
ftr-458	362	33	,	,	PUNCT
ftr-458	362	34	and	and	CCONJ
ftr-458	362	35	a	a	DET
ftr-458	362	36	matching	match	VERB
ftr-458	362	37	regime	regime	NOUN
ftr-458	362	38	for	for	ADP
ftr-458	362	39	"	"	PUNCT
ftr-458	362	40	hedging	hedging	NOUN
ftr-458	362	41	transactions	transaction	NOUN
ftr-458	362	42	.	.	PUNCT
ftr-458	362	43	"	"	PUNCT
ftr-458	362	44	except	except	SCONJ
ftr-458	362	45	in	in	ADP
ftr-458	362	46	narrow	narrow	ADJ
ftr-458	362	47	circumstances	circumstance	NOUN
ftr-458	362	48	,	,	PUNCT
ftr-458	362	49	those	those	DET
ftr-458	362	50	rules	rule	NOUN
ftr-458	362	51	do	do	AUX
ftr-458	362	52	not	not	PART
ftr-458	362	53	cause	cause	VERB
ftr-458	362	54	a	a	DET
ftr-458	362	55	taxpayer	taxpayer	NOUN
ftr-458	362	56	to	to	PART
ftr-458	362	57	realize	realize	VERB
ftr-458	362	58	gain	gain	NOUN
ftr-458	362	59	upon	upon	SCONJ
ftr-458	362	60	entering	enter	VERB
ftr-458	362	61	into	into	ADP
ftr-458	362	62	a	a	DET
ftr-458	362	63	hedge	hedge	NOUN
ftr-458	362	64	of	of	ADP
ftr-458	362	65	an	an	DET
ftr-458	362	66	appreciated	appreciated	ADJ
ftr-458	362	67	asset	asset	NOUN
ftr-458	362	68	.	.	PUNCT
ftr-458	363	1	section	section	NOUN
ftr-458	363	2	1092	1092	NUM
ftr-458	363	3	defers	defer	VERB
ftr-458	363	4	a	a	DET
ftr-458	363	5	loss	loss	NOUN
ftr-458	363	6	realized	realize	VERB
ftr-458	363	7	on	on	ADP
ftr-458	363	8	one	one	NUM
ftr-458	363	9	leg	leg	NOUN
ftr-458	363	10	of	of	ADP
ftr-458	363	11	a	a	DET
ftr-458	363	12	straddle	straddle	NOUN
ftr-458	363	13	until	until	SCONJ
ftr-458	363	14	the	the	DET
ftr-458	363	15	gain	gain	NOUN
ftr-458	363	16	on	on	ADP
ftr-458	363	17	the	the	DET
ftr-458	363	18	other	other	ADJ
ftr-458	363	19	leg	leg	NOUN
ftr-458	363	20	is	be	AUX
ftr-458	363	21	recognized	recognize	VERB
ftr-458	363	22	.	.	PUNCT
ftr-458	364	1	9	9	NUM
ftr-458	364	2	section	section	NOUN
ftr-458	364	3	1256	1256	NUM
ftr-458	364	4	requires	require	VERB
ftr-458	364	5	that	that	SCONJ
ftr-458	364	6	a	a	DET
ftr-458	364	7	taxpayer	taxpayer	NOUN
ftr-458	364	8	mark	mark	NOUN
ftr-458	364	9	to	to	AUX
ftr-458	364	10	market	market	VERB
ftr-458	364	11	annually	annually	ADV
ftr-458	364	12	any	any	DET
ftr-458	364	13	"	"	PUNCT
ftr-458	364	14	section	section	NOUN
ftr-458	364	15	1256	1256	NUM
ftr-458	364	16	contract	contract	NOUN
ftr-458	364	17	,	,	PUNCT
ftr-458	364	18	"	"	PUNCT
ftr-458	364	19	including	include	VERB
ftr-458	364	20	futures	future	NOUN
ftr-458	364	21	contracts	contract	NOUN
ftr-458	364	22	and	and	CCONJ
ftr-458	364	23	certain	certain	ADJ
ftr-458	364	24	exchange	exchange	NOUN
ftr-458	364	25	-	-	PUNCT
ftr-458	364	26	traded	trade	VERB
ftr-458	364	27	options	option	NOUN
ftr-458	364	28	)	)	PUNCT
ftr-458	364	29	°	°	NOUN
ftr-458	364	30	by	by	ADP
ftr-458	364	31	enacting	enact	VERB
ftr-458	364	32	sections	section	NOUN
ftr-458	364	33	1092	1092	NUM
ftr-458	364	34	39	39	NUM
ftr-458	364	35	.	.	PUNCT
ftr-458	365	1	in	in	ADP
ftr-458	365	2	its	its	PRON
ftr-458	365	3	most	most	ADV
ftr-458	365	4	generic	generic	ADJ
ftr-458	365	5	sense	sense	NOUN
ftr-458	365	6	,	,	PUNCT
ftr-458	365	7	a	a	DET
ftr-458	365	8	straddle	straddle	NOUN
ftr-458	365	9	is	be	AUX
ftr-458	365	10	a	a	DET
ftr-458	365	11	set	set	NOUN
ftr-458	365	12	of	of	ADP
ftr-458	365	13	rights	right	NOUN
ftr-458	365	14	and	and	CCONJ
ftr-458	365	15	obligations	obligation	NOUN
ftr-458	365	16	whose	whose	DET
ftr-458	365	17	values	value	NOUN
ftr-458	365	18	offset	offset	VERB
ftr-458	365	19	one	one	NUM
ftr-458	365	20	another	another	DET
ftr-458	365	21	.	.	PUNCT
ftr-458	366	1	specifically	specifically	ADV
ftr-458	366	2	,	,	PUNCT
ftr-458	366	3	under	under	ADP
ftr-458	366	4	§	§	PROPN
ftr-458	366	5	1092(a)(1	1092(a)(1	NUM
ftr-458	366	6	)	)	PUNCT
ftr-458	366	7	.	.	PUNCT
ftr-458	367	1	any	any	DET
ftr-458	367	2	loss	loss	NOUN
ftr-458	367	3	with	with	ADP
ftr-458	367	4	respect	respect	NOUN
ftr-458	367	5	to	to	ADP
ftr-458	367	6	one	one	NUM
ftr-458	367	7	or	or	CCONJ
ftr-458	367	8	more	more	ADJ
ftr-458	367	9	"	"	PUNCT
ftr-458	367	10	positions	position	NOUN
ftr-458	367	11	"	"	PUNCT
ftr-458	367	12	is	be	AUX
ftr-458	367	13	taken	take	VERB
ftr-458	367	14	into	into	ADP
ftr-458	367	15	account	account	NOUN
ftr-458	367	16	only	only	ADV
ftr-458	367	17	to	to	ADP
ftr-458	367	18	the	the	DET
ftr-458	367	19	extent	extent	NOUN
ftr-458	367	20	it	it	PRON
ftr-458	367	21	exceeds	exceed	VERB
ftr-458	367	22	any	any	DET
ftr-458	367	23	"	"	PUNCT
ftr-458	367	24	unrecognized	unrecognized	ADJ
ftr-458	367	25	gain	gain	NOUN
ftr-458	367	26	"	"	PUNCT
ftr-458	367	27	with	with	ADP
ftr-458	367	28	respect	respect	NOUN
ftr-458	367	29	to	to	ADP
ftr-458	367	30	"	"	PUNCT
ftr-458	367	31	offsetting	offset	VERB
ftr-458	367	32	positions	position	NOUN
ftr-458	367	33	,	,	PUNCT
ftr-458	367	34	"	"	PUNCT
ftr-458	367	35	and	and	CCONJ
ftr-458	367	36	any	any	DET
ftr-458	367	37	loss	loss	NOUN
ftr-458	367	38	not	not	PART
ftr-458	367	39	so	so	ADV
ftr-458	367	40	taken	take	VERB
ftr-458	367	41	into	into	ADP
ftr-458	367	42	account	account	NOUN
ftr-458	367	43	is	be	AUX
ftr-458	367	44	carried	carry	VERB
ftr-458	367	45	forward	forward	ADV
ftr-458	367	46	.	.	PUNCT
ftr-458	368	1	"	"	PUNCT
ftr-458	368	2	position	position	NOUN
ftr-458	368	3	"	"	PUNCT
ftr-458	368	4	means	mean	VERB
ftr-458	368	5	an	an	DET
ftr-458	368	6	interest	interest	NOUN
ftr-458	368	7	in	in	ADP
ftr-458	368	8	personal	personal	ADJ
ftr-458	368	9	property	property	NOUN
ftr-458	368	10	.	.	PUNCT
ftr-458	369	1	irc	irc	PROPN
ftr-458	369	2	§	§	PROPN
ftr-458	369	3	1092(d)(2	1092(d)(2	NUM
ftr-458	369	4	)	)	PUNCT
ftr-458	369	5	.	.	PUNCT
ftr-458	370	1	"	"	PUNCT
ftr-458	370	2	personal	personal	ADJ
ftr-458	370	3	property	property	NOUN
ftr-458	370	4	"	"	PUNCT
ftr-458	370	5	means	mean	VERB
ftr-458	370	6	personal	personal	ADJ
ftr-458	370	7	property	property	NOUN
ftr-458	370	8	of	of	ADP
ftr-458	370	9	a	a	DET
ftr-458	370	10	type	type	NOUN
ftr-458	370	11	that	that	PRON
ftr-458	370	12	is	be	AUX
ftr-458	370	13	actively	actively	ADV
ftr-458	370	14	traded	trade	VERB
ftr-458	370	15	.	.	PUNCT
ftr-458	371	1	irc	irc	PROPN
ftr-458	371	2	§	§	PROPN
ftr-458	371	3	1092(d)(1	1092(d)(1	NUM
ftr-458	371	4	)	)	PUNCT
ftr-458	371	5	.	.	PUNCT
ftr-458	372	1	a	a	DET
ftr-458	372	2	taxpayer	taxpayer	NOUN
ftr-458	372	3	holds	hold	VERB
ftr-458	372	4	"	"	PUNCT
ftr-458	372	5	offsetting	offset	VERB
ftr-458	372	6	positions	position	NOUN
ftr-458	372	7	"	"	PUNCT
ftr-458	372	8	if	if	SCONJ
ftr-458	372	9	,	,	PUNCT
ftr-458	372	10	by	by	ADP
ftr-458	372	11	reason	reason	NOUN
ftr-458	372	12	of	of	ADP
ftr-458	372	13	holding	hold	VERB
ftr-458	372	14	one	one	NUM
ftr-458	372	15	position	position	NOUN
ftr-458	372	16	.	.	PUNCT
ftr-458	373	1	there	there	PRON
ftr-458	373	2	is	be	VERB
ftr-458	373	3	a	a	DET
ftr-458	373	4	"	"	PUNCT
ftr-458	373	5	substantial	substantial	ADJ
ftr-458	373	6	diminution	diminution	NOUN
ftr-458	373	7	of	of	ADP
ftr-458	373	8	the	the	DET
ftr-458	373	9	taxpayer	taxpayer	NOUN
ftr-458	373	10	's	's	PART
ftr-458	373	11	risk	risk	NOUN
ftr-458	373	12	of	of	ADP
ftr-458	373	13	loss	loss	NOUN
ftr-458	373	14	"	"	PUNCT
ftr-458	373	15	in	in	ADP
ftr-458	373	16	the	the	DET
ftr-458	373	17	other	other	ADJ
ftr-458	373	18	.	.	PUNCT
ftr-458	374	1	irc	irc	PROPN
ftr-458	374	2	§	§	PROPN
ftr-458	374	3	1092(c)(2)ta	1092(c)(2)ta	NUM
ftr-458	374	4	)	)	PUNCT
ftr-458	374	5	.	.	PUNCT
ftr-458	375	1	although	although	SCONJ
ftr-458	375	2	stock	stock	NOUN
ftr-458	375	3	is	be	AUX
ftr-458	375	4	,	,	PUNCT
ftr-458	375	5	in	in	ADP
ftr-458	375	6	general	general	ADJ
ftr-458	375	7	.	.	PUNCT
ftr-458	376	1	not	not	PART
ftr-458	376	2	personal	personal	ADJ
ftr-458	376	3	property	property	NOUN
ftr-458	376	4	under	under	ADP
ftr-458	376	5	§	§	PROPN
ftr-458	376	6	1092(d)(3)(a	1092(d)(3)(a	NUM
ftr-458	376	7	)	)	PUNCT
ftr-458	376	8	,	,	PUNCT
ftr-458	376	9	stock	stock	NOUN
ftr-458	376	10	can	can	AUX
ftr-458	376	11	be	be	AUX
ftr-458	376	12	personal	personal	ADJ
ftr-458	376	13	property	property	NOUN
ftr-458	376	14	if	if	SCONJ
ftr-458	376	15	accompanied	accompany	VERB
ftr-458	376	16	by	by	ADP
ftr-458	376	17	the	the	DET
ftr-458	376	18	appropriate	appropriate	ADJ
ftr-458	376	19	offsetting	offset	VERB
ftr-458	376	20	position	position	NOUN
ftr-458	376	21	.	.	PUNCT
ftr-458	377	1	specifically	specifically	ADV
ftr-458	377	2	,	,	PUNCT
ftr-458	377	3	stock	stock	NOUN
ftr-458	377	4	is	be	AUX
ftr-458	377	5	personal	personal	ADJ
ftr-458	377	6	property	property	NOUN
ftr-458	377	7	if	if	SCONJ
ftr-458	377	8	it	it	PRON
ftr-458	377	9	is	be	AUX
ftr-458	377	10	part	part	NOUN
ftr-458	377	11	of	of	ADP
ftr-458	377	12	a	a	DET
ftr-458	377	13	straddle	straddle	NOUN
ftr-458	377	14	under	under	ADP
ftr-458	377	15	which	which	PRON
ftr-458	377	16	the	the	DET
ftr-458	377	17	offsetting	offset	VERB
ftr-458	377	18	position	position	NOUN
ftr-458	377	19	is	be	AUX
ftr-458	377	20	"	"	PUNCT
ftr-458	377	21	(	(	PUNCT
ftr-458	377	22	1	1	X
ftr-458	377	23	)	)	PUNCT
ftr-458	377	24	an	an	DET
ftr-458	377	25	option	option	NOUN
ftr-458	377	26	with	with	ADP
ftr-458	377	27	respect	respect	NOUN
ftr-458	377	28	to	to	ADP
ftr-458	377	29	such	such	ADJ
ftr-458	377	30	stock	stock	NOUN
ftr-458	377	31	or	or	CCONJ
ftr-458	377	32	substantially	substantially	ADV
ftr-458	377	33	identical	identical	ADJ
ftr-458	377	34	stock	stock	NOUN
ftr-458	377	35	or	or	CCONJ
ftr-458	377	36	securities	security	NOUN
ftr-458	377	37	or	or	CCONJ
ftr-458	377	38	(	(	PUNCT
ftr-458	377	39	2	2	NUM
ftr-458	377	40	)	)	PUNCT
ftr-458	377	41	under	under	ADP
ftr-458	377	42	regulations	regulation	NOUN
ftr-458	377	43	,	,	PUNCT
ftr-458	377	44	a	a	DET
ftr-458	377	45	position	position	NOUN
ftr-458	377	46	with	with	ADP
ftr-458	377	47	respect	respect	NOUN
ftr-458	377	48	to	to	ADP
ftr-458	377	49	substantially	substantially	ADV
ftr-458	377	50	similar	similar	ADJ
ftr-458	377	51	or	or	CCONJ
ftr-458	377	52	related	related	ADJ
ftr-458	377	53	property	property	NOUN
ftr-458	377	54	(	(	PUNCT
ftr-458	377	55	other	other	ADJ
ftr-458	377	56	than	than	ADP
ftr-458	377	57	stock	stock	NOUN
ftr-458	377	58	)	)	PUNCT
ftr-458	377	59	.	.	PUNCT
ftr-458	377	60	"	"	PUNCT
ftr-458	378	1	irc	irc	ADV
ftr-458	378	2	§	§	PROPN
ftr-458	378	3	1092dl13b	1092dl13b	PROPN
ftr-458	378	4	)	)	PUNCT
ftr-458	378	5	.	.	PUNCT
ftr-458	379	1	regs	regs	PROPN
ftr-458	379	2	.	.	PUNCT
ftr-458	380	1	§	§	PROPN
ftr-458	380	2	1.1092(d)-2(a	1.1092(d)-2(a	PROPN
ftr-458	380	3	)	)	PUNCT
ftr-458	380	4	,	,	PUNCT
ftr-458	380	5	which	which	PRON
ftr-458	380	6	was	be	AUX
ftr-458	380	7	promulgated	promulgate	VERB
ftr-458	380	8	on	on	ADP
ftr-458	380	9	march	march	PROPN
ftr-458	380	10	17	17	NUM
ftr-458	380	11	,	,	PUNCT
ftr-458	380	12	1995	1995	NUM
ftr-458	380	13	,	,	PUNCT
ftr-458	380	14	implements	implement	VERB
ftr-458	380	15	the	the	DET
ftr-458	380	16	latter	latter	ADJ
ftr-458	380	17	prong	prong	NOUN
ftr-458	380	18	.	.	PUNCT
ftr-458	381	1	40	40	NUM
ftr-458	381	2	.	.	PUNCT
ftr-458	382	1	specifically	specifically	ADV
ftr-458	382	2	,	,	PUNCT
ftr-458	382	3	"	"	PUNCT
ftr-458	382	4	section	section	NOUN
ftr-458	382	5	1256	1256	NUM
ftr-458	382	6	contract	contract	NOUN
ftr-458	382	7	"	"	PUNCT
ftr-458	382	8	means	mean	VERB
ftr-458	382	9	any	any	DET
ftr-458	382	10	"	"	PUNCT
ftr-458	382	11	regulated	regulated	ADJ
ftr-458	382	12	futures	future	NOUN
ftr-458	382	13	contract	contract	NOUN
ftr-458	382	14	,	,	PUNCT
ftr-458	382	15	"	"	PUNCT
ftr-458	382	16	"	"	PUNCT
ftr-458	382	17	foreign	foreign	ADJ
ftr-458	382	18	currency	currency	NOUN
ftr-458	382	19	contract	contract	NOUN
ftr-458	382	20	,	,	PUNCT
ftr-458	382	21	"	"	PUNCT
ftr-458	382	22	"	"	PUNCT
ftr-458	382	23	nonequity	nonequity	NOUN
ftr-458	382	24	option	option	NOUN
ftr-458	382	25	,	,	PUNCT
ftr-458	382	26	"	"	PUNCT
ftr-458	382	27	or	or	CCONJ
ftr-458	382	28	"	"	PUNCT
ftr-458	382	29	dealer	dealer	NOUN
ftr-458	382	30	equity	equity	NOUN
ftr-458	382	31	option	option	NOUN
ftr-458	382	32	.	.	PUNCT
ftr-458	382	33	"	"	PUNCT
ftr-458	383	1	irc	irc	PROPN
ftr-458	383	2	§	§	PROPN
ftr-458	383	3	1256	1256	NUM
ftr-458	383	4	tb	tb	NOUN
ftr-458	383	5	)	)	PUNCT
ftr-458	383	6	.	.	PUNCT
ftr-458	384	1	a	a	DET
ftr-458	384	2	"	"	PUNCT
ftr-458	384	3	nonequity	nonequity	NOUN
ftr-458	384	4	option	option	NOUN
ftr-458	384	5	"	"	PUNCT
ftr-458	384	6	is	be	AUX
ftr-458	384	7	an	an	DET
ftr-458	384	8	exchange	exchange	NOUN
ftr-458	384	9	-	-	PUNCT
ftr-458	384	10	traded	trade	VERB
ftr-458	384	11	option	option	NOUN
ftr-458	384	12	that	that	PRON
ftr-458	384	13	is	be	AUX
ftr-458	384	14	not	not	PART
ftr-458	384	15	an	an	DET
ftr-458	384	16	"	"	PUNCT
ftr-458	384	17	equity	equity	NOUN
ftr-458	384	18	option	option	NOUN
ftr-458	384	19	.	.	PUNCT
ftr-458	384	20	"	"	PUNCT
ftr-458	385	1	irc	irc	PROPN
ftr-458	385	2	§	§	PROPN
ftr-458	385	3	1256(g)(3	1256(g)(3	NUM
ftr-458	385	4	)	)	PUNCT
ftr-458	385	5	.	.	PUNCT
ftr-458	386	1	an	an	DET
ftr-458	386	2	"	"	PUNCT
ftr-458	386	3	equity	equity	NOUN
ftr-458	386	4	option	option	NOUN
ftr-458	386	5	"	"	PUNCT
ftr-458	386	6	is	be	AUX
ftr-458	386	7	an	an	DET
ftr-458	386	8	option	option	NOUN
ftr-458	386	9	to	to	PART
ftr-458	386	10	buy	buy	VERB
ftr-458	386	11	or	or	CCONJ
ftr-458	386	12	sell	sell	VERB
ftr-458	386	13	stock	stock	NOUN
ftr-458	386	14	(	(	PUNCT
ftr-458	386	15	or	or	CCONJ
ftr-458	386	16	the	the	DET
ftr-458	386	17	value	value	NOUN
ftr-458	386	18	of	of	ADP
ftr-458	386	19	which	which	PRON
ftr-458	386	20	is	be	AUX
ftr-458	386	21	determined	determine	VERB
ftr-458	386	22	by	by	ADP
ftr-458	386	23	reference	reference	NOUN
ftr-458	386	24	to	to	ADP
ftr-458	386	25	any	any	DET
ftr-458	386	26	stock	stock	NOUN
ftr-458	386	27	,	,	PUNCT
ftr-458	386	28	group	group	NOUN
ftr-458	386	29	of	of	ADP
ftr-458	386	30	stocks	stock	NOUN
ftr-458	386	31	,	,	PUNCT
ftr-458	386	32	or	or	CCONJ
ftr-458	386	33	stock	stock	NOUN
ftr-458	386	34	index	index	NOUN
ftr-458	386	35	)	)	PUNCT
ftr-458	386	36	,	,	PUNCT
ftr-458	386	37	except	except	SCONJ
ftr-458	386	38	that	that	SCONJ
ftr-458	386	39	an	an	DET
ftr-458	386	40	option	option	NOUN
ftr-458	386	41	with	with	ADP
ftr-458	386	42	respect	respect	NOUN
ftr-458	386	43	to	to	ADP
ftr-458	386	44	a	a	DET
ftr-458	386	45	group	group	NOUN
ftr-458	386	46	of	of	ADP
ftr-458	386	47	stocks	stock	NOUN
ftr-458	386	48	or	or	CCONJ
ftr-458	386	49	stock	stock	NOUN
ftr-458	386	50	index	index	NOUN
ftr-458	386	51	is	be	AUX
ftr-458	386	52	a	a	DET
ftr-458	386	53	nonequity	nonequity	NOUN
ftr-458	386	54	option	option	NOUN
ftr-458	386	55	if	if	SCONJ
ftr-458	386	56	the	the	DET
ftr-458	386	57	commodities	commodity	NOUN
ftr-458	386	58	futures	futures	PROPN
ftr-458	386	59	trading	trading	NOUN
ftr-458	386	60	commission	commission	NOUN
ftr-458	386	61	has	have	AUX
ftr-458	386	62	designated	designate	VERB
ftr-458	386	63	a	a	DET
ftr-458	386	64	contract	contract	NOUN
ftr-458	386	65	market	market	NOUN
ftr-458	386	66	in	in	ADP
ftr-458	386	67	the	the	DET
ftr-458	386	68	option	option	NOUN
ftr-458	386	69	(	(	PUNCT
ftr-458	386	70	or	or	CCONJ
ftr-458	386	71	the	the	DET
ftr-458	386	72	treasury	treasury	NOUN
ftr-458	386	73	has	have	AUX
ftr-458	386	74	determined	determine	VERB
ftr-458	386	75	that	that	SCONJ
ftr-458	386	76	the	the	DET
ftr-458	386	77	option	option	NOUN
ftr-458	386	78	meets	meet	VERB
ftr-458	386	79	the	the	DET
ftr-458	386	80	legal	legal	ADJ
ftr-458	386	81	requirements	requirement	NOUN
ftr-458	386	82	for	for	ADP
ftr-458	386	83	such	such	DET
ftr-458	386	84	a	a	DET
ftr-458	386	85	designation	designation	NOUN
ftr-458	386	86	)	)	PUNCT
ftr-458	386	87	.	.	PUNCT
ftr-458	387	1	irc	irc	PROPN
ftr-458	387	2	§	§	PROPN
ftr-458	387	3	1256(g)(6	1256(g)(6	NUM
ftr-458	387	4	)	)	PUNCT
ftr-458	387	5	.	.	PUNCT
ftr-458	388	1	thus	thus	ADV
ftr-458	388	2	,	,	PUNCT
ftr-458	388	3	some	some	DET
ftr-458	388	4	broad	broad	ADV
ftr-458	388	5	-	-	PUNCT
ftr-458	388	6	based	base	VERB
ftr-458	388	7	equity	equity	NOUN
ftr-458	388	8	-	-	PUNCT
ftr-458	388	9	based	base	VERB
ftr-458	388	10	options	option	NOUN
ftr-458	388	11	are	be	AUX
ftr-458	388	12	"	"	PUNCT
ftr-458	388	13	nonequity	nonequity	NOUN
ftr-458	388	14	options	option	NOUN
ftr-458	388	15	"	"	PUNCT
ftr-458	388	16	and	and	CCONJ
ftr-458	388	17	therefore	therefore	ADV
ftr-458	388	18	marked	mark	VERB
ftr-458	388	19	to	to	PART
ftr-458	388	20	market	market	VERB
ftr-458	388	21	under	under	ADP
ftr-458	388	22	§	§	PROPN
ftr-458	388	23	1256	1256	NUM
ftr-458	388	24	.	.	PUNCT
ftr-458	389	1	a	a	DET
ftr-458	389	2	"	"	PUNCT
ftr-458	389	3	dealer	dealer	NOUN
ftr-458	389	4	equity	equity	NOUN
ftr-458	389	5	option	option	NOUN
ftr-458	389	6	"	"	PUNCT
ftr-458	389	7	is	be	AUX
ftr-458	389	8	an	an	DET
ftr-458	389	9	equity	equity	NOUN
ftr-458	389	10	option	option	NOUN
ftr-458	389	11	held	hold	VERB
ftr-458	389	12	or	or	CCONJ
ftr-458	389	13	issued	issue	VERB
ftr-458	389	14	by	by	ADP
ftr-458	389	15	a	a	DET
ftr-458	389	16	dealer	dealer	NOUN
ftr-458	389	17	of	of	ADP
ftr-458	389	18	a	a	DET
ftr-458	389	19	type	type	NOUN
ftr-458	389	20	that	that	PRON
ftr-458	389	21	is	be	AUX
ftr-458	389	22	listed	list	VERB
ftr-458	389	23	on	on	ADP
ftr-458	389	24	the	the	DET
ftr-458	389	25	exchange	exchange	NOUN
ftr-458	389	26	on	on	ADP
ftr-458	389	27	which	which	PRON
ftr-458	389	28	the	the	DET
ftr-458	389	29	dealer	dealer	NOUN
ftr-458	389	30	is	be	AUX
ftr-458	389	31	registered	register	VERB
ftr-458	389	32	and	and	CCONJ
ftr-458	389	33	is	be	AUX
ftr-458	389	34	purchased	purchase	VERB
ftr-458	389	35	or	or	CCONJ
ftr-458	389	36	granted	grant	VERB
ftr-458	389	37	by	by	ADP
ftr-458	389	38	the	the	DET
ftr-458	389	39	dealer	dealer	NOUN
ftr-458	389	40	in	in	ADP
ftr-458	389	41	the	the	DET
ftr-458	389	42	normal	normal	ADJ
ftr-458	389	43	course	course	NOUN
ftr-458	389	44	of	of	ADP
ftr-458	389	45	the	the	DET
ftr-458	389	46	dealer	dealer	NOUN
ftr-458	389	47	's	's	PART
ftr-458	389	48	activity	activity	NOUN
ftr-458	389	49	of	of	ADP
ftr-458	389	50	dealing	deal	VERB
ftr-458	389	51	in	in	ADP
ftr-458	389	52	options	option	NOUN
ftr-458	389	53	.	.	PUNCT
ftr-458	390	1	irc	irc	PROPN
ftr-458	390	2	§	§	PROPN
ftr-458	390	3	1256(g)(4	1256(g)(4	PROPN
ftr-458	390	4	)	)	PUNCT
ftr-458	390	5	.	.	PUNCT
ftr-458	391	1	thus	thus	ADV
ftr-458	391	2	,	,	PUNCT
ftr-458	391	3	options	option	NOUN
ftr-458	391	4	dealers	dealer	NOUN
ftr-458	391	5	are	be	AUX
ftr-458	391	6	required	require	VERB
ftr-458	391	7	to	to	PART
ftr-458	391	8	mark	mark	VERB
ftr-458	391	9	to	to	ADP
ftr-458	391	10	market	market	NOUN
ftr-458	391	11	listed	list	VERB
ftr-458	391	12	options	option	NOUN
ftr-458	391	13	on	on	ADP
ftr-458	391	14	single	single	ADJ
ftr-458	391	15	stocks	stock	NOUN
ftr-458	391	16	or	or	CCONJ
ftr-458	391	17	groups	group	NOUN
ftr-458	391	18	of	of	ADP
ftr-458	391	19	stocks	stock	NOUN
ftr-458	391	20	,	,	PUNCT
ftr-458	391	21	even	even	ADV
ftr-458	391	22	in	in	ADP
ftr-458	391	23	the	the	DET
ftr-458	391	24	absence	absence	NOUN
ftr-458	391	25	of	of	ADP
ftr-458	391	26	a	a	DET
ftr-458	391	27	contract	contract	NOUN
ftr-458	391	28	market	market	NOUN
ftr-458	391	29	designation	designation	NOUN
ftr-458	391	30	for	for	ADP
ftr-458	391	31	such	such	ADJ
ftr-458	391	32	options	option	NOUN
ftr-458	391	33	.	.	PUNCT
ftr-458	392	1	section	section	NOUN
ftr-458	392	2	1256(d	1256(d	NOUN
ftr-458	392	3	)	)	PUNCT
ftr-458	392	4	provides	provide	VERB
ftr-458	392	5	an	an	DET
ftr-458	392	6	elective	elective	ADJ
ftr-458	392	7	exception	exception	NOUN
ftr-458	392	8	to	to	ADP
ftr-458	392	9	the	the	DET
ftr-458	392	10	general	general	ADJ
ftr-458	392	11	mark	mark	VERB
ftr-458	392	12	-	-	PUNCT
ftr-458	392	13	to	to	ADP
ftr-458	392	14	-	-	PUNCT
ftr-458	392	15	market	market	NOUN
ftr-458	392	16	rule	rule	NOUN
ftr-458	392	17	of	of	ADP
ftr-458	392	18	§	§	PROPN
ftr-458	392	19	1256(a	1256(a	NUM
ftr-458	392	20	)	)	PUNCT
ftr-458	392	21	in	in	ADP
ftr-458	392	22	the	the	DET
ftr-458	392	23	case	case	NOUN
ftr-458	392	24	of	of	ADP
ftr-458	392	25	mixed	mixed	ADJ
ftr-458	392	26	straddles	straddle	NOUN
ftr-458	392	27	.	.	PUNCT
ftr-458	393	1	mixed	mixed	ADJ
ftr-458	393	2	straddles	straddle	NOUN
ftr-458	393	3	are	be	AUX
ftr-458	393	4	straddles	straddle	NOUN
ftr-458	393	5	,	,	PUNCT
ftr-458	393	6	as	as	SCONJ
ftr-458	393	7	defined	define	VERB
ftr-458	393	8	in	in	ADP
ftr-458	393	9	§	§	PROPN
ftr-458	393	10	1092	1092	NUM
ftr-458	393	11	,	,	PUNCT
ftr-458	393	12	consisting	consist	VERB
ftr-458	393	13	of	of	ADP
ftr-458	393	14	at	at	ADV
ftr-458	393	15	least	least	ADV
ftr-458	393	16	one	one	NUM
ftr-458	393	17	§	§	PROPN
ftr-458	393	18	1256	1256	NUM
ftr-458	393	19	contract	contract	NOUN
ftr-458	393	20	and	and	CCONJ
ftr-458	393	21	at	at	ADV
ftr-458	393	22	least	least	ADV
ftr-458	393	23	one	one	NUM
ftr-458	393	24	position	position	NOUN
ftr-458	393	25	that	that	PRON
ftr-458	393	26	is	be	AUX
ftr-458	393	27	not	not	PART
ftr-458	393	28	a	a	DET
ftr-458	393	29	§	§	ADJ
ftr-458	393	30	1256	1256	NUM
ftr-458	393	31	contract	contract	NOUN
ftr-458	393	32	.	.	PUNCT
ftr-458	394	1	each	each	DET
ftr-458	394	2	position	position	NOUN
ftr-458	394	3	must	must	AUX
ftr-458	394	4	be	be	AUX
ftr-458	394	5	clearly	clearly	ADV
ftr-458	394	6	identified	identify	VERB
ftr-458	394	7	by	by	ADP
ftr-458	394	8	the	the	DET
ftr-458	394	9	taxpayer	taxpayer	NOUN
ftr-458	394	10	as	as	ADP
ftr-458	394	11	being	be	AUX
ftr-458	394	12	part	part	NOUN
ftr-458	394	13	of	of	ADP
ftr-458	394	14	such	such	ADJ
ftr-458	394	15	straddle	straddle	NOUN
ftr-458	394	16	.	.	PUNCT
ftr-458	395	1	section	section	NOUN
ftr-458	395	2	1256(e	1256(e	NUM
ftr-458	395	3	)	)	PUNCT
ftr-458	395	4	exempts	exempt	VERB
ftr-458	395	5	"	"	PUNCT
ftr-458	395	6	hedging	hedging	NOUN
ftr-458	395	7	transactions	transaction	NOUN
ftr-458	395	8	"	"	PUNCT
ftr-458	395	9	from	from	ADP
ftr-458	395	10	the	the	DET
ftr-458	395	11	mark	mark	NOUN
ftr-458	395	12	-	-	PUNCT
ftr-458	395	13	to	to	ADP
ftr-458	395	14	-	-	PUNCT
ftr-458	395	15	market	market	NOUN
ftr-458	395	16	regime	regime	NOUN
ftr-458	395	17	of	of	ADP
ftr-458	395	18	§	§	PROPN
ftr-458	395	19	1256(a	1256(a	NUM
ftr-458	395	20	)	)	PUNCT
ftr-458	395	21	.	.	PUNCT
ftr-458	396	1	hedging	hedging	NOUN
ftr-458	396	2	transactions	transaction	NOUN
ftr-458	396	3	generally	generally	ADV
ftr-458	396	4	are	be	AUX
ftr-458	396	5	transactions	transaction	NOUN
ftr-458	396	6	entered	enter	VERB
ftr-458	396	7	into	into	ADP
ftr-458	396	8	in	in	ADP
ftr-458	396	9	the	the	DET
ftr-458	396	10	normal	normal	ADJ
ftr-458	396	11	course	course	NOUN
ftr-458	396	12	of	of	ADP
ftr-458	396	13	the	the	DET
ftr-458	396	14	taxpayer	taxpayer	NOUN
ftr-458	396	15	's	's	PART
ftr-458	396	16	trade	trade	NOUN
ftr-458	396	17	or	or	CCONJ
ftr-458	396	18	business	business	NOUN
ftr-458	396	19	primarily	primarily	ADV
ftr-458	396	20	to	to	PART
ftr-458	396	21	reduce	reduce	VERB
ftr-458	396	22	risk	risk	NOUN
ftr-458	396	23	with	with	ADP
ftr-458	396	24	respect	respect	NOUN
ftr-458	396	25	to	to	ADP
ftr-458	396	26	ordinary	ordinary	ADJ
ftr-458	396	27	incomeor	incomeor	NOUN
ftr-458	396	28	loss	loss	NOUN
ftr-458	396	29	-	-	PUNCT
ftr-458	396	30	producing	produce	VERB
ftr-458	396	31	transactions	transaction	NOUN
ftr-458	396	32	and	and	CCONJ
ftr-458	396	33	must	must	AUX
ftr-458	396	34	be	be	AUX
ftr-458	396	35	clearly	clearly	ADV
ftr-458	396	36	identified	identify	VERB
ftr-458	396	37	by	by	ADP
ftr-458	396	38	the	the	DET
ftr-458	396	39	taxpayer	taxpayer	NOUN
ftr-458	396	40	.	.	PUNCT
ftr-458	397	1	cf	cf	AUX
ftr-458	397	2	.	.	PUNCT
ftr-458	397	3	regs	regs	PROPN
ftr-458	397	4	.	.	PUNCT
ftr-458	398	1	1996	1996	NUM
ftr-458	398	2	]	]	PUNCT
ftr-458	398	3	florida	florida	PROPN
ftr-458	398	4	tax	tax	PROPN
ftr-458	398	5	review	review	NOUN
ftr-458	398	6	and	and	CCONJ
ftr-458	398	7	1256	1256	NUM
ftr-458	399	1	,	,	PUNCT
ftr-458	399	2	congress	congress	PROPN
ftr-458	399	3	responded	respond	VERB
ftr-458	399	4	to	to	ADP
ftr-458	399	5	a	a	DET
ftr-458	399	6	long	long	ADJ
ftr-458	399	7	battle	battle	NOUN
ftr-458	399	8	between	between	ADP
ftr-458	399	9	the	the	DET
ftr-458	399	10	treasury	treasury	NOUN
ftr-458	399	11	and	and	CCONJ
ftr-458	399	12	taxpayers	taxpayer	NOUN
ftr-458	399	13	over	over	ADP
ftr-458	399	14	commodities	commodity	NOUN
ftr-458	399	15	straddles	straddle	NOUN
ftr-458	399	16	.	.	PUNCT
ftr-458	400	1	before	before	ADP
ftr-458	400	2	the	the	DET
ftr-458	400	3	enactment	enactment	NOUN
ftr-458	400	4	of	of	ADP
ftr-458	400	5	those	those	DET
ftr-458	400	6	and	and	CCONJ
ftr-458	400	7	related	related	ADJ
ftr-458	400	8	provisions	provision	NOUN
ftr-458	400	9	in	in	ADP
ftr-458	400	10	1981	1981	NUM
ftr-458	400	11	,	,	PUNCT
ftr-458	400	12	a	a	DET
ftr-458	400	13	taxpayer	taxpayer	NOUN
ftr-458	400	14	would	would	AUX
ftr-458	400	15	enter	enter	VERB
ftr-458	400	16	into	into	ADP
ftr-458	400	17	a	a	DET
ftr-458	400	18	forward	forward	ADJ
ftr-458	400	19	contract	contract	NOUN
ftr-458	400	20	to	to	PART
ftr-458	400	21	sell	sell	VERB
ftr-458	400	22	a	a	DET
ftr-458	400	23	commodity	commodity	NOUN
ftr-458	400	24	in	in	ADP
ftr-458	400	25	one	one	NUM
ftr-458	400	26	month	month	NOUN
ftr-458	400	27	and	and	CCONJ
ftr-458	400	28	a	a	DET
ftr-458	400	29	hedge	hedge	NOUN
ftr-458	400	30	in	in	ADP
ftr-458	400	31	the	the	DET
ftr-458	400	32	form	form	NOUN
ftr-458	400	33	of	of	ADP
ftr-458	400	34	an	an	DET
ftr-458	400	35	approximately	approximately	ADV
ftr-458	400	36	economically	economically	ADV
ftr-458	400	37	offsetting	offset	VERB
ftr-458	400	38	forward	forward	ADJ
ftr-458	400	39	contract	contract	NOUN
ftr-458	400	40	to	to	PART
ftr-458	400	41	purchase	purchase	VERB
ftr-458	400	42	the	the	DET
ftr-458	400	43	commodity	commodity	NOUN
ftr-458	400	44	in	in	ADP
ftr-458	400	45	another	another	DET
ftr-458	400	46	month	month	NOUN
ftr-458	400	47	.	.	PUNCT
ftr-458	401	1	over	over	ADP
ftr-458	401	2	time	time	NOUN
ftr-458	401	3	,	,	PUNCT
ftr-458	401	4	one	one	NUM
ftr-458	401	5	contract	contract	NOUN
ftr-458	401	6	would	would	AUX
ftr-458	401	7	inevitably	inevitably	ADV
ftr-458	401	8	increase	increase	VERB
ftr-458	401	9	in	in	ADP
ftr-458	401	10	value	value	NOUN
ftr-458	401	11	,	,	PUNCT
ftr-458	401	12	and	and	CCONJ
ftr-458	401	13	the	the	DET
ftr-458	401	14	other	other	ADJ
ftr-458	401	15	would	would	AUX
ftr-458	401	16	decrease	decrease	VERB
ftr-458	401	17	in	in	ADP
ftr-458	401	18	an	an	DET
ftr-458	401	19	approximately	approximately	ADV
ftr-458	401	20	equal	equal	ADJ
ftr-458	401	21	amount	amount	NOUN
ftr-458	401	22	.	.	PUNCT
ftr-458	402	1	the	the	DET
ftr-458	402	2	taxpayer	taxpayer	NOUN
ftr-458	402	3	would	would	AUX
ftr-458	402	4	then	then	ADV
ftr-458	402	5	close	close	VERB
ftr-458	402	6	out	out	ADP
ftr-458	402	7	the	the	DET
ftr-458	402	8	loss	loss	NOUN
ftr-458	402	9	position	position	NOUN
ftr-458	402	10	,	,	PUNCT
ftr-458	402	11	recognizing	recognize	VERB
ftr-458	402	12	capital	capital	NOUN
ftr-458	402	13	loss	loss	NOUN
ftr-458	402	14	,	,	PUNCT
ftr-458	402	15	and	and	CCONJ
ftr-458	402	16	enter	enter	VERB
ftr-458	402	17	into	into	ADP
ftr-458	402	18	a	a	DET
ftr-458	402	19	new	new	ADJ
ftr-458	402	20	forward	forward	ADJ
ftr-458	402	21	contract	contract	NOUN
ftr-458	402	22	to	to	PART
ftr-458	402	23	hedge	hedge	VERB
ftr-458	402	24	the	the	DET
ftr-458	402	25	gain	gain	NOUN
ftr-458	402	26	position	position	NOUN
ftr-458	402	27	.	.	PUNCT
ftr-458	403	1	in	in	ADP
ftr-458	403	2	a	a	DET
ftr-458	403	3	subsequent	subsequent	ADJ
ftr-458	403	4	taxable	taxable	ADJ
ftr-458	403	5	year	year	NOUN
ftr-458	403	6	,	,	PUNCT
ftr-458	403	7	the	the	DET
ftr-458	403	8	taxpayer	taxpayer	NOUN
ftr-458	403	9	would	would	AUX
ftr-458	403	10	close	close	VERB
ftr-458	403	11	out	out	ADP
ftr-458	403	12	the	the	DET
ftr-458	403	13	gain	gain	NOUN
ftr-458	403	14	position	position	NOUN
ftr-458	403	15	,	,	PUNCT
ftr-458	403	16	as	as	ADV
ftr-458	403	17	well	well	ADV
ftr-458	403	18	as	as	ADP
ftr-458	403	19	the	the	DET
ftr-458	403	20	new	new	ADJ
ftr-458	403	21	forward	forward	ADJ
ftr-458	403	22	contract	contract	NOUN
ftr-458	403	23	,	,	PUNCT
ftr-458	403	24	recognizing	recognize	VERB
ftr-458	403	25	capital	capital	NOUN
ftr-458	403	26	gain	gain	NOUN
ftr-458	403	27	.	.	PUNCT
ftr-458	404	1	thus	thus	ADV
ftr-458	404	2	,	,	PUNCT
ftr-458	404	3	with	with	ADP
ftr-458	404	4	little	little	ADJ
ftr-458	404	5	or	or	CCONJ
ftr-458	404	6	no	no	PRON
ftr-458	404	7	economic	economic	ADJ
ftr-458	404	8	investment	investment	NOUN
ftr-458	404	9	,	,	PUNCT
ftr-458	404	10	a	a	DET
ftr-458	404	11	taxpayer	taxpayer	NOUN
ftr-458	404	12	was	be	AUX
ftr-458	404	13	able	able	ADJ
ftr-458	404	14	to	to	PART
ftr-458	404	15	manufacture	manufacture	VERB
ftr-458	404	16	a	a	DET
ftr-458	404	17	loss	loss	NOUN
ftr-458	404	18	in	in	ADP
ftr-458	404	19	one	one	NUM
ftr-458	404	20	year	year	NOUN
ftr-458	404	21	and	and	CCONJ
ftr-458	404	22	a	a	DET
ftr-458	404	23	gain	gain	NOUN
ftr-458	404	24	in	in	ADP
ftr-458	404	25	a	a	DET
ftr-458	404	26	later	later	ADJ
ftr-458	404	27	year.4	year.4	PROPN
ftr-458	404	28	1	1	NUM
ftr-458	404	29	the	the	DET
ftr-458	404	30	treasury	treasury	NOUN
ftr-458	404	31	attacked	attack	VERB
ftr-458	404	32	the	the	DET
ftr-458	404	33	losses	loss	NOUN
ftr-458	404	34	on	on	ADP
ftr-458	404	35	the	the	DET
ftr-458	404	36	grounds	ground	NOUN
ftr-458	404	37	that	that	SCONJ
ftr-458	404	38	they	they	PRON
ftr-458	404	39	were	be	AUX
ftr-458	404	40	not	not	PART
ftr-458	404	41	incurred	incur	VERB
ftr-458	404	42	in	in	ADP
ftr-458	404	43	transactions	transaction	NOUN
ftr-458	404	44	entered	enter	VERB
ftr-458	404	45	into	into	ADP
ftr-458	404	46	for	for	ADP
ftr-458	404	47	profit	profit	NOUN
ftr-458	404	48	,	,	PUNCT
ftr-458	404	49	leading	lead	VERB
ftr-458	404	50	to	to	ADP
ftr-458	404	51	significant	significant	ADJ
ftr-458	404	52	uncertainty	uncertainty	NOUN
ftr-458	404	53	and	and	CCONJ
ftr-458	404	54	eventual	eventual	ADJ
ftr-458	404	55	litigation.42	litigation.42	NOUN
ftr-458	404	56	sections	section	NOUN
ftr-458	404	57	1092	1092	NUM
ftr-458	404	58	and	and	CCONJ
ftr-458	404	59	1256	1256	NUM
ftr-458	404	60	were	be	AUX
ftr-458	404	61	thus	thus	ADV
ftr-458	404	62	originally	originally	ADV
ftr-458	404	63	aimed	aim	VERB
ftr-458	404	64	at	at	ADP
ftr-458	404	65	situations	situation	NOUN
ftr-458	404	66	in	in	ADP
ftr-458	404	67	which	which	PRON
ftr-458	404	68	the	the	DET
ftr-458	404	69	taxpayer	taxpayer	NOUN
ftr-458	404	70	's	's	PART
ftr-458	404	71	initial	initial	ADJ
ftr-458	404	72	investment	investment	NOUN
ftr-458	404	73	is	be	AUX
ftr-458	404	74	zero	zero	NUM
ftr-458	404	75	and	and	CCONJ
ftr-458	404	76	the	the	DET
ftr-458	404	77	taxpayer	taxpayer	NOUN
ftr-458	404	78	attempts	attempt	VERB
ftr-458	404	79	to	to	PART
ftr-458	404	80	trigger	trigger	VERB
ftr-458	404	81	loss	loss	NOUN
ftr-458	404	82	in	in	ADP
ftr-458	404	83	one	one	NUM
ftr-458	404	84	year	year	NOUN
ftr-458	404	85	and	and	CCONJ
ftr-458	404	86	gain	gain	VERB
ftr-458	404	87	in	in	ADP
ftr-458	404	88	a	a	DET
ftr-458	404	89	later	later	ADJ
ftr-458	404	90	year	year	NOUN
ftr-458	404	91	.	.	PUNCT
ftr-458	405	1	section	section	NOUN
ftr-458	405	2	1092	1092	NUM
ftr-458	405	3	accordingly	accordingly	ADV
ftr-458	405	4	defers	defer	VERB
ftr-458	405	5	losses	loss	NOUN
ftr-458	405	6	,	,	PUNCT
ftr-458	405	7	but	but	CCONJ
ftr-458	405	8	does	do	AUX
ftr-458	405	9	not	not	PART
ftr-458	405	10	generally	generally	ADV
ftr-458	405	11	trigger	trigger	VERB
ftr-458	405	12	gain.43	gain.43	ADJ
ftr-458	405	13	section	section	NOUN
ftr-458	405	14	1256	1256	NUM
ftr-458	405	15	generally	generally	ADV
ftr-458	405	16	requires	require	VERB
ftr-458	405	17	recognition	recognition	NOUN
ftr-458	405	18	of	of	ADP
ftr-458	405	19	gain	gain	NOUN
ftr-458	405	20	or	or	CCONJ
ftr-458	405	21	loss	loss	NOUN
ftr-458	405	22	as	as	SCONJ
ftr-458	405	23	it	it	PRON
ftr-458	405	24	accrues.44	accrues.44	VERB
ftr-458	405	25	§	§	PROPN
ftr-458	405	26	§	§	PROPN
ftr-458	405	27	1.1221	1.1221	NUM
ftr-458	405	28	-	-	SYM
ftr-458	405	29	2	2	NUM
ftr-458	405	30	(	(	PUNCT
ftr-458	405	31	treating	treat	VERB
ftr-458	405	32	income	income	NOUN
ftr-458	405	33	and	and	CCONJ
ftr-458	405	34	loss	loss	NOUN
ftr-458	405	35	from	from	ADP
ftr-458	405	36	hedging	hedging	NOUN
ftr-458	405	37	transactions	transaction	NOUN
ftr-458	405	38	as	as	ADP
ftr-458	405	39	ordinary	ordinary	ADJ
ftr-458	405	40	)	)	PUNCT
ftr-458	405	41	;	;	PUNCT
ftr-458	405	42	1.446	1.446	NUM
ftr-458	405	43	-	-	SYM
ftr-458	405	44	4	4	NUM
ftr-458	405	45	(	(	PUNCT
ftr-458	405	46	matching	match	VERB
ftr-458	405	47	timing	timing	NOUN
ftr-458	405	48	of	of	ADP
ftr-458	405	49	income	income	NOUN
ftr-458	405	50	and	and	CCONJ
ftr-458	405	51	loss	loss	NOUN
ftr-458	405	52	from	from	ADP
ftr-458	405	53	hedging	hedge	VERB
ftr-458	405	54	transactions	transaction	NOUN
ftr-458	405	55	to	to	ADP
ftr-458	405	56	timing	timing	NOUN
ftr-458	405	57	of	of	ADP
ftr-458	405	58	items	item	NOUN
ftr-458	405	59	from	from	ADP
ftr-458	405	60	underlying	underlie	VERB
ftr-458	405	61	transaction	transaction	NOUN
ftr-458	405	62	)	)	PUNCT
ftr-458	405	63	.	.	PUNCT
ftr-458	406	1	41	41	NUM
ftr-458	406	2	.	.	PUNCT
ftr-458	407	1	see	see	VERB
ftr-458	407	2	staff	staff	NOUN
ftr-458	407	3	of	of	ADP
ftr-458	407	4	joint	joint	ADJ
ftr-458	407	5	comm	comm	NOUN
ftr-458	407	6	.	.	PUNCT
ftr-458	408	1	on	on	ADP
ftr-458	408	2	taxation	taxation	NOUN
ftr-458	408	3	,	,	PUNCT
ftr-458	408	4	97th	97th	NUM
ftr-458	408	5	cong	cong	NOUN
ftr-458	408	6	.	.	PUNCT
ftr-458	408	7	,	,	PUNCT
ftr-458	408	8	1st	1st	ADJ
ftr-458	408	9	sess	sess	NOUN
ftr-458	408	10	.	.	PUNCT
ftr-458	409	1	,	,	PUNCT
ftr-458	409	2	general	general	ADJ
ftr-458	409	3	explanation	explanation	NOUN
ftr-458	409	4	of	of	ADP
ftr-458	409	5	the	the	DET
ftr-458	409	6	economic	economic	ADJ
ftr-458	409	7	recovery	recovery	NOUN
ftr-458	409	8	tax	tax	NOUN
ftr-458	409	9	act	act	NOUN
ftr-458	409	10	of	of	ADP
ftr-458	409	11	1981	1981	NUM
ftr-458	409	12	,	,	PUNCT
ftr-458	409	13	294	294	NUM
ftr-458	409	14	-	-	SYM
ftr-458	409	15	99	99	NUM
ftr-458	409	16	(	(	PUNCT
ftr-458	409	17	comm	comm	NOUN
ftr-458	409	18	.	.	PUNCT
ftr-458	410	1	print	print	NOUN
ftr-458	410	2	1981	1981	NUM
ftr-458	410	3	)	)	PUNCT
ftr-458	411	1	[	[	X
ftr-458	411	2	hereinafter	hereinafter	NOUN
ftr-458	411	3	staff	staff	NOUN
ftr-458	411	4	of	of	ADP
ftr-458	411	5	joint	joint	ADJ
ftr-458	411	6	comm	comm	NOUN
ftr-458	411	7	.	.	PUNCT
ftr-458	412	1	]	]	PUNCT
ftr-458	412	2	.	.	PUNCT
ftr-458	413	1	42	42	NUM
ftr-458	413	2	.	.	PUNCT
ftr-458	414	1	see	see	VERB
ftr-458	414	2	2	2	NUM
ftr-458	414	3	bittker	bittker	NOUN
ftr-458	414	4	&	&	CCONJ
ftr-458	414	5	lokken	lokken	PROPN
ftr-458	414	6	,	,	PUNCT
ftr-458	414	7	supra	supra	PROPN
ftr-458	414	8	note	note	PROPN
ftr-458	414	9	12	12	NUM
ftr-458	414	10	,	,	PUNCT
ftr-458	414	11	45.1	45.1	NUM
ftr-458	414	12	,	,	PUNCT
ftr-458	414	13	45.6	45.6	NUM
ftr-458	414	14	.	.	NOUN
ftr-458	415	1	43	43	NUM
ftr-458	415	2	.	.	PUNCT
ftr-458	416	1	an	an	DET
ftr-458	416	2	exception	exception	NOUN
ftr-458	416	3	applies	apply	VERB
ftr-458	416	4	to	to	ADP
ftr-458	416	5	a	a	DET
ftr-458	416	6	"	"	PUNCT
ftr-458	416	7	section	section	NOUN
ftr-458	416	8	1092(b)(2	1092(b)(2	NUM
ftr-458	416	9	)	)	PUNCT
ftr-458	416	10	identified	identify	VERB
ftr-458	416	11	mixed	mixed	ADJ
ftr-458	416	12	straddle	straddle	NOUN
ftr-458	416	13	.	.	PUNCT
ftr-458	416	14	"	"	PUNCT
ftr-458	417	1	a	a	DET
ftr-458	417	2	"	"	PUNCT
ftr-458	417	3	mixed	mixed	ADJ
ftr-458	417	4	straddle	straddle	NOUN
ftr-458	417	5	"	"	PUNCT
ftr-458	417	6	is	be	AUX
ftr-458	417	7	a	a	DET
ftr-458	417	8	straddle	straddle	NOUN
ftr-458	417	9	that	that	PRON
ftr-458	417	10	consists	consist	VERB
ftr-458	417	11	of	of	ADP
ftr-458	417	12	at	at	ADV
ftr-458	417	13	least	least	ADV
ftr-458	417	14	one	one	NUM
ftr-458	417	15	§	§	PROPN
ftr-458	417	16	1256	1256	NUM
ftr-458	417	17	contract	contract	NOUN
ftr-458	417	18	and	and	CCONJ
ftr-458	417	19	one	one	NUM
ftr-458	417	20	position	position	NOUN
ftr-458	417	21	that	that	PRON
ftr-458	417	22	is	be	AUX
ftr-458	417	23	not	not	PART
ftr-458	417	24	a	a	DET
ftr-458	417	25	§	§	PROPN
ftr-458	417	26	1256	1256	NUM
ftr-458	417	27	contract	contract	NOUN
ftr-458	417	28	and	and	CCONJ
ftr-458	417	29	meets	meet	VERB
ftr-458	417	30	various	various	ADJ
ftr-458	417	31	other	other	ADJ
ftr-458	417	32	conditions	condition	NOUN
ftr-458	417	33	.	.	PUNCT
ftr-458	418	1	temp	temp	NOUN
ftr-458	418	2	.	.	PUNCT
ftr-458	419	1	regs	regs	PROPN
ftr-458	419	2	.	.	PUNCT
ftr-458	420	1	§	§	PROPN
ftr-458	420	2	1.1092(b)-5(e	1.1092(b)-5(e	NUM
ftr-458	420	3	)	)	PUNCT
ftr-458	420	4	.	.	PUNCT
ftr-458	421	1	a	a	DET
ftr-458	421	2	"	"	PUNCT
ftr-458	421	3	section	section	NOUN
ftr-458	421	4	1092(b)(2	1092(b)(2	NUM
ftr-458	421	5	)	)	PUNCT
ftr-458	421	6	identified	identify	VERB
ftr-458	421	7	mixed	mixed	ADJ
ftr-458	421	8	straddle	straddle	NOUN
ftr-458	421	9	"	"	PUNCT
ftr-458	421	10	is	be	AUX
ftr-458	421	11	a	a	DET
ftr-458	421	12	mixed	mixed	ADJ
ftr-458	421	13	straddle	straddle	NOUN
ftr-458	421	14	with	with	ADP
ftr-458	421	15	respect	respect	NOUN
ftr-458	421	16	to	to	ADP
ftr-458	421	17	which	which	PRON
ftr-458	421	18	an	an	DET
ftr-458	421	19	appropriate	appropriate	ADJ
ftr-458	421	20	election	election	NOUN
ftr-458	421	21	has	have	AUX
ftr-458	421	22	been	be	AUX
ftr-458	421	23	made	make	VERB
ftr-458	421	24	.	.	PUNCT
ftr-458	422	1	if	if	SCONJ
ftr-458	422	2	one	one	NUM
ftr-458	422	3	of	of	ADP
ftr-458	422	4	the	the	DET
ftr-458	422	5	positions	position	NOUN
ftr-458	422	6	comprising	comprise	VERB
ftr-458	422	7	a	a	DET
ftr-458	422	8	§	§	PROPN
ftr-458	422	9	1092(b)(2	1092(b)(2	NUM
ftr-458	422	10	)	)	PUNCT
ftr-458	422	11	identified	identify	VERB
ftr-458	422	12	mixed	mixed	ADJ
ftr-458	422	13	straddle	straddle	NOUN
ftr-458	422	14	was	be	AUX
ftr-458	422	15	held	hold	VERB
ftr-458	422	16	before	before	SCONJ
ftr-458	422	17	the	the	DET
ftr-458	422	18	straddle	straddle	NOUN
ftr-458	422	19	was	be	AUX
ftr-458	422	20	established	establish	VERB
ftr-458	422	21	,	,	PUNCT
ftr-458	422	22	the	the	DET
ftr-458	422	23	position	position	NOUN
ftr-458	422	24	is	be	AUX
ftr-458	422	25	deemed	deem	VERB
ftr-458	422	26	sold	sell	VERB
ftr-458	422	27	for	for	ADP
ftr-458	422	28	its	its	PRON
ftr-458	422	29	fair	fair	ADJ
ftr-458	422	30	market	market	NOUN
ftr-458	422	31	value	value	NOUN
ftr-458	422	32	as	as	ADP
ftr-458	422	33	of	of	ADP
ftr-458	422	34	the	the	DET
ftr-458	422	35	close	close	NOUN
ftr-458	422	36	of	of	ADP
ftr-458	422	37	the	the	DET
ftr-458	422	38	last	last	ADJ
ftr-458	422	39	business	business	NOUN
ftr-458	422	40	day	day	NOUN
ftr-458	422	41	preceding	precede	VERB
ftr-458	422	42	the	the	DET
ftr-458	422	43	day	day	NOUN
ftr-458	422	44	on	on	ADP
ftr-458	422	45	which	which	PRON
ftr-458	422	46	the	the	DET
ftr-458	422	47	straddle	straddle	NOUN
ftr-458	422	48	is	be	AUX
ftr-458	422	49	established	establish	VERB
ftr-458	422	50	.	.	PUNCT
ftr-458	423	1	temp	temp	NOUN
ftr-458	423	2	.	.	PUNCT
ftr-458	424	1	regs	regs	PROPN
ftr-458	424	2	.	.	PUNCT
ftr-458	425	1	§	§	PROPN
ftr-458	425	2	1.1092(b)-3(b)(6	1.1092(b)-3(b)(6	NUM
ftr-458	425	3	)	)	PUNCT
ftr-458	425	4	.	.	PUNCT
ftr-458	426	1	see	see	VERB
ftr-458	426	2	also	also	ADV
ftr-458	426	3	temp	temp	NOUN
ftr-458	426	4	.	.	PUNCT
ftr-458	427	1	regs	regs	PROPN
ftr-458	427	2	.	.	PUNCT
ftr-458	428	1	§	§	PROPN
ftr-458	428	2	1	1	NUM
ftr-458	428	3	.	.	X
ftr-458	428	4	1092(b)-4(c)(5	1092(b)-4(c)(5	NUM
ftr-458	428	5	)	)	PUNCT
ftr-458	428	6	(	(	PUNCT
ftr-458	428	7	same	same	ADJ
ftr-458	428	8	for	for	ADP
ftr-458	428	9	mixed	mixed	ADJ
ftr-458	428	10	straddle	straddle	NOUN
ftr-458	428	11	accounts	account	NOUN
ftr-458	428	12	)	)	PUNCT
ftr-458	428	13	.	.	PUNCT
ftr-458	429	1	44	44	NUM
ftr-458	429	2	.	.	PUNCT
ftr-458	430	1	unlike	unlike	ADP
ftr-458	430	2	§	§	PROPN
ftr-458	430	3	1092	1092	NUM
ftr-458	430	4	,	,	PUNCT
ftr-458	430	5	§	§	PROPN
ftr-458	430	6	1256	1256	NUM
ftr-458	430	7	applies	apply	VERB
ftr-458	430	8	whether	whether	SCONJ
ftr-458	430	9	or	or	CCONJ
ftr-458	430	10	not	not	PART
ftr-458	430	11	the	the	DET
ftr-458	430	12	§	§	PROPN
ftr-458	430	13	1256	1256	NUM
ftr-458	430	14	contract	contract	NOUN
ftr-458	430	15	is	be	AUX
ftr-458	430	16	held	hold	VERB
ftr-458	430	17	in	in	ADP
ftr-458	430	18	combination	combination	NOUN
ftr-458	430	19	with	with	ADP
ftr-458	430	20	other	other	ADJ
ftr-458	430	21	positions	position	NOUN
ftr-458	430	22	resulting	result	VERB
ftr-458	430	23	in	in	ADP
ftr-458	430	24	a	a	DET
ftr-458	430	25	riskless	riskless	NOUN
ftr-458	430	26	or	or	CCONJ
ftr-458	430	27	reduced	reduce	VERB
ftr-458	430	28	risk	risk	NOUN
ftr-458	430	29	position	position	NOUN
ftr-458	430	30	.	.	PUNCT
ftr-458	431	1	section	section	NOUN
ftr-458	431	2	1256	1256	NUM
ftr-458	431	3	has	have	AUX
ftr-458	431	4	been	be	AUX
ftr-458	431	5	defended	defend	VERB
ftr-458	431	6	as	as	ADP
ftr-458	431	7	an	an	DET
ftr-458	431	8	application	application	NOUN
ftr-458	431	9	of	of	ADP
ftr-458	431	10	the	the	DET
ftr-458	431	11	constructive	constructive	ADJ
ftr-458	431	12	receipt	receipt	NOUN
ftr-458	431	13	doctrine	doctrine	NOUN
ftr-458	431	14	,	,	PUNCT
ftr-458	431	15	as	as	ADV
ftr-458	431	16	well	well	ADV
ftr-458	431	17	as	as	ADP
ftr-458	431	18	a	a	DET
ftr-458	431	19	response	response	NOUN
ftr-458	431	20	to	to	ADP
ftr-458	431	21	the	the	DET
ftr-458	431	22	commodity	commodity	NOUN
ftr-458	431	23	straddling	straddle	VERB
ftr-458	431	24	activity	activity	NOUN
ftr-458	431	25	discussed	discuss	VERB
ftr-458	431	26	in	in	ADP
ftr-458	431	27	the	the	DET
ftr-458	431	28	text	text	NOUN
ftr-458	431	29	.	.	PUNCT
ftr-458	432	1	e.g.	e.g.	ADV
ftr-458	432	2	,	,	PUNCT
ftr-458	432	3	staff	staff	NOUN
ftr-458	432	4	of	of	ADP
ftr-458	432	5	joint	joint	ADJ
ftr-458	432	6	comm	comm	NOUN
ftr-458	432	7	.	.	PUNCT
ftr-458	432	8	,	,	PUNCT
ftr-458	432	9	supra	supra	PROPN
ftr-458	432	10	note	note	PROPN
ftr-458	432	11	41	41	NUM
ftr-458	432	12	,	,	PUNCT
ftr-458	432	13	at	at	ADP
ftr-458	432	14	296	296	NUM
ftr-458	432	15	;	;	PUNCT
ftr-458	432	16	murphy	murphy	PROPN
ftr-458	432	17	v.	v.	PROPN
ftr-458	432	18	united	united	PROPN
ftr-458	432	19	states	states	PROPN
ftr-458	432	20	,	,	PUNCT
ftr-458	432	21	992	992	NUM
ftr-458	432	22	f.2d	f.2d	NOUN
ftr-458	432	23	929	929	NUM
ftr-458	432	24	(	(	PUNCT
ftr-458	432	25	9th	9th	ADJ
ftr-458	432	26	cir	cir	NOUN
ftr-458	432	27	.	.	PUNCT
ftr-458	432	28	1993	1993	NUM
ftr-458	432	29	)	)	PUNCT
ftr-458	432	30	.	.	PUNCT
ftr-458	433	1	many	many	ADJ
ftr-458	433	2	§	§	PROPN
ftr-458	433	3	1256	1256	NUM
ftr-458	433	4	contracts	contract	NOUN
ftr-458	433	5	are	be	AUX
ftr-458	433	6	marked	mark	VERB
ftr-458	433	7	to	to	PART
ftr-458	433	8	market	market	VERB
ftr-458	433	9	as	as	ADP
ftr-458	433	10	a	a	DET
ftr-458	433	11	business	business	NOUN
ftr-458	433	12	matter	matter	NOUN
ftr-458	433	13	under	under	ADP
ftr-458	433	14	the	the	DET
ftr-458	433	15	rules	rule	NOUN
ftr-458	433	16	of	of	ADP
ftr-458	433	17	the	the	DET
ftr-458	433	18	exchange	exchange	NOUN
ftr-458	433	19	on	on	ADP
ftr-458	433	20	which	which	PRON
ftr-458	433	21	the	the	DET
ftr-458	433	22	contract	contract	NOUN
ftr-458	433	23	is	be	AUX
ftr-458	433	24	traded	trade	VERB
ftr-458	433	25	.	.	PUNCT
ftr-458	434	1	see	see	VERB
ftr-458	434	2	irc	irc	PROPN
ftr-458	434	3	§	§	PROPN
ftr-458	434	4	1256(g)(l)(a	1256(g)(l)(a	NUM
ftr-458	434	5	)	)	PUNCT
ftr-458	434	6	(	(	PUNCT
ftr-458	434	7	deposits	deposit	NOUN
ftr-458	434	8	and	and	CCONJ
ftr-458	434	9	withdrawals	withdrawal	NOUN
ftr-458	434	10	with	with	ADP
ftr-458	434	11	respect	respect	NOUN
ftr-458	434	12	to	to	ADP
ftr-458	434	13	regulated	regulated	ADJ
ftr-458	434	14	futures	future	NOUN
ftr-458	434	15	contract	contract	NOUN
ftr-458	434	16	depend	depend	VERB
ftr-458	434	17	on	on	ADP
ftr-458	434	18	mark	mark	NOUN
ftr-458	434	19	-	-	PUNCT
ftr-458	434	20	to	to	ADP
ftr-458	434	21	-	-	PUNCT
ftr-458	434	22	market	market	NOUN
ftr-458	434	23	system	system	NOUN
ftr-458	434	24	)	)	PUNCT
ftr-458	434	25	.	.	PUNCT
ftr-458	435	1	[	[	X
ftr-458	435	2	vol	vol	NOUN
ftr-458	435	3	3:1	3:1	NUM
ftr-458	435	4	another	another	DET
ftr-458	435	5	uneasy	uneasy	ADJ
ftr-458	435	6	compromise	compromise	NOUN
ftr-458	435	7	section	section	NOUN
ftr-458	435	8	475	475	NUM
ftr-458	435	9	,	,	PUNCT
ftr-458	435	10	enacted	enact	VERB
ftr-458	435	11	in	in	ADP
ftr-458	435	12	1993	1993	NUM
ftr-458	435	13	,	,	PUNCT
ftr-458	435	14	generally	generally	ADV
ftr-458	435	15	requires	require	VERB
ftr-458	435	16	securities	security	NOUN
ftr-458	435	17	dealers	dealer	NOUN
ftr-458	435	18	to	to	PART
ftr-458	435	19	mark	mark	VERB
ftr-458	435	20	to	to	ADP
ftr-458	435	21	market	market	NOUN
ftr-458	435	22	securities	security	NOUN
ftr-458	435	23	(	(	PUNCT
ftr-458	435	24	other	other	ADJ
ftr-458	435	25	than	than	ADP
ftr-458	435	26	those	those	PRON
ftr-458	435	27	that	that	PRON
ftr-458	435	28	are	be	AUX
ftr-458	435	29	held	hold	VERB
ftr-458	435	30	for	for	ADP
ftr-458	435	31	investment	investment	NOUN
ftr-458	435	32	and	and	CCONJ
ftr-458	435	33	clearly	clearly	ADV
ftr-458	435	34	identified	identify	VERB
ftr-458	435	35	as	as	ADP
ftr-458	435	36	such).45	such).45	NOUN
ftr-458	435	37	"	"	PUNCT
ftr-458	435	38	security	security	NOUN
ftr-458	435	39	"	"	PUNCT
ftr-458	435	40	for	for	ADP
ftr-458	435	41	this	this	DET
ftr-458	435	42	purpose	purpose	NOUN
ftr-458	435	43	is	be	AUX
ftr-458	435	44	broadly	broadly	ADV
ftr-458	435	45	defined	define	VERB
ftr-458	435	46	to	to	PART
ftr-458	435	47	include	include	VERB
ftr-458	435	48	certain	certain	ADJ
ftr-458	435	49	derivative	derivative	ADJ
ftr-458	435	50	financial	financial	ADJ
ftr-458	435	51	instruments	instrument	NOUN
ftr-458	435	52	and	and	CCONJ
ftr-458	435	53	hedges	hedge	NOUN
ftr-458	435	54	(	(	PUNCT
ftr-458	435	55	clearly	clearly	ADV
ftr-458	435	56	so	so	ADV
ftr-458	435	57	identified	identify	VERB
ftr-458	435	58	by	by	ADP
ftr-458	435	59	the	the	DET
ftr-458	435	60	taxpayer	taxpayer	NOUN
ftr-458	435	61	)	)	PUNCT
ftr-458	435	62	of	of	ADP
ftr-458	435	63	securities	security	NOUN
ftr-458	435	64	.	.	PUNCT
ftr-458	436	1	6	6	NUM
ftr-458	436	2	finally	finally	ADV
ftr-458	436	3	,	,	PUNCT
ftr-458	436	4	section	section	NOUN
ftr-458	436	5	1.446	1.446	NUM
ftr-458	436	6	-	-	SYM
ftr-458	436	7	4	4	NUM
ftr-458	436	8	of	of	ADP
ftr-458	436	9	the	the	DET
ftr-458	436	10	regulations	regulation	NOUN
ftr-458	436	11	requires	require	VERB
ftr-458	436	12	taxpayers	taxpayer	NOUN
ftr-458	436	13	to	to	PART
ftr-458	436	14	match	match	VERB
ftr-458	436	15	the	the	DET
ftr-458	436	16	timing	timing	NOUN
ftr-458	436	17	of	of	ADP
ftr-458	436	18	items	item	NOUN
ftr-458	436	19	on	on	ADP
ftr-458	436	20	a	a	DET
ftr-458	436	21	"	"	PUNCT
ftr-458	436	22	hedging	hedging	NOUN
ftr-458	436	23	transaction	transaction	NOUN
ftr-458	436	24	"	"	PUNCT
ftr-458	436	25	with	with	ADP
ftr-458	436	26	the	the	DET
ftr-458	436	27	timing	timing	NOUN
ftr-458	436	28	of	of	ADP
ftr-458	436	29	items	item	NOUN
ftr-458	436	30	on	on	ADP
ftr-458	436	31	the	the	DET
ftr-458	436	32	underlying	underlying	ADJ
ftr-458	436	33	hedged	hedge	VERB
ftr-458	436	34	position	position	NOUN
ftr-458	436	35	.	.	PUNCT
ftr-458	437	1	for	for	ADP
ftr-458	437	2	those	those	DET
ftr-458	437	3	purposes	purpose	NOUN
ftr-458	437	4	,	,	PUNCT
ftr-458	437	5	a	a	DET
ftr-458	437	6	hedging	hedging	NOUN
ftr-458	437	7	transaction	transaction	NOUN
ftr-458	437	8	generally	generally	ADV
ftr-458	437	9	includes	include	VERB
ftr-458	437	10	hedges	hedge	NOUN
ftr-458	437	11	of	of	ADP
ftr-458	437	12	ordinary	ordinary	ADJ
ftr-458	437	13	incomeor	incomeor	NOUN
ftr-458	437	14	loss	loss	NOUN
ftr-458	437	15	-	-	PUNCT
ftr-458	437	16	producing	produce	VERB
ftr-458	437	17	assets	asset	NOUN
ftr-458	437	18	or	or	CCONJ
ftr-458	437	19	liabilities	liability	NOUN
ftr-458	437	20	.	.	PUNCT
ftr-458	438	1	1il	1il	ADJ
ftr-458	438	2	.	.	PUNCT
ftr-458	439	1	a	a	DET
ftr-458	439	2	closer	close	ADJ
ftr-458	439	3	examination	examination	NOUN
ftr-458	439	4	of	of	ADP
ftr-458	439	5	the	the	DET
ftr-458	439	6	distinction	distinction	NOUN
ftr-458	439	7	between	between	ADP
ftr-458	439	8	holding	hold	VERB
ftr-458	439	9	and	and	CCONJ
ftr-458	439	10	disposing	dispose	VERB
ftr-458	439	11	many	many	ADJ
ftr-458	439	12	dispositions	disposition	NOUN
ftr-458	439	13	are	be	AUX
ftr-458	439	14	undertaken	undertake	VERB
ftr-458	439	15	voluntarily	voluntarily	ADV
ftr-458	439	16	by	by	ADP
ftr-458	439	17	a	a	DET
ftr-458	439	18	taxpayer	taxpayer	NOUN
ftr-458	439	19	in	in	ADP
ftr-458	439	20	order	order	NOUN
ftr-458	439	21	to	to	PART
ftr-458	439	22	change	change	VERB
ftr-458	439	23	the	the	DET
ftr-458	439	24	taxpayer	taxpayer	NOUN
ftr-458	439	25	's	's	PART
ftr-458	439	26	exposure	exposure	NOUN
ftr-458	439	27	to	to	ADP
ftr-458	439	28	risk	risk	NOUN
ftr-458	439	29	.	.	PUNCT
ftr-458	440	1	the	the	DET
ftr-458	440	2	taxpayer	taxpayer	NOUN
ftr-458	440	3	disposes	dispose	VERB
ftr-458	440	4	of	of	ADP
ftr-458	440	5	one	one	NUM
ftr-458	440	6	asset	asset	NOUN
ftr-458	440	7	and	and	CCONJ
ftr-458	440	8	acquires	acquire	VERB
ftr-458	440	9	another	another	PRON
ftr-458	440	10	because	because	SCONJ
ftr-458	440	11	the	the	DET
ftr-458	440	12	taxpayer	taxpayer	NOUN
ftr-458	440	13	prefers	prefer	VERB
ftr-458	440	14	exposure	exposure	NOUN
ftr-458	440	15	to	to	ADP
ftr-458	440	16	the	the	DET
ftr-458	440	17	risk	risk	NOUN
ftr-458	440	18	carried	carry	VERB
ftr-458	440	19	by	by	ADP
ftr-458	440	20	the	the	DET
ftr-458	440	21	new	new	ADJ
ftr-458	440	22	asset	asset	NOUN
ftr-458	440	23	.	.	PUNCT
ftr-458	441	1	similarly	similarly	ADV
ftr-458	441	2	,	,	PUNCT
ftr-458	441	3	when	when	SCONJ
ftr-458	441	4	a	a	DET
ftr-458	441	5	taxpayer	taxpayer	NOUN
ftr-458	441	6	hedges	hedge	NOUN
ftr-458	441	7	,	,	PUNCT
ftr-458	441	8	the	the	DET
ftr-458	441	9	taxpayer	taxpayer	NOUN
ftr-458	441	10	voluntarily	voluntarily	ADV
ftr-458	441	11	changes	change	VERB
ftr-458	441	12	her	her	PRON
ftr-458	441	13	exposure	exposure	NOUN
ftr-458	441	14	to	to	ADP
ftr-458	441	15	risk	risk	NOUN
ftr-458	441	16	.	.	PUNCT
ftr-458	442	1	because	because	SCONJ
ftr-458	442	2	hedges	hedge	NOUN
ftr-458	442	3	and	and	CCONJ
ftr-458	442	4	dispositions	disposition	NOUN
ftr-458	442	5	are	be	AUX
ftr-458	442	6	voluntary	voluntary	ADJ
ftr-458	442	7	and	and	CCONJ
ftr-458	442	8	often	often	ADV
ftr-458	442	9	have	have	VERB
ftr-458	442	10	a	a	DET
ftr-458	442	11	similar	similar	ADJ
ftr-458	442	12	impact	impact	NOUN
ftr-458	442	13	on	on	ADP
ftr-458	442	14	a	a	DET
ftr-458	442	15	taxpayer	taxpayer	NOUN
ftr-458	442	16	's	's	PART
ftr-458	442	17	exposure	exposure	NOUN
ftr-458	442	18	to	to	ADP
ftr-458	442	19	risk	risk	NOUN
ftr-458	442	20	,	,	PUNCT
ftr-458	442	21	one	one	PRON
ftr-458	442	22	might	might	AUX
ftr-458	442	23	conclude	conclude	VERB
ftr-458	442	24	that	that	SCONJ
ftr-458	442	25	hedges	hedge	NOUN
ftr-458	442	26	should	should	AUX
ftr-458	442	27	receive	receive	VERB
ftr-458	442	28	the	the	DET
ftr-458	442	29	same	same	ADJ
ftr-458	442	30	tax	tax	NOUN
ftr-458	442	31	treatment	treatment	NOUN
ftr-458	442	32	as	as	ADP
ftr-458	442	33	dispositions	disposition	NOUN
ftr-458	442	34	.	.	PUNCT
ftr-458	443	1	but	but	CCONJ
ftr-458	443	2	,	,	PUNCT
ftr-458	443	3	why	why	SCONJ
ftr-458	443	4	should	should	AUX
ftr-458	443	5	voluntariness	voluntariness	VERB
ftr-458	443	6	,	,	PUNCT
ftr-458	443	7	risk	risk	NOUN
ftr-458	443	8	or	or	CCONJ
ftr-458	443	9	both	both	PRON
ftr-458	443	10	be	be	AUX
ftr-458	443	11	relevant	relevant	ADJ
ftr-458	443	12	to	to	ADP
ftr-458	443	13	the	the	DET
ftr-458	443	14	tax	tax	NOUN
ftr-458	443	15	treatment	treatment	NOUN
ftr-458	443	16	in	in	ADP
ftr-458	443	17	the	the	DET
ftr-458	443	18	unlikely	unlikely	ADJ
ftr-458	443	19	event	event	NOUN
ftr-458	443	20	that	that	PRON
ftr-458	443	21	a	a	DET
ftr-458	443	22	taxpayer	taxpayer	NOUN
ftr-458	443	23	holds	hold	VERB
ftr-458	443	24	a	a	DET
ftr-458	443	25	contract	contract	NOUN
ftr-458	443	26	that	that	PRON
ftr-458	443	27	becomes	become	VERB
ftr-458	443	28	a	a	DET
ftr-458	443	29	§	§	ADJ
ftr-458	443	30	1256	1256	NUM
ftr-458	443	31	contract	contract	NOUN
ftr-458	443	32	(	(	PUNCT
ftr-458	443	33	because	because	SCONJ
ftr-458	443	34	,	,	PUNCT
ftr-458	443	35	for	for	ADP
ftr-458	443	36	example	example	NOUN
ftr-458	443	37	,	,	PUNCT
ftr-458	443	38	the	the	DET
ftr-458	443	39	cftc	cftc	PROPN
ftr-458	443	40	designates	designate	VERB
ftr-458	443	41	a	a	DET
ftr-458	443	42	market	market	NOUN
ftr-458	443	43	in	in	ADP
ftr-458	443	44	such	such	ADJ
ftr-458	443	45	contracts	contract	NOUN
ftr-458	443	46	)	)	PUNCT
ftr-458	443	47	.	.	PUNCT
ftr-458	444	1	§	§	PROPN
ftr-458	444	2	1256	1256	NUM
ftr-458	444	3	apparently	apparently	ADV
ftr-458	444	4	requires	require	VERB
ftr-458	444	5	recognition	recognition	NOUN
ftr-458	444	6	of	of	ADP
ftr-458	444	7	previously	previously	ADV
ftr-458	444	8	accrued	accrue	VERB
ftr-458	444	9	gain	gain	NOUN
ftr-458	444	10	or	or	CCONJ
ftr-458	444	11	loss	loss	NOUN
ftr-458	444	12	.	.	PUNCT
ftr-458	445	1	45	45	NUM
ftr-458	445	2	.	.	PUNCT
ftr-458	445	3	irc	irc	PROPN
ftr-458	445	4	§	§	PROPN
ftr-458	445	5	475(a	475(a	PROPN
ftr-458	445	6	)	)	PUNCT
ftr-458	445	7	,	,	PUNCT
ftr-458	445	8	(	(	PUNCT
ftr-458	445	9	b	b	NOUN
ftr-458	445	10	)	)	PUNCT
ftr-458	445	11	.	.	PUNCT
ftr-458	446	1	46	46	NUM
ftr-458	446	2	.	.	PUNCT
ftr-458	447	1	a	a	DET
ftr-458	447	2	"	"	PUNCT
ftr-458	447	3	security	security	NOUN
ftr-458	447	4	"	"	PUNCT
ftr-458	447	5	is	be	AUX
ftr-458	447	6	a	a	DET
ftr-458	447	7	share	share	NOUN
ftr-458	447	8	of	of	ADP
ftr-458	447	9	stock	stock	NOUN
ftr-458	447	10	,	,	PUNCT
ftr-458	447	11	a	a	DET
ftr-458	447	12	partnership	partnership	NOUN
ftr-458	447	13	interest	interest	NOUN
ftr-458	447	14	,	,	PUNCT
ftr-458	447	15	a	a	DET
ftr-458	447	16	beneficial	beneficial	ADJ
ftr-458	447	17	ownership	ownership	NOUN
ftr-458	447	18	interest	interest	NOUN
ftr-458	447	19	in	in	ADP
ftr-458	447	20	a	a	DET
ftr-458	447	21	widely	widely	ADV
ftr-458	447	22	held	hold	VERB
ftr-458	447	23	or	or	CCONJ
ftr-458	447	24	publicly	publicly	ADV
ftr-458	447	25	traded	trade	VERB
ftr-458	447	26	partnership	partnership	NOUN
ftr-458	447	27	or	or	CCONJ
ftr-458	447	28	trust	trust	NOUN
ftr-458	447	29	,	,	PUNCT
ftr-458	447	30	a	a	DET
ftr-458	447	31	note	note	NOUN
ftr-458	447	32	,	,	PUNCT
ftr-458	447	33	certain	certain	ADJ
ftr-458	447	34	notional	notional	ADJ
ftr-458	447	35	principal	principal	ADJ
ftr-458	447	36	contracts	contract	NOUN
ftr-458	447	37	,	,	PUNCT
ftr-458	447	38	an	an	DET
ftr-458	447	39	interest	interest	NOUN
ftr-458	447	40	or	or	CCONJ
ftr-458	447	41	derivative	derivative	ADJ
ftr-458	447	42	financial	financial	ADJ
ftr-458	447	43	instrument	instrument	NOUN
ftr-458	447	44	in	in	ADP
ftr-458	447	45	any	any	PRON
ftr-458	447	46	of	of	ADP
ftr-458	447	47	the	the	DET
ftr-458	447	48	foregoing	foregoing	NOUN
ftr-458	447	49	,	,	PUNCT
ftr-458	447	50	and	and	CCONJ
ftr-458	447	51	any	any	DET
ftr-458	447	52	clearly	clearly	ADV
ftr-458	447	53	identified	identify	VERB
ftr-458	447	54	hedge	hedge	NOUN
ftr-458	447	55	of	of	ADP
ftr-458	447	56	any	any	DET
ftr-458	447	57	such	such	ADJ
ftr-458	447	58	security	security	NOUN
ftr-458	447	59	that	that	PRON
ftr-458	447	60	is	be	AUX
ftr-458	447	61	not	not	PART
ftr-458	447	62	itself	itself	PRON
ftr-458	447	63	otherwise	otherwise	ADV
ftr-458	447	64	a	a	DET
ftr-458	447	65	security	security	NOUN
ftr-458	447	66	.	.	PUNCT
ftr-458	448	1	irc	irc	PROPN
ftr-458	448	2	§	§	PROPN
ftr-458	448	3	475(c)(2	475(c)(2	PROPN
ftr-458	448	4	)	)	PUNCT
ftr-458	448	5	.	.	PUNCT
ftr-458	449	1	section	section	NOUN
ftr-458	449	2	475	475	NUM
ftr-458	449	3	resolved	resolve	VERB
ftr-458	449	4	a	a	DET
ftr-458	449	5	dispute	dispute	NOUN
ftr-458	449	6	between	between	ADP
ftr-458	449	7	taxpayers	taxpayer	NOUN
ftr-458	449	8	and	and	CCONJ
ftr-458	449	9	the	the	DET
ftr-458	449	10	treasury	treasury	NOUN
ftr-458	449	11	over	over	ADP
ftr-458	449	12	methods	method	NOUN
ftr-458	449	13	of	of	ADP
ftr-458	449	14	accounting	account	VERB
ftr-458	449	15	for	for	ADP
ftr-458	449	16	securities	security	NOUN
ftr-458	449	17	dealers	dealer	NOUN
ftr-458	449	18	.	.	PUNCT
ftr-458	450	1	section	section	NOUN
ftr-458	450	2	1.471	1.471	NUM
ftr-458	450	3	-	-	SYM
ftr-458	450	4	5	5	NUM
ftr-458	450	5	of	of	ADP
ftr-458	450	6	the	the	DET
ftr-458	450	7	regulations	regulation	NOUN
ftr-458	450	8	permitted	permit	VERB
ftr-458	450	9	three	three	NUM
ftr-458	450	10	methods	method	NOUN
ftr-458	450	11	for	for	ADP
ftr-458	450	12	such	such	ADJ
ftr-458	450	13	dealers	dealer	NOUN
ftr-458	450	14	'	'	PART
ftr-458	450	15	inventories	inventory	NOUN
ftr-458	450	16	:	:	PUNCT
ftr-458	450	17	cost	cost	NOUN
ftr-458	450	18	,	,	PUNCT
ftr-458	450	19	market	market	NOUN
ftr-458	450	20	,	,	PUNCT
ftr-458	450	21	and	and	CCONJ
ftr-458	450	22	the	the	DET
ftr-458	450	23	lower	low	ADJ
ftr-458	450	24	of	of	ADP
ftr-458	450	25	cost	cost	NOUN
ftr-458	450	26	and	and	CCONJ
ftr-458	450	27	market	market	NOUN
ftr-458	450	28	.	.	PUNCT
ftr-458	451	1	to	to	ADP
ftr-458	451	2	the	the	DET
ftr-458	451	3	objection	objection	NOUN
ftr-458	451	4	of	of	ADP
ftr-458	451	5	some	some	DET
ftr-458	451	6	dealers	dealer	NOUN
ftr-458	451	7	,	,	PUNCT
ftr-458	451	8	proposed	propose	VERB
ftr-458	451	9	regulations	regulation	NOUN
ftr-458	451	10	would	would	AUX
ftr-458	451	11	have	have	AUX
ftr-458	451	12	required	require	VERB
ftr-458	451	13	securities	security	NOUN
ftr-458	451	14	dealers	dealer	NOUN
ftr-458	451	15	to	to	PART
ftr-458	451	16	forgo	forgo	VERB
ftr-458	451	17	accounting	accounting	NOUN
ftr-458	451	18	based	base	VERB
ftr-458	451	19	on	on	ADP
ftr-458	451	20	the	the	DET
ftr-458	451	21	lower	low	ADJ
ftr-458	451	22	of	of	ADP
ftr-458	451	23	cost	cost	NOUN
ftr-458	451	24	or	or	CCONJ
ftr-458	451	25	market	market	NOUN
ftr-458	451	26	for	for	ADP
ftr-458	451	27	securities	security	NOUN
ftr-458	451	28	and	and	CCONJ
ftr-458	451	29	commodities	commodity	NOUN
ftr-458	451	30	inventories	inventory	NOUN
ftr-458	451	31	in	in	ADP
ftr-458	451	32	order	order	NOUN
ftr-458	451	33	to	to	PART
ftr-458	451	34	elect	elect	VERB
ftr-458	451	35	mark	mark	NOUN
ftr-458	451	36	-	-	PUNCT
ftr-458	451	37	to	to	ADP
ftr-458	451	38	-	-	PUNCT
ftr-458	451	39	market	market	NOUN
ftr-458	451	40	accounting	accounting	NOUN
ftr-458	451	41	for	for	ADP
ftr-458	451	42	notional	notional	ADJ
ftr-458	451	43	principal	principal	ADJ
ftr-458	451	44	contracts	contract	NOUN
ftr-458	451	45	.	.	PUNCT
ftr-458	452	1	prop	prop	NOUN
ftr-458	452	2	.	.	PUNCT
ftr-458	452	3	regs	regs	PROPN
ftr-458	452	4	.	.	PUNCT
ftr-458	453	1	§	§	PROPN
ftr-458	453	2	1.446	1.446	NUM
ftr-458	453	3	-	-	SYM
ftr-458	453	4	4(a)(3	4(a)(3	NUM
ftr-458	453	5	)	)	PUNCT
ftr-458	453	6	.	.	PUNCT
ftr-458	454	1	see	see	VERB
ftr-458	454	2	letter	letter	NOUN
ftr-458	454	3	from	from	ADP
ftr-458	454	4	stephen	stephen	PROPN
ftr-458	454	5	l.	l.	PROPN
ftr-458	454	6	gordon	gordon	PROPN
ftr-458	454	7	on	on	ADP
ftr-458	454	8	behalf	behalf	NOUN
ftr-458	454	9	of	of	ADP
ftr-458	454	10	international	international	ADJ
ftr-458	454	11	swap	swap	NOUN
ftr-458	454	12	dealers	dealer	NOUN
ftr-458	454	13	association	association	PROPN
ftr-458	454	14	to	to	ADP
ftr-458	454	15	karl	karl	PROPN
ftr-458	454	16	t.	t.	PROPN
ftr-458	454	17	walli	walli	PROPN
ftr-458	454	18	,	,	PUNCT
ftr-458	454	19	internal	internal	ADJ
ftr-458	454	20	revenue	revenue	NOUN
ftr-458	454	21	service	service	NOUN
ftr-458	454	22	(	(	PUNCT
ftr-458	454	23	sept	sept	PROPN
ftr-458	454	24	.	.	PROPN
ftr-458	454	25	27	27	NUM
ftr-458	454	26	,	,	PUNCT
ftr-458	454	27	1991	1991	NUM
ftr-458	454	28	)	)	PUNCT
ftr-458	454	29	.	.	PUNCT
ftr-458	455	1	available	available	ADJ
ftr-458	455	2	in	in	ADP
ftr-458	455	3	91	91	NUM
ftr-458	455	4	tnt	tnt	PROPN
ftr-458	455	5	210	210	NUM
ftr-458	455	6	-	-	SYM
ftr-458	455	7	50	50	NUM
ftr-458	455	8	(	(	PUNCT
ftr-458	455	9	linkage	linkage	NOUN
ftr-458	455	10	indefensible	indefensible	ADJ
ftr-458	455	11	)	)	PUNCT
ftr-458	455	12	;	;	PUNCT
ftr-458	455	13	letter	letter	NOUN
ftr-458	455	14	from	from	ADP
ftr-458	455	15	saul	saul	PROPN
ftr-458	455	16	m.	m.	PROPN
ftr-458	455	17	rosen	rosen	PROPN
ftr-458	455	18	,	,	PUNCT
ftr-458	455	19	salomon	salomon	PROPN
ftr-458	455	20	brothers	brothers	PROPN
ftr-458	455	21	.	.	PUNCT
ftr-458	455	22	inc	inc	PROPN
ftr-458	455	23	..	..	PROPN
ftr-458	455	24	to	to	ADP
ftr-458	455	25	karl	karl	PROPN
ftr-458	455	26	t.	t.	PROPN
ftr-458	455	27	walli	walli	PROPN
ftr-458	455	28	(	(	PUNCT
ftr-458	455	29	dec	dec	PROPN
ftr-458	455	30	.	.	PROPN
ftr-458	455	31	6	6	NUM
ftr-458	455	32	,	,	PUNCT
ftr-458	455	33	1991	1991	NUM
ftr-458	455	34	)	)	PUNCT
ftr-458	455	35	,	,	PUNCT
ftr-458	455	36	available	available	ADJ
ftr-458	455	37	in	in	ADP
ftr-458	455	38	91	91	NUM
ftr-458	455	39	tnt	tnt	PROPN
ftr-458	455	40	255	255	NUM
ftr-458	455	41	-	-	SYM
ftr-458	455	42	37	37	NUM
ftr-458	455	43	(	(	PUNCT
ftr-458	455	44	same	same	ADJ
ftr-458	455	45	)	)	PUNCT
ftr-458	455	46	;	;	PUNCT
ftr-458	455	47	letter	letter	NOUN
ftr-458	455	48	from	from	ADP
ftr-458	455	49	joanne	joanne	PROPN
ftr-458	455	50	ames	ames	PROPN
ftr-458	455	51	.	.	PUNCT
ftr-458	456	1	american	american	PROPN
ftr-458	456	2	bankers	bankers	PROPN
ftr-458	456	3	association	association	PROPN
ftr-458	456	4	to	to	ADP
ftr-458	456	5	fred	fred	PROPN
ftr-458	456	6	goldberg	goldberg	PROPN
ftr-458	456	7	,	,	PUNCT
ftr-458	456	8	former	former	ADJ
ftr-458	456	9	commissioner	commissioner	NOUN
ftr-458	456	10	of	of	ADP
ftr-458	456	11	the	the	DET
ftr-458	456	12	internal	internal	ADJ
ftr-458	456	13	revenue	revenue	NOUN
ftr-458	456	14	service	service	NOUN
ftr-458	456	15	(	(	PUNCT
ftr-458	456	16	sept	sept	PROPN
ftr-458	456	17	23	23	NUM
ftr-458	456	18	,	,	PUNCT
ftr-458	456	19	1991	1991	NUM
ftr-458	456	20	)	)	PUNCT
ftr-458	456	21	,	,	PUNCT
ftr-458	456	22	available	available	ADJ
ftr-458	456	23	in	in	ADP
ftr-458	456	24	91	91	NUM
ftr-458	456	25	tnt	tnt	PROPN
ftr-458	456	26	203	203	NUM
ftr-458	456	27	-	-	SYM
ftr-458	456	28	34	34	NUM
ftr-458	456	29	(	(	PUNCT
ftr-458	456	30	same	same	ADJ
ftr-458	456	31	)	)	PUNCT
ftr-458	456	32	.	.	PUNCT
ftr-458	457	1	the	the	DET
ftr-458	457	2	internal	internal	ADJ
ftr-458	457	3	revenue	revenue	NOUN
ftr-458	457	4	service	service	NOUN
ftr-458	457	5	withdrew	withdraw	VERB
ftr-458	457	6	the	the	DET
ftr-458	457	7	proposed	propose	VERB
ftr-458	457	8	regulations	regulation	NOUN
ftr-458	457	9	on	on	ADP
ftr-458	457	10	october	october	PROPN
ftr-458	457	11	8	8	NUM
ftr-458	457	12	,	,	PUNCT
ftr-458	457	13	1993	1993	NUM
ftr-458	457	14	.	.	PUNCT
ftr-458	458	1	in	in	ADP
ftr-458	458	2	response	response	NOUN
ftr-458	458	3	to	to	ADP
ftr-458	458	4	the	the	DET
ftr-458	458	5	enactment	enactment	NOUN
ftr-458	458	6	of	of	ADP
ftr-458	458	7	§	§	PROPN
ftr-458	458	8	475	475	NUM
ftr-458	458	9	.	.	PUNCT
ftr-458	458	10	fi-16	fi-16	NOUN
ftr-458	458	11	-	-	PUNCT
ftr-458	458	12	89	89	NUM
ftr-458	458	13	,	,	PUNCT
ftr-458	458	14	1993	1993	NUM
ftr-458	458	15	-	-	SYM
ftr-458	458	16	2	2	NUM
ftr-458	458	17	c.b	c.b	PROPN
ftr-458	458	18	.	.	PROPN
ftr-458	458	19	611	611	NUM
ftr-458	458	20	.	.	PUNCT
ftr-458	458	21	1996	1996	NUM
ftr-458	458	22	]	]	PUNCT
ftr-458	458	23	florida	florida	PROPN
ftr-458	458	24	tax	tax	PROPN
ftr-458	458	25	review	review	NOUN
ftr-458	458	26	of	of	ADP
ftr-458	458	27	hedges	hedge	NOUN
ftr-458	458	28	?	?	PUNCT
ftr-458	459	1	and	and	CCONJ
ftr-458	459	2	,	,	PUNCT
ftr-458	459	3	what	what	DET
ftr-458	459	4	role	role	NOUN
ftr-458	459	5	do	do	AUX
ftr-458	459	6	those	those	DET
ftr-458	459	7	concepts	concept	NOUN
ftr-458	459	8	play	play	VERB
ftr-458	459	9	in	in	ADP
ftr-458	459	10	justifying	justify	VERB
ftr-458	459	11	and	and	CCONJ
ftr-458	459	12	describing	describe	VERB
ftr-458	459	13	the	the	DET
ftr-458	459	14	distinction	distinction	NOUN
ftr-458	459	15	between	between	ADP
ftr-458	459	16	holding	hold	VERB
ftr-458	459	17	and	and	CCONJ
ftr-458	459	18	disposing	dispose	VERB
ftr-458	459	19	?	?	PUNCT
ftr-458	460	1	normatively	normatively	ADV
ftr-458	460	2	,	,	PUNCT
ftr-458	460	3	both	both	PRON
ftr-458	460	4	voluntariness	voluntariness	ADJ
ftr-458	460	5	and	and	CCONJ
ftr-458	460	6	risk	risk	NOUN
ftr-458	460	7	appear	appear	VERB
ftr-458	460	8	to	to	PART
ftr-458	460	9	be	be	AUX
ftr-458	460	10	irrelevant	irrelevant	ADJ
ftr-458	460	11	.	.	PUNCT
ftr-458	461	1	they	they	PRON
ftr-458	461	2	are	be	AUX
ftr-458	461	3	unrelated	unrelated	ADJ
ftr-458	461	4	to	to	ADP
ftr-458	461	5	the	the	DET
ftr-458	461	6	haig	haig	PROPN
ftr-458	461	7	-	-	PUNCT
ftr-458	461	8	simons	simons	PROPN
ftr-458	461	9	concept	concept	NOUN
ftr-458	461	10	of	of	ADP
ftr-458	461	11	income	income	NOUN
ftr-458	461	12	because	because	SCONJ
ftr-458	461	13	a	a	DET
ftr-458	461	14	taxpayer	taxpayer	NOUN
ftr-458	461	15	's	's	PART
ftr-458	461	16	increase	increase	NOUN
ftr-458	461	17	in	in	ADP
ftr-458	461	18	wealth	wealth	NOUN
ftr-458	461	19	does	do	AUX
ftr-458	461	20	not	not	PART
ftr-458	461	21	depend	depend	VERB
ftr-458	461	22	on	on	ADP
ftr-458	461	23	whether	whether	SCONJ
ftr-458	461	24	the	the	DET
ftr-458	461	25	taxpayer	taxpayer	NOUN
ftr-458	461	26	has	have	AUX
ftr-458	461	27	changed	change	VERB
ftr-458	461	28	voluntarily	voluntarily	ADV
ftr-458	461	29	the	the	DET
ftr-458	461	30	taxpayer	taxpayer	NOUN
ftr-458	461	31	's	's	PART
ftr-458	461	32	exposure	exposure	NOUN
ftr-458	461	33	to	to	ADP
ftr-458	461	34	risk	risk	NOUN
ftr-458	461	35	.	.	PUNCT
ftr-458	462	1	voluntariness	voluntariness	ADJ
ftr-458	462	2	and	and	CCONJ
ftr-458	462	3	risk	risk	NOUN
ftr-458	462	4	are	be	AUX
ftr-458	462	5	also	also	ADV
ftr-458	462	6	unrelated	unrelated	ADJ
ftr-458	462	7	to	to	ADP
ftr-458	462	8	the	the	DET
ftr-458	462	9	administrative	administrative	ADJ
ftr-458	462	10	concerns	concern	NOUN
ftr-458	462	11	relating	relate	VERB
ftr-458	462	12	to	to	ADP
ftr-458	462	13	valuation	valuation	NOUN
ftr-458	462	14	and	and	CCONJ
ftr-458	462	15	liquidity	liquidity	NOUN
ftr-458	462	16	addressed	address	VERB
ftr-458	462	17	by	by	ADP
ftr-458	462	18	the	the	DET
ftr-458	462	19	realization	realization	NOUN
ftr-458	462	20	requirement.47	requirement.47	PROPN
ftr-458	462	21	the	the	DET
ftr-458	462	22	periodic	periodic	ADJ
ftr-458	462	23	valuation	valuation	NOUN
ftr-458	462	24	of	of	ADP
ftr-458	462	25	assets	asset	NOUN
ftr-458	462	26	and	and	CCONJ
ftr-458	462	27	liabilities	liability	NOUN
ftr-458	462	28	under	under	ADP
ftr-458	462	29	an	an	DET
ftr-458	462	30	accrual	accrual	ADJ
ftr-458	462	31	taxation	taxation	NOUN
ftr-458	462	32	regime	regime	NOUN
ftr-458	462	33	could	could	AUX
ftr-458	462	34	be	be	AUX
ftr-458	462	35	extremely	extremely	ADV
ftr-458	462	36	burdensome	burdensome	ADJ
ftr-458	462	37	.	.	PUNCT
ftr-458	463	1	the	the	DET
ftr-458	463	2	realization	realization	NOUN
ftr-458	463	3	requirement	requirement	NOUN
ftr-458	463	4	obviates	obviate	VERB
ftr-458	463	5	the	the	DET
ftr-458	463	6	need	need	NOUN
ftr-458	463	7	for	for	ADP
ftr-458	463	8	periodic	periodic	ADJ
ftr-458	463	9	valuation	valuation	NOUN
ftr-458	463	10	.	.	PUNCT
ftr-458	464	1	if	if	SCONJ
ftr-458	464	2	realization	realization	NOUN
ftr-458	464	3	occurs	occur	VERB
ftr-458	464	4	by	by	ADP
ftr-458	464	5	a	a	DET
ftr-458	464	6	cash	cash	NOUN
ftr-458	464	7	sale	sale	NOUN
ftr-458	464	8	,	,	PUNCT
ftr-458	464	9	valuation	valuation	NOUN
ftr-458	464	10	is	be	AUX
ftr-458	464	11	simple	simple	ADJ
ftr-458	464	12	.	.	PUNCT
ftr-458	465	1	if	if	SCONJ
ftr-458	465	2	the	the	DET
ftr-458	465	3	taxpayer	taxpayer	NOUN
ftr-458	465	4	receives	receive	VERB
ftr-458	465	5	property	property	NOUN
ftr-458	465	6	,	,	PUNCT
ftr-458	465	7	other	other	ADJ
ftr-458	465	8	than	than	ADP
ftr-458	465	9	money	money	NOUN
ftr-458	465	10	,	,	PUNCT
ftr-458	465	11	valuation	valuation	NOUN
ftr-458	465	12	may	may	AUX
ftr-458	465	13	be	be	AUX
ftr-458	465	14	difficult	difficult	ADJ
ftr-458	465	15	,	,	PUNCT
ftr-458	465	16	but	but	CCONJ
ftr-458	465	17	the	the	DET
ftr-458	465	18	realization	realization	NOUN
ftr-458	465	19	requirement	requirement	NOUN
ftr-458	465	20	reduces	reduce	VERB
ftr-458	465	21	valuation	valuation	NOUN
ftr-458	465	22	problems	problem	NOUN
ftr-458	465	23	by	by	ADP
ftr-458	465	24	requiring	require	VERB
ftr-458	465	25	valuation	valuation	NOUN
ftr-458	465	26	only	only	ADV
ftr-458	465	27	upon	upon	SCONJ
ftr-458	465	28	realization	realization	NOUN
ftr-458	465	29	,	,	PUNCT
ftr-458	465	30	rather	rather	ADV
ftr-458	465	31	than	than	ADP
ftr-458	465	32	periodically	periodically	ADV
ftr-458	465	33	over	over	ADP
ftr-458	465	34	the	the	DET
ftr-458	465	35	taxpayer	taxpayer	NOUN
ftr-458	465	36	's	's	PART
ftr-458	465	37	holding	hold	VERB
ftr-458	465	38	period	period	NOUN
ftr-458	465	39	.	.	PUNCT
ftr-458	466	1	as	as	ADP
ftr-458	466	2	to	to	ADP
ftr-458	466	3	liquidity	liquidity	NOUN
ftr-458	466	4	,	,	PUNCT
ftr-458	466	5	under	under	ADP
ftr-458	466	6	accrual	accrual	ADJ
ftr-458	466	7	taxation	taxation	NOUN
ftr-458	466	8	,	,	PUNCT
ftr-458	466	9	some	some	DET
ftr-458	466	10	taxpayers	taxpayer	NOUN
ftr-458	466	11	would	would	AUX
ftr-458	466	12	be	be	AUX
ftr-458	466	13	taxed	tax	VERB
ftr-458	466	14	on	on	ADP
ftr-458	466	15	appreciation	appreciation	NOUN
ftr-458	466	16	,	,	PUNCT
ftr-458	466	17	but	but	CCONJ
ftr-458	466	18	have	have	VERB
ftr-458	466	19	inadequate	inadequate	ADJ
ftr-458	466	20	cash	cash	NOUN
ftr-458	466	21	with	with	ADP
ftr-458	466	22	which	which	PRON
ftr-458	466	23	to	to	PART
ftr-458	466	24	pay	pay	VERB
ftr-458	466	25	the	the	DET
ftr-458	466	26	tax	tax	NOUN
ftr-458	466	27	,	,	PUNCT
ftr-458	466	28	because	because	SCONJ
ftr-458	466	29	they	they	PRON
ftr-458	466	30	have	have	AUX
ftr-458	466	31	not	not	PART
ftr-458	466	32	exchanged	exchange	VERB
ftr-458	466	33	their	their	PRON
ftr-458	466	34	assets	asset	NOUN
ftr-458	466	35	for	for	ADP
ftr-458	466	36	cash	cash	NOUN
ftr-458	466	37	.	.	PUNCT
ftr-458	467	1	they	they	PRON
ftr-458	467	2	would	would	AUX
ftr-458	467	3	have	have	VERB
ftr-458	467	4	to	to	PART
ftr-458	467	5	sell	sell	VERB
ftr-458	467	6	assets	asset	NOUN
ftr-458	467	7	in	in	ADP
ftr-458	467	8	order	order	NOUN
ftr-458	467	9	to	to	PART
ftr-458	467	10	raise	raise	VERB
ftr-458	467	11	funds	fund	NOUN
ftr-458	467	12	to	to	PART
ftr-458	467	13	pay	pay	VERB
ftr-458	467	14	the	the	DET
ftr-458	467	15	tax	tax	NOUN
ftr-458	467	16	.	.	PUNCT
ftr-458	468	1	the	the	DET
ftr-458	468	2	realization	realization	NOUN
ftr-458	468	3	requirement	requirement	NOUN
ftr-458	468	4	reduces	reduce	VERB
ftr-458	468	5	the	the	DET
ftr-458	468	6	need	need	NOUN
ftr-458	468	7	for	for	ADP
ftr-458	468	8	such	such	ADJ
ftr-458	468	9	forced	force	VERB
ftr-458	468	10	sales	sale	NOUN
ftr-458	468	11	by	by	ADP
ftr-458	468	12	deferring	defer	VERB
ftr-458	468	13	tax	tax	NOUN
ftr-458	468	14	until	until	ADP
ftr-458	468	15	disposition	disposition	NOUN
ftr-458	468	16	.	.	PUNCT
ftr-458	469	1	if	if	SCONJ
ftr-458	469	2	the	the	DET
ftr-458	469	3	taxpayer	taxpayer	NOUN
ftr-458	469	4	receives	receive	VERB
ftr-458	469	5	only	only	ADV
ftr-458	469	6	cash	cash	NOUN
ftr-458	469	7	in	in	ADP
ftr-458	469	8	exchange	exchange	NOUN
ftr-458	469	9	for	for	ADP
ftr-458	469	10	an	an	DET
ftr-458	469	11	asset	asset	NOUN
ftr-458	469	12	,	,	PUNCT
ftr-458	469	13	the	the	DET
ftr-458	469	14	taxpayer	taxpayer	NOUN
ftr-458	469	15	should	should	AUX
ftr-458	469	16	have	have	VERB
ftr-458	469	17	enough	enough	ADJ
ftr-458	469	18	cash	cash	NOUN
ftr-458	469	19	to	to	PART
ftr-458	469	20	pay	pay	VERB
ftr-458	469	21	the	the	DET
ftr-458	469	22	tax	tax	NOUN
ftr-458	469	23	since	since	SCONJ
ftr-458	469	24	the	the	DET
ftr-458	469	25	tax	tax	NOUN
ftr-458	469	26	is	be	AUX
ftr-458	469	27	less	less	ADJ
ftr-458	469	28	than	than	ADP
ftr-458	469	29	the	the	DET
ftr-458	469	30	taxpayer	taxpayer	NOUN
ftr-458	469	31	's	's	PART
ftr-458	469	32	gain	gain	NOUN
ftr-458	469	33	,	,	PUNCT
ftr-458	469	34	which	which	PRON
ftr-458	469	35	is	be	AUX
ftr-458	469	36	in	in	ADP
ftr-458	469	37	turn	turn	NOUN
ftr-458	469	38	less	less	ADJ
ftr-458	469	39	than	than	ADP
ftr-458	469	40	the	the	DET
ftr-458	469	41	amount	amount	NOUN
ftr-458	469	42	of	of	ADP
ftr-458	469	43	cash	cash	NOUN
ftr-458	469	44	received	receive	VERB
ftr-458	469	45	.	.	PUNCT
ftr-458	470	1	in	in	ADP
ftr-458	470	2	a	a	DET
ftr-458	470	3	property	property	NOUN
ftr-458	470	4	-	-	PUNCT
ftr-458	470	5	forproperty	forproperty	NOUN
ftr-458	470	6	exchange	exchange	NOUN
ftr-458	470	7	,	,	PUNCT
ftr-458	470	8	liquidity	liquidity	NOUN
ftr-458	470	9	may	may	AUX
ftr-458	470	10	be	be	AUX
ftr-458	470	11	a	a	DET
ftr-458	470	12	problem	problem	NOUN
ftr-458	470	13	.	.	PUNCT
ftr-458	471	1	the	the	DET
ftr-458	471	2	taxpayer	taxpayer	NOUN
ftr-458	471	3	may	may	AUX
ftr-458	471	4	need	need	VERB
ftr-458	471	5	to	to	PART
ftr-458	471	6	sell	sell	VERB
ftr-458	471	7	some	some	PRON
ftr-458	471	8	of	of	ADP
ftr-458	471	9	the	the	DET
ftr-458	471	10	property	property	NOUN
ftr-458	471	11	received	receive	VERB
ftr-458	471	12	in	in	ADP
ftr-458	471	13	the	the	DET
ftr-458	471	14	exchange	exchange	NOUN
ftr-458	471	15	in	in	ADP
ftr-458	471	16	order	order	NOUN
ftr-458	471	17	to	to	PART
ftr-458	471	18	raise	raise	VERB
ftr-458	471	19	cash	cash	NOUN
ftr-458	471	20	to	to	PART
ftr-458	471	21	pay	pay	VERB
ftr-458	471	22	tax	tax	NOUN
ftr-458	471	23	.	.	PUNCT
ftr-458	472	1	the	the	DET
ftr-458	472	2	realization	realization	NOUN
ftr-458	472	3	requirement	requirement	NOUN
ftr-458	472	4	reduces	reduce	VERB
ftr-458	472	5	liquidity	liquidity	NOUN
ftr-458	472	6	problems	problem	NOUN
ftr-458	472	7	,	,	PUNCT
ftr-458	472	8	however	however	ADV
ftr-458	472	9	,	,	PUNCT
ftr-458	472	10	by	by	ADP
ftr-458	472	11	making	make	VERB
ftr-458	472	12	such	such	ADJ
ftr-458	472	13	forced	forced	ADJ
ftr-458	472	14	sales	sale	NOUN
ftr-458	472	15	necessary	necessary	ADJ
ftr-458	472	16	only	only	ADV
ftr-458	472	17	upon	upon	SCONJ
ftr-458	472	18	realization	realization	NOUN
ftr-458	472	19	,	,	PUNCT
ftr-458	472	20	not	not	PART
ftr-458	472	21	periodically	periodically	ADV
ftr-458	472	22	.	.	PUNCT
ftr-458	473	1	although	although	SCONJ
ftr-458	473	2	voluntariness	voluntariness	ADJ
ftr-458	473	3	and	and	CCONJ
ftr-458	473	4	risk	risk	NOUN
ftr-458	473	5	are	be	AUX
ftr-458	473	6	unrelated	unrelated	ADJ
ftr-458	473	7	to	to	ADP
ftr-458	473	8	valuation	valuation	NOUN
ftr-458	473	9	and	and	CCONJ
ftr-458	473	10	liquidity	liquidity	NOUN
ftr-458	473	11	,	,	PUNCT
ftr-458	473	12	voluntariness	voluntariness	ADJ
ftr-458	473	13	and	and	CCONJ
ftr-458	473	14	risk	risk	NOUN
ftr-458	473	15	might	might	AUX
ftr-458	473	16	nonetheless	nonetheless	ADV
ftr-458	473	17	be	be	AUX
ftr-458	473	18	important	important	ADJ
ftr-458	473	19	,	,	PUNCT
ftr-458	473	20	especially	especially	ADV
ftr-458	473	21	for	for	ADP
ftr-458	473	22	publicly	publicly	ADV
ftr-458	473	23	-	-	PUNCT
ftr-458	473	24	traded	trade	VERB
ftr-458	473	25	assets	asset	NOUN
ftr-458	473	26	.	.	PUNCT
ftr-458	474	1	the	the	DET
ftr-458	474	2	valuation	valuation	NOUN
ftr-458	474	3	and	and	CCONJ
ftr-458	474	4	liquidity	liquidity	NOUN
ftr-458	474	5	justifications	justification	NOUN
ftr-458	474	6	for	for	ADP
ftr-458	474	7	the	the	DET
ftr-458	474	8	realization	realization	NOUN
ftr-458	474	9	requirement	requirement	NOUN
ftr-458	474	10	are	be	AUX
ftr-458	474	11	less	less	ADV
ftr-458	474	12	compelling	compelling	ADJ
ftr-458	474	13	for	for	ADP
ftr-458	474	14	publicly	publicly	ADV
ftr-458	474	15	-	-	PUNCT
ftr-458	474	16	traded	trade	VERB
ftr-458	474	17	assets	asset	NOUN
ftr-458	474	18	,	,	PUNCT
ftr-458	474	19	which	which	PRON
ftr-458	474	20	are	be	AUX
ftr-458	474	21	generally	generally	ADV
ftr-458	474	22	easy	easy	ADJ
ftr-458	474	23	to	to	PART
ftr-458	474	24	value	value	VERB
ftr-458	474	25	and	and	CCONJ
ftr-458	474	26	liquid	liquid	NOUN
ftr-458	474	27	,	,	PUNCT
ftr-458	474	28	than	than	ADP
ftr-458	474	29	for	for	ADP
ftr-458	474	30	other	other	ADJ
ftr-458	474	31	assets	asset	NOUN
ftr-458	474	32	.	.	PUNCT
ftr-458	475	1	indeed	indeed	ADV
ftr-458	475	2	,	,	PUNCT
ftr-458	475	3	some	some	DET
ftr-458	475	4	scholars	scholar	NOUN
ftr-458	475	5	have	have	AUX
ftr-458	475	6	advocated	advocate	VERB
ftr-458	475	7	repealing	repeal	VERB
ftr-458	475	8	the	the	DET
ftr-458	475	9	realization	realization	NOUN
ftr-458	475	10	requirement	requirement	NOUN
ftr-458	475	11	for	for	ADP
ftr-458	475	12	publiclytraded	publiclytrade	VERB
ftr-458	475	13	assets.48	assets.48	NOUN
ftr-458	475	14	but	but	CCONJ
ftr-458	475	15	,	,	PUNCT
ftr-458	475	16	voluntariness	voluntariness	ADJ
ftr-458	475	17	and	and	CCONJ
ftr-458	475	18	risk	risk	NOUN
ftr-458	475	19	do	do	AUX
ftr-458	475	20	not	not	PART
ftr-458	475	21	explain	explain	VERB
ftr-458	475	22	as	as	ADP
ftr-458	475	23	a	a	DET
ftr-458	475	24	descriptive	descriptive	ADJ
ftr-458	475	25	matter	matter	NOUN
ftr-458	475	26	,	,	PUNCT
ftr-458	475	27	much	much	ADV
ftr-458	475	28	less	less	ADV
ftr-458	475	29	normatively	normatively	ADV
ftr-458	475	30	justify	justify	VERB
ftr-458	475	31	,	,	PUNCT
ftr-458	475	32	the	the	DET
ftr-458	475	33	tax	tax	NOUN
ftr-458	475	34	law	law	NOUN
ftr-458	475	35	's	's	PART
ftr-458	475	36	differential	differential	ADJ
ftr-458	475	37	treatment	treatment	NOUN
ftr-458	475	38	of	of	ADP
ftr-458	475	39	holding	hold	VERB
ftr-458	475	40	and	and	CCONJ
ftr-458	475	41	disposing	dispose	VERB
ftr-458	475	42	.	.	PUNCT
ftr-458	476	1	voluntary	voluntary	ADJ
ftr-458	476	2	action	action	NOUN
ftr-458	476	3	by	by	ADP
ftr-458	476	4	the	the	DET
ftr-458	476	5	taxpayer	taxpayer	NOUN
ftr-458	476	6	is	be	AUX
ftr-458	476	7	not	not	PART
ftr-458	476	8	necessary	necessary	ADJ
ftr-458	476	9	for	for	ADP
ftr-458	476	10	realization	realization	NOUN
ftr-458	476	11	since	since	SCONJ
ftr-458	476	12	forced	force	VERB
ftr-458	476	13	dispositions	disposition	NOUN
ftr-458	476	14	are	be	AUX
ftr-458	476	15	realization	realization	NOUN
ftr-458	476	16	events	event	NOUN
ftr-458	476	17	.	.	PUNCT
ftr-458	477	1	further	far	ADV
ftr-458	477	2	,	,	PUNCT
ftr-458	477	3	voluntary	voluntary	ADJ
ftr-458	477	4	47	47	NUM
ftr-458	477	5	.	.	PUNCT
ftr-458	478	1	see	see	VERB
ftr-458	478	2	supra	supra	PROPN
ftr-458	478	3	notes	note	VERB
ftr-458	478	4	12	12	NUM
ftr-458	478	5	-	-	SYM
ftr-458	478	6	13	13	NUM
ftr-458	478	7	and	and	CCONJ
ftr-458	478	8	accompanying	accompany	VERB
ftr-458	478	9	text	text	NOUN
ftr-458	478	10	.	.	PUNCT
ftr-458	479	1	48	48	NUM
ftr-458	479	2	.	.	PUNCT
ftr-458	480	1	e.g.	e.g.	ADV
ftr-458	480	2	,	,	PUNCT
ftr-458	480	3	slawson	slawson	PROPN
ftr-458	480	4	,	,	PUNCT
ftr-458	480	5	supra	supra	PROPN
ftr-458	480	6	note	note	PROPN
ftr-458	480	7	13	13	NUM
ftr-458	480	8	;	;	PUNCT
ftr-458	480	9	note	note	VERB
ftr-458	480	10	,	,	PUNCT
ftr-458	480	11	supra	supra	PROPN
ftr-458	480	12	note	note	NOUN
ftr-458	480	13	13	13	NUM
ftr-458	480	14	.	.	PUNCT
ftr-458	481	1	it	it	PRON
ftr-458	481	2	may	may	AUX
ftr-458	481	3	,	,	PUNCT
ftr-458	481	4	however	however	ADV
ftr-458	481	5	,	,	PUNCT
ftr-458	481	6	be	be	AUX
ftr-458	481	7	difficult	difficult	ADJ
ftr-458	481	8	to	to	PART
ftr-458	481	9	value	value	VERB
ftr-458	481	10	a	a	DET
ftr-458	481	11	controlling	controlling	NOUN
ftr-458	481	12	,	,	PUNCT
ftr-458	481	13	or	or	CCONJ
ftr-458	481	14	even	even	ADV
ftr-458	481	15	a	a	DET
ftr-458	481	16	large	large	ADJ
ftr-458	481	17	,	,	PUNCT
ftr-458	481	18	block	block	NOUN
ftr-458	481	19	of	of	ADP
ftr-458	481	20	shares	share	NOUN
ftr-458	481	21	of	of	ADP
ftr-458	481	22	a	a	DET
ftr-458	481	23	publicly	publicly	ADV
ftr-458	481	24	-	-	PUNCT
ftr-458	481	25	traded	trade	VERB
ftr-458	481	26	corporation	corporation	NOUN
ftr-458	481	27	,	,	PUNCT
ftr-458	481	28	even	even	ADV
ftr-458	481	29	if	if	SCONJ
ftr-458	481	30	the	the	DET
ftr-458	481	31	value	value	NOUN
ftr-458	481	32	of	of	ADP
ftr-458	481	33	a	a	DET
ftr-458	481	34	single	single	ADJ
ftr-458	481	35	share	share	NOUN
ftr-458	481	36	is	be	AUX
ftr-458	481	37	known	know	VERB
ftr-458	481	38	.	.	PUNCT
ftr-458	482	1	[	[	X
ftr-458	482	2	vol	vol	NOUN
ftr-458	482	3	3:1	3:1	NUM
ftr-458	482	4	another	another	DET
ftr-458	482	5	uneasy	uneasy	ADJ
ftr-458	482	6	compromise	compromise	NOUN
ftr-458	482	7	action	action	NOUN
ftr-458	482	8	is	be	AUX
ftr-458	482	9	not	not	PART
ftr-458	482	10	sufficient	sufficient	ADJ
ftr-458	482	11	since	since	SCONJ
ftr-458	482	12	holding	hold	VERB
ftr-458	482	13	is	be	AUX
ftr-458	482	14	voluntary	voluntary	ADJ
ftr-458	482	15	but	but	CCONJ
ftr-458	482	16	is	be	AUX
ftr-458	482	17	not	not	PART
ftr-458	482	18	a	a	DET
ftr-458	482	19	realization	realization	NOUN
ftr-458	482	20	event	event	NOUN
ftr-458	482	21	.	.	PUNCT
ftr-458	483	1	a	a	DET
ftr-458	483	2	change	change	NOUN
ftr-458	483	3	in	in	ADP
ftr-458	483	4	risk	risk	NOUN
ftr-458	483	5	through	through	ADP
ftr-458	483	6	a	a	DET
ftr-458	483	7	voluntary	voluntary	ADJ
ftr-458	483	8	action	action	NOUN
ftr-458	483	9	(	(	PUNCT
ftr-458	483	10	of	of	ADP
ftr-458	483	11	holding	holding	NOUN
ftr-458	483	12	)	)	PUNCT
ftr-458	483	13	is	be	AUX
ftr-458	483	14	not	not	PART
ftr-458	483	15	sufficient	sufficient	ADJ
ftr-458	483	16	for	for	ADP
ftr-458	483	17	realization	realization	NOUN
ftr-458	483	18	either	either	ADV
ftr-458	483	19	because	because	SCONJ
ftr-458	483	20	changes	change	NOUN
ftr-458	483	21	in	in	ADP
ftr-458	483	22	risk	risk	NOUN
ftr-458	483	23	occur	occur	VERB
ftr-458	483	24	while	while	SCONJ
ftr-458	483	25	a	a	DET
ftr-458	483	26	taxpayer	taxpayer	NOUN
ftr-458	483	27	holds	hold	VERB
ftr-458	483	28	,	,	PUNCT
ftr-458	483	29	but	but	CCONJ
ftr-458	483	30	do	do	AUX
ftr-458	483	31	not	not	PART
ftr-458	483	32	trigger	trigger	VERB
ftr-458	483	33	realization	realization	NOUN
ftr-458	483	34	.	.	PUNCT
ftr-458	484	1	there	there	PRON
ftr-458	484	2	is	be	VERB
ftr-458	484	3	no	no	DET
ftr-458	484	4	consistent	consistent	ADJ
ftr-458	484	5	relationship	relationship	NOUN
ftr-458	484	6	between	between	ADP
ftr-458	484	7	risk	risk	NOUN
ftr-458	484	8	and	and	CCONJ
ftr-458	484	9	dispositions	disposition	NOUN
ftr-458	484	10	either	either	ADV
ftr-458	484	11	.	.	PUNCT
ftr-458	485	1	in	in	ADP
ftr-458	485	2	a	a	DET
ftr-458	485	3	sale	sale	NOUN
ftr-458	485	4	or	or	CCONJ
ftr-458	485	5	exchange	exchange	NOUN
ftr-458	485	6	,	,	PUNCT
ftr-458	485	7	the	the	DET
ftr-458	485	8	taxpayer	taxpayer	NOUN
ftr-458	485	9	disposes	dispose	VERB
ftr-458	485	10	of	of	ADP
ftr-458	485	11	an	an	DET
ftr-458	485	12	asset	asset	NOUN
ftr-458	485	13	that	that	PRON
ftr-458	485	14	the	the	DET
ftr-458	485	15	taxpayer	taxpayer	NOUN
ftr-458	485	16	held	hold	VERB
ftr-458	485	17	before	before	ADP
ftr-458	485	18	the	the	DET
ftr-458	485	19	transaction	transaction	NOUN
ftr-458	485	20	.	.	PUNCT
ftr-458	486	1	if	if	SCONJ
ftr-458	486	2	a	a	DET
ftr-458	486	3	taxpayer	taxpayer	NOUN
ftr-458	486	4	exchanges	exchange	VERB
ftr-458	486	5	her	her	PRON
ftr-458	486	6	boat	boat	NOUN
ftr-458	486	7	for	for	ADP
ftr-458	486	8	someone	someone	PRON
ftr-458	486	9	else	else	ADV
ftr-458	486	10	's	's	PART
ftr-458	486	11	car	car	NOUN
ftr-458	486	12	,	,	PUNCT
ftr-458	486	13	perhaps	perhaps	ADV
ftr-458	486	14	it	it	PRON
ftr-458	486	15	is	be	AUX
ftr-458	486	16	obvious	obvious	ADJ
ftr-458	486	17	that	that	SCONJ
ftr-458	486	18	she	she	PRON
ftr-458	486	19	owns	own	VERB
ftr-458	486	20	a	a	DET
ftr-458	486	21	new	new	ADJ
ftr-458	486	22	asset	asset	NOUN
ftr-458	486	23	.	.	PUNCT
ftr-458	487	1	in	in	ADP
ftr-458	487	2	many	many	ADJ
ftr-458	487	3	cases	case	NOUN
ftr-458	487	4	,	,	PUNCT
ftr-458	487	5	however	however	ADV
ftr-458	487	6	,	,	PUNCT
ftr-458	487	7	the	the	DET
ftr-458	487	8	determination	determination	NOUN
ftr-458	487	9	that	that	SCONJ
ftr-458	487	10	the	the	DET
ftr-458	487	11	asset	asset	NOUN
ftr-458	487	12	that	that	PRON
ftr-458	487	13	the	the	DET
ftr-458	487	14	taxpayer	taxpayer	NOUN
ftr-458	487	15	owns	own	VERB
ftr-458	487	16	after	after	SCONJ
ftr-458	487	17	the	the	DET
ftr-458	487	18	transaction	transaction	NOUN
ftr-458	487	19	is	be	AUX
ftr-458	487	20	a	a	DET
ftr-458	487	21	different	different	ADJ
ftr-458	487	22	asset	asset	NOUN
ftr-458	487	23	from	from	ADP
ftr-458	487	24	the	the	DET
ftr-458	487	25	asset	asset	NOUN
ftr-458	487	26	she	she	PRON
ftr-458	487	27	owned	own	VERB
ftr-458	487	28	before	before	ADV
ftr-458	487	29	depends	depend	VERB
ftr-458	487	30	on	on	ADP
ftr-458	487	31	formal	formal	ADJ
ftr-458	487	32	notions	notion	NOUN
ftr-458	487	33	of	of	ADP
ftr-458	487	34	what	what	PRON
ftr-458	487	35	constitute	constitute	VERB
ftr-458	487	36	separate	separate	ADJ
ftr-458	487	37	assets	asset	NOUN
ftr-458	487	38	.	.	PUNCT
ftr-458	488	1	the	the	DET
ftr-458	488	2	economic	economic	ADJ
ftr-458	488	3	concept	concept	NOUN
ftr-458	488	4	of	of	ADP
ftr-458	488	5	risk	risk	NOUN
ftr-458	488	6	could	could	AUX
ftr-458	488	7	potentially	potentially	ADV
ftr-458	488	8	define	define	VERB
ftr-458	488	9	assets	asset	NOUN
ftr-458	488	10	for	for	ADP
ftr-458	488	11	purposes	purpose	NOUN
ftr-458	488	12	of	of	ADP
ftr-458	488	13	realization	realization	NOUN
ftr-458	488	14	with	with	ADP
ftr-458	488	15	the	the	DET
ftr-458	488	16	result	result	NOUN
ftr-458	488	17	that	that	SCONJ
ftr-458	488	18	a	a	DET
ftr-458	488	19	change	change	NOUN
ftr-458	488	20	in	in	ADP
ftr-458	488	21	risk	risk	NOUN
ftr-458	488	22	is	be	AUX
ftr-458	488	23	necessary	necessary	ADJ
ftr-458	488	24	or	or	CCONJ
ftr-458	488	25	sufficient	sufficient	ADJ
ftr-458	488	26	or	or	CCONJ
ftr-458	488	27	both	both	PRON
ftr-458	488	28	for	for	ADP
ftr-458	488	29	realization	realization	NOUN
ftr-458	488	30	.	.	PUNCT
ftr-458	489	1	but	but	CCONJ
ftr-458	489	2	,	,	PUNCT
ftr-458	489	3	the	the	DET
ftr-458	489	4	concept	concept	NOUN
ftr-458	489	5	of	of	ADP
ftr-458	489	6	risk	risk	NOUN
ftr-458	489	7	tends	tend	VERB
ftr-458	489	8	to	to	PART
ftr-458	489	9	dissolve	dissolve	VERB
ftr-458	489	10	assets	asset	NOUN
ftr-458	489	11	rather	rather	ADV
ftr-458	489	12	than	than	ADP
ftr-458	489	13	define	define	VERB
ftr-458	489	14	them	they	PRON
ftr-458	489	15	.	.	PUNCT
ftr-458	490	1	a	a	DET
ftr-458	490	2	change	change	NOUN
ftr-458	490	3	in	in	ADP
ftr-458	490	4	the	the	DET
ftr-458	490	5	amount	amount	NOUN
ftr-458	490	6	of	of	ADP
ftr-458	490	7	risk	risk	NOUN
ftr-458	490	8	to	to	PART
ftr-458	490	9	which	which	PRON
ftr-458	490	10	the	the	DET
ftr-458	490	11	taxpayer	taxpayer	NOUN
ftr-458	490	12	is	be	AUX
ftr-458	490	13	exposed	expose	VERB
ftr-458	490	14	is	be	AUX
ftr-458	490	15	neither	neither	CCONJ
ftr-458	490	16	necessary	necessary	ADJ
ftr-458	490	17	nor	nor	CCONJ
ftr-458	490	18	sufficient	sufficient	ADJ
ftr-458	490	19	for	for	ADP
ftr-458	490	20	realization	realization	NOUN
ftr-458	490	21	since	since	SCONJ
ftr-458	490	22	such	such	ADJ
ftr-458	490	23	amount	amount	NOUN
ftr-458	490	24	might	might	AUX
ftr-458	490	25	not	not	PART
ftr-458	490	26	change	change	VERB
ftr-458	490	27	if	if	SCONJ
ftr-458	490	28	a	a	DET
ftr-458	490	29	taxpayer	taxpayer	NOUN
ftr-458	490	30	exchanges	exchange	VERB
ftr-458	490	31	an	an	DET
ftr-458	490	32	asset	asset	NOUN
ftr-458	490	33	but	but	CCONJ
ftr-458	490	34	often	often	ADV
ftr-458	490	35	does	do	AUX
ftr-458	490	36	change	change	VERB
ftr-458	490	37	while	while	SCONJ
ftr-458	490	38	a	a	DET
ftr-458	490	39	taxpayer	taxpayer	NOUN
ftr-458	490	40	holds	hold	VERB
ftr-458	490	41	an	an	DET
ftr-458	490	42	asset	asset	NOUN
ftr-458	490	43	.	.	PUNCT
ftr-458	491	1	a	a	DET
ftr-458	491	2	change	change	NOUN
ftr-458	491	3	in	in	ADP
ftr-458	491	4	the	the	DET
ftr-458	491	5	nature	nature	NOUN
ftr-458	491	6	of	of	ADP
ftr-458	491	7	risk	risk	NOUN
ftr-458	491	8	could	could	AUX
ftr-458	491	9	form	form	VERB
ftr-458	491	10	the	the	DET
ftr-458	491	11	test	test	NOUN
ftr-458	491	12	for	for	ADP
ftr-458	491	13	realization	realization	NOUN
ftr-458	491	14	,	,	PUNCT
ftr-458	491	15	but	but	CCONJ
ftr-458	491	16	requires	require	VERB
ftr-458	491	17	supplemental	supplemental	ADJ
ftr-458	491	18	rules	rule	NOUN
ftr-458	491	19	defining	define	VERB
ftr-458	491	20	separate	separate	ADJ
ftr-458	491	21	types	type	NOUN
ftr-458	491	22	of	of	ADP
ftr-458	491	23	risk	risk	NOUN
ftr-458	491	24	.	.	PUNCT
ftr-458	492	1	further	far	ADV
ftr-458	492	2	,	,	PUNCT
ftr-458	492	3	even	even	ADV
ftr-458	492	4	if	if	SCONJ
ftr-458	492	5	it	it	PRON
ftr-458	492	6	is	be	AUX
ftr-458	492	7	clear	clear	ADJ
ftr-458	492	8	that	that	SCONJ
ftr-458	492	9	a	a	DET
ftr-458	492	10	taxpayer	taxpayer	NOUN
ftr-458	492	11	has	have	AUX
ftr-458	492	12	disposed	dispose	VERB
ftr-458	492	13	of	of	ADP
ftr-458	492	14	something	something	PRON
ftr-458	492	15	,	,	PUNCT
ftr-458	492	16	identifying	identify	VERB
ftr-458	492	17	what	what	PRON
ftr-458	492	18	asset	asset	NOUN
ftr-458	492	19	has	have	AUX
ftr-458	492	20	been	be	AUX
ftr-458	492	21	disposed	dispose	VERB
ftr-458	492	22	of	of	ADP
ftr-458	492	23	can	can	AUX
ftr-458	492	24	be	be	AUX
ftr-458	492	25	a	a	DET
ftr-458	492	26	troublesome	troublesome	ADJ
ftr-458	492	27	matter	matter	NOUN
ftr-458	492	28	unresolved	unresolved	ADJ
ftr-458	492	29	by	by	ADP
ftr-458	492	30	the	the	DET
ftr-458	492	31	concept	concept	NOUN
ftr-458	492	32	of	of	ADP
ftr-458	492	33	risk	risk	NOUN
ftr-458	492	34	.	.	PUNCT
ftr-458	493	1	if	if	SCONJ
ftr-458	493	2	a	a	DET
ftr-458	493	3	taxpayer	taxpayer	NOUN
ftr-458	493	4	disposes	dispose	VERB
ftr-458	493	5	of	of	ADP
ftr-458	493	6	a	a	DET
ftr-458	493	7	part	part	NOUN
ftr-458	493	8	of	of	ADP
ftr-458	493	9	an	an	DET
ftr-458	493	10	asset	asset	NOUN
ftr-458	493	11	,	,	PUNCT
ftr-458	493	12	the	the	DET
ftr-458	493	13	taxpayer	taxpayer	NOUN
ftr-458	493	14	could	could	AUX
ftr-458	493	15	equally	equally	ADV
ftr-458	493	16	be	be	AUX
ftr-458	493	17	viewed	view	VERB
ftr-458	493	18	as	as	ADP
ftr-458	493	19	disposing	dispose	VERB
ftr-458	493	20	of	of	ADP
ftr-458	493	21	the	the	DET
ftr-458	493	22	part	part	NOUN
ftr-458	493	23	only	only	ADV
ftr-458	493	24	or	or	CCONJ
ftr-458	493	25	of	of	ADP
ftr-458	493	26	the	the	DET
ftr-458	493	27	whole	whole	ADJ
ftr-458	493	28	asset	asset	NOUN
ftr-458	493	29	.	.	PUNCT
ftr-458	494	1	examples	example	NOUN
ftr-458	494	2	in	in	ADP
ftr-458	494	3	this	this	DET
ftr-458	494	4	part	part	NOUN
ftr-458	494	5	iii	iii	NOUN
ftr-458	494	6	and	and	CCONJ
ftr-458	494	7	part	part	NOUN
ftr-458	494	8	iv	iv	PRON
ftr-458	494	9	involve	involve	VERB
ftr-458	494	10	coin	coin	NOUN
ftr-458	494	11	flip	flip	NOUN
ftr-458	494	12	,	,	PUNCT
ftr-458	494	13	a	a	DET
ftr-458	494	14	hypothetical	hypothetical	ADJ
ftr-458	494	15	asset	asset	NOUN
ftr-458	494	16	that	that	SCONJ
ftr-458	494	17	,	,	PUNCT
ftr-458	494	18	unless	unless	SCONJ
ftr-458	494	19	otherwise	otherwise	ADV
ftr-458	494	20	stated	state	VERB
ftr-458	494	21	,	,	PUNCT
ftr-458	494	22	entitles	entitle	VERB
ftr-458	494	23	its	its	PRON
ftr-458	494	24	holder	holder	NOUN
ftr-458	494	25	to	to	PART
ftr-458	494	26	be	be	AUX
ftr-458	494	27	paid	pay	VERB
ftr-458	494	28	$	$	SYM
ftr-458	494	29	100	100	NUM
ftr-458	494	30	in	in	ADP
ftr-458	494	31	the	the	DET
ftr-458	494	32	event	event	NOUN
ftr-458	494	33	that	that	SCONJ
ftr-458	494	34	a	a	DET
ftr-458	494	35	particular	particular	ADJ
ftr-458	494	36	coin	coin	NOUN
ftr-458	494	37	flip	flip	NOUN
ftr-458	494	38	turns	turn	VERB
ftr-458	494	39	up	up	ADP
ftr-458	494	40	heads	head	NOUN
ftr-458	494	41	and	and	CCONJ
ftr-458	494	42	zero	zero	NUM
ftr-458	494	43	in	in	ADP
ftr-458	494	44	the	the	DET
ftr-458	494	45	event	event	NOUN
ftr-458	494	46	that	that	SCONJ
ftr-458	494	47	the	the	DET
ftr-458	494	48	flip	flip	NOUN
ftr-458	494	49	turns	turn	VERB
ftr-458	494	50	up	up	ADP
ftr-458	494	51	tails	tail	NOUN
ftr-458	494	52	.	.	PUNCT
ftr-458	495	1	there	there	PRON
ftr-458	495	2	is	be	VERB
ftr-458	495	3	a	a	DET
ftr-458	495	4	50	50	NUM
ftr-458	495	5	%	%	NOUN
ftr-458	495	6	probability	probability	NOUN
ftr-458	495	7	of	of	ADP
ftr-458	495	8	each	each	DET
ftr-458	495	9	occurrence.49	occurrence.49	NOUN
ftr-458	495	10	49	49	NUM
ftr-458	495	11	.	.	PUNCT
ftr-458	496	1	the	the	DET
ftr-458	496	2	examples	example	NOUN
ftr-458	496	3	deliberately	deliberately	ADV
ftr-458	496	4	do	do	AUX
ftr-458	496	5	not	not	PART
ftr-458	496	6	specify	specify	VERB
ftr-458	496	7	the	the	DET
ftr-458	496	8	taxpayer	taxpayer	NOUN
ftr-458	496	9	's	's	PART
ftr-458	496	10	basis	basis	NOUN
ftr-458	496	11	or	or	CCONJ
ftr-458	496	12	holding	hold	VERB
ftr-458	496	13	period	period	NOUN
ftr-458	496	14	in	in	ADP
ftr-458	496	15	coin	coin	NOUN
ftr-458	496	16	flip	flip	NOUN
ftr-458	496	17	in	in	ADP
ftr-458	496	18	order	order	NOUN
ftr-458	496	19	to	to	PART
ftr-458	496	20	focus	focus	VERB
ftr-458	496	21	the	the	DET
ftr-458	496	22	analysis	analysis	NOUN
ftr-458	496	23	on	on	ADP
ftr-458	496	24	realization	realization	NOUN
ftr-458	496	25	.	.	PUNCT
ftr-458	497	1	basis	basis	NOUN
ftr-458	497	2	and	and	CCONJ
ftr-458	497	3	holding	holding	NOUN
ftr-458	497	4	period	period	NOUN
ftr-458	497	5	are	be	AUX
ftr-458	497	6	relevant	relevant	ADJ
ftr-458	497	7	to	to	ADP
ftr-458	497	8	the	the	DET
ftr-458	497	9	amount	amount	NOUN
ftr-458	497	10	and	and	CCONJ
ftr-458	497	11	character	character	NOUN
ftr-458	497	12	of	of	ADP
ftr-458	497	13	gain	gain	NOUN
ftr-458	497	14	or	or	CCONJ
ftr-458	497	15	loss	loss	NOUN
ftr-458	497	16	realized	realize	VERB
ftr-458	497	17	if	if	SCONJ
ftr-458	497	18	there	there	PRON
ftr-458	497	19	is	be	VERB
ftr-458	497	20	a	a	DET
ftr-458	497	21	realization	realization	NOUN
ftr-458	497	22	event	event	NOUN
ftr-458	497	23	,	,	PUNCT
ftr-458	497	24	but	but	CCONJ
ftr-458	497	25	are	be	AUX
ftr-458	497	26	not	not	PART
ftr-458	497	27	relevant	relevant	ADJ
ftr-458	497	28	to	to	ADP
ftr-458	497	29	whether	whether	SCONJ
ftr-458	497	30	there	there	PRON
ftr-458	497	31	is	be	VERB
ftr-458	497	32	a	a	DET
ftr-458	497	33	realization	realization	NOUN
ftr-458	497	34	event	event	NOUN
ftr-458	497	35	.	.	PUNCT
ftr-458	498	1	basis	basis	NOUN
ftr-458	498	2	and	and	CCONJ
ftr-458	498	3	holding	hold	VERB
ftr-458	498	4	period	period	NOUN
ftr-458	498	5	could	could	AUX
ftr-458	498	6	,	,	PUNCT
ftr-458	498	7	however	however	ADV
ftr-458	498	8	,	,	PUNCT
ftr-458	498	9	be	be	AUX
ftr-458	498	10	relevant	relevant	ADJ
ftr-458	498	11	to	to	ADP
ftr-458	498	12	the	the	DET
ftr-458	498	13	appropriate	appropriate	ADJ
ftr-458	498	14	timing	timing	NOUN
ftr-458	498	15	of	of	ADP
ftr-458	498	16	gain	gain	NOUN
ftr-458	498	17	or	or	CCONJ
ftr-458	498	18	loss	loss	NOUN
ftr-458	498	19	under	under	ADP
ftr-458	498	20	a	a	DET
ftr-458	498	21	regime	regime	NOUN
ftr-458	498	22	that	that	PRON
ftr-458	498	23	imposes	impose	VERB
ftr-458	498	24	tax	tax	NOUN
ftr-458	498	25	based	base	VERB
ftr-458	498	26	on	on	ADP
ftr-458	498	27	expected	expect	VERB
ftr-458	498	28	outcomes	outcome	NOUN
ftr-458	498	29	in	in	ADP
ftr-458	498	30	advance	advance	NOUN
ftr-458	498	31	of	of	ADP
ftr-458	498	32	realization	realization	NOUN
ftr-458	498	33	.	.	PUNCT
ftr-458	499	1	for	for	ADP
ftr-458	499	2	example	example	NOUN
ftr-458	499	3	,	,	PUNCT
ftr-458	499	4	if	if	SCONJ
ftr-458	499	5	coin	coin	NOUN
ftr-458	499	6	flip	flip	NOUN
ftr-458	499	7	was	be	AUX
ftr-458	499	8	purchased	purchase	VERB
ftr-458	499	9	for	for	ADP
ftr-458	499	10	$	$	SYM
ftr-458	499	11	20	20	NUM
ftr-458	499	12	one	one	NUM
ftr-458	499	13	year	year	NOUN
ftr-458	499	14	before	before	ADP
ftr-458	499	15	the	the	DET
ftr-458	499	16	coin	coin	NOUN
ftr-458	499	17	flip	flip	NOUN
ftr-458	499	18	,	,	PUNCT
ftr-458	499	19	the	the	DET
ftr-458	499	20	taxpayer	taxpayer	NOUN
ftr-458	499	21	should	should	AUX
ftr-458	499	22	arguably	arguably	ADV
ftr-458	499	23	be	be	AUX
ftr-458	499	24	required	require	VERB
ftr-458	499	25	to	to	PART
ftr-458	499	26	accrue	accrue	VERB
ftr-458	499	27	over	over	ADP
ftr-458	499	28	the	the	DET
ftr-458	499	29	year	year	NOUN
ftr-458	499	30	s30	s30	NOUN
ftr-458	499	31	-	-	PUNCT
ftr-458	499	32	an	an	DET
ftr-458	499	33	amount	amount	NOUN
ftr-458	499	34	equal	equal	ADJ
ftr-458	499	35	to	to	ADP
ftr-458	499	36	the	the	DET
ftr-458	499	37	expected	expect	VERB
ftr-458	499	38	value	value	NOUN
ftr-458	499	39	of	of	ADP
ftr-458	499	40	coin	coin	NOUN
ftr-458	499	41	flip	flip	NOUN
ftr-458	499	42	of	of	ADP
ftr-458	499	43	$	$	SYM
ftr-458	499	44	50	50	NUM
ftr-458	499	45	(	(	PUNCT
ftr-458	499	46	see	see	VERB
ftr-458	499	47	infm	infm	NOUN
ftr-458	499	48	note	note	VERB
ftr-458	499	49	52	52	NUM
ftr-458	499	50	and	and	CCONJ
ftr-458	499	51	accompanying	accompany	VERB
ftr-458	499	52	text	text	NOUN
ftr-458	499	53	)	)	PUNCT
ftr-458	499	54	,	,	PUNCT
ftr-458	499	55	less	less	ADV
ftr-458	499	56	the	the	DET
ftr-458	499	57	taxpayer	taxpayer	NOUN
ftr-458	499	58	's	's	PART
ftr-458	499	59	$	$	SYM
ftr-458	499	60	20	20	NUM
ftr-458	499	61	basis	basis	NOUN
ftr-458	499	62	in	in	ADP
ftr-458	499	63	coin	coin	NOUN
ftr-458	499	64	flip	flip	NOUN
ftr-458	499	65	.	.	PUNCT
ftr-458	500	1	see	see	VERB
ftr-458	500	2	prop	prop	NOUN
ftr-458	500	3	.	.	PUNCT
ftr-458	501	1	regs	regs	PROPN
ftr-458	501	2	.	.	PUNCT
ftr-458	502	1	§	§	PROPN
ftr-458	502	2	1.1275	1.1275	NUM
ftr-458	502	3	-	-	SYM
ftr-458	502	4	4	4	NUM
ftr-458	502	5	(	(	PUNCT
ftr-458	502	6	accrual	accrual	ADJ
ftr-458	502	7	based	base	VERB
ftr-458	502	8	on	on	ADP
ftr-458	502	9	payment	payment	NOUN
ftr-458	502	10	schedule	schedule	NOUN
ftr-458	502	11	projected	project	VERB
ftr-458	502	12	at	at	ADP
ftr-458	502	13	issuance	issuance	NOUN
ftr-458	502	14	of	of	ADP
ftr-458	502	15	contingent	contingent	ADJ
ftr-458	502	16	payment	payment	NOUN
ftr-458	502	17	debt	debt	NOUN
ftr-458	502	18	instrument	instrument	NOUN
ftr-458	502	19	)	)	PUNCT
ftr-458	502	20	;	;	PUNCT
ftr-458	502	21	shuldiner	shuldiner	NOUN
ftr-458	502	22	.	.	PUNCT
ftr-458	503	1	supra	supra	PROPN
ftr-458	503	2	note	note	PROPN
ftr-458	503	3	6	6	NUM
ftr-458	503	4	,	,	PUNCT
ftr-458	503	5	at	at	ADP
ftr-458	503	6	285	285	NUM
ftr-458	503	7	(	(	PUNCT
ftr-458	503	8	financial	financial	ADJ
ftr-458	503	9	instruments	instrument	NOUN
ftr-458	503	10	should	should	AUX
ftr-458	503	11	accrue	accrue	VERB
ftr-458	503	12	income	income	NOUN
ftr-458	503	13	based	base	VERB
ftr-458	503	14	on	on	ADP
ftr-458	503	15	expected	expect	VERB
ftr-458	503	16	future	future	ADJ
ftr-458	503	17	values	value	NOUN
ftr-458	503	18	)	)	PUNCT
ftr-458	503	19	.	.	PUNCT
ftr-458	504	1	even	even	ADV
ftr-458	504	2	under	under	ADP
ftr-458	504	3	such	such	DET
ftr-458	504	4	a	a	DET
ftr-458	504	5	regime	regime	NOUN
ftr-458	504	6	,	,	PUNCT
ftr-458	504	7	however	however	ADV
ftr-458	504	8	,	,	PUNCT
ftr-458	504	9	realization	realization	NOUN
ftr-458	504	10	is	be	AUX
ftr-458	504	11	relevant	relevant	ADJ
ftr-458	504	12	because	because	SCONJ
ftr-458	504	13	actual	actual	ADJ
ftr-458	504	14	outcomes	outcome	NOUN
ftr-458	504	15	inevitably	inevitably	ADV
ftr-458	504	16	differ	differ	VERB
ftr-458	504	17	from	from	ADP
ftr-458	504	18	expected	expect	VERB
ftr-458	504	19	outcomes	outcome	NOUN
ftr-458	504	20	and	and	CCONJ
ftr-458	504	21	realization	realization	NOUN
ftr-458	504	22	is	be	AUX
ftr-458	504	23	likely	likely	ADJ
ftr-458	504	24	the	the	DET
ftr-458	504	25	appropriate	appropriate	ADJ
ftr-458	504	26	time	time	NOUN
ftr-458	504	27	to	to	PART
ftr-458	504	28	adjust	adjust	VERB
ftr-458	504	29	for	for	ADP
ftr-458	504	30	such	such	ADJ
ftr-458	504	31	differences	difference	NOUN
ftr-458	504	32	.	.	PUNCT
ftr-458	505	1	19961	19961	NUM
ftr-458	505	2	florida	florida	PROPN
ftr-458	505	3	tax	tax	NOUN
ftr-458	505	4	review	review	NOUN
ftr-458	505	5	a.	a.	NOUN
ftr-458	505	6	voluntary	voluntary	ADJ
ftr-458	505	7	action	action	NOUN
ftr-458	505	8	by	by	ADP
ftr-458	505	9	the	the	DET
ftr-458	505	10	taxpayer	taxpayer	NOUN
ftr-458	505	11	sales	sale	NOUN
ftr-458	505	12	and	and	CCONJ
ftr-458	505	13	exchanges	exchange	NOUN
ftr-458	505	14	are	be	AUX
ftr-458	505	15	usually	usually	ADV
ftr-458	505	16	voluntary	voluntary	ADJ
ftr-458	505	17	,	,	PUNCT
ftr-458	505	18	as	as	SCONJ
ftr-458	505	19	is	be	AUX
ftr-458	505	20	hedging	hedge	VERB
ftr-458	505	21	.	.	PUNCT
ftr-458	506	1	that	that	DET
ftr-458	506	2	similarity	similarity	NOUN
ftr-458	506	3	is	be	AUX
ftr-458	506	4	important	important	ADJ
ftr-458	506	5	for	for	ADP
ftr-458	506	6	the	the	DET
ftr-458	506	7	economic	economic	ADJ
ftr-458	506	8	substitute	substitute	NOUN
ftr-458	506	9	argument	argument	NOUN
ftr-458	506	10	because	because	SCONJ
ftr-458	506	11	the	the	DET
ftr-458	506	12	argument	argument	NOUN
ftr-458	506	13	centers	center	VERB
ftr-458	506	14	on	on	ADP
ftr-458	506	15	avoiding	avoid	VERB
ftr-458	506	16	social	social	ADJ
ftr-458	506	17	costs	cost	NOUN
ftr-458	506	18	generated	generate	VERB
ftr-458	506	19	by	by	ADP
ftr-458	506	20	taxpayers	taxpayer	NOUN
ftr-458	506	21	choosing	choose	VERB
ftr-458	506	22	to	to	PART
ftr-458	506	23	engage	engage	VERB
ftr-458	506	24	in	in	ADP
ftr-458	506	25	transactions	transaction	NOUN
ftr-458	506	26	for	for	ADP
ftr-458	506	27	tax	tax	NOUN
ftr-458	506	28	reasons	reason	NOUN
ftr-458	506	29	.	.	PUNCT
ftr-458	507	1	as	as	SCONJ
ftr-458	507	2	demonstrated	demonstrate	VERB
ftr-458	507	3	in	in	ADP
ftr-458	507	4	part	part	NOUN
ftr-458	507	5	iii.b	iii.b	PUNCT
ftr-458	507	6	below	below	ADV
ftr-458	507	7	,	,	PUNCT
ftr-458	507	8	a	a	DET
ftr-458	507	9	change	change	NOUN
ftr-458	507	10	in	in	ADP
ftr-458	507	11	risk	risk	NOUN
ftr-458	507	12	does	do	AUX
ftr-458	507	13	not	not	PART
ftr-458	507	14	alone	alone	ADJ
ftr-458	507	15	trigger	trigger	NOUN
ftr-458	507	16	realization	realization	NOUN
ftr-458	507	17	.	.	PUNCT
ftr-458	508	1	changes	change	NOUN
ftr-458	508	2	in	in	ADP
ftr-458	508	3	risk	risk	NOUN
ftr-458	508	4	can	can	AUX
ftr-458	508	5	occur	occur	VERB
ftr-458	508	6	as	as	SCONJ
ftr-458	508	7	a	a	DET
ftr-458	508	8	taxpayer	taxpayer	NOUN
ftr-458	508	9	holds	hold	VERB
ftr-458	508	10	an	an	DET
ftr-458	508	11	asset	asset	NOUN
ftr-458	508	12	.	.	PUNCT
ftr-458	509	1	a	a	DET
ftr-458	509	2	taxpayer	taxpayer	NOUN
ftr-458	509	3	's	's	PART
ftr-458	509	4	exposure	exposure	NOUN
ftr-458	509	5	to	to	ADP
ftr-458	509	6	risk	risk	NOUN
ftr-458	509	7	fluctuates	fluctuate	NOUN
ftr-458	509	8	while	while	SCONJ
ftr-458	509	9	the	the	DET
ftr-458	509	10	taxpayer	taxpayer	NOUN
ftr-458	509	11	holds	hold	VERB
ftr-458	509	12	one	one	NUM
ftr-458	509	13	asset	asset	NOUN
ftr-458	509	14	and	and	CCONJ
ftr-458	509	15	,	,	PUNCT
ftr-458	509	16	after	after	ADP
ftr-458	509	17	an	an	DET
ftr-458	509	18	exchange	exchange	NOUN
ftr-458	509	19	,	,	PUNCT
ftr-458	509	20	fluctuates	fluctuate	NOUN
ftr-458	509	21	while	while	SCONJ
ftr-458	509	22	the	the	DET
ftr-458	509	23	taxpayer	taxpayer	NOUN
ftr-458	509	24	holds	hold	VERB
ftr-458	509	25	the	the	DET
ftr-458	509	26	second	second	ADJ
ftr-458	509	27	asset	asset	NOUN
ftr-458	509	28	.	.	PUNCT
ftr-458	510	1	the	the	DET
ftr-458	510	2	exchange	exchange	NOUN
ftr-458	510	3	does	do	AUX
ftr-458	510	4	not	not	PART
ftr-458	510	5	demarcate	demarcate	VERB
ftr-458	510	6	a	a	DET
ftr-458	510	7	change	change	NOUN
ftr-458	510	8	in	in	ADP
ftr-458	510	9	the	the	DET
ftr-458	510	10	taxpayer	taxpayer	NOUN
ftr-458	510	11	's	's	PART
ftr-458	510	12	overall	overall	ADJ
ftr-458	510	13	exposure	exposure	NOUN
ftr-458	510	14	to	to	ADP
ftr-458	510	15	risk	risk	NOUN
ftr-458	510	16	.	.	PUNCT
ftr-458	511	1	although	although	SCONJ
ftr-458	511	2	riskiness	riskiness	NOUN
ftr-458	511	3	exists	exist	VERB
ftr-458	511	4	on	on	ADP
ftr-458	511	5	a	a	DET
ftr-458	511	6	continuum	continuum	ADJ
ftr-458	511	7	,	,	PUNCT
ftr-458	511	8	realization	realization	NOUN
ftr-458	511	9	is	be	AUX
ftr-458	511	10	an	an	DET
ftr-458	511	11	on	on	ADP
ftr-458	511	12	/	/	SYM
ftr-458	511	13	off	off	ADP
ftr-458	511	14	switch	switch	NOUN
ftr-458	511	15	.	.	PUNCT
ftr-458	512	1	a	a	DET
ftr-458	512	2	voluntary	voluntary	ADJ
ftr-458	512	3	action	action	NOUN
ftr-458	512	4	could	could	AUX
ftr-458	512	5	potentially	potentially	ADV
ftr-458	512	6	demarcate	demarcate	VERB
ftr-458	512	7	a	a	DET
ftr-458	512	8	sale	sale	NOUN
ftr-458	512	9	or	or	CCONJ
ftr-458	512	10	exchange	exchange	NOUN
ftr-458	512	11	.	.	PUNCT
ftr-458	513	1	but	but	CCONJ
ftr-458	513	2	,	,	PUNCT
ftr-458	513	3	voluntariness	voluntariness	PROPN
ftr-458	513	4	does	do	AUX
ftr-458	513	5	not	not	PART
ftr-458	513	6	distinguish	distinguish	VERB
ftr-458	513	7	between	between	ADP
ftr-458	513	8	holding	hold	VERB
ftr-458	513	9	and	and	CCONJ
ftr-458	513	10	disposing	dispose	VERB
ftr-458	513	11	because	because	SCONJ
ftr-458	513	12	holding	hold	VERB
ftr-458	513	13	an	an	DET
ftr-458	513	14	asset	asset	NOUN
ftr-458	513	15	is	be	AUX
ftr-458	513	16	voluntary	voluntary	ADJ
ftr-458	513	17	,	,	PUNCT
ftr-458	513	18	as	as	SCONJ
ftr-458	513	19	is	be	AUX
ftr-458	513	20	disposing	dispose	VERB
ftr-458	513	21	.	.	PUNCT
ftr-458	514	1	a	a	DET
ftr-458	514	2	voluntary	voluntary	ADJ
ftr-458	514	3	action	action	NOUN
ftr-458	514	4	by	by	ADP
ftr-458	514	5	the	the	DET
ftr-458	514	6	taxpayer	taxpayer	NOUN
ftr-458	514	7	is	be	AUX
ftr-458	514	8	not	not	PART
ftr-458	514	9	necessary	necessary	ADJ
ftr-458	514	10	for	for	ADP
ftr-458	514	11	realization	realization	NOUN
ftr-458	514	12	.	.	PUNCT
ftr-458	515	1	for	for	ADP
ftr-458	515	2	example	example	NOUN
ftr-458	515	3	,	,	PUNCT
ftr-458	515	4	forced	force	VERB
ftr-458	515	5	dispositions	disposition	NOUN
ftr-458	515	6	of	of	ADP
ftr-458	515	7	property	property	NOUN
ftr-458	515	8	by	by	ADP
ftr-458	515	9	virtue	virtue	NOUN
ftr-458	515	10	of	of	ADP
ftr-458	515	11	government	government	NOUN
ftr-458	515	12	condemnation	condemnation	NOUN
ftr-458	515	13	,	,	PUNCT
ftr-458	515	14	foreclosure	foreclosure	NOUN
ftr-458	515	15	,	,	PUNCT
ftr-458	515	16	or	or	CCONJ
ftr-458	515	17	corporate	corporate	ADJ
ftr-458	515	18	merger	merger	NOUN
ftr-458	515	19	are	be	AUX
ftr-458	515	20	realization	realization	NOUN
ftr-458	515	21	events	event	NOUN
ftr-458	515	22	,	,	PUNCT
ftr-458	515	23	yet	yet	CCONJ
ftr-458	515	24	it	it	PRON
ftr-458	515	25	would	would	AUX
ftr-458	515	26	be	be	AUX
ftr-458	515	27	strained	strain	VERB
ftr-458	515	28	to	to	PART
ftr-458	515	29	characterize	characterize	VERB
ftr-458	515	30	them	they	PRON
ftr-458	515	31	as	as	ADP
ftr-458	515	32	resulting	result	VERB
ftr-458	515	33	from	from	ADP
ftr-458	515	34	voluntary	voluntary	ADJ
ftr-458	515	35	taxpayer	taxpayer	NOUN
ftr-458	515	36	actions	action	NOUN
ftr-458	515	37	.	.	PUNCT
ftr-458	516	1	however	however	ADV
ftr-458	516	2	,	,	PUNCT
ftr-458	516	3	nonrecognition	nonrecognition	NOUN
ftr-458	516	4	provisions	provision	NOUN
ftr-458	516	5	sometimes	sometimes	ADV
ftr-458	516	6	apply	apply	VERB
ftr-458	516	7	in	in	ADP
ftr-458	516	8	these	these	DET
ftr-458	516	9	cases	case	NOUN
ftr-458	516	10	,	,	PUNCT
ftr-458	516	11	perhaps	perhaps	ADV
ftr-458	516	12	reflecting	reflect	VERB
ftr-458	516	13	a	a	DET
ftr-458	516	14	congressional	congressional	ADJ
ftr-458	516	15	determination	determination	NOUN
ftr-458	516	16	that	that	SCONJ
ftr-458	516	17	it	it	PRON
ftr-458	516	18	is	be	AUX
ftr-458	516	19	not	not	PART
ftr-458	516	20	appropriate	appropriate	ADJ
ftr-458	516	21	to	to	PART
ftr-458	516	22	tax	tax	VERB
ftr-458	516	23	involuntary	involuntary	ADJ
ftr-458	516	24	dispositions	disposition	NOUN
ftr-458	516	25	.	.	PUNCT
ftr-458	516	26	"	"	PUNCT
ftr-458	517	1	a	a	DET
ftr-458	517	2	voluntary	voluntary	ADJ
ftr-458	517	3	action	action	NOUN
ftr-458	517	4	is	be	AUX
ftr-458	517	5	also	also	ADV
ftr-458	517	6	not	not	PART
ftr-458	517	7	sufficient	sufficient	ADJ
ftr-458	517	8	for	for	ADP
ftr-458	517	9	realization	realization	NOUN
ftr-458	517	10	since	since	SCONJ
ftr-458	517	11	holding	hold	VERB
ftr-458	517	12	is	be	AUX
ftr-458	517	13	voluntary	voluntary	ADJ
ftr-458	517	14	.	.	PUNCT
ftr-458	518	1	a	a	DET
ftr-458	518	2	taxpayer	taxpayer	NOUN
ftr-458	518	3	that	that	PRON
ftr-458	518	4	holds	hold	VERB
ftr-458	518	5	effectively	effectively	ADV
ftr-458	518	6	decides	decide	VERB
ftr-458	518	7	daily	daily	ADV
ftr-458	518	8	to	to	PART
ftr-458	518	9	hold	hold	VERB
ftr-458	518	10	rather	rather	ADV
ftr-458	518	11	than	than	ADP
ftr-458	518	12	sell	sell	VERB
ftr-458	518	13	.	.	PUNCT
ftr-458	519	1	holding	hold	VERB
ftr-458	519	2	could	could	AUX
ftr-458	519	3	be	be	AUX
ftr-458	519	4	viewed	view	VERB
ftr-458	519	5	as	as	ADP
ftr-458	519	6	a	a	DET
ftr-458	519	7	voluntary	voluntary	ADJ
ftr-458	519	8	decision	decision	NOUN
ftr-458	519	9	to	to	PART
ftr-458	519	10	expose	expose	VERB
ftr-458	519	11	oneself	oneself	PRON
ftr-458	519	12	to	to	ADP
ftr-458	519	13	the	the	DET
ftr-458	519	14	risks	risk	NOUN
ftr-458	519	15	carried	carry	VERB
ftr-458	519	16	by	by	ADP
ftr-458	519	17	the	the	DET
ftr-458	519	18	asset	asset	NOUN
ftr-458	519	19	that	that	SCONJ
ftr-458	519	20	the	the	DET
ftr-458	519	21	taxpayer	taxpayer	NOUN
ftr-458	519	22	holds	hold	VERB
ftr-458	519	23	.	.	PUNCT
ftr-458	520	1	holding	hold	VERB
ftr-458	520	2	a	a	DET
ftr-458	520	3	share	share	NOUN
ftr-458	520	4	of	of	ADP
ftr-458	520	5	stock	stock	NOUN
ftr-458	520	6	is	be	AUX
ftr-458	520	7	equivalent	equivalent	ADJ
ftr-458	520	8	to	to	ADP
ftr-458	520	9	selling	sell	VERB
ftr-458	520	10	it	it	PRON
ftr-458	520	11	and	and	CCONJ
ftr-458	520	12	then	then	ADV
ftr-458	520	13	repurchasing	repurchase	VERB
ftr-458	520	14	.	.	PUNCT
ftr-458	520	15	"	"	PUNCT
ftr-458	521	1	the	the	DET
ftr-458	521	2	observation	observation	NOUN
ftr-458	521	3	that	that	SCONJ
ftr-458	521	4	the	the	DET
ftr-458	521	5	realization	realization	NOUN
ftr-458	521	6	requirement	requirement	NOUN
ftr-458	521	7	creates	create	VERB
ftr-458	521	8	an	an	DET
ftr-458	521	9	incentive	incentive	NOUN
ftr-458	521	10	to	to	PART
ftr-458	521	11	hold	hold	VERB
ftr-458	521	12	rather	rather	ADV
ftr-458	521	13	than	than	ADP
ftr-458	521	14	sell	sell	VERB
ftr-458	521	15	concedes	concede	VERB
ftr-458	521	16	that	that	SCONJ
ftr-458	521	17	holding	holding	NOUN
ftr-458	521	18	is	be	AUX
ftr-458	521	19	voluntary	voluntary	ADJ
ftr-458	521	20	.	.	PUNCT
ftr-458	522	1	voluntary	voluntary	ADJ
ftr-458	522	2	action	action	NOUN
ftr-458	522	3	coupled	couple	VERB
ftr-458	522	4	with	with	ADP
ftr-458	522	5	a	a	DET
ftr-458	522	6	change	change	NOUN
ftr-458	522	7	in	in	ADP
ftr-458	522	8	risk	risk	NOUN
ftr-458	522	9	can	can	AUX
ftr-458	522	10	be	be	AUX
ftr-458	522	11	viewed	view	VERB
ftr-458	522	12	as	as	ADP
ftr-458	522	13	sufficient	sufficient	ADJ
ftr-458	522	14	for	for	ADP
ftr-458	522	15	realization	realization	NOUN
ftr-458	522	16	only	only	ADV
ftr-458	522	17	if	if	SCONJ
ftr-458	522	18	the	the	DET
ftr-458	522	19	voluntariness	voluntariness	NOUN
ftr-458	522	20	of	of	ADP
ftr-458	522	21	holding	holding	NOUN
ftr-458	522	22	is	be	AUX
ftr-458	522	23	disregarded	disregarded	ADJ
ftr-458	522	24	.	.	PUNCT
ftr-458	523	1	50	50	NUM
ftr-458	523	2	.	.	PUNCT
ftr-458	523	3	see	see	VERB
ftr-458	523	4	irc	irc	PROPN
ftr-458	523	5	§	§	PROPN
ftr-458	523	6	§	§	PROPN
ftr-458	523	7	1033	1033	NUM
ftr-458	523	8	(	(	PUNCT
ftr-458	523	9	gain	gain	NOUN
ftr-458	523	10	realized	realize	VERB
ftr-458	523	11	upon	upon	SCONJ
ftr-458	523	12	involuntary	involuntary	ADJ
ftr-458	523	13	conversion	conversion	NOUN
ftr-458	523	14	recognized	recognize	VERB
ftr-458	523	15	only	only	ADV
ftr-458	523	16	to	to	ADP
ftr-458	523	17	extent	extent	NOUN
ftr-458	523	18	amount	amount	NOUN
ftr-458	523	19	realized	realize	VERB
ftr-458	523	20	exceeds	exceed	NOUN
ftr-458	523	21	cost	cost	NOUN
ftr-458	523	22	of	of	ADP
ftr-458	523	23	replacement	replacement	NOUN
ftr-458	523	24	property	property	NOUN
ftr-458	523	25	)	)	PUNCT
ftr-458	523	26	;	;	PUNCT
ftr-458	523	27	354	354	NUM
ftr-458	523	28	(	(	PUNCT
ftr-458	523	29	nonrecognition	nonrecognition	NOUN
ftr-458	523	30	on	on	ADP
ftr-458	523	31	exchange	exchange	NOUN
ftr-458	523	32	of	of	ADP
ftr-458	523	33	stock	stock	NOUN
ftr-458	523	34	for	for	ADP
ftr-458	523	35	stock	stock	NOUN
ftr-458	523	36	in	in	ADP
ftr-458	523	37	corporate	corporate	ADJ
ftr-458	523	38	reorganization	reorganization	NOUN
ftr-458	523	39	)	)	PUNCT
ftr-458	523	40	.	.	PUNCT
ftr-458	524	1	section	section	NOUN
ftr-458	524	2	108	108	NUM
ftr-458	524	3	excludes	exclude	NOUN
ftr-458	524	4	from	from	ADP
ftr-458	524	5	gross	gross	ADJ
ftr-458	524	6	income	income	NOUN
ftr-458	524	7	certain	certain	ADJ
ftr-458	524	8	amounts	amount	NOUN
ftr-458	524	9	that	that	PRON
ftr-458	524	10	would	would	AUX
ftr-458	524	11	otherwise	otherwise	ADV
ftr-458	524	12	constitute	constitute	VERB
ftr-458	524	13	discharge	discharge	NOUN
ftr-458	524	14	of	of	ADP
ftr-458	524	15	indebtedness	indebtedness	NOUN
ftr-458	524	16	income	income	NOUN
ftr-458	524	17	,	,	PUNCT
ftr-458	524	18	and	and	CCONJ
ftr-458	524	19	requires	require	VERB
ftr-458	524	20	the	the	DET
ftr-458	524	21	taxpayer	taxpayer	NOUN
ftr-458	524	22	to	to	PART
ftr-458	524	23	reduce	reduce	VERB
ftr-458	524	24	tax	tax	NOUN
ftr-458	524	25	attributes	attribute	NOUN
ftr-458	524	26	by	by	ADP
ftr-458	524	27	the	the	DET
ftr-458	524	28	amount	amount	NOUN
ftr-458	524	29	so	so	ADV
ftr-458	524	30	excluded	exclude	VERB
ftr-458	524	31	.	.	PUNCT
ftr-458	525	1	section	section	NOUN
ftr-458	525	2	108	108	NUM
ftr-458	525	3	is	be	AUX
ftr-458	525	4	thus	thus	ADV
ftr-458	525	5	a	a	DET
ftr-458	525	6	nonrealization	nonrealization	NOUN
ftr-458	525	7	provision	provision	NOUN
ftr-458	525	8	,	,	PUNCT
ftr-458	525	9	not	not	PART
ftr-458	525	10	a	a	DET
ftr-458	525	11	nonrecognition	nonrecognition	NOUN
ftr-458	525	12	provision	provision	NOUN
ftr-458	525	13	.	.	PUNCT
ftr-458	526	1	51	51	NUM
ftr-458	526	2	.	.	PUNCT
ftr-458	526	3	see	see	VERB
ftr-458	526	4	irc	irc	PROPN
ftr-458	526	5	§	§	PROPN
ftr-458	526	6	1091	1091	NUM
ftr-458	526	7	(	(	PUNCT
ftr-458	526	8	disallowing	disallow	VERB
ftr-458	526	9	deduction	deduction	NOUN
ftr-458	526	10	from	from	ADP
ftr-458	526	11	disposition	disposition	NOUN
ftr-458	526	12	of	of	ADP
ftr-458	526	13	stock	stock	NOUN
ftr-458	526	14	or	or	CCONJ
ftr-458	526	15	securities	security	NOUN
ftr-458	526	16	if	if	SCONJ
ftr-458	526	17	taxpayer	taxpayer	NOUN
ftr-458	526	18	acquires	acquire	VERB
ftr-458	526	19	substantially	substantially	ADV
ftr-458	526	20	identical	identical	ADJ
ftr-458	526	21	stock	stock	NOUN
ftr-458	526	22	or	or	CCONJ
ftr-458	526	23	securities	security	NOUN
ftr-458	526	24	within	within	ADP
ftr-458	526	25	thirty	thirty	NUM
ftr-458	526	26	days	day	NOUN
ftr-458	526	27	before	before	ADP
ftr-458	526	28	or	or	CCONJ
ftr-458	526	29	after	after	ADP
ftr-458	526	30	sale	sale	NOUN
ftr-458	526	31	)	)	PUNCT
ftr-458	526	32	.	.	PUNCT
ftr-458	527	1	[	[	X
ftr-458	527	2	vol	vol	NOUN
ftr-458	527	3	.	.	PUNCT
ftr-458	527	4	3:1	3:1	NUM
ftr-458	527	5	another	another	DET
ftr-458	527	6	uneasy	uneasy	ADJ
ftr-458	527	7	compromise	compromise	NOUN
ftr-458	527	8	b.	b.	PROPN
ftr-458	527	9	risk	risk	VERB
ftr-458	527	10	any	any	DET
ftr-458	527	11	connection	connection	NOUN
ftr-458	527	12	between	between	ADP
ftr-458	527	13	dispositions	disposition	NOUN
ftr-458	527	14	and	and	CCONJ
ftr-458	527	15	risk	risk	NOUN
ftr-458	527	16	is	be	AUX
ftr-458	527	17	largely	largely	ADV
ftr-458	527	18	a	a	DET
ftr-458	527	19	matter	matter	NOUN
ftr-458	527	20	of	of	ADP
ftr-458	527	21	definition	definition	NOUN
ftr-458	527	22	,	,	PUNCT
ftr-458	527	23	not	not	PART
ftr-458	527	24	substance	substance	NOUN
ftr-458	527	25	.	.	PUNCT
ftr-458	528	1	a	a	DET
ftr-458	528	2	change	change	NOUN
ftr-458	528	3	in	in	ADP
ftr-458	528	4	risk	risk	NOUN
ftr-458	528	5	is	be	AUX
ftr-458	528	6	generally	generally	ADV
ftr-458	528	7	neither	neither	CCONJ
ftr-458	528	8	necessary	necessary	ADJ
ftr-458	528	9	nor	nor	CCONJ
ftr-458	528	10	sufficient	sufficient	ADJ
ftr-458	528	11	for	for	ADP
ftr-458	528	12	realization	realization	NOUN
ftr-458	528	13	.	.	PUNCT
ftr-458	529	1	potentially	potentially	ADV
ftr-458	529	2	,	,	PUNCT
ftr-458	529	3	a	a	DET
ftr-458	529	4	change	change	NOUN
ftr-458	529	5	in	in	ADP
ftr-458	529	6	the	the	DET
ftr-458	529	7	nature	nature	NOUN
ftr-458	529	8	of	of	ADP
ftr-458	529	9	risk	risk	NOUN
ftr-458	529	10	could	could	AUX
ftr-458	529	11	be	be	AUX
ftr-458	529	12	sufficient	sufficient	ADJ
ftr-458	529	13	for	for	ADP
ftr-458	529	14	realization	realization	NOUN
ftr-458	529	15	,	,	PUNCT
ftr-458	529	16	but	but	CCONJ
ftr-458	529	17	that	that	SCONJ
ftr-458	529	18	formulation	formulation	NOUN
ftr-458	529	19	depends	depend	VERB
ftr-458	529	20	on	on	ADP
ftr-458	529	21	defining	define	VERB
ftr-458	529	22	what	what	PRON
ftr-458	529	23	constitutes	constitute	VERB
ftr-458	529	24	such	such	DET
ftr-458	529	25	a	a	DET
ftr-458	529	26	change	change	NOUN
ftr-458	529	27	.	.	PUNCT
ftr-458	530	1	1	1	X
ftr-458	530	2	.	.	X
ftr-458	530	3	the	the	DET
ftr-458	530	4	concept	concept	NOUN
ftr-458	530	5	of	of	ADP
ftr-458	530	6	risk.-variance	risk.-variance	NOUN
ftr-458	530	7	and	and	CCONJ
ftr-458	530	8	standard	standard	ADJ
ftr-458	530	9	deviation	deviation	NOUN
ftr-458	530	10	of	of	ADP
ftr-458	530	11	outcomes	outcome	NOUN
ftr-458	530	12	anticipated	anticipate	VERB
ftr-458	530	13	ex	ex	PRON
ftr-458	530	14	ante	ante	NOUN
ftr-458	530	15	are	be	AUX
ftr-458	530	16	textbook	textbook	NOUN
ftr-458	530	17	measures	measure	NOUN
ftr-458	530	18	of	of	ADP
ftr-458	530	19	risk	risk	NOUN
ftr-458	530	20	.	.	PUNCT
ftr-458	531	1	each	each	DET
ftr-458	531	2	measures	measure	VERB
ftr-458	531	3	the	the	DET
ftr-458	531	4	extent	extent	NOUN
ftr-458	531	5	to	to	PART
ftr-458	531	6	which	which	PRON
ftr-458	531	7	actual	actual	ADJ
ftr-458	531	8	outcomes	outcome	NOUN
ftr-458	531	9	are	be	AUX
ftr-458	531	10	likely	likely	ADJ
ftr-458	531	11	to	to	PART
ftr-458	531	12	differ	differ	VERB
ftr-458	531	13	from	from	ADP
ftr-458	531	14	the	the	DET
ftr-458	531	15	expected	expect	VERB
ftr-458	531	16	,	,	PUNCT
ftr-458	531	17	or	or	CCONJ
ftr-458	531	18	average	average	ADJ
ftr-458	531	19	,	,	PUNCT
ftr-458	531	20	outcome	outcome	NOUN
ftr-458	531	21	.	.	PUNCT
ftr-458	532	1	52	52	NUM
ftr-458	532	2	an	an	DET
ftr-458	532	3	asset	asset	NOUN
ftr-458	532	4	with	with	ADP
ftr-458	532	5	a	a	DET
ftr-458	532	6	high	high	ADJ
ftr-458	532	7	variance	variance	NOUN
ftr-458	532	8	and	and	CCONJ
ftr-458	532	9	standard	standard	ADJ
ftr-458	532	10	deviation	deviation	NOUN
ftr-458	532	11	is	be	AUX
ftr-458	532	12	likely	likely	ADJ
ftr-458	532	13	to	to	PART
ftr-458	532	14	provide	provide	VERB
ftr-458	532	15	an	an	DET
ftr-458	532	16	actual	actual	ADJ
ftr-458	532	17	outcome	outcome	NOUN
ftr-458	532	18	that	that	PRON
ftr-458	532	19	differs	differ	VERB
ftr-458	532	20	significantly	significantly	ADV
ftr-458	532	21	from	from	ADP
ftr-458	532	22	its	its	PRON
ftr-458	532	23	expected	expect	VERB
ftr-458	532	24	outcome	outcome	NOUN
ftr-458	532	25	,	,	PUNCT
ftr-458	532	26	while	while	SCONJ
ftr-458	532	27	the	the	DET
ftr-458	532	28	outcome	outcome	NOUN
ftr-458	532	29	of	of	ADP
ftr-458	532	30	an	an	DET
ftr-458	532	31	asset	asset	NOUN
ftr-458	532	32	with	with	ADP
ftr-458	532	33	a	a	DET
ftr-458	532	34	low	low	ADJ
ftr-458	532	35	variance	variance	NOUN
ftr-458	532	36	and	and	CCONJ
ftr-458	532	37	standard	standard	ADJ
ftr-458	532	38	deviation	deviation	NOUN
ftr-458	532	39	is	be	AUX
ftr-458	532	40	likely	likely	ADJ
ftr-458	532	41	to	to	PART
ftr-458	532	42	be	be	AUX
ftr-458	532	43	close	close	ADJ
ftr-458	532	44	to	to	ADP
ftr-458	532	45	the	the	DET
ftr-458	532	46	asset	asset	NOUN
ftr-458	532	47	's	's	PART
ftr-458	532	48	expected	expect	VERB
ftr-458	532	49	outcome	outcome	NOUN
ftr-458	532	50	.	.	PUNCT
ftr-458	533	1	for	for	ADP
ftr-458	533	2	example	example	NOUN
ftr-458	533	3	,	,	PUNCT
ftr-458	533	4	common	common	ADJ
ftr-458	533	5	stock	stock	NOUN
ftr-458	533	6	that	that	PRON
ftr-458	533	7	is	be	AUX
ftr-458	533	8	expected	expect	VERB
ftr-458	533	9	to	to	PART
ftr-458	533	10	be	be	AUX
ftr-458	533	11	worth	worth	ADJ
ftr-458	533	12	$	$	SYM
ftr-458	533	13	100	100	NUM
ftr-458	533	14	has	have	VERB
ftr-458	533	15	a	a	DET
ftr-458	533	16	higher	high	ADJ
ftr-458	533	17	variance	variance	NOUN
ftr-458	533	18	than	than	ADP
ftr-458	533	19	a	a	DET
ftr-458	533	20	debt	debt	NOUN
ftr-458	533	21	instrument	instrument	NOUN
ftr-458	533	22	of	of	ADP
ftr-458	533	23	a	a	DET
ftr-458	533	24	creditworthy	creditworthy	ADJ
ftr-458	533	25	issuer	issuer	NOUN
ftr-458	533	26	that	that	PRON
ftr-458	533	27	is	be	AUX
ftr-458	533	28	also	also	ADV
ftr-458	533	29	expected	expect	VERB
ftr-458	533	30	to	to	PART
ftr-458	533	31	be	be	AUX
ftr-458	533	32	worth	worth	ADJ
ftr-458	533	33	$	$	SYM
ftr-458	533	34	100	100	NUM
ftr-458	533	35	.	.	PUNCT
ftr-458	534	1	the	the	DET
ftr-458	534	2	common	common	ADJ
ftr-458	534	3	stock	stock	NOUN
ftr-458	534	4	could	could	AUX
ftr-458	534	5	easily	easily	ADV
ftr-458	534	6	turn	turn	VERB
ftr-458	534	7	out	out	ADP
ftr-458	534	8	to	to	PART
ftr-458	534	9	be	be	AUX
ftr-458	534	10	worth	worth	ADJ
ftr-458	534	11	much	much	ADV
ftr-458	534	12	less	less	ADV
ftr-458	534	13	or	or	CCONJ
ftr-458	534	14	much	much	ADV
ftr-458	534	15	more	more	ADJ
ftr-458	534	16	than	than	ADP
ftr-458	534	17	$	$	SYM
ftr-458	534	18	100	100	NUM
ftr-458	534	19	,	,	PUNCT
ftr-458	534	20	while	while	SCONJ
ftr-458	534	21	the	the	DET
ftr-458	534	22	debt	debt	NOUN
ftr-458	534	23	instrument	instrument	NOUN
ftr-458	534	24	is	be	AUX
ftr-458	534	25	very	very	ADV
ftr-458	534	26	likely	likely	ADJ
ftr-458	534	27	to	to	PART
ftr-458	534	28	be	be	AUX
ftr-458	534	29	worth	worth	ADJ
ftr-458	534	30	an	an	DET
ftr-458	534	31	amount	amount	NOUN
ftr-458	534	32	that	that	PRON
ftr-458	534	33	is	be	AUX
ftr-458	534	34	close	close	ADJ
ftr-458	534	35	to	to	PART
ftr-458	534	36	$	$	SYM
ftr-458	534	37	100	100	NUM
ftr-458	534	38	.	.	PUNCT
ftr-458	535	1	the	the	DET
ftr-458	535	2	capital	capital	NOUN
ftr-458	535	3	asset	asset	NOUN
ftr-458	535	4	pricing	pricing	NOUN
ftr-458	535	5	model	model	NOUN
ftr-458	535	6	(	(	PUNCT
ftr-458	535	7	capm	capm	NOUN
ftr-458	535	8	)	)	PUNCT
ftr-458	535	9	provides	provide	VERB
ftr-458	535	10	another	another	DET
ftr-458	535	11	approach	approach	NOUN
ftr-458	535	12	to	to	ADP
ftr-458	535	13	measuring	measure	VERB
ftr-458	535	14	risk	risk	NOUN
ftr-458	535	15	of	of	ADP
ftr-458	535	16	a	a	DET
ftr-458	535	17	capital	capital	NOUN
ftr-458	535	18	asset.53	asset.53	VERB
ftr-458	535	19	under	under	ADP
ftr-458	535	20	capm	capm	PROPN
ftr-458	535	21	,	,	PUNCT
ftr-458	535	22	capital	capital	NOUN
ftr-458	535	23	assets	asset	NOUN
ftr-458	535	24	carry	carry	VERB
ftr-458	535	25	52	52	NUM
ftr-458	535	26	.	.	PUNCT
ftr-458	536	1	mathematically	mathematically	ADV
ftr-458	536	2	,	,	PUNCT
ftr-458	536	3	expected	expect	VERB
ftr-458	536	4	return	return	NOUN
ftr-458	536	5	=	=	SYM
ftr-458	536	6	e(r	e(r	X
ftr-458	536	7	)	)	PUNCT
ftr-458	536	8	=	=	SYM
ftr-458	536	9	pj	pj	PROPN
ftr-458	536	10	,	,	PUNCT
ftr-458	536	11	where	where	SCONJ
ftr-458	536	12	p	p	X
ftr-458	536	13	,	,	PUNCT
ftr-458	536	14	is	be	AUX
ftr-458	536	15	the	the	DET
ftr-458	536	16	probability	probability	NOUN
ftr-458	536	17	of	of	ADP
ftr-458	536	18	the	the	DET
ftr-458	536	19	jth	jth	PROPN
ftr-458	536	20	return	return	NOUN
ftr-458	536	21	and	and	CCONJ
ftr-458	536	22	r	r	NOUN
ftr-458	536	23	,	,	PUNCT
ftr-458	536	24	is	be	AUX
ftr-458	536	25	the	the	DET
ftr-458	536	26	jth	jth	PROPN
ftr-458	536	27	possible	possible	ADJ
ftr-458	536	28	return	return	NOUN
ftr-458	536	29	;	;	PUNCT
ftr-458	536	30	variance	variance	NOUN
ftr-458	536	31	=	=	NOUN
ftr-458	536	32	0	0	X
ftr-458	536	33	.	.	PUNCT
ftr-458	537	1	=	=	PUNCT
ftr-458	537	2	e	e	NOUN
ftr-458	537	3	p,(r3e(r	p,(r3e(r	NOUN
ftr-458	537	4	)	)	PUNCT
ftr-458	537	5	)	)	PUNCT
ftr-458	537	6	"	"	PUNCT
ftr-458	537	7	;	;	PUNCT
ftr-458	537	8	and	and	CCONJ
ftr-458	537	9	standard	standard	ADJ
ftr-458	537	10	deviation	deviation	NOUN
ftr-458	537	11	=	=	PRON
ftr-458	538	1	a	a	PRON
ftr-458	538	2	=	=	PUNCT
ftr-458	538	3	see	see	VERB
ftr-458	538	4	edwin	edwin	PROPN
ftr-458	538	5	j.	j.	PROPN
ftr-458	538	6	elton	elton	PROPN
ftr-458	538	7	&	&	CCONJ
ftr-458	538	8	martin	martin	PROPN
ftr-458	538	9	j.	j.	PROPN
ftr-458	538	10	gruber	gruber	PROPN
ftr-458	538	11	,	,	PUNCT
ftr-458	538	12	modem	modem	PROPN
ftr-458	538	13	portfolio	portfolio	NOUN
ftr-458	538	14	theory	theory	NOUN
ftr-458	538	15	and	and	CCONJ
ftr-458	538	16	investment	investment	NOUN
ftr-458	538	17	analysis	analysis	NOUN
ftr-458	538	18	4751	4751	NUM
ftr-458	538	19	(	(	PUNCT
ftr-458	538	20	5th	5th	ADJ
ftr-458	538	21	ed	ed	NOUN
ftr-458	538	22	.	.	PROPN
ftr-458	538	23	1995	1995	NUM
ftr-458	538	24	)	)	PUNCT
ftr-458	538	25	;	;	PUNCT
ftr-458	538	26	richard	richard	PROPN
ftr-458	538	27	a.	a.	PROPN
ftr-458	538	28	brealey	brealey	PROPN
ftr-458	538	29	&	&	CCONJ
ftr-458	538	30	stewart	stewart	PROPN
ftr-458	538	31	c.	c.	PROPN
ftr-458	538	32	myers	myers	PROPN
ftr-458	538	33	.	.	PUNCT
ftr-458	539	1	principles	principle	NOUN
ftr-458	539	2	of	of	ADP
ftr-458	539	3	corporate	corporate	ADJ
ftr-458	539	4	finance	finance	NOUN
ftr-458	539	5	131	131	NUM
ftr-458	539	6	-	-	SYM
ftr-458	539	7	34	34	NUM
ftr-458	539	8	(	(	PUNCT
ftr-458	539	9	4th	4th	ADJ
ftr-458	539	10	ed	ed	NOUN
ftr-458	539	11	.	.	PROPN
ftr-458	539	12	1991	1991	NUM
ftr-458	539	13	)	)	PUNCT
ftr-458	539	14	.	.	PUNCT
ftr-458	540	1	for	for	ADP
ftr-458	540	2	example	example	NOUN
ftr-458	540	3	,	,	PUNCT
ftr-458	540	4	suppose	suppose	VERB
ftr-458	540	5	that	that	SCONJ
ftr-458	540	6	,	,	PUNCT
ftr-458	540	7	in	in	ADP
ftr-458	540	8	a	a	DET
ftr-458	540	9	game	game	NOUN
ftr-458	540	10	of	of	ADP
ftr-458	540	11	chance	chance	NOUN
ftr-458	540	12	,	,	PUNCT
ftr-458	540	13	a	a	DET
ftr-458	540	14	player	player	NOUN
ftr-458	540	15	bets	bet	NOUN
ftr-458	540	16	sioo	sioo	VERB
ftr-458	540	17	and	and	CCONJ
ftr-458	540	18	is	be	AUX
ftr-458	540	19	entitled	entitle	VERB
ftr-458	540	20	to	to	PART
ftr-458	540	21	receive	receive	VERB
ftr-458	540	22	$	$	SYM
ftr-458	540	23	120	120	NUM
ftr-458	540	24	,	,	PUNCT
ftr-458	540	25	$	$	SYM
ftr-458	540	26	110	110	NUM
ftr-458	540	27	,	,	PUNCT
ftr-458	540	28	or	or	CCONJ
ftr-458	540	29	$	$	SYM
ftr-458	540	30	90	90	NUM
ftr-458	540	31	with	with	ADP
ftr-458	540	32	a	a	DET
ftr-458	540	33	probability	probability	NOUN
ftr-458	540	34	of	of	ADP
ftr-458	540	35	50	50	NUM
ftr-458	540	36	%	%	NOUN
ftr-458	540	37	,	,	PUNCT
ftr-458	540	38	40	40	NUM
ftr-458	540	39	%	%	NOUN
ftr-458	540	40	.	.	PUNCT
ftr-458	541	1	and	and	CCONJ
ftr-458	541	2	10	10	NUM
ftr-458	541	3	%	%	NOUN
ftr-458	541	4	.	.	PUNCT
ftr-458	542	1	respectively	respectively	ADV
ftr-458	542	2	.	.	PUNCT
ftr-458	543	1	the	the	DET
ftr-458	543	2	expected	expect	VERB
ftr-458	543	3	return	return	NOUN
ftr-458	543	4	is	be	AUX
ftr-458	543	5	the	the	DET
ftr-458	543	6	weighted	weighted	ADJ
ftr-458	543	7	average	average	NOUN
ftr-458	543	8	of	of	ADP
ftr-458	543	9	the	the	DET
ftr-458	543	10	possible	possible	ADJ
ftr-458	543	11	returns	return	NOUN
ftr-458	543	12	.	.	PUNCT
ftr-458	544	1	since	since	SCONJ
ftr-458	544	2	the	the	DET
ftr-458	544	3	player	player	NOUN
ftr-458	544	4	has	have	VERB
ftr-458	544	5	a	a	DET
ftr-458	544	6	50	50	NUM
ftr-458	544	7	%	%	NOUN
ftr-458	544	8	probability	probability	NOUN
ftr-458	544	9	of	of	ADP
ftr-458	544	10	a	a	DET
ftr-458	544	11	$	$	SYM
ftr-458	544	12	20	20	NUM
ftr-458	544	13	return	return	NOUN
ftr-458	544	14	,	,	PUNCT
ftr-458	544	15	a	a	DET
ftr-458	544	16	40	40	NUM
ftr-458	544	17	%	%	NOUN
ftr-458	544	18	probability	probability	NOUN
ftr-458	544	19	of	of	ADP
ftr-458	544	20	a	a	DET
ftr-458	544	21	sio	sio	NOUN
ftr-458	544	22	return	return	NOUN
ftr-458	544	23	,	,	PUNCT
ftr-458	544	24	and	and	CCONJ
ftr-458	544	25	a	a	DET
ftr-458	544	26	10	10	NUM
ftr-458	544	27	%	%	NOUN
ftr-458	544	28	probability	probability	NOUN
ftr-458	544	29	of	of	ADP
ftr-458	544	30	losing	lose	VERB
ftr-458	544	31	$	$	SYM
ftr-458	544	32	10	10	NUM
ftr-458	544	33	,	,	PUNCT
ftr-458	544	34	the	the	DET
ftr-458	544	35	expected	expect	VERB
ftr-458	544	36	return	return	NOUN
ftr-458	544	37	is	be	AUX
ftr-458	544	38	(	(	PUNCT
ftr-458	544	39	50	50	NUM
ftr-458	544	40	%	%	NOUN
ftr-458	544	41	of	of	ADP
ftr-458	544	42	$	$	SYM
ftr-458	544	43	20	20	NUM
ftr-458	544	44	)	)	PUNCT
ftr-458	545	1	+	+	CCONJ
ftr-458	545	2	(	(	PUNCT
ftr-458	545	3	40	40	NUM
ftr-458	545	4	%	%	NOUN
ftr-458	545	5	of	of	ADP
ftr-458	545	6	$	$	SYM
ftr-458	545	7	i0	i0	PROPN
ftr-458	545	8	)	)	PUNCT
ftr-458	546	1	+	+	CCONJ
ftr-458	546	2	(	(	PUNCT
ftr-458	546	3	10c	10c	NOUN
ftr-458	546	4	of	of	ADP
ftr-458	546	5	-$10	-$10	NOUN
ftr-458	546	6	)	)	PUNCT
ftr-458	546	7	.	.	PUNCT
ftr-458	547	1	or	or	CCONJ
ftr-458	547	2	s13	s13	PROPN
ftr-458	547	3	.	.	PUNCT
ftr-458	548	1	variance	variance	PROPN
ftr-458	548	2	,	,	PUNCT
ftr-458	548	3	which	which	PRON
ftr-458	548	4	measures	measure	VERB
ftr-458	548	5	the	the	DET
ftr-458	548	6	extent	extent	NOUN
ftr-458	548	7	to	to	PART
ftr-458	548	8	which	which	PRON
ftr-458	548	9	the	the	DET
ftr-458	548	10	actual	actual	ADJ
ftr-458	548	11	return	return	NOUN
ftr-458	548	12	is	be	AUX
ftr-458	548	13	likely	likely	ADJ
ftr-458	548	14	to	to	PART
ftr-458	548	15	differ	differ	VERB
ftr-458	548	16	from	from	ADP
ftr-458	548	17	the	the	DET
ftr-458	548	18	expected	expect	VERB
ftr-458	548	19	return	return	NOUN
ftr-458	548	20	,	,	PUNCT
ftr-458	548	21	is	be	AUX
ftr-458	548	22	the	the	DET
ftr-458	548	23	weighted	weighted	ADJ
ftr-458	548	24	average	average	NOUN
ftr-458	548	25	of	of	ADP
ftr-458	548	26	the	the	DET
ftr-458	548	27	squares	square	NOUN
ftr-458	548	28	of	of	ADP
ftr-458	548	29	the	the	DET
ftr-458	548	30	differences	difference	NOUN
ftr-458	548	31	between	between	ADP
ftr-458	548	32	each	each	DET
ftr-458	548	33	possible	possible	ADJ
ftr-458	548	34	return	return	NOUN
ftr-458	548	35	and	and	CCONJ
ftr-458	548	36	the	the	DET
ftr-458	548	37	expected	expect	VERB
ftr-458	548	38	return	return	NOUN
ftr-458	548	39	.	.	PUNCT
ftr-458	549	1	thus	thus	ADV
ftr-458	549	2	,	,	PUNCT
ftr-458	549	3	variance	variance	NOUN
ftr-458	549	4	is	be	AUX
ftr-458	549	5	(	(	PUNCT
ftr-458	549	6	50	50	NUM
ftr-458	549	7	%	%	NOUN
ftr-458	549	8	of	of	ADP
ftr-458	549	9	(	(	PUNCT
ftr-458	549	10	20	20	NUM
ftr-458	549	11	-	-	SYM
ftr-458	549	12	13)2	13)2	NUM
ftr-458	549	13	)	)	PUNCT
ftr-458	550	1	+	+	CCONJ
ftr-458	550	2	(	(	PUNCT
ftr-458	550	3	40	40	NUM
ftr-458	550	4	%	%	NOUN
ftr-458	550	5	of	of	ADP
ftr-458	550	6	t	t	PROPN
ftr-458	550	7	10	10	NUM
ftr-458	550	8	-	-	SYM
ftr-458	550	9	13	13	NUM
ftr-458	550	10	)	)	PUNCT
ftr-458	550	11	)	)	PUNCT
ftr-458	551	1	+	+	CCONJ
ftr-458	551	2	(	(	PUNCT
ftr-458	551	3	10	10	NUM
ftr-458	551	4	%	%	NOUN
ftr-458	551	5	of	of	ADP
ftr-458	551	6	(	(	PUNCT
ftr-458	551	7	-$10	-$10	PROPN
ftr-458	551	8	-	-	PUNCT
ftr-458	551	9	13)2	13)2	NUM
ftr-458	551	10	)	)	PUNCT
ftr-458	551	11	,	,	PUNCT
ftr-458	551	12	or	or	CCONJ
ftr-458	551	13	81	81	NUM
ftr-458	551	14	.	.	PUNCT
ftr-458	551	15	standard	standard	ADJ
ftr-458	551	16	deviation	deviation	NOUN
ftr-458	551	17	is	be	AUX
ftr-458	551	18	the	the	DET
ftr-458	551	19	square	square	ADJ
ftr-458	551	20	root	root	NOUN
ftr-458	551	21	of	of	ADP
ftr-458	551	22	variance	variance	NOUN
ftr-458	551	23	,	,	PUNCT
ftr-458	551	24	or	or	CCONJ
ftr-458	551	25	9	9	NUM
ftr-458	551	26	.	.	X
ftr-458	552	1	for	for	ADP
ftr-458	552	2	simplicity	simplicity	NOUN
ftr-458	552	3	,	,	PUNCT
ftr-458	552	4	the	the	DET
ftr-458	552	5	examples	example	NOUN
ftr-458	552	6	in	in	ADP
ftr-458	552	7	parts	part	NOUN
ftr-458	552	8	iii	iii	NOUN
ftr-458	552	9	and	and	CCONJ
ftr-458	552	10	iv	iv	NUM
ftr-458	552	11	calculate	calculate	NOUN
ftr-458	552	12	expected	expect	VERB
ftr-458	552	13	value	value	NOUN
ftr-458	552	14	assuming	assume	VERB
ftr-458	552	15	that	that	SCONJ
ftr-458	552	16	the	the	DET
ftr-458	552	17	time	time	NOUN
ftr-458	552	18	value	value	NOUN
ftr-458	552	19	of	of	ADP
ftr-458	552	20	money	money	NOUN
ftr-458	552	21	is	be	AUX
ftr-458	552	22	zero	zero	NUM
ftr-458	552	23	.	.	PUNCT
ftr-458	553	1	53	53	NUM
ftr-458	553	2	.	.	PUNCT
ftr-458	554	1	see	see	VERB
ftr-458	554	2	john	john	PROPN
ftr-458	554	3	lintner	lintner	PROPN
ftr-458	554	4	,	,	PUNCT
ftr-458	554	5	the	the	DET
ftr-458	554	6	valuation	valuation	NOUN
ftr-458	554	7	of	of	ADP
ftr-458	554	8	risk	risk	NOUN
ftr-458	554	9	assets	asset	NOUN
ftr-458	554	10	and	and	CCONJ
ftr-458	554	11	the	the	DET
ftr-458	554	12	selection	selection	NOUN
ftr-458	554	13	of	of	ADP
ftr-458	554	14	risky	risky	ADJ
ftr-458	554	15	investments	investment	NOUN
ftr-458	554	16	in	in	ADP
ftr-458	554	17	stock	stock	NOUN
ftr-458	554	18	portfolios	portfolio	NOUN
ftr-458	554	19	and	and	CCONJ
ftr-458	554	20	capital	capital	NOUN
ftr-458	554	21	budgets	budget	NOUN
ftr-458	554	22	,	,	PUNCT
ftr-458	554	23	47	47	NUM
ftr-458	554	24	rev	rev	X
ftr-458	554	25	.	.	PROPN
ftr-458	554	26	econ	econ	PROPN
ftr-458	554	27	.	.	PUNCT
ftr-458	555	1	&	&	CCONJ
ftr-458	555	2	stat	stat	PROPN
ftr-458	555	3	.	.	PUNCT
ftr-458	556	1	13	13	NUM
ftr-458	556	2	(	(	PUNCT
ftr-458	556	3	1965	1965	NUM
ftr-458	556	4	)	)	PUNCT
ftr-458	556	5	;	;	PUNCT
ftr-458	556	6	william	william	PROPN
ftr-458	556	7	f.	f.	PROPN
ftr-458	556	8	sharpe	sharpe	PROPN
ftr-458	556	9	,	,	PUNCT
ftr-458	556	10	capital	capital	NOUN
ftr-458	556	11	asset	asset	NOUN
ftr-458	556	12	prices	price	NOUN
ftr-458	556	13	:	:	PUNCT
ftr-458	556	14	a	a	DET
ftr-458	556	15	theory	theory	NOUN
ftr-458	556	16	of	of	ADP
ftr-458	556	17	market	market	NOUN
ftr-458	556	18	equilibrium	equilibrium	NOUN
ftr-458	556	19	under	under	ADP
ftr-458	556	20	conditions	condition	NOUN
ftr-458	556	21	of	of	ADP
ftr-458	556	22	risk	risk	NOUN
ftr-458	556	23	,	,	PUNCT
ftr-458	556	24	19	19	NUM
ftr-458	556	25	j.	j.	PROPN
ftr-458	556	26	fin	fin	PROPN
ftr-458	556	27	.	.	PUNCT
ftr-458	557	1	425	425	NUM
ftr-458	557	2	(	(	PUNCT
ftr-458	557	3	1964	1964	NUM
ftr-458	557	4	)	)	PUNCT
ftr-458	557	5	.	.	PUNCT
ftr-458	558	1	19961	19961	NUM
ftr-458	558	2	florida	florida	PROPN
ftr-458	558	3	tax	tax	PROPN
ftr-458	558	4	review	review	NOUN
ftr-458	558	5	systematic	systematic	ADJ
ftr-458	558	6	and	and	CCONJ
ftr-458	558	7	unsystematic	unsystematic	ADJ
ftr-458	558	8	risk	risk	NOUN
ftr-458	558	9	.	.	PUNCT
ftr-458	559	1	systematic	systematic	ADJ
ftr-458	559	2	risk	risk	NOUN
ftr-458	559	3	,	,	PUNCT
ftr-458	559	4	measured	measure	VERB
ftr-458	559	5	by	by	ADP
ftr-458	559	6	"	"	PUNCT
ftr-458	559	7	beta	beta	NOUN
ftr-458	559	8	,	,	PUNCT
ftr-458	559	9	"	"	PUNCT
ftr-458	559	10	is	be	AUX
ftr-458	559	11	the	the	DET
ftr-458	559	12	asset	asset	NOUN
ftr-458	559	13	's	's	PART
ftr-458	559	14	sensitivity	sensitivity	NOUN
ftr-458	559	15	to	to	ADP
ftr-458	559	16	market	market	NOUN
ftr-458	559	17	risk	risk	NOUN
ftr-458	559	18	,	,	PUNCT
ftr-458	559	19	and	and	CCONJ
ftr-458	559	20	unsystematic	unsystematic	ADJ
ftr-458	559	21	risk	risk	NOUN
ftr-458	559	22	is	be	AUX
ftr-458	559	23	the	the	DET
ftr-458	559	24	additional	additional	ADJ
ftr-458	559	25	risk.54	risk.54	NOUN
ftr-458	559	26	2	2	NUM
ftr-458	559	27	.	.	PUNCT
ftr-458	560	1	sales	sale	NOUN
ftr-458	560	2	and	and	CCONJ
ftr-458	560	3	risk.-a	risk.-a	ADJ
ftr-458	560	4	sale	sale	NOUN
ftr-458	560	5	for	for	ADP
ftr-458	560	6	cash	cash	NOUN
ftr-458	560	7	,	,	PUNCT
ftr-458	560	8	illustrated	illustrate	VERB
ftr-458	560	9	in	in	ADP
ftr-458	560	10	example	example	NOUN
ftr-458	560	11	1	1	NUM
ftr-458	560	12	,	,	PUNCT
ftr-458	560	13	is	be	AUX
ftr-458	560	14	a	a	DET
ftr-458	560	15	paradigmatic	paradigmatic	ADJ
ftr-458	560	16	realization	realization	NOUN
ftr-458	560	17	event	event	NOUN
ftr-458	560	18	.	.	PUNCT
ftr-458	561	1	example	example	NOUN
ftr-458	562	1	1	1	NUM
ftr-458	562	2	.	.	PUNCT
ftr-458	562	3	taxpayer	taxpayer	NOUN
ftr-458	562	4	owns	own	VERB
ftr-458	562	5	coin	coin	NOUN
ftr-458	562	6	flip	flip	NOUN
ftr-458	562	7	.	.	PUNCT
ftr-458	563	1	taxpayer	taxpayer	NOUN
ftr-458	563	2	sells	sell	VERB
ftr-458	563	3	coin	coin	NOUN
ftr-458	563	4	flip	flip	NOUN
ftr-458	563	5	for	for	ADP
ftr-458	563	6	$	$	SYM
ftr-458	563	7	50	50	NUM
ftr-458	563	8	in	in	ADP
ftr-458	563	9	cash	cash	NOUN
ftr-458	563	10	.	.	PUNCT
ftr-458	564	1	sales	sale	NOUN
ftr-458	564	2	arguably	arguably	ADV
ftr-458	564	3	eliminate	eliminate	VERB
ftr-458	564	4	risk	risk	NOUN
ftr-458	564	5	in	in	ADP
ftr-458	564	6	two	two	NUM
ftr-458	564	7	senses	sense	NOUN
ftr-458	564	8	.	.	PUNCT
ftr-458	565	1	the	the	DET
ftr-458	565	2	first	first	ADJ
ftr-458	565	3	focuses	focus	VERB
ftr-458	565	4	on	on	ADP
ftr-458	565	5	what	what	PRON
ftr-458	565	6	the	the	DET
ftr-458	565	7	taxpayer	taxpayer	NOUN
ftr-458	565	8	owns	own	VERB
ftr-458	565	9	after	after	ADP
ftr-458	565	10	the	the	DET
ftr-458	565	11	transaction	transaction	NOUN
ftr-458	565	12	,	,	PUNCT
ftr-458	565	13	while	while	SCONJ
ftr-458	565	14	the	the	DET
ftr-458	565	15	second	second	NOUN
ftr-458	565	16	focuses	focus	VERB
ftr-458	565	17	on	on	ADP
ftr-458	565	18	what	what	PRON
ftr-458	565	19	the	the	DET
ftr-458	565	20	taxpayer	taxpayer	NOUN
ftr-458	565	21	does	do	AUX
ftr-458	565	22	not	not	PART
ftr-458	565	23	own	own	VERB
ftr-458	565	24	.	.	PUNCT
ftr-458	566	1	first	first	ADV
ftr-458	566	2	,	,	PUNCT
ftr-458	566	3	after	after	ADP
ftr-458	566	4	the	the	DET
ftr-458	566	5	transaction	transaction	NOUN
ftr-458	566	6	,	,	PUNCT
ftr-458	566	7	the	the	DET
ftr-458	566	8	taxpayer	taxpayer	NOUN
ftr-458	566	9	owns	own	VERB
ftr-458	566	10	dollars	dollar	NOUN
ftr-458	566	11	.	.	PUNCT
ftr-458	567	1	measured	measure	VERB
ftr-458	567	2	by	by	ADP
ftr-458	567	3	reference	reference	NOUN
ftr-458	567	4	to	to	ADP
ftr-458	567	5	nominal	nominal	ADJ
ftr-458	567	6	dollars	dollar	NOUN
ftr-458	567	7	,	,	PUNCT
ftr-458	567	8	dollars	dollar	NOUN
ftr-458	567	9	are	be	AUX
ftr-458	567	10	riskless	riskless	ADJ
ftr-458	567	11	.	.	PUNCT
ftr-458	568	1	but	but	CCONJ
ftr-458	568	2	,	,	PUNCT
ftr-458	568	3	measured	measure	VERB
ftr-458	568	4	by	by	ADP
ftr-458	568	5	reference	reference	NOUN
ftr-458	568	6	to	to	ADP
ftr-458	568	7	a	a	DET
ftr-458	568	8	more	more	ADV
ftr-458	568	9	meaningful	meaningful	ADJ
ftr-458	568	10	standard	standard	NOUN
ftr-458	568	11	,	,	PUNCT
ftr-458	568	12	the	the	DET
ftr-458	568	13	value	value	NOUN
ftr-458	568	14	of	of	ADP
ftr-458	568	15	dollars	dollar	NOUN
ftr-458	568	16	changes	change	NOUN
ftr-458	568	17	over	over	ADP
ftr-458	568	18	time	time	NOUN
ftr-458	568	19	.	.	PUNCT
ftr-458	569	1	dollars	dollar	NOUN
ftr-458	569	2	are	be	AUX
ftr-458	569	3	risky	risky	ADJ
ftr-458	569	4	because	because	SCONJ
ftr-458	569	5	their	their	PRON
ftr-458	569	6	value	value	NOUN
ftr-458	569	7	depends	depend	VERB
ftr-458	569	8	on	on	ADP
ftr-458	569	9	inflation	inflation	NOUN
ftr-458	569	10	and	and	CCONJ
ftr-458	569	11	currency	currency	NOUN
ftr-458	569	12	exchange	exchange	NOUN
ftr-458	569	13	rates	rate	NOUN
ftr-458	569	14	.	.	PUNCT
ftr-458	570	1	the	the	DET
ftr-458	570	2	second	second	ADJ
ftr-458	570	3	sense	sense	NOUN
ftr-458	570	4	in	in	ADP
ftr-458	570	5	which	which	PRON
ftr-458	570	6	the	the	DET
ftr-458	570	7	sale	sale	NOUN
ftr-458	570	8	eliminates	eliminate	VERB
ftr-458	570	9	risk	risk	NOUN
ftr-458	570	10	is	be	AUX
ftr-458	570	11	that	that	SCONJ
ftr-458	570	12	after	after	ADP
ftr-458	570	13	the	the	DET
ftr-458	570	14	sale	sale	NOUN
ftr-458	570	15	,	,	PUNCT
ftr-458	570	16	the	the	DET
ftr-458	570	17	taxpayer	taxpayer	NOUN
ftr-458	570	18	is	be	AUX
ftr-458	570	19	not	not	PART
ftr-458	570	20	at	at	ADP
ftr-458	570	21	risk	risk	NOUN
ftr-458	570	22	with	with	ADP
ftr-458	570	23	respect	respect	NOUN
ftr-458	570	24	to	to	ADP
ftr-458	570	25	coin	coin	NOUN
ftr-458	570	26	flip	flip	NOUN
ftr-458	570	27	.	.	PUNCT
ftr-458	571	1	the	the	DET
ftr-458	571	2	taxpayer	taxpayer	NOUN
ftr-458	571	3	's	's	PART
ftr-458	571	4	fortunes	fortune	NOUN
ftr-458	571	5	no	no	ADV
ftr-458	571	6	longer	long	ADV
ftr-458	571	7	depend	depend	VERB
ftr-458	571	8	on	on	ADP
ftr-458	571	9	whether	whether	SCONJ
ftr-458	571	10	the	the	DET
ftr-458	571	11	coin	coin	NOUN
ftr-458	571	12	turns	turn	VERB
ftr-458	571	13	up	up	ADP
ftr-458	571	14	heads	head	NOUN
ftr-458	571	15	or	or	CCONJ
ftr-458	571	16	tails	tail	NOUN
ftr-458	571	17	.	.	PUNCT
ftr-458	572	1	the	the	DET
ftr-458	572	2	nature	nature	NOUN
ftr-458	572	3	of	of	ADP
ftr-458	572	4	the	the	DET
ftr-458	572	5	taxpayer	taxpayer	NOUN
ftr-458	572	6	's	's	PART
ftr-458	572	7	risk	risk	NOUN
ftr-458	572	8	has	have	AUX
ftr-458	572	9	changed	change	VERB
ftr-458	572	10	from	from	ADP
ftr-458	572	11	exposure	exposure	NOUN
ftr-458	572	12	to	to	ADP
ftr-458	572	13	the	the	DET
ftr-458	572	14	flip	flip	NOUN
ftr-458	572	15	of	of	ADP
ftr-458	572	16	a	a	DET
ftr-458	572	17	coin	coin	NOUN
ftr-458	572	18	to	to	ADP
ftr-458	572	19	cash	cash	NOUN
ftr-458	572	20	.	.	PUNCT
ftr-458	573	1	3	3	X
ftr-458	573	2	.	.	X
ftr-458	573	3	amount	amount	NOUN
ftr-458	573	4	of	of	ADP
ftr-458	573	5	risk	risk	NOUN
ftr-458	573	6	-	-	PUNCT
ftr-458	573	7	a	a	DET
ftr-458	573	8	change	change	NOUN
ftr-458	573	9	in	in	ADP
ftr-458	573	10	the	the	DET
ftr-458	573	11	taxpayer	taxpayer	NOUN
ftr-458	573	12	's	's	PART
ftr-458	573	13	exposure	exposure	NOUN
ftr-458	573	14	to	to	ADP
ftr-458	573	15	a	a	DET
ftr-458	573	16	particular	particular	ADJ
ftr-458	573	17	amount	amount	NOUN
ftr-458	573	18	of	of	ADP
ftr-458	573	19	risk	risk	NOUN
ftr-458	573	20	is	be	AUX
ftr-458	573	21	not	not	PART
ftr-458	573	22	necessary	necessary	ADJ
ftr-458	573	23	or	or	CCONJ
ftr-458	573	24	sufficient	sufficient	ADJ
ftr-458	573	25	for	for	ADP
ftr-458	573	26	a	a	DET
ftr-458	573	27	realization	realization	NOUN
ftr-458	573	28	event.5	event.5	NOUN
ftr-458	573	29	5	5	NUM
ftr-458	573	30	it	it	PRON
ftr-458	573	31	is	be	AUX
ftr-458	573	32	not	not	PART
ftr-458	573	33	necessary	necessary	ADJ
ftr-458	573	34	because	because	SCONJ
ftr-458	573	35	a	a	DET
ftr-458	573	36	property	property	NOUN
ftr-458	573	37	-	-	PUNCT
ftr-458	573	38	for	for	ADP
ftr-458	573	39	-	-	PUNCT
ftr-458	573	40	property	property	NOUN
ftr-458	573	41	exchange	exchange	NOUN
ftr-458	573	42	could	could	AUX
ftr-458	573	43	involve	involve	VERB
ftr-458	573	44	two	two	NUM
ftr-458	573	45	assets	asset	NOUN
ftr-458	573	46	with	with	ADP
ftr-458	573	47	the	the	DET
ftr-458	573	48	same	same	ADJ
ftr-458	573	49	,	,	PUNCT
ftr-458	573	50	or	or	CCONJ
ftr-458	573	51	approximately	approximately	ADV
ftr-458	573	52	the	the	DET
ftr-458	573	53	same	same	ADJ
ftr-458	573	54	,	,	PUNCT
ftr-458	573	55	amount	amount	NOUN
ftr-458	573	56	of	of	ADP
ftr-458	573	57	risk	risk	NOUN
ftr-458	573	58	,	,	PUNCT
ftr-458	573	59	as	as	SCONJ
ftr-458	573	60	illustrated	illustrate	VERB
ftr-458	573	61	in	in	ADP
ftr-458	573	62	the	the	DET
ftr-458	573	63	following	follow	VERB
ftr-458	573	64	example	example	NOUN
ftr-458	573	65	.	.	PUNCT
ftr-458	574	1	example	example	NOUN
ftr-458	575	1	2	2	NUM
ftr-458	575	2	.	.	X
ftr-458	575	3	taxpayer	taxpayer	NOUN
ftr-458	575	4	owns	own	VERB
ftr-458	575	5	coin	coin	NOUN
ftr-458	575	6	flip	flip	NOUN
ftr-458	575	7	and	and	CCONJ
ftr-458	575	8	exchanges	exchange	NOUN
ftr-458	575	9	it	it	PRON
ftr-458	575	10	for	for	ADP
ftr-458	575	11	another	another	DET
ftr-458	575	12	asset	asset	NOUN
ftr-458	575	13	entitling	entitle	VERB
ftr-458	575	14	taxpayer	taxpayer	NOUN
ftr-458	575	15	to	to	ADP
ftr-458	575	16	$	$	SYM
ftr-458	575	17	100	100	NUM
ftr-458	575	18	if	if	SCONJ
ftr-458	575	19	a	a	DET
ftr-458	575	20	coin	coin	NOUN
ftr-458	575	21	(	(	PUNCT
ftr-458	575	22	different	different	ADJ
ftr-458	575	23	from	from	ADP
ftr-458	575	24	the	the	DET
ftr-458	575	25	coin	coin	NOUN
ftr-458	575	26	on	on	ADP
ftr-458	575	27	which	which	PRON
ftr-458	575	28	coin	coin	NOUN
ftr-458	575	29	flip	flip	NOUN
ftr-458	575	30	is	be	AUX
ftr-458	575	31	based	base	VERB
ftr-458	575	32	)	)	PUNCT
ftr-458	575	33	turns	turn	VERB
ftr-458	575	34	up	up	ADP
ftr-458	575	35	heads	head	NOUN
ftr-458	575	36	and	and	CCONJ
ftr-458	575	37	zero	zero	NUM
ftr-458	575	38	if	if	SCONJ
ftr-458	575	39	the	the	DET
ftr-458	575	40	coin	coin	NOUN
ftr-458	575	41	turns	turn	VERB
ftr-458	575	42	up	up	ADP
ftr-458	575	43	tails	tail	NOUN
ftr-458	575	44	.	.	PUNCT
ftr-458	576	1	the	the	DET
ftr-458	576	2	new	new	ADJ
ftr-458	576	3	asset	asset	NOUN
ftr-458	576	4	has	have	VERB
ftr-458	576	5	the	the	DET
ftr-458	576	6	same	same	ADJ
ftr-458	576	7	variance	variance	NOUN
ftr-458	576	8	as	as	ADP
ftr-458	576	9	coin	coin	NOUN
ftr-458	576	10	flip	flip	NOUN
ftr-458	576	11	.	.	PUNCT
ftr-458	577	1	notwithstanding	notwithstanding	ADP
ftr-458	577	2	the	the	DET
ftr-458	577	3	identical	identical	ADJ
ftr-458	577	4	riskiness	riskiness	NOUN
ftr-458	577	5	of	of	ADP
ftr-458	577	6	coin	coin	NOUN
ftr-458	577	7	flip	flip	NOUN
ftr-458	577	8	and	and	CCONJ
ftr-458	577	9	the	the	DET
ftr-458	577	10	new	new	ADJ
ftr-458	577	11	asset	asset	NOUN
ftr-458	577	12	,	,	PUNCT
ftr-458	577	13	the	the	DET
ftr-458	577	14	exchange	exchange	NOUN
ftr-458	577	15	is	be	AUX
ftr-458	577	16	probably	probably	ADV
ftr-458	577	17	a	a	DET
ftr-458	577	18	realization	realization	NOUN
ftr-458	577	19	event	event	NOUN
ftr-458	577	20	.	.	PUNCT
ftr-458	578	1	6	6	NUM
ftr-458	578	2	54	54	NUM
ftr-458	578	3	.	.	PUNCT
ftr-458	579	1	brealey	brealey	PROPN
ftr-458	579	2	&	&	CCONJ
ftr-458	579	3	myers	myers	PROPN
ftr-458	579	4	,	,	PUNCT
ftr-458	579	5	supra	supra	PROPN
ftr-458	579	6	note	note	NOUN
ftr-458	579	7	52	52	NUM
ftr-458	579	8	,	,	PUNCT
ftr-458	579	9	at	at	ADP
ftr-458	579	10	137	137	NUM
ftr-458	579	11	-	-	SYM
ftr-458	579	12	39	39	NUM
ftr-458	579	13	,	,	PUNCT
ftr-458	579	14	143	143	NUM
ftr-458	579	15	.	.	PUNCT
ftr-458	580	1	beta	beta	NOUN
ftr-458	580	2	is	be	AUX
ftr-458	580	3	the	the	DET
ftr-458	580	4	ratio	ratio	NOUN
ftr-458	580	5	of	of	ADP
ftr-458	580	6	the	the	DET
ftr-458	580	7	stock	stock	NOUN
ftr-458	580	8	's	's	PART
ftr-458	580	9	covariance	covariance	NOUN
ftr-458	580	10	with	with	ADP
ftr-458	580	11	the	the	DET
ftr-458	580	12	market	market	NOUN
ftr-458	580	13	divided	divide	VERB
ftr-458	580	14	by	by	ADP
ftr-458	580	15	the	the	DET
ftr-458	580	16	variance	variance	NOUN
ftr-458	580	17	of	of	ADP
ftr-458	580	18	the	the	DET
ftr-458	580	19	market	market	NOUN
ftr-458	580	20	.	.	PUNCT
ftr-458	581	1	i	i	PRON
ftr-458	581	2	d.	d.	PROPN
ftr-458	581	3	at	at	ADP
ftr-458	581	4	145	145	NUM
ftr-458	581	5	.	.	PUNCT
ftr-458	582	1	covariance	covariance	NOUN
ftr-458	582	2	measures	measure	VERB
ftr-458	582	3	the	the	DET
ftr-458	582	4	extent	extent	NOUN
ftr-458	582	5	to	to	PART
ftr-458	582	6	which	which	PRON
ftr-458	582	7	two	two	NUM
ftr-458	582	8	assets	asset	NOUN
ftr-458	582	9	,	,	PUNCT
ftr-458	582	10	a	a	PRON
ftr-458	582	11	and	and	CCONJ
ftr-458	582	12	b	b	NOUN
ftr-458	582	13	,	,	PUNCT
ftr-458	582	14	are	be	AUX
ftr-458	582	15	likely	likely	ADJ
ftr-458	582	16	simultaneously	simultaneously	ADV
ftr-458	582	17	to	to	PART
ftr-458	582	18	exceed	exceed	VERB
ftr-458	582	19	or	or	CCONJ
ftr-458	582	20	be	be	AUX
ftr-458	582	21	less	less	ADJ
ftr-458	582	22	than	than	ADP
ftr-458	582	23	their	their	PRON
ftr-458	582	24	respective	respective	ADJ
ftr-458	582	25	expected	expect	VERB
ftr-458	582	26	returns	return	NOUN
ftr-458	582	27	and	and	CCONJ
ftr-458	582	28	is	be	AUX
ftr-458	582	29	denoted	denote	VERB
ftr-458	582	30	by	by	ADP
ftr-458	582	31	cr	cr	X
ftr-458	582	32	.	.	PUNCT
ftr-458	583	1	thus	thus	ADV
ftr-458	583	2	,	,	PUNCT
ftr-458	583	3	a.	a.	NOUN
ftr-458	583	4	,	,	PUNCT
ftr-458	583	5	=	=	SYM
ftr-458	583	6	y(rj	y(rj	NUM
ftr-458	583	7	-	-	PUNCT
ftr-458	583	8	e(r.))(rbi	e(r.))(rbi	NOUN
ftr-458	583	9	e(rb	e(rb	NOUN
ftr-458	583	10	)	)	PUNCT
ftr-458	583	11	)	)	PUNCT
ftr-458	583	12	.	.	PUNCT
ftr-458	584	1	elton	elton	PROPN
ftr-458	584	2	&	&	CCONJ
ftr-458	584	3	gruber	gruber	PROPN
ftr-458	584	4	,	,	PUNCT
ftr-458	584	5	supra	supra	PROPN
ftr-458	584	6	note	note	NOUN
ftr-458	584	7	52	52	NUM
ftr-458	584	8	,	,	PUNCT
ftr-458	584	9	at	at	ADP
ftr-458	584	10	56	56	NUM
ftr-458	584	11	.	.	PUNCT
ftr-458	584	12	55	55	NUM
ftr-458	584	13	.	.	PUNCT
ftr-458	585	1	for	for	ADP
ftr-458	585	2	example	example	NOUN
ftr-458	585	3	,	,	PUNCT
ftr-458	585	4	the	the	DET
ftr-458	585	5	taxpayer	taxpayer	NOUN
ftr-458	585	6	in	in	ADP
ftr-458	585	7	cottage	cottage	NOUN
ftr-458	585	8	savings	saving	NOUN
ftr-458	585	9	intentionally	intentionally	ADV
ftr-458	585	10	exchanged	exchange	VERB
ftr-458	585	11	assets	asset	NOUN
ftr-458	585	12	with	with	ADP
ftr-458	585	13	similar	similar	ADJ
ftr-458	585	14	financial	financial	ADJ
ftr-458	585	15	characteristics	characteristic	NOUN
ftr-458	585	16	.	.	PUNCT
ftr-458	586	1	cottage	cottage	NOUN
ftr-458	586	2	savings	saving	NOUN
ftr-458	586	3	ass'n	ass'n	PROPN
ftr-458	586	4	v.	v.	PROPN
ftr-458	586	5	commissioner	commissioner	NOUN
ftr-458	586	6	,	,	PUNCT
ftr-458	586	7	499	499	NUM
ftr-458	586	8	u.s	u.s	PROPN
ftr-458	586	9	.	.	PROPN
ftr-458	586	10	554	554	NUM
ftr-458	586	11	,	,	PUNCT
ftr-458	586	12	557	557	NUM
ftr-458	586	13	(	(	PUNCT
ftr-458	586	14	1991	1991	NUM
ftr-458	586	15	)	)	PUNCT
ftr-458	586	16	.	.	PUNCT
ftr-458	587	1	56	56	NUM
ftr-458	587	2	.	.	PUNCT
ftr-458	588	1	the	the	DET
ftr-458	588	2	exchange	exchange	NOUN
ftr-458	588	3	is	be	AUX
ftr-458	588	4	probably	probably	ADV
ftr-458	588	5	a	a	DET
ftr-458	588	6	realization	realization	NOUN
ftr-458	588	7	event	event	NOUN
ftr-458	588	8	if	if	SCONJ
ftr-458	588	9	the	the	DET
ftr-458	588	10	obligor	obligor	NOUN
ftr-458	588	11	of	of	ADP
ftr-458	588	12	coin	coin	NOUN
ftr-458	588	13	flip	flip	NOUN
ftr-458	588	14	is	be	AUX
ftr-458	588	15	different	different	ADJ
ftr-458	588	16	from	from	ADP
ftr-458	588	17	the	the	DET
ftr-458	588	18	obligor	obligor	NOUN
ftr-458	588	19	of	of	ADP
ftr-458	588	20	the	the	DET
ftr-458	588	21	new	new	ADJ
ftr-458	588	22	asset	asset	NOUN
ftr-458	588	23	.	.	PUNCT
ftr-458	589	1	i	i	PRON
ftr-458	589	2	d.	d.	PROPN
ftr-458	589	3	at	at	ADP
ftr-458	589	4	560	560	NUM
ftr-458	589	5	-	-	SYM
ftr-458	589	6	62	62	NUM
ftr-458	589	7	.	.	PUNCT
ftr-458	590	1	even	even	ADV
ftr-458	590	2	if	if	SCONJ
ftr-458	590	3	the	the	DET
ftr-458	590	4	coin	coin	NOUN
ftr-458	590	5	flips	flip	NOUN
ftr-458	590	6	have	have	VERB
ftr-458	590	7	the	the	DET
ftr-458	590	8	same	same	ADJ
ftr-458	590	9	[	[	X
ftr-458	590	10	vol	vol	NOUN
ftr-458	590	11	3:1	3:1	NUM
ftr-458	590	12	another	another	DET
ftr-458	590	13	uneasy	uneasy	ADJ
ftr-458	590	14	compromise	compromise	NOUN
ftr-458	590	15	a	a	DET
ftr-458	590	16	change	change	NOUN
ftr-458	590	17	in	in	ADP
ftr-458	590	18	the	the	DET
ftr-458	590	19	amount	amount	NOUN
ftr-458	590	20	of	of	ADP
ftr-458	590	21	risk	risk	NOUN
ftr-458	590	22	to	to	PART
ftr-458	590	23	which	which	PRON
ftr-458	590	24	the	the	DET
ftr-458	590	25	taxpayer	taxpayer	NOUN
ftr-458	590	26	is	be	AUX
ftr-458	590	27	exposed	expose	VERB
ftr-458	590	28	is	be	AUX
ftr-458	590	29	also	also	ADV
ftr-458	590	30	not	not	PART
ftr-458	590	31	sufficient	sufficient	ADJ
ftr-458	590	32	for	for	ADP
ftr-458	590	33	a	a	DET
ftr-458	590	34	realization	realization	NOUN
ftr-458	590	35	event	event	NOUN
ftr-458	590	36	because	because	SCONJ
ftr-458	590	37	a	a	DET
ftr-458	590	38	taxpayer	taxpayer	NOUN
ftr-458	590	39	's	's	PART
ftr-458	590	40	exposure	exposure	NOUN
ftr-458	590	41	to	to	PART
ftr-458	590	42	risk	risk	VERB
ftr-458	590	43	in	in	ADP
ftr-458	590	44	an	an	DET
ftr-458	590	45	asset	asset	NOUN
ftr-458	590	46	fluctuates	fluctuate	NOUN
ftr-458	590	47	while	while	SCONJ
ftr-458	590	48	the	the	DET
ftr-458	590	49	taxpayer	taxpayer	NOUN
ftr-458	590	50	holds	hold	VERB
ftr-458	590	51	the	the	DET
ftr-458	590	52	asset	asset	NOUN
ftr-458	590	53	.	.	PUNCT
ftr-458	591	1	variance	variance	NOUN
ftr-458	591	2	and	and	CCONJ
ftr-458	591	3	standard	standard	ADJ
ftr-458	591	4	deviation	deviation	NOUN
ftr-458	591	5	(	(	PUNCT
ftr-458	591	6	and	and	CCONJ
ftr-458	591	7	beta	beta	NOUN
ftr-458	591	8	)	)	PUNCT
ftr-458	591	9	change	change	NOUN
ftr-458	591	10	if	if	SCONJ
ftr-458	591	11	expectations	expectation	NOUN
ftr-458	591	12	about	about	ADP
ftr-458	591	13	outcomes	outcome	NOUN
ftr-458	591	14	change	change	VERB
ftr-458	591	15	while	while	SCONJ
ftr-458	591	16	the	the	DET
ftr-458	591	17	taxpayer	taxpayer	NOUN
ftr-458	591	18	holds	hold	VERB
ftr-458	591	19	.	.	PUNCT
ftr-458	592	1	example	example	NOUN
ftr-458	593	1	3	3	NUM
ftr-458	593	2	.	.	X
ftr-458	593	3	a	a	DET
ftr-458	593	4	taxpayer	taxpayer	NOUN
ftr-458	593	5	owns	own	VERB
ftr-458	593	6	coin	coin	NOUN
ftr-458	593	7	flip	flip	NOUN
ftr-458	593	8	.	.	PUNCT
ftr-458	594	1	during	during	ADP
ftr-458	594	2	the	the	DET
ftr-458	594	3	taxpayer	taxpayer	NOUN
ftr-458	594	4	's	's	PART
ftr-458	594	5	holding	hold	VERB
ftr-458	594	6	period	period	NOUN
ftr-458	594	7	,	,	PUNCT
ftr-458	594	8	circumstances	circumstance	NOUN
ftr-458	594	9	change	change	VERB
ftr-458	594	10	so	so	SCONJ
ftr-458	594	11	that	that	SCONJ
ftr-458	594	12	coin	coin	NOUN
ftr-458	594	13	flip	flip	NOUN
ftr-458	594	14	will	will	AUX
ftr-458	594	15	pay	pay	VERB
ftr-458	594	16	the	the	DET
ftr-458	594	17	taxpayer	taxpayer	NOUN
ftr-458	594	18	$	$	SYM
ftr-458	594	19	75	75	NUM
ftr-458	594	20	if	if	SCONJ
ftr-458	594	21	the	the	DET
ftr-458	594	22	coin	coin	NOUN
ftr-458	594	23	turns	turn	VERB
ftr-458	594	24	up	up	ADP
ftr-458	594	25	heads	head	NOUN
ftr-458	594	26	and	and	CCONJ
ftr-458	594	27	$	$	SYM
ftr-458	594	28	25	25	NUM
ftr-458	594	29	if	if	SCONJ
ftr-458	594	30	the	the	DET
ftr-458	594	31	coin	coin	NOUN
ftr-458	594	32	turns	turn	VERB
ftr-458	594	33	up	up	ADP
ftr-458	594	34	tails	tail	NOUN
ftr-458	594	35	.	.	PUNCT
ftr-458	595	1	as	as	SCONJ
ftr-458	595	2	illustrated	illustrate	VERB
ftr-458	595	3	in	in	ADP
ftr-458	595	4	the	the	DET
ftr-458	595	5	chart	chart	NOUN
ftr-458	595	6	below	below	ADV
ftr-458	595	7	,	,	PUNCT
ftr-458	595	8	that	that	DET
ftr-458	595	9	change	change	NOUN
ftr-458	595	10	in	in	ADP
ftr-458	595	11	expectations	expectation	NOUN
ftr-458	595	12	means	mean	VERB
ftr-458	595	13	that	that	SCONJ
ftr-458	595	14	the	the	DET
ftr-458	595	15	variance	variance	NOUN
ftr-458	595	16	and	and	CCONJ
ftr-458	595	17	standard	standard	ADJ
ftr-458	595	18	deviation	deviation	NOUN
ftr-458	595	19	of	of	ADP
ftr-458	595	20	coin	coin	NOUN
ftr-458	595	21	flip	flip	NOUN
ftr-458	595	22	have	have	AUX
ftr-458	595	23	changed	change	VERB
ftr-458	595	24	.	.	PUNCT
ftr-458	596	1	probability	probability	NOUN
ftr-458	596	2	and	and	CCONJ
ftr-458	596	3	expected	expect	VERB
ftr-458	596	4	standard	standard	ADJ
ftr-458	596	5	outcome	outcome	NOUN
ftr-458	596	6	value	value	NOUN
ftr-458	596	7	variance	variance	NOUN
ftr-458	596	8	deviation	deviation	NOUN
ftr-458	596	9	initial	initial	ADJ
ftr-458	596	10	50	50	NUM
ftr-458	596	11	%	%	NOUN
ftr-458	596	12	100	100	NUM
ftr-458	596	13	50	50	NUM
ftr-458	596	14	2500	2500	NUM
ftr-458	596	15	50	50	NUM
ftr-458	596	16	50	50	NUM
ftr-458	596	17	%	%	NOUN
ftr-458	596	18	0	0	NUM
ftr-458	596	19	subsequent	subsequent	ADJ
ftr-458	596	20	50	50	NUM
ftr-458	596	21	%	%	NOUN
ftr-458	596	22	75	75	NUM
ftr-458	596	23	50	50	NUM
ftr-458	596	24	625	625	NUM
ftr-458	596	25	25	25	NUM
ftr-458	596	26	50	50	NUM
ftr-458	596	27	%	%	NOUN
ftr-458	596	28	25	25	NUM
ftr-458	596	29	the	the	DET
ftr-458	596	30	new	new	ADJ
ftr-458	596	31	possible	possible	ADJ
ftr-458	596	32	outcomes	outcome	NOUN
ftr-458	596	33	of	of	ADP
ftr-458	596	34	$	$	SYM
ftr-458	596	35	75	75	NUM
ftr-458	596	36	and	and	CCONJ
ftr-458	596	37	$	$	SYM
ftr-458	596	38	25	25	NUM
ftr-458	596	39	fall	fall	NOUN
ftr-458	596	40	within	within	ADP
ftr-458	596	41	a	a	DET
ftr-458	596	42	narrower	narrow	ADJ
ftr-458	596	43	range	range	NOUN
ftr-458	596	44	than	than	ADP
ftr-458	596	45	the	the	DET
ftr-458	596	46	initial	initial	ADJ
ftr-458	596	47	possible	possible	ADJ
ftr-458	596	48	outcomes	outcome	NOUN
ftr-458	596	49	of	of	ADP
ftr-458	596	50	$	$	SYM
ftr-458	596	51	100	100	NUM
ftr-458	596	52	and	and	CCONJ
ftr-458	596	53	zero	zero	NUM
ftr-458	596	54	.	.	PUNCT
ftr-458	597	1	although	although	SCONJ
ftr-458	597	2	the	the	DET
ftr-458	597	3	new	new	ADJ
ftr-458	597	4	outcomes	outcome	NOUN
ftr-458	597	5	do	do	AUX
ftr-458	597	6	not	not	PART
ftr-458	597	7	change	change	VERB
ftr-458	597	8	the	the	DET
ftr-458	597	9	$	$	SYM
ftr-458	597	10	50	50	NUM
ftr-458	597	11	expected	expect	VERB
ftr-458	597	12	value	value	NOUN
ftr-458	597	13	,	,	PUNCT
ftr-458	597	14	they	they	PRON
ftr-458	597	15	reduce	reduce	VERB
ftr-458	597	16	the	the	DET
ftr-458	597	17	variance	variance	NOUN
ftr-458	597	18	of	of	ADP
ftr-458	597	19	coin	coin	NOUN
ftr-458	597	20	flip	flip	NOUN
ftr-458	597	21	from	from	ADP
ftr-458	597	22	2500	2500	NUM
ftr-458	597	23	to	to	ADP
ftr-458	597	24	625	625	NUM
ftr-458	597	25	,	,	PUNCT
ftr-458	597	26	and	and	CCONJ
ftr-458	597	27	the	the	DET
ftr-458	597	28	standard	standard	ADJ
ftr-458	597	29	deviation	deviation	NOUN
ftr-458	597	30	from	from	ADP
ftr-458	597	31	50	50	NUM
ftr-458	597	32	to	to	PART
ftr-458	597	33	25	25	NUM
ftr-458	597	34	.	.	PUNCT
ftr-458	598	1	changes	change	NOUN
ftr-458	598	2	in	in	ADP
ftr-458	598	3	the	the	DET
ftr-458	598	4	riskiness	riskiness	NOUN
ftr-458	598	5	of	of	ADP
ftr-458	598	6	capital	capital	NOUN
ftr-458	598	7	assets	asset	NOUN
ftr-458	598	8	are	be	AUX
ftr-458	598	9	not	not	PART
ftr-458	598	10	unusual	unusual	ADJ
ftr-458	598	11	.	.	PUNCT
ftr-458	599	1	in	in	ADP
ftr-458	599	2	fact	fact	NOUN
ftr-458	599	3	,	,	PUNCT
ftr-458	599	4	they	they	PRON
ftr-458	599	5	are	be	AUX
ftr-458	599	6	the	the	DET
ftr-458	599	7	norm	norm	NOUN
ftr-458	599	8	.	.	PUNCT
ftr-458	600	1	for	for	ADP
ftr-458	600	2	example	example	NOUN
ftr-458	600	3	,	,	PUNCT
ftr-458	600	4	if	if	SCONJ
ftr-458	600	5	a	a	DET
ftr-458	600	6	corporation	corporation	NOUN
ftr-458	600	7	sells	sell	VERB
ftr-458	600	8	one	one	NUM
ftr-458	600	9	line	line	NOUN
ftr-458	600	10	of	of	ADP
ftr-458	600	11	business	business	NOUN
ftr-458	600	12	and	and	CCONJ
ftr-458	600	13	enters	enter	VERB
ftr-458	600	14	a	a	DET
ftr-458	600	15	new	new	ADJ
ftr-458	600	16	one	one	NOUN
ftr-458	600	17	,	,	PUNCT
ftr-458	600	18	the	the	DET
ftr-458	600	19	riskiness	riskiness	NOUN
ftr-458	600	20	of	of	ADP
ftr-458	600	21	the	the	DET
ftr-458	600	22	corporation	corporation	NOUN
ftr-458	600	23	's	's	PART
ftr-458	600	24	stock	stock	NOUN
ftr-458	600	25	thereafter	thereafter	ADV
ftr-458	600	26	reflects	reflect	VERB
ftr-458	600	27	the	the	DET
ftr-458	600	28	risks	risk	NOUN
ftr-458	600	29	of	of	ADP
ftr-458	600	30	the	the	DET
ftr-458	600	31	new	new	ADJ
ftr-458	600	32	business	business	NOUN
ftr-458	600	33	.	.	PUNCT
ftr-458	601	1	riskiness	riskiness	NOUN
ftr-458	601	2	can	can	AUX
ftr-458	601	3	also	also	ADV
ftr-458	601	4	change	change	VERB
ftr-458	601	5	in	in	ADP
ftr-458	601	6	the	the	DET
ftr-458	601	7	absence	absence	NOUN
ftr-458	601	8	of	of	ADP
ftr-458	601	9	extraordinary	extraordinary	ADJ
ftr-458	601	10	transactions	transaction	NOUN
ftr-458	601	11	.	.	PUNCT
ftr-458	602	1	any	any	DET
ftr-458	602	2	change	change	NOUN
ftr-458	602	3	in	in	ADP
ftr-458	602	4	the	the	DET
ftr-458	602	5	corporation	corporation	NOUN
ftr-458	602	6	's	's	PART
ftr-458	602	7	businesses	business	NOUN
ftr-458	602	8	or	or	CCONJ
ftr-458	602	9	the	the	DET
ftr-458	602	10	market	market	NOUN
ftr-458	602	11	factors	factor	NOUN
ftr-458	602	12	affecting	affect	VERB
ftr-458	602	13	them	they	PRON
ftr-458	602	14	can	can	AUX
ftr-458	602	15	alter	alter	VERB
ftr-458	602	16	the	the	DET
ftr-458	602	17	riskiness	riskiness	NOUN
ftr-458	602	18	of	of	ADP
ftr-458	602	19	the	the	DET
ftr-458	602	20	corporation	corporation	NOUN
ftr-458	602	21	's	's	PART
ftr-458	602	22	stock	stock	NOUN
ftr-458	602	23	if	if	SCONJ
ftr-458	602	24	expectations	expectation	NOUN
ftr-458	602	25	about	about	ADP
ftr-458	602	26	outcomes	outcome	NOUN
ftr-458	602	27	change	change	VERB
ftr-458	602	28	.	.	PUNCT
ftr-458	603	1	studies	study	NOUN
ftr-458	603	2	show	show	VERB
ftr-458	603	3	that	that	SCONJ
ftr-458	603	4	beta	beta	NOUN
ftr-458	603	5	for	for	ADP
ftr-458	603	6	a	a	DET
ftr-458	603	7	particular	particular	ADJ
ftr-458	603	8	stock	stock	NOUN
ftr-458	603	9	changes	change	NOUN
ftr-458	603	10	over	over	ADP
ftr-458	603	11	time.57	time.57	ADJ
ftr-458	603	12	changes	change	NOUN
ftr-458	603	13	in	in	ADP
ftr-458	603	14	risk	risk	NOUN
ftr-458	603	15	also	also	ADV
ftr-458	603	16	occur	occur	VERB
ftr-458	603	17	with	with	ADP
ftr-458	603	18	respect	respect	NOUN
ftr-458	603	19	to	to	ADP
ftr-458	603	20	other	other	ADJ
ftr-458	603	21	obligor	obligor	NOUN
ftr-458	603	22	,	,	PUNCT
ftr-458	603	23	the	the	DET
ftr-458	603	24	exchange	exchange	NOUN
ftr-458	603	25	may	may	AUX
ftr-458	603	26	be	be	AUX
ftr-458	603	27	a	a	DET
ftr-458	603	28	realization	realization	NOUN
ftr-458	603	29	event	event	NOUN
ftr-458	603	30	.	.	PUNCT
ftr-458	604	1	an	an	DET
ftr-458	604	2	exchange	exchange	NOUN
ftr-458	604	3	of	of	ADP
ftr-458	604	4	convertible	convertible	ADJ
ftr-458	604	5	preferred	preferred	ADJ
ftr-458	604	6	stock	stock	NOUN
ftr-458	604	7	for	for	ADP
ftr-458	604	8	convertible	convertible	ADJ
ftr-458	604	9	debt	debt	NOUN
ftr-458	604	10	of	of	ADP
ftr-458	604	11	the	the	DET
ftr-458	604	12	same	same	ADJ
ftr-458	604	13	issuer	issuer	NOUN
ftr-458	604	14	might	might	AUX
ftr-458	604	15	involve	involve	VERB
ftr-458	604	16	no	no	DET
ftr-458	604	17	material	material	NOUN
ftr-458	604	18	change	change	NOUN
ftr-458	604	19	in	in	ADP
ftr-458	604	20	the	the	DET
ftr-458	604	21	taxpayer	taxpayer	NOUN
ftr-458	604	22	's	's	PART
ftr-458	604	23	exposure	exposure	NOUN
ftr-458	604	24	to	to	ADP
ftr-458	604	25	risk	risk	NOUN
ftr-458	604	26	,	,	PUNCT
ftr-458	604	27	but	but	CCONJ
ftr-458	604	28	is	be	AUX
ftr-458	604	29	nonetheless	nonetheless	ADV
ftr-458	604	30	a	a	DET
ftr-458	604	31	realization	realization	NOUN
ftr-458	604	32	event	event	NOUN
ftr-458	604	33	.	.	PUNCT
ftr-458	605	1	57	57	NUM
ftr-458	605	2	.	.	X
ftr-458	605	3	brealey	brealey	PROPN
ftr-458	605	4	&	&	CCONJ
ftr-458	605	5	myers	myers	PROPN
ftr-458	605	6	,	,	PUNCT
ftr-458	605	7	supra	supra	PROPN
ftr-458	605	8	note	note	NOUN
ftr-458	605	9	52	52	NUM
ftr-458	605	10	,	,	PUNCT
ftr-458	605	11	at	at	ADP
ftr-458	605	12	183	183	NUM
ftr-458	605	13	-	-	SYM
ftr-458	605	14	86	86	NUM
ftr-458	605	15	(	(	PUNCT
ftr-458	605	16	noting	note	VERB
ftr-458	605	17	.	.	PUNCT
ftr-458	606	1	however	however	ADV
ftr-458	606	2	,	,	PUNCT
ftr-458	606	3	that	that	SCONJ
ftr-458	606	4	-true	-true	PROPN
ftr-458	606	5	betasappear	betasappear	NOUN
ftr-458	606	6	to	to	PART
ftr-458	606	7	be	be	AUX
ftr-458	606	8	"	"	PUNCT
ftr-458	606	9	reasonably	reasonably	ADV
ftr-458	606	10	stable	stable	ADJ
ftr-458	606	11	"	"	PUNCT
ftr-458	606	12	)	)	PUNCT
ftr-458	606	13	.	.	PUNCT
ftr-458	607	1	one	one	NUM
ftr-458	607	2	widely	widely	ADV
ftr-458	607	3	-	-	PUNCT
ftr-458	607	4	used	use	VERB
ftr-458	607	5	source	source	NOUN
ftr-458	607	6	for	for	ADP
ftr-458	607	7	betas	beta	NOUN
ftr-458	607	8	predicted	predict	VERB
ftr-458	607	9	that	that	SCONJ
ftr-458	607	10	the	the	DET
ftr-458	607	11	beta	beta	NOUN
ftr-458	607	12	of	of	ADP
ftr-458	607	13	aetna	aetna	PROPN
ftr-458	607	14	life	life	NOUN
ftr-458	607	15	and	and	CCONJ
ftr-458	607	16	casualty	casualty	PROPN
ftr-458	607	17	,	,	PUNCT
ftr-458	607	18	america	america	PROPN
ftr-458	607	19	online	online	PROPN
ftr-458	607	20	.	.	PUNCT
ftr-458	608	1	and	and	CCONJ
ftr-458	608	2	american	american	PROPN
ftr-458	608	3	express	express	PROPN
ftr-458	608	4	changed	change	VERB
ftr-458	608	5	from	from	ADP
ftr-458	608	6	0.96	0.96	NUM
ftr-458	608	7	.	.	PUNCT
ftr-458	609	1	1.57	1.57	NUM
ftr-458	609	2	,	,	PUNCT
ftr-458	609	3	and	and	CCONJ
ftr-458	609	4	19961	19961	NUM
ftr-458	609	5	florida	florida	PROPN
ftr-458	609	6	tax	tax	NOUN
ftr-458	609	7	review	review	NOUN
ftr-458	609	8	property	property	NOUN
ftr-458	609	9	.	.	PUNCT
ftr-458	610	1	for	for	ADP
ftr-458	610	2	example	example	NOUN
ftr-458	610	3	,	,	PUNCT
ftr-458	610	4	if	if	SCONJ
ftr-458	610	5	a	a	DET
ftr-458	610	6	machine	machine	NOUN
ftr-458	610	7	has	have	VERB
ftr-458	610	8	a	a	DET
ftr-458	610	9	faulty	faulty	ADJ
ftr-458	610	10	part	part	NOUN
ftr-458	610	11	that	that	PRON
ftr-458	610	12	threatens	threaten	VERB
ftr-458	610	13	to	to	PART
ftr-458	610	14	explode	explode	VERB
ftr-458	610	15	the	the	DET
ftr-458	610	16	machine	machine	NOUN
ftr-458	610	17	,	,	PUNCT
ftr-458	610	18	the	the	DET
ftr-458	610	19	riskiness	riskiness	NOUN
ftr-458	610	20	of	of	ADP
ftr-458	610	21	returns	return	NOUN
ftr-458	610	22	from	from	ADP
ftr-458	610	23	the	the	DET
ftr-458	610	24	machine	machine	NOUN
ftr-458	610	25	may	may	AUX
ftr-458	610	26	be	be	AUX
ftr-458	610	27	reduced	reduce	VERB
ftr-458	610	28	by	by	ADP
ftr-458	610	29	replacing	replace	VERB
ftr-458	610	30	the	the	DET
ftr-458	610	31	part	part	NOUN
ftr-458	610	32	.	.	PUNCT
ftr-458	611	1	also	also	ADV
ftr-458	611	2	,	,	PUNCT
ftr-458	611	3	a	a	DET
ftr-458	611	4	debt	debt	NOUN
ftr-458	611	5	instrument	instrument	NOUN
ftr-458	611	6	's	's	PART
ftr-458	611	7	exposure	exposure	NOUN
ftr-458	611	8	to	to	ADP
ftr-458	611	9	interest	interest	NOUN
ftr-458	611	10	rate	rate	NOUN
ftr-458	611	11	risk	risk	NOUN
ftr-458	611	12	generally	generally	ADV
ftr-458	611	13	decreases	decrease	VERB
ftr-458	611	14	as	as	SCONJ
ftr-458	611	15	the	the	DET
ftr-458	611	16	remaining	remain	VERB
ftr-458	611	17	term	term	NOUN
ftr-458	611	18	decreases	decrease	VERB
ftr-458	611	19	.	.	PUNCT
ftr-458	612	1	4	4	X
ftr-458	612	2	.	.	X
ftr-458	612	3	nature	nature	NOUN
ftr-458	612	4	of	of	ADP
ftr-458	612	5	risk.-perhaps	risk.-perhap	NOUN
ftr-458	612	6	then	then	ADV
ftr-458	612	7	a	a	DET
ftr-458	612	8	change	change	NOUN
ftr-458	612	9	in	in	ADP
ftr-458	612	10	the	the	DET
ftr-458	612	11	nature	nature	NOUN
ftr-458	612	12	of	of	ADP
ftr-458	612	13	risk	risk	NOUN
ftr-458	612	14	is	be	AUX
ftr-458	612	15	necessary	necessary	ADJ
ftr-458	612	16	or	or	CCONJ
ftr-458	612	17	sufficient	sufficient	ADJ
ftr-458	612	18	or	or	CCONJ
ftr-458	612	19	both	both	PRON
ftr-458	612	20	for	for	ADP
ftr-458	612	21	realization	realization	NOUN
ftr-458	612	22	.	.	PUNCT
ftr-458	613	1	if	if	SCONJ
ftr-458	613	2	the	the	DET
ftr-458	613	3	taxpayer	taxpayer	NOUN
ftr-458	613	4	is	be	AUX
ftr-458	613	5	exposed	expose	VERB
ftr-458	613	6	to	to	ADP
ftr-458	613	7	one	one	NUM
ftr-458	613	8	random	random	ADJ
ftr-458	613	9	variable	variable	NOUN
ftr-458	613	10	,	,	PUNCT
ftr-458	613	11	such	such	ADJ
ftr-458	613	12	as	as	ADP
ftr-458	613	13	the	the	DET
ftr-458	613	14	value	value	NOUN
ftr-458	613	15	of	of	ADP
ftr-458	613	16	one	one	NUM
ftr-458	613	17	issuer	issuer	NOUN
ftr-458	613	18	's	's	PART
ftr-458	613	19	stock	stock	NOUN
ftr-458	613	20	,	,	PUNCT
ftr-458	613	21	and	and	CCONJ
ftr-458	613	22	is	be	AUX
ftr-458	613	23	then	then	ADV
ftr-458	613	24	exposed	expose	VERB
ftr-458	613	25	to	to	ADP
ftr-458	613	26	another	another	DET
ftr-458	613	27	random	random	ADJ
ftr-458	613	28	variable	variable	NOUN
ftr-458	613	29	,	,	PUNCT
ftr-458	613	30	such	such	ADJ
ftr-458	613	31	as	as	ADP
ftr-458	613	32	the	the	DET
ftr-458	613	33	value	value	NOUN
ftr-458	613	34	of	of	ADP
ftr-458	613	35	a	a	DET
ftr-458	613	36	different	different	ADJ
ftr-458	613	37	issuer	issuer	NOUN
ftr-458	613	38	's	's	PART
ftr-458	613	39	stock	stock	NOUN
ftr-458	613	40	,	,	PUNCT
ftr-458	613	41	realization	realization	NOUN
ftr-458	613	42	occurs	occur	VERB
ftr-458	613	43	.	.	PUNCT
ftr-458	614	1	this	this	PRON
ftr-458	614	2	explains	explain	VERB
ftr-458	614	3	why	why	SCONJ
ftr-458	614	4	an	an	DET
ftr-458	614	5	exchange	exchange	NOUN
ftr-458	614	6	of	of	ADP
ftr-458	614	7	ibm	ibm	PROPN
ftr-458	614	8	stock	stock	NOUN
ftr-458	614	9	for	for	ADP
ftr-458	614	10	gm	gm	PROPN
ftr-458	614	11	stock	stock	NOUN
ftr-458	614	12	is	be	AUX
ftr-458	614	13	a	a	DET
ftr-458	614	14	realization	realization	NOUN
ftr-458	614	15	event	event	NOUN
ftr-458	614	16	and	and	CCONJ
ftr-458	614	17	why	why	SCONJ
ftr-458	614	18	the	the	DET
ftr-458	614	19	exchange	exchange	NOUN
ftr-458	614	20	of	of	ADP
ftr-458	614	21	coin	coin	NOUN
ftr-458	614	22	flip	flip	NOUN
ftr-458	614	23	for	for	ADP
ftr-458	614	24	cash	cash	NOUN
ftr-458	614	25	in	in	ADP
ftr-458	614	26	example	example	NOUN
ftr-458	614	27	1	1	NUM
ftr-458	614	28	is	be	AUX
ftr-458	614	29	a	a	DET
ftr-458	614	30	realization	realization	NOUN
ftr-458	614	31	event	event	NOUN
ftr-458	614	32	.	.	PUNCT
ftr-458	615	1	but	but	CCONJ
ftr-458	615	2	,	,	PUNCT
ftr-458	615	3	that	that	DET
ftr-458	615	4	formulation	formulation	NOUN
ftr-458	615	5	depends	depend	VERB
ftr-458	615	6	on	on	ADP
ftr-458	615	7	rules	rule	NOUN
ftr-458	615	8	defining	define	VERB
ftr-458	615	9	separate	separate	ADJ
ftr-458	615	10	risks	risk	NOUN
ftr-458	615	11	.	.	PUNCT
ftr-458	616	1	there	there	PRON
ftr-458	616	2	is	be	VERB
ftr-458	616	3	reason	reason	NOUN
ftr-458	616	4	to	to	PART
ftr-458	616	5	believe	believe	VERB
ftr-458	616	6	that	that	SCONJ
ftr-458	616	7	although	although	SCONJ
ftr-458	616	8	ibm	ibm	PROPN
ftr-458	616	9	stock	stock	NOUN
ftr-458	616	10	and	and	CCONJ
ftr-458	616	11	gm	gm	PROPN
ftr-458	616	12	stock	stock	NOUN
ftr-458	616	13	may	may	AUX
ftr-458	616	14	carry	carry	VERB
ftr-458	616	15	different	different	ADJ
ftr-458	616	16	amounts	amount	NOUN
ftr-458	616	17	of	of	ADP
ftr-458	616	18	risk	risk	NOUN
ftr-458	616	19	,	,	PUNCT
ftr-458	616	20	it	it	PRON
ftr-458	616	21	is	be	AUX
ftr-458	616	22	a	a	DET
ftr-458	616	23	matter	matter	NOUN
ftr-458	616	24	of	of	ADP
ftr-458	616	25	definition	definition	NOUN
ftr-458	616	26	to	to	PART
ftr-458	616	27	view	view	VERB
ftr-458	616	28	them	they	PRON
ftr-458	616	29	as	as	ADP
ftr-458	616	30	carrying	carry	VERB
ftr-458	616	31	risks	risk	NOUN
ftr-458	616	32	of	of	ADP
ftr-458	616	33	a	a	DET
ftr-458	616	34	different	different	ADJ
ftr-458	616	35	nature	nature	NOUN
ftr-458	616	36	.	.	PUNCT
ftr-458	617	1	under	under	ADP
ftr-458	617	2	capm	capm	PROPN
ftr-458	617	3	,	,	PUNCT
ftr-458	617	4	a	a	DET
ftr-458	617	5	taxpayer	taxpayer	NOUN
ftr-458	617	6	with	with	ADP
ftr-458	617	7	a	a	DET
ftr-458	617	8	diversified	diversified	ADJ
ftr-458	617	9	portfolio	portfolio	NOUN
ftr-458	617	10	is	be	AUX
ftr-458	617	11	exposed	expose	VERB
ftr-458	617	12	to	to	ADP
ftr-458	617	13	one	one	NUM
ftr-458	617	14	risk	risk	NOUN
ftr-458	617	15	,	,	PUNCT
ftr-458	617	16	market	market	NOUN
ftr-458	617	17	risk	risk	NOUN
ftr-458	617	18	,	,	PUNCT
ftr-458	617	19	regardless	regardless	ADV
ftr-458	617	20	of	of	ADP
ftr-458	617	21	which	which	PRON
ftr-458	617	22	shares	share	VERB
ftr-458	617	23	the	the	DET
ftr-458	617	24	taxpayer	taxpayer	NOUN
ftr-458	617	25	owns	own	VERB
ftr-458	617	26	.	.	PUNCT
ftr-458	618	1	using	use	VERB
ftr-458	618	2	capm	capm	PROPN
ftr-458	618	3	,	,	PUNCT
ftr-458	618	4	a	a	DET
ftr-458	618	5	property	property	NOUN
ftr-458	618	6	-	-	PUNCT
ftr-458	618	7	for	for	ADP
ftr-458	618	8	-	-	PUNCT
ftr-458	618	9	property	property	NOUN
ftr-458	618	10	exchange	exchange	NOUN
ftr-458	618	11	by	by	ADP
ftr-458	618	12	a	a	DET
ftr-458	618	13	taxpayer	taxpayer	NOUN
ftr-458	618	14	with	with	ADP
ftr-458	618	15	a	a	DET
ftr-458	618	16	diversified	diversified	ADJ
ftr-458	618	17	portfolio	portfolio	NOUN
ftr-458	618	18	substitutes	substitute	VERB
ftr-458	618	19	one	one	NUM
ftr-458	618	20	exposure	exposure	NOUN
ftr-458	618	21	to	to	ADP
ftr-458	618	22	market	market	NOUN
ftr-458	618	23	risk	risk	NOUN
ftr-458	618	24	(	(	PUNCT
ftr-458	618	25	measured	measure	VERB
ftr-458	618	26	by	by	ADP
ftr-458	618	27	beta	beta	NOUN
ftr-458	618	28	)	)	PUNCT
ftr-458	618	29	for	for	ADP
ftr-458	618	30	another	another	PRON
ftr-458	618	31	.	.	PUNCT
ftr-458	619	1	example	example	NOUN
ftr-458	619	2	4	4	NUM
ftr-458	619	3	illustrates	illustrate	VERB
ftr-458	619	4	the	the	DET
ftr-458	619	5	idea	idea	NOUN
ftr-458	619	6	of	of	ADP
ftr-458	619	7	a	a	DET
ftr-458	619	8	property	property	NOUN
ftr-458	619	9	-	-	PUNCT
ftr-458	619	10	for	for	ADP
ftr-458	619	11	-	-	PUNCT
ftr-458	619	12	property	property	NOUN
ftr-458	619	13	exchange	exchange	NOUN
ftr-458	619	14	as	as	ADP
ftr-458	619	15	a	a	DET
ftr-458	619	16	change	change	NOUN
ftr-458	619	17	in	in	ADP
ftr-458	619	18	the	the	DET
ftr-458	619	19	taxpayer	taxpayer	NOUN
ftr-458	619	20	's	's	PART
ftr-458	619	21	sensitivity	sensitivity	NOUN
ftr-458	619	22	to	to	ADP
ftr-458	619	23	a	a	DET
ftr-458	619	24	single	single	ADJ
ftr-458	619	25	random	random	ADJ
ftr-458	619	26	variable	variable	NOUN
ftr-458	619	27	.	.	PUNCT
ftr-458	620	1	example	example	NOUN
ftr-458	621	1	4	4	NUM
ftr-458	621	2	.	.	PUNCT
ftr-458	621	3	taxpayer	taxpayer	NOUN
ftr-458	621	4	owns	own	VERB
ftr-458	621	5	coin	coin	NOUN
ftr-458	621	6	flip	flip	NOUN
ftr-458	621	7	and	and	CCONJ
ftr-458	621	8	exchanges	exchange	NOUN
ftr-458	621	9	it	it	PRON
ftr-458	621	10	for	for	ADP
ftr-458	621	11	a	a	DET
ftr-458	621	12	new	new	ADJ
ftr-458	621	13	asset	asset	NOUN
ftr-458	621	14	that	that	PRON
ftr-458	621	15	pays	pay	VERB
ftr-458	621	16	$	$	SYM
ftr-458	621	17	75	75	NUM
ftr-458	621	18	or	or	CCONJ
ftr-458	621	19	$	$	SYM
ftr-458	621	20	25	25	NUM
ftr-458	621	21	,	,	PUNCT
ftr-458	621	22	respectively	respectively	ADV
ftr-458	621	23	,	,	PUNCT
ftr-458	621	24	based	base	VERB
ftr-458	621	25	on	on	ADP
ftr-458	621	26	whether	whether	SCONJ
ftr-458	621	27	the	the	DET
ftr-458	621	28	coin	coin	NOUN
ftr-458	621	29	used	use	VERB
ftr-458	621	30	in	in	ADP
ftr-458	621	31	coin	coin	NOUN
ftr-458	621	32	flip	flip	NOUN
ftr-458	621	33	turns	turn	VERB
ftr-458	621	34	up	up	ADP
ftr-458	621	35	heads	head	NOUN
ftr-458	621	36	or	or	CCONJ
ftr-458	621	37	tails	tail	NOUN
ftr-458	621	38	.	.	PUNCT
ftr-458	622	1	1.25	1.25	NUM
ftr-458	622	2	,	,	PUNCT
ftr-458	622	3	respectively	respectively	ADV
ftr-458	622	4	,	,	PUNCT
ftr-458	622	5	in	in	ADP
ftr-458	622	6	march	march	PROPN
ftr-458	622	7	1995	1995	NUM
ftr-458	622	8	to	to	ADP
ftr-458	622	9	0.98	0.98	NUM
ftr-458	622	10	,	,	PUNCT
ftr-458	622	11	1.59	1.59	NUM
ftr-458	622	12	,	,	PUNCT
ftr-458	622	13	and	and	CCONJ
ftr-458	622	14	1.2	1.2	NUM
ftr-458	622	15	in	in	ADP
ftr-458	622	16	may	may	PROPN
ftr-458	622	17	1995	1995	NUM
ftr-458	622	18	.	.	PUNCT
ftr-458	623	1	see	see	VERB
ftr-458	623	2	barra	barra	PROPN
ftr-458	623	3	u.s	u.s	PROPN
ftr-458	623	4	.	.	PROPN
ftr-458	623	5	equity	equity	PROPN
ftr-458	623	6	beta	beta	PROPN
ftr-458	623	7	book	book	NOUN
ftr-458	623	8	-	-	PUNCT
ftr-458	623	9	company	company	NOUN
ftr-458	623	10	listing	listing	NOUN
ftr-458	623	11	(	(	PUNCT
ftr-458	623	12	may	may	PROPN
ftr-458	623	13	1995	1995	NUM
ftr-458	623	14	)	)	PUNCT
ftr-458	623	15	;	;	PUNCT
ftr-458	623	16	barra	barra	PROPN
ftr-458	623	17	u.s	u.s	PROPN
ftr-458	623	18	.	.	PROPN
ftr-458	623	19	equity	equity	PROPN
ftr-458	623	20	beta	beta	PROPN
ftr-458	623	21	book	book	NOUN
ftr-458	623	22	-	-	PUNCT
ftr-458	623	23	company	company	NOUN
ftr-458	623	24	listing	listing	NOUN
ftr-458	623	25	(	(	PUNCT
ftr-458	623	26	march	march	PROPN
ftr-458	623	27	1995	1995	NUM
ftr-458	623	28	)	)	PUNCT
ftr-458	623	29	.	.	PUNCT
ftr-458	624	1	see	see	VERB
ftr-458	624	2	also	also	ADV
ftr-458	624	3	marshall	marshall	PROPN
ftr-458	624	4	f.	f.	PROPN
ftr-458	624	5	blume	blume	PROPN
ftr-458	624	6	,	,	PUNCT
ftr-458	624	7	on	on	ADP
ftr-458	624	8	the	the	DET
ftr-458	624	9	assessment	assessment	NOUN
ftr-458	624	10	of	of	ADP
ftr-458	624	11	risk	risk	NOUN
ftr-458	624	12	,	,	PUNCT
ftr-458	624	13	26	26	NUM
ftr-458	624	14	j.	j.	PROPN
ftr-458	624	15	fin	fin	PROPN
ftr-458	624	16	.	.	PROPN
ftr-458	625	1	1	1	NUM
ftr-458	625	2	,	,	PUNCT
ftr-458	625	3	8	8	NUM
ftr-458	625	4	(	(	PUNCT
ftr-458	625	5	1971	1971	NUM
ftr-458	625	6	)	)	PUNCT
ftr-458	625	7	(	(	PUNCT
ftr-458	625	8	concluding	conclude	VERB
ftr-458	625	9	that	that	SCONJ
ftr-458	625	10	estimates	estimate	NOUN
ftr-458	625	11	of	of	ADP
ftr-458	625	12	beta	beta	NOUN
ftr-458	625	13	tend	tend	NOUN
ftr-458	625	14	to	to	PART
ftr-458	625	15	regress	regress	VERB
ftr-458	625	16	towards	towards	PART
ftr-458	625	17	mean	mean	VERB
ftr-458	625	18	over	over	ADP
ftr-458	625	19	time	time	NOUN
ftr-458	625	20	)	)	PUNCT
ftr-458	625	21	;	;	PUNCT
ftr-458	625	22	robert	robert	PROPN
ftr-458	625	23	a.	a.	NOUN
ftr-458	625	24	levy	levy	PROPN
ftr-458	625	25	,	,	PUNCT
ftr-458	625	26	on	on	ADP
ftr-458	625	27	the	the	DET
ftr-458	625	28	short	short	ADJ
ftr-458	625	29	-	-	PUNCT
ftr-458	625	30	term	term	NOUN
ftr-458	625	31	stationarity	stationarity	NOUN
ftr-458	625	32	of	of	ADP
ftr-458	625	33	beta	beta	ADJ
ftr-458	625	34	coefficients	coefficient	NOUN
ftr-458	625	35	,	,	PUNCT
ftr-458	625	36	fin	fin	NOUN
ftr-458	625	37	.	.	PUNCT
ftr-458	626	1	analysts	analyst	NOUN
ftr-458	626	2	j.	j.	PROPN
ftr-458	626	3	,	,	PUNCT
ftr-458	626	4	nov.-dec	nov.-dec	PROPN
ftr-458	626	5	.	.	PROPN
ftr-458	626	6	1971	1971	NUM
ftr-458	626	7	,	,	PUNCT
ftr-458	626	8	at	at	ADP
ftr-458	626	9	55	55	NUM
ftr-458	626	10	,	,	PUNCT
ftr-458	626	11	62	62	NUM
ftr-458	626	12	(	(	PUNCT
ftr-458	626	13	providing	provide	VERB
ftr-458	626	14	evidence	evidence	NOUN
ftr-458	626	15	that	that	SCONJ
ftr-458	626	16	beta	beta	NOUN
ftr-458	626	17	tends	tend	VERB
ftr-458	626	18	to	to	PART
ftr-458	626	19	be	be	AUX
ftr-458	626	20	"	"	PUNCT
ftr-458	626	21	stationary	stationary	ADJ
ftr-458	626	22	for	for	ADP
ftr-458	626	23	large	large	ADJ
ftr-458	626	24	portfolios	portfolio	NOUN
ftr-458	626	25	,	,	PUNCT
ftr-458	626	26	less	less	ADV
ftr-458	626	27	stationary	stationary	ADJ
ftr-458	626	28	for	for	ADP
ftr-458	626	29	smaller	small	ADJ
ftr-458	626	30	portfolios	portfolio	NOUN
ftr-458	626	31	and	and	CCONJ
ftr-458	626	32	unpredictable	unpredictable	ADJ
ftr-458	626	33	for	for	ADP
ftr-458	626	34	individual	individual	ADJ
ftr-458	626	35	securities	security	NOUN
ftr-458	626	36	"	"	PUNCT
ftr-458	626	37	)	)	PUNCT
ftr-458	626	38	;	;	PUNCT
ftr-458	626	39	thomas	thomas	PROPN
ftr-458	626	40	m.	m.	PROPN
ftr-458	626	41	tole	tole	PROPN
ftr-458	626	42	,	,	PUNCT
ftr-458	626	43	how	how	SCONJ
ftr-458	626	44	to	to	PART
ftr-458	626	45	maximize	maximize	VERB
ftr-458	626	46	stationarity	stationarity	NOUN
ftr-458	626	47	of	of	ADP
ftr-458	626	48	beta	beta	NOUN
ftr-458	626	49	,	,	PUNCT
ftr-458	626	50	j.	j.	PROPN
ftr-458	626	51	portfolio	portfolio	PROPN
ftr-458	626	52	mgmt	mgmt	PROPN
ftr-458	626	53	.	.	PROPN
ftr-458	626	54	,	,	PUNCT
ftr-458	626	55	winter	winter	NOUN
ftr-458	626	56	1981	1981	NUM
ftr-458	626	57	,	,	PUNCT
ftr-458	626	58	at	at	ADP
ftr-458	626	59	45	45	NUM
ftr-458	626	60	,	,	PUNCT
ftr-458	626	61	47	47	NUM
ftr-458	626	62	(	(	PUNCT
ftr-458	626	63	arguing	argue	VERB
ftr-458	626	64	that	that	SCONJ
ftr-458	626	65	increasing	increase	VERB
ftr-458	626	66	number	number	NOUN
ftr-458	626	67	of	of	ADP
ftr-458	626	68	securities	security	NOUN
ftr-458	626	69	in	in	ADP
ftr-458	626	70	portfolio	portfolio	NOUN
ftr-458	626	71	improves	improve	VERB
ftr-458	626	72	two	two	NUM
ftr-458	626	73	conditions	condition	NOUN
ftr-458	626	74	necessary	necessary	ADJ
ftr-458	626	75	for	for	ADP
ftr-458	626	76	stationary	stationary	ADJ
ftr-458	626	77	portfolio	portfolio	NOUN
ftr-458	626	78	beta	beta	NOUN
ftr-458	626	79	)	)	PUNCT
ftr-458	626	80	.	.	PUNCT
ftr-458	627	1	risk	risk	NOUN
ftr-458	627	2	measurement	measurement	NOUN
ftr-458	627	3	involves	involve	VERB
ftr-458	627	4	speculative	speculative	ADJ
ftr-458	627	5	predictions	prediction	NOUN
ftr-458	627	6	about	about	ADP
ftr-458	627	7	the	the	DET
ftr-458	627	8	future	future	NOUN
ftr-458	627	9	or	or	CCONJ
ftr-458	627	10	extrapolations	extrapolation	NOUN
ftr-458	627	11	from	from	ADP
ftr-458	627	12	the	the	DET
ftr-458	627	13	past	past	NOUN
ftr-458	627	14	.	.	PUNCT
ftr-458	628	1	because	because	SCONJ
ftr-458	628	2	probabilities	probability	NOUN
ftr-458	628	3	of	of	ADP
ftr-458	628	4	possible	possible	ADJ
ftr-458	628	5	outcomes	outcome	NOUN
ftr-458	628	6	can	can	AUX
ftr-458	628	7	not	not	PART
ftr-458	628	8	be	be	AUX
ftr-458	628	9	easily	easily	ADV
ftr-458	628	10	determined	determine	VERB
ftr-458	628	11	,	,	PUNCT
ftr-458	628	12	most	most	ADJ
ftr-458	628	13	financial	financial	ADJ
ftr-458	628	14	analysts	analyst	NOUN
ftr-458	628	15	use	use	VERB
ftr-458	628	16	historical	historical	ADJ
ftr-458	628	17	data	datum	NOUN
ftr-458	628	18	to	to	PART
ftr-458	628	19	calculate	calculate	VERB
ftr-458	628	20	variance	variance	NOUN
ftr-458	628	21	.	.	PUNCT
ftr-458	629	1	brealey	brealey	PROPN
ftr-458	629	2	&	&	CCONJ
ftr-458	629	3	myers	myers	PROPN
ftr-458	629	4	,	,	PUNCT
ftr-458	629	5	supra	supra	PROPN
ftr-458	629	6	note	note	NOUN
ftr-458	629	7	52	52	NUM
ftr-458	629	8	,	,	PUNCT
ftr-458	629	9	at	at	ADP
ftr-458	629	10	135	135	NUM
ftr-458	629	11	-	-	SYM
ftr-458	629	12	36	36	NUM
ftr-458	629	13	.	.	PUNCT
ftr-458	630	1	portfolio	portfolio	NOUN
ftr-458	630	2	managers	manager	NOUN
ftr-458	630	3	and	and	CCONJ
ftr-458	630	4	other	other	ADJ
ftr-458	630	5	investment	investment	NOUN
ftr-458	630	6	professionals	professional	NOUN
ftr-458	630	7	spend	spend	VERB
ftr-458	630	8	significant	significant	ADJ
ftr-458	630	9	time	time	NOUN
ftr-458	630	10	and	and	CCONJ
ftr-458	630	11	effort	effort	NOUN
ftr-458	630	12	using	use	VERB
ftr-458	630	13	sophisticated	sophisticated	ADJ
ftr-458	630	14	statistical	statistical	ADJ
ftr-458	630	15	procedures	procedure	NOUN
ftr-458	630	16	to	to	PART
ftr-458	630	17	estimate	estimate	VERB
ftr-458	630	18	risk	risk	NOUN
ftr-458	630	19	.	.	PUNCT
ftr-458	631	1	"	"	PUNCT
ftr-458	631	2	beta	beta	ADJ
ftr-458	631	3	books	book	NOUN
ftr-458	631	4	"	"	PUNCT
ftr-458	631	5	are	be	AUX
ftr-458	631	6	published	publish	VERB
ftr-458	631	7	by	by	ADP
ftr-458	631	8	various	various	ADJ
ftr-458	631	9	financial	financial	ADJ
ftr-458	631	10	advisory	advisory	ADJ
ftr-458	631	11	services	service	NOUN
ftr-458	631	12	and	and	CCONJ
ftr-458	631	13	brokerages	brokerage	NOUN
ftr-458	631	14	providing	provide	VERB
ftr-458	631	15	betas	beta	NOUN
ftr-458	631	16	for	for	ADP
ftr-458	631	17	various	various	ADJ
ftr-458	631	18	stocks	stock	NOUN
ftr-458	631	19	.	.	PUNCT
ftr-458	632	1	see	see	VERB
ftr-458	632	2	,	,	PUNCT
ftr-458	632	3	e.g.	e.g.	ADV
ftr-458	632	4	,	,	PUNCT
ftr-458	632	5	barra	barra	PROPN
ftr-458	632	6	,	,	PUNCT
ftr-458	632	7	supra	supra	PROPN
ftr-458	632	8	.	.	PUNCT
ftr-458	633	1	such	such	ADJ
ftr-458	633	2	calculations	calculation	NOUN
ftr-458	633	3	are	be	AUX
ftr-458	633	4	estimates	estimate	NOUN
ftr-458	633	5	,	,	PUNCT
ftr-458	633	6	some	some	PRON
ftr-458	633	7	more	more	ADV
ftr-458	633	8	accurate	accurate	ADJ
ftr-458	633	9	than	than	ADP
ftr-458	633	10	others	other	NOUN
ftr-458	633	11	.	.	PUNCT
ftr-458	634	1	brealey	brealey	PROPN
ftr-458	634	2	&	&	CCONJ
ftr-458	634	3	myers	myers	PROPN
ftr-458	634	4	,	,	PUNCT
ftr-458	634	5	supra	supra	PROPN
ftr-458	634	6	note	note	NOUN
ftr-458	634	7	52	52	NUM
ftr-458	634	8	,	,	PUNCT
ftr-458	634	9	at	at	ADP
ftr-458	634	10	185	185	NUM
ftr-458	634	11	-	-	SYM
ftr-458	634	12	89	89	NUM
ftr-458	634	13	.	.	PUNCT
ftr-458	635	1	[	[	X
ftr-458	635	2	vol	vol	NOUN
ftr-458	635	3	3:1	3:1	NUM
ftr-458	635	4	another	another	DET
ftr-458	635	5	uneasy	uneasy	ADJ
ftr-458	635	6	compromise	compromise	NOUN
ftr-458	635	7	probability	probability	NOUN
ftr-458	635	8	and	and	CCONJ
ftr-458	635	9	expected	expect	VERB
ftr-458	635	10	standard	standard	ADJ
ftr-458	635	11	outcome	outcome	NOUN
ftr-458	635	12	value	value	NOUN
ftr-458	635	13	variance	variance	NOUN
ftr-458	635	14	deviation	deviation	NOUN
ftr-458	635	15	coin	coin	NOUN
ftr-458	635	16	flip	flip	NOUN
ftr-458	635	17	50	50	NUM
ftr-458	635	18	%	%	NOUN
ftr-458	635	19	100	100	NUM
ftr-458	635	20	50	50	NUM
ftr-458	635	21	2500	2500	NUM
ftr-458	635	22	50	50	NUM
ftr-458	635	23	50	50	NUM
ftr-458	635	24	%	%	NOUN
ftr-458	635	25	0	0	NUM
ftr-458	636	1	new	new	ADJ
ftr-458	636	2	asset	asset	NOUN
ftr-458	636	3	50	50	NUM
ftr-458	636	4	%	%	NOUN
ftr-458	636	5	75	75	NUM
ftr-458	636	6	50	50	NUM
ftr-458	636	7	625	625	NUM
ftr-458	636	8	25	25	NUM
ftr-458	636	9	50	50	NUM
ftr-458	636	10	%	%	NOUN
ftr-458	636	11	25	25	NUM
ftr-458	636	12	before	before	ADP
ftr-458	636	13	and	and	CCONJ
ftr-458	636	14	after	after	ADP
ftr-458	636	15	the	the	DET
ftr-458	636	16	exchange	exchange	NOUN
ftr-458	636	17	,	,	PUNCT
ftr-458	636	18	the	the	DET
ftr-458	636	19	taxpayer	taxpayer	NOUN
ftr-458	636	20	owns	own	VERB
ftr-458	636	21	an	an	DET
ftr-458	636	22	asset	asset	NOUN
ftr-458	636	23	that	that	PRON
ftr-458	636	24	is	be	AUX
ftr-458	636	25	sensitive	sensitive	ADJ
ftr-458	636	26	to	to	ADP
ftr-458	636	27	the	the	DET
ftr-458	636	28	flip	flip	NOUN
ftr-458	636	29	of	of	ADP
ftr-458	636	30	a	a	DET
ftr-458	636	31	particular	particular	ADJ
ftr-458	636	32	coin	coin	NOUN
ftr-458	636	33	,	,	PUNCT
ftr-458	636	34	but	but	CCONJ
ftr-458	636	35	the	the	DET
ftr-458	636	36	degree	degree	NOUN
ftr-458	636	37	of	of	ADP
ftr-458	636	38	sensitivity	sensitivity	NOUN
ftr-458	636	39	of	of	ADP
ftr-458	636	40	the	the	DET
ftr-458	636	41	initially	initially	ADV
ftr-458	636	42	-	-	PUNCT
ftr-458	636	43	owned	own	VERB
ftr-458	636	44	and	and	CCONJ
ftr-458	636	45	subsequently	subsequently	ADV
ftr-458	636	46	-	-	PUNCT
ftr-458	636	47	owned	own	VERB
ftr-458	636	48	assets	asset	NOUN
ftr-458	636	49	differs	differ	NOUN
ftr-458	636	50	.	.	PUNCT
ftr-458	637	1	similarly	similarly	ADV
ftr-458	637	2	,	,	PUNCT
ftr-458	637	3	if	if	SCONJ
ftr-458	637	4	a	a	DET
ftr-458	637	5	taxpayer	taxpayer	NOUN
ftr-458	637	6	with	with	ADP
ftr-458	637	7	a	a	DET
ftr-458	637	8	diversified	diversified	ADJ
ftr-458	637	9	portfolio	portfolio	NOUN
ftr-458	637	10	exchanges	exchange	NOUN
ftr-458	637	11	stock	stock	NOUN
ftr-458	637	12	in	in	ADP
ftr-458	637	13	one	one	NUM
ftr-458	637	14	corporation	corporation	NOUN
ftr-458	637	15	for	for	ADP
ftr-458	637	16	stock	stock	NOUN
ftr-458	637	17	in	in	ADP
ftr-458	637	18	another	another	DET
ftr-458	637	19	corporation	corporation	NOUN
ftr-458	637	20	,	,	PUNCT
ftr-458	637	21	the	the	DET
ftr-458	637	22	taxpayer	taxpayer	NOUN
ftr-458	637	23	is	be	AUX
ftr-458	637	24	exposed	expose	VERB
ftr-458	637	25	to	to	ADP
ftr-458	637	26	one	one	NUM
ftr-458	637	27	kind	kind	NOUN
ftr-458	637	28	of	of	ADP
ftr-458	637	29	risk	risk	NOUN
ftr-458	637	30	,	,	PUNCT
ftr-458	637	31	market	market	NOUN
ftr-458	637	32	risk	risk	NOUN
ftr-458	637	33	,	,	PUNCT
ftr-458	637	34	before	before	ADP
ftr-458	637	35	and	and	CCONJ
ftr-458	637	36	after	after	ADP
ftr-458	637	37	the	the	DET
ftr-458	637	38	transaction	transaction	NOUN
ftr-458	637	39	,	,	PUNCT
ftr-458	637	40	but	but	CCONJ
ftr-458	637	41	the	the	DET
ftr-458	637	42	sensitivity	sensitivity	NOUN
ftr-458	637	43	to	to	PART
ftr-458	637	44	market	market	VERB
ftr-458	637	45	risk	risk	NOUN
ftr-458	637	46	of	of	ADP
ftr-458	637	47	the	the	DET
ftr-458	637	48	initiallyand	initiallyand	NOUN
ftr-458	637	49	subsequently	subsequently	ADV
ftr-458	637	50	-	-	PUNCT
ftr-458	637	51	owned	own	VERB
ftr-458	637	52	stock	stock	NOUN
ftr-458	637	53	differs	differ	NOUN
ftr-458	637	54	as	as	SCONJ
ftr-458	637	55	reflected	reflect	VERB
ftr-458	637	56	in	in	ADP
ftr-458	637	57	their	their	PRON
ftr-458	637	58	different	different	ADJ
ftr-458	637	59	betas	beta	NOUN
ftr-458	637	60	.	.	PUNCT
ftr-458	638	1	even	even	ADV
ftr-458	638	2	apart	apart	ADV
ftr-458	638	3	from	from	ADP
ftr-458	638	4	capm	capm	PROPN
ftr-458	638	5	,	,	PUNCT
ftr-458	638	6	the	the	DET
ftr-458	638	7	riskiness	riskiness	NOUN
ftr-458	638	8	of	of	ADP
ftr-458	638	9	a	a	DET
ftr-458	638	10	share	share	NOUN
ftr-458	638	11	of	of	ADP
ftr-458	638	12	stock	stock	NOUN
ftr-458	638	13	depends	depend	VERB
ftr-458	638	14	on	on	ADP
ftr-458	638	15	the	the	DET
ftr-458	638	16	assets	asset	NOUN
ftr-458	638	17	and	and	CCONJ
ftr-458	638	18	liabilities	liability	NOUN
ftr-458	638	19	of	of	ADP
ftr-458	638	20	the	the	DET
ftr-458	638	21	issuer	issuer	NOUN
ftr-458	638	22	.	.	PUNCT
ftr-458	639	1	the	the	DET
ftr-458	639	2	nature	nature	NOUN
ftr-458	639	3	of	of	ADP
ftr-458	639	4	the	the	DET
ftr-458	639	5	risk	risk	NOUN
ftr-458	639	6	to	to	PART
ftr-458	639	7	which	which	PRON
ftr-458	639	8	a	a	DET
ftr-458	639	9	taxpayer	taxpayer	NOUN
ftr-458	639	10	is	be	AUX
ftr-458	639	11	exposed	expose	VERB
ftr-458	639	12	could	could	AUX
ftr-458	639	13	therefore	therefore	ADV
ftr-458	639	14	be	be	AUX
ftr-458	639	15	defined	define	VERB
ftr-458	639	16	by	by	ADP
ftr-458	639	17	reference	reference	NOUN
ftr-458	639	18	to	to	ADP
ftr-458	639	19	those	those	DET
ftr-458	639	20	assets	asset	NOUN
ftr-458	639	21	and	and	CCONJ
ftr-458	639	22	liabilities	liability	NOUN
ftr-458	639	23	,	,	PUNCT
ftr-458	639	24	rather	rather	ADV
ftr-458	639	25	than	than	ADP
ftr-458	639	26	the	the	DET
ftr-458	639	27	share	share	NOUN
ftr-458	639	28	of	of	ADP
ftr-458	639	29	stock	stock	NOUN
ftr-458	639	30	.	.	PUNCT
ftr-458	640	1	as	as	SCONJ
ftr-458	640	2	illustrated	illustrate	VERB
ftr-458	640	3	in	in	ADP
ftr-458	640	4	example	example	NOUN
ftr-458	640	5	5	5	NUM
ftr-458	640	6	,	,	PUNCT
ftr-458	640	7	whether	whether	SCONJ
ftr-458	640	8	a	a	DET
ftr-458	640	9	transaction	transaction	NOUN
ftr-458	640	10	is	be	AUX
ftr-458	640	11	viewed	view	VERB
ftr-458	640	12	as	as	ADP
ftr-458	640	13	changing	change	VERB
ftr-458	640	14	the	the	DET
ftr-458	640	15	nature	nature	NOUN
ftr-458	640	16	of	of	ADP
ftr-458	640	17	the	the	DET
ftr-458	640	18	risk	risk	NOUN
ftr-458	640	19	to	to	PART
ftr-458	640	20	which	which	PRON
ftr-458	640	21	a	a	DET
ftr-458	640	22	taxpayer	taxpayer	NOUN
ftr-458	640	23	is	be	AUX
ftr-458	640	24	exposed	expose	VERB
ftr-458	640	25	depends	depend	VERB
ftr-458	640	26	on	on	ADP
ftr-458	640	27	whether	whether	SCONJ
ftr-458	640	28	the	the	DET
ftr-458	640	29	nature	nature	NOUN
ftr-458	640	30	of	of	ADP
ftr-458	640	31	the	the	DET
ftr-458	640	32	taxpayer	taxpayer	NOUN
ftr-458	640	33	's	's	PART
ftr-458	640	34	risk	risk	NOUN
ftr-458	640	35	is	be	AUX
ftr-458	640	36	defined	define	VERB
ftr-458	640	37	by	by	ADP
ftr-458	640	38	reference	reference	NOUN
ftr-458	640	39	to	to	ADP
ftr-458	640	40	the	the	DET
ftr-458	640	41	entity	entity	NOUN
ftr-458	640	42	's	's	PART
ftr-458	640	43	assets	asset	NOUN
ftr-458	640	44	and	and	CCONJ
ftr-458	640	45	liabilities	liability	NOUN
ftr-458	640	46	or	or	CCONJ
ftr-458	640	47	the	the	DET
ftr-458	640	48	stock	stock	NOUN
ftr-458	640	49	that	that	PRON
ftr-458	640	50	the	the	DET
ftr-458	640	51	taxpayer	taxpayer	NOUN
ftr-458	640	52	owns	own	VERB
ftr-458	640	53	.	.	PUNCT
ftr-458	641	1	example	example	NOUN
ftr-458	641	2	5	5	NUM
ftr-458	641	3	.	.	PUNCT
ftr-458	642	1	taxpayer	taxpayer	NOUN
ftr-458	642	2	owns	own	VERB
ftr-458	642	3	stock	stock	NOUN
ftr-458	642	4	in	in	ADP
ftr-458	642	5	a	a	DET
ftr-458	642	6	corporation	corporation	NOUN
ftr-458	642	7	that	that	PRON
ftr-458	642	8	owns	own	VERB
ftr-458	642	9	coin	coin	NOUN
ftr-458	642	10	flip	flip	NOUN
ftr-458	642	11	.	.	PUNCT
ftr-458	643	1	the	the	DET
ftr-458	643	2	corporation	corporation	NOUN
ftr-458	643	3	exchanges	exchange	VERB
ftr-458	643	4	coin	coin	NOUN
ftr-458	643	5	flip	flip	NOUN
ftr-458	643	6	for	for	ADP
ftr-458	643	7	another	another	DET
ftr-458	643	8	asset	asset	NOUN
ftr-458	643	9	,	,	PUNCT
ftr-458	643	10	a	a	DET
ftr-458	643	11	bet	bet	NOUN
ftr-458	643	12	on	on	ADP
ftr-458	643	13	a	a	DET
ftr-458	643	14	roll	roll	NOUN
ftr-458	643	15	of	of	ADP
ftr-458	643	16	a	a	DET
ftr-458	643	17	pair	pair	NOUN
ftr-458	643	18	of	of	ADP
ftr-458	643	19	dice	dice	NOUN
ftr-458	643	20	.	.	PUNCT
ftr-458	644	1	the	the	DET
ftr-458	644	2	exchange	exchange	NOUN
ftr-458	644	3	is	be	AUX
ftr-458	644	4	a	a	DET
ftr-458	644	5	realization	realization	NOUN
ftr-458	644	6	event	event	NOUN
ftr-458	644	7	for	for	ADP
ftr-458	644	8	the	the	DET
ftr-458	644	9	corporation	corporation	NOUN
ftr-458	644	10	,	,	PUNCT
ftr-458	644	11	but	but	CCONJ
ftr-458	644	12	not	not	PART
ftr-458	644	13	for	for	ADP
ftr-458	644	14	the	the	DET
ftr-458	644	15	taxpayer	taxpayer	NOUN
ftr-458	644	16	/	/	SYM
ftr-458	644	17	stockholder,58	stockholder,58	NOUN
ftr-458	644	18	because	because	SCONJ
ftr-458	644	19	the	the	DET
ftr-458	644	20	taxpayer	taxpayer	NOUN
ftr-458	644	21	holds	hold	VERB
ftr-458	644	22	stock	stock	NOUN
ftr-458	644	23	without	without	ADP
ftr-458	644	24	exchanging	exchange	VERB
ftr-458	644	25	anything	anything	PRON
ftr-458	644	26	.	.	PUNCT
ftr-458	645	1	but	but	CCONJ
ftr-458	645	2	,	,	PUNCT
ftr-458	645	3	the	the	DET
ftr-458	645	4	nature	nature	NOUN
ftr-458	645	5	of	of	ADP
ftr-458	645	6	the	the	DET
ftr-458	645	7	taxpayer	taxpayer	NOUN
ftr-458	645	8	's	's	PART
ftr-458	645	9	risk	risk	NOUN
ftr-458	645	10	has	have	AUX
ftr-458	645	11	changed	change	VERB
ftr-458	645	12	.	.	PUNCT
ftr-458	646	1	the	the	DET
ftr-458	646	2	taxpayer	taxpayer	NOUN
ftr-458	646	3	was	be	AUX
ftr-458	646	4	first	first	ADV
ftr-458	646	5	exposed	expose	VERB
ftr-458	646	6	to	to	ADP
ftr-458	646	7	the	the	DET
ftr-458	646	8	flip	flip	NOUN
ftr-458	646	9	of	of	ADP
ftr-458	646	10	a	a	DET
ftr-458	646	11	coin	coin	NOUN
ftr-458	646	12	and	and	CCONJ
ftr-458	646	13	then	then	ADV
ftr-458	646	14	exposed	expose	VERB
ftr-458	646	15	to	to	ADP
ftr-458	646	16	a	a	DET
ftr-458	646	17	roll	roll	NOUN
ftr-458	646	18	of	of	ADP
ftr-458	646	19	dice	dice	NOUN
ftr-458	646	20	.	.	PUNCT
ftr-458	647	1	5	5	X
ftr-458	647	2	.	.	X
ftr-458	647	3	disposing	dispose	VERB
ftr-458	647	4	of	of	ADP
ftr-458	647	5	a	a	DET
ftr-458	647	6	portion	portion	NOUN
ftr-458	647	7	of	of	ADP
ftr-458	647	8	an	an	DET
ftr-458	647	9	asset.-even	asset.-even	NOUN
ftr-458	647	10	in	in	ADP
ftr-458	647	11	the	the	DET
ftr-458	647	12	case	case	NOUN
ftr-458	647	13	of	of	ADP
ftr-458	647	14	a	a	DET
ftr-458	647	15	sale	sale	NOUN
ftr-458	647	16	or	or	CCONJ
ftr-458	647	17	exchange	exchange	NOUN
ftr-458	647	18	that	that	PRON
ftr-458	647	19	changes	change	VERB
ftr-458	647	20	the	the	DET
ftr-458	647	21	amount	amount	NOUN
ftr-458	647	22	or	or	CCONJ
ftr-458	647	23	nature	nature	NOUN
ftr-458	647	24	of	of	ADP
ftr-458	647	25	risk	risk	NOUN
ftr-458	647	26	,	,	PUNCT
ftr-458	647	27	questions	question	NOUN
ftr-458	647	28	remain	remain	VERB
ftr-458	647	29	58	58	NUM
ftr-458	647	30	.	.	PUNCT
ftr-458	648	1	the	the	DET
ftr-458	648	2	absence	absence	NOUN
ftr-458	648	3	of	of	ADP
ftr-458	648	4	realization	realization	NOUN
ftr-458	648	5	with	with	ADP
ftr-458	648	6	respect	respect	NOUN
ftr-458	648	7	to	to	ADP
ftr-458	648	8	the	the	DET
ftr-458	648	9	taxpayer	taxpayer	NOUN
ftr-458	648	10	is	be	AUX
ftr-458	648	11	not	not	PART
ftr-458	648	12	a	a	DET
ftr-458	648	13	result	result	NOUN
ftr-458	648	14	of	of	ADP
ftr-458	648	15	the	the	DET
ftr-458	648	16	separate	separate	ADJ
ftr-458	648	17	tax	tax	NOUN
ftr-458	648	18	on	on	ADP
ftr-458	648	19	corporations	corporation	NOUN
ftr-458	648	20	,	,	PUNCT
ftr-458	648	21	but	but	CCONJ
ftr-458	648	22	rather	rather	ADV
ftr-458	648	23	is	be	AUX
ftr-458	648	24	the	the	DET
ftr-458	648	25	result	result	NOUN
ftr-458	648	26	when	when	SCONJ
ftr-458	648	27	any	any	DET
ftr-458	648	28	separate	separate	ADJ
ftr-458	648	29	entity	entity	NOUN
ftr-458	648	30	,	,	PUNCT
ftr-458	648	31	including	include	VERB
ftr-458	648	32	a	a	DET
ftr-458	648	33	passthrough	passthrough	NOUN
ftr-458	648	34	entity	entity	NOUN
ftr-458	648	35	,	,	PUNCT
ftr-458	648	36	holds	hold	VERB
ftr-458	648	37	coin	coin	NOUN
ftr-458	648	38	flip	flip	NOUN
ftr-458	648	39	.	.	PUNCT
ftr-458	649	1	if	if	SCONJ
ftr-458	649	2	the	the	DET
ftr-458	649	3	entity	entity	NOUN
ftr-458	649	4	were	be	AUX
ftr-458	649	5	a	a	DET
ftr-458	649	6	partnership	partnership	NOUN
ftr-458	649	7	or	or	CCONJ
ftr-458	649	8	s	s	NOUN
ftr-458	649	9	corporation	corporation	NOUN
ftr-458	649	10	rather	rather	ADV
ftr-458	649	11	than	than	ADP
ftr-458	649	12	a	a	DET
ftr-458	649	13	c	c	NOUN
ftr-458	649	14	corporation	corporation	NOUN
ftr-458	649	15	,	,	PUNCT
ftr-458	649	16	the	the	DET
ftr-458	649	17	taxpayer	taxpayer	NOUN
ftr-458	649	18	would	would	AUX
ftr-458	649	19	include	include	VERB
ftr-458	649	20	gain	gain	NOUN
ftr-458	649	21	or	or	CCONJ
ftr-458	649	22	loss	loss	NOUN
ftr-458	649	23	from	from	ADP
ftr-458	649	24	the	the	DET
ftr-458	649	25	entity	entity	NOUN
ftr-458	649	26	's	's	PART
ftr-458	649	27	exchange	exchange	NOUN
ftr-458	649	28	of	of	ADP
ftr-458	649	29	coin	coin	NOUN
ftr-458	649	30	flip	flip	NOUN
ftr-458	649	31	,	,	PUNCT
ftr-458	649	32	but	but	CCONJ
ftr-458	649	33	that	that	PRON
ftr-458	649	34	is	be	AUX
ftr-458	649	35	different	different	ADJ
ftr-458	649	36	from	from	ADP
ftr-458	649	37	deeming	deem	VERB
ftr-458	649	38	the	the	DET
ftr-458	649	39	taxpayer	taxpayer	NOUN
ftr-458	649	40	to	to	PART
ftr-458	649	41	have	have	AUX
ftr-458	649	42	sold	sell	VERB
ftr-458	649	43	the	the	DET
ftr-458	649	44	partnership	partnership	NOUN
ftr-458	649	45	interest	interest	NOUN
ftr-458	649	46	or	or	CCONJ
ftr-458	649	47	s	s	NOUN
ftr-458	649	48	corporation	corporation	NOUN
ftr-458	649	49	shares	share	NOUN
ftr-458	649	50	.	.	PUNCT
ftr-458	650	1	19961	19961	NUM
ftr-458	650	2	florida	florida	PROPN
ftr-458	650	3	tax	tax	NOUN
ftr-458	650	4	review	review	NOUN
ftr-458	650	5	about	about	ADP
ftr-458	650	6	what	what	PRON
ftr-458	650	7	the	the	DET
ftr-458	650	8	taxpayer	taxpayer	NOUN
ftr-458	650	9	disposed	dispose	VERB
ftr-458	650	10	of	of	ADP
ftr-458	650	11	.	.	PUNCT
ftr-458	651	1	if	if	SCONJ
ftr-458	651	2	a	a	DET
ftr-458	651	3	taxpayer	taxpayer	NOUN
ftr-458	651	4	replaces	replace	VERB
ftr-458	651	5	the	the	DET
ftr-458	651	6	engine	engine	NOUN
ftr-458	651	7	on	on	ADP
ftr-458	651	8	her	her	PRON
ftr-458	651	9	boat	boat	NOUN
ftr-458	651	10	,	,	PUNCT
ftr-458	651	11	she	she	PRON
ftr-458	651	12	could	could	AUX
ftr-458	651	13	be	be	AUX
ftr-458	651	14	viewed	view	VERB
ftr-458	651	15	as	as	ADP
ftr-458	651	16	disposing	dispose	VERB
ftr-458	651	17	of	of	ADP
ftr-458	651	18	the	the	DET
ftr-458	651	19	old	old	ADJ
ftr-458	651	20	engine	engine	NOUN
ftr-458	651	21	only	only	ADV
ftr-458	651	22	or	or	CCONJ
ftr-458	651	23	as	as	ADP
ftr-458	651	24	disposing	dispose	VERB
ftr-458	651	25	of	of	ADP
ftr-458	651	26	her	her	PRON
ftr-458	651	27	old	old	ADJ
ftr-458	651	28	boat	boat	NOUN
ftr-458	651	29	for	for	ADP
ftr-458	651	30	a	a	DET
ftr-458	651	31	new	new	ADJ
ftr-458	651	32	boat	boat	NOUN
ftr-458	651	33	.	.	PUNCT
ftr-458	652	1	similarly	similarly	ADV
ftr-458	652	2	,	,	PUNCT
ftr-458	652	3	risk	risk	NOUN
ftr-458	652	4	does	do	AUX
ftr-458	652	5	not	not	PART
ftr-458	652	6	help	help	VERB
ftr-458	652	7	determine	determine	VERB
ftr-458	652	8	whether	whether	SCONJ
ftr-458	652	9	the	the	DET
ftr-458	652	10	disposition	disposition	NOUN
ftr-458	652	11	illustrated	illustrate	VERB
ftr-458	652	12	in	in	ADP
ftr-458	652	13	example	example	NOUN
ftr-458	652	14	6	6	NUM
ftr-458	652	15	is	be	AUX
ftr-458	652	16	a	a	DET
ftr-458	652	17	disposition	disposition	NOUN
ftr-458	652	18	of	of	ADP
ftr-458	652	19	coin	coin	NOUN
ftr-458	652	20	flip	flip	NOUN
ftr-458	652	21	or	or	CCONJ
ftr-458	652	22	a	a	DET
ftr-458	652	23	subasset	subasset	NOUN
ftr-458	652	24	of	of	ADP
ftr-458	652	25	coin	coin	NOUN
ftr-458	652	26	flip	flip	NOUN
ftr-458	652	27	.	.	PUNCT
ftr-458	653	1	example	example	NOUN
ftr-458	653	2	6	6	NUM
ftr-458	653	3	.	.	PUNCT
ftr-458	653	4	coin	coin	NOUN
ftr-458	653	5	flip	flip	NOUN
ftr-458	653	6	can	can	AUX
ftr-458	653	7	be	be	AUX
ftr-458	653	8	viewed	view	VERB
ftr-458	653	9	as	as	ADP
ftr-458	653	10	a	a	DET
ftr-458	653	11	combination	combination	NOUN
ftr-458	653	12	of	of	ADP
ftr-458	653	13	two	two	NUM
ftr-458	653	14	assets	asset	NOUN
ftr-458	653	15	,	,	PUNCT
ftr-458	653	16	coin	coin	NOUN
ftr-458	653	17	flip	flip	NOUN
ftr-458	653	18	a	a	PRON
ftr-458	653	19	,	,	PUNCT
ftr-458	653	20	which	which	PRON
ftr-458	653	21	pays	pay	VERB
ftr-458	653	22	$	$	SYM
ftr-458	653	23	50	50	NUM
ftr-458	653	24	if	if	SCONJ
ftr-458	653	25	the	the	DET
ftr-458	653	26	coin	coin	NOUN
ftr-458	653	27	turns	turn	VERB
ftr-458	653	28	up	up	ADP
ftr-458	653	29	heads	head	NOUN
ftr-458	653	30	and	and	CCONJ
ftr-458	653	31	nothing	nothing	PRON
ftr-458	653	32	if	if	SCONJ
ftr-458	653	33	it	it	PRON
ftr-458	653	34	turns	turn	VERB
ftr-458	653	35	up	up	ADP
ftr-458	653	36	tails	tail	NOUN
ftr-458	653	37	,	,	PUNCT
ftr-458	653	38	and	and	CCONJ
ftr-458	653	39	coin	coin	NOUN
ftr-458	653	40	flip	flip	PROPN
ftr-458	653	41	b	b	PROPN
ftr-458	653	42	,	,	PUNCT
ftr-458	653	43	which	which	PRON
ftr-458	653	44	pays	pay	VERB
ftr-458	653	45	$	$	SYM
ftr-458	653	46	50	50	NUM
ftr-458	653	47	if	if	SCONJ
ftr-458	653	48	the	the	DET
ftr-458	653	49	same	same	ADJ
ftr-458	653	50	coin	coin	NOUN
ftr-458	653	51	turns	turn	VERB
ftr-458	653	52	up	up	ADP
ftr-458	653	53	heads	head	NOUN
ftr-458	653	54	and	and	CCONJ
ftr-458	653	55	nothing	nothing	PRON
ftr-458	653	56	if	if	SCONJ
ftr-458	653	57	it	it	PRON
ftr-458	653	58	turns	turn	VERB
ftr-458	653	59	up	up	ADP
ftr-458	653	60	tails	tail	NOUN
ftr-458	653	61	.	.	PUNCT
ftr-458	654	1	suppose	suppose	VERB
ftr-458	654	2	the	the	DET
ftr-458	654	3	taxpayer	taxpayer	NOUN
ftr-458	654	4	sells	sell	VERB
ftr-458	654	5	coin	coin	NOUN
ftr-458	654	6	flip	flip	NOUN
ftr-458	654	7	a	a	PRON
ftr-458	654	8	for	for	ADP
ftr-458	654	9	$	$	SYM
ftr-458	654	10	25	25	NUM
ftr-458	654	11	cash	cash	NOUN
ftr-458	654	12	.	.	PUNCT
ftr-458	655	1	that	that	PRON
ftr-458	655	2	might	might	AUX
ftr-458	655	3	be	be	AUX
ftr-458	655	4	a	a	DET
ftr-458	655	5	realization	realization	NOUN
ftr-458	655	6	event	event	NOUN
ftr-458	655	7	only	only	ADV
ftr-458	655	8	with	with	ADP
ftr-458	655	9	respect	respect	NOUN
ftr-458	655	10	to	to	ADP
ftr-458	655	11	coin	coin	PROPN
ftr-458	655	12	flip	flip	PROPN
ftr-458	655	13	a.	a.	NOUN
ftr-458	655	14	alternatively	alternatively	ADV
ftr-458	655	15	,	,	PUNCT
ftr-458	655	16	if	if	SCONJ
ftr-458	655	17	coin	coin	NOUN
ftr-458	655	18	flip	flip	NOUN
ftr-458	655	19	is	be	AUX
ftr-458	655	20	viewed	view	VERB
ftr-458	655	21	as	as	ADP
ftr-458	655	22	a	a	DET
ftr-458	655	23	single	single	ADJ
ftr-458	655	24	asset	asset	NOUN
ftr-458	655	25	,	,	PUNCT
ftr-458	655	26	then	then	ADV
ftr-458	655	27	the	the	DET
ftr-458	655	28	transaction	transaction	NOUN
ftr-458	655	29	is	be	AUX
ftr-458	655	30	a	a	DET
ftr-458	655	31	disposition	disposition	NOUN
ftr-458	655	32	of	of	ADP
ftr-458	655	33	coin	coin	NOUN
ftr-458	655	34	flip	flip	NOUN
ftr-458	655	35	in	in	ADP
ftr-458	655	36	exchange	exchange	NOUN
ftr-458	655	37	for	for	ADP
ftr-458	655	38	$	$	SYM
ftr-458	655	39	25	25	NUM
ftr-458	655	40	in	in	ADP
ftr-458	655	41	cash	cash	NOUN
ftr-458	655	42	plus	plus	CCONJ
ftr-458	655	43	coin	coin	PROPN
ftr-458	655	44	flip	flip	PROPN
ftr-458	655	45	b.	b.	PROPN
ftr-458	655	46	determining	determine	VERB
ftr-458	655	47	whether	whether	SCONJ
ftr-458	655	48	an	an	DET
ftr-458	655	49	asset	asset	NOUN
ftr-458	655	50	has	have	AUX
ftr-458	655	51	been	be	AUX
ftr-458	655	52	disposed	dispose	VERB
ftr-458	655	53	of	of	ADP
ftr-458	655	54	is	be	AUX
ftr-458	655	55	especially	especially	ADV
ftr-458	655	56	difficult	difficult	ADJ
ftr-458	655	57	in	in	ADP
ftr-458	655	58	the	the	DET
ftr-458	655	59	case	case	NOUN
ftr-458	655	60	of	of	ADP
ftr-458	655	61	a	a	DET
ftr-458	655	62	disposition	disposition	NOUN
ftr-458	655	63	of	of	ADP
ftr-458	655	64	a	a	DET
ftr-458	655	65	subasset	subasset	NOUN
ftr-458	655	66	for	for	ADP
ftr-458	655	67	property	property	NOUN
ftr-458	655	68	,	,	PUNCT
ftr-458	655	69	rather	rather	ADV
ftr-458	655	70	than	than	ADP
ftr-458	655	71	cash	cash	NOUN
ftr-458	655	72	,	,	PUNCT
ftr-458	655	73	particularly	particularly	ADV
ftr-458	655	74	if	if	SCONJ
ftr-458	655	75	the	the	DET
ftr-458	655	76	property	property	NOUN
ftr-458	655	77	received	receive	VERB
ftr-458	655	78	depends	depend	VERB
ftr-458	655	79	on	on	ADP
ftr-458	655	80	the	the	DET
ftr-458	655	81	same	same	ADJ
ftr-458	655	82	random	random	ADJ
ftr-458	655	83	variable	variable	NOUN
ftr-458	655	84	as	as	ADP
ftr-458	655	85	the	the	DET
ftr-458	655	86	subasset	subasset	NOUN
ftr-458	655	87	transferred	transfer	VERB
ftr-458	655	88	.	.	PUNCT
ftr-458	655	89	example	example	NOUN
ftr-458	655	90	7	7	NUM
ftr-458	655	91	.	.	PUNCT
ftr-458	655	92	suppose	suppose	VERB
ftr-458	655	93	,	,	PUNCT
ftr-458	655	94	as	as	SCONJ
ftr-458	655	95	in	in	ADP
ftr-458	655	96	example	example	NOUN
ftr-458	655	97	6	6	NUM
ftr-458	655	98	,	,	PUNCT
ftr-458	655	99	that	that	PRON
ftr-458	655	100	coin	coin	NOUN
ftr-458	655	101	flip	flip	NOUN
ftr-458	655	102	is	be	AUX
ftr-458	655	103	viewed	view	VERB
ftr-458	655	104	as	as	ADP
ftr-458	655	105	a	a	DET
ftr-458	655	106	combination	combination	NOUN
ftr-458	655	107	of	of	ADP
ftr-458	655	108	coin	coin	NOUN
ftr-458	655	109	flip	flip	NOUN
ftr-458	655	110	a	a	DET
ftr-458	655	111	and	and	CCONJ
ftr-458	655	112	coin	coin	PROPN
ftr-458	655	113	flip	flip	PROPN
ftr-458	655	114	b.	b.	PROPN
ftr-458	655	115	taxpayer	taxpayer	PROPN
ftr-458	655	116	,	,	PUNCT
ftr-458	655	117	who	who	PRON
ftr-458	655	118	owns	own	VERB
ftr-458	655	119	coin	coin	NOUN
ftr-458	655	120	flip	flip	NOUN
ftr-458	655	121	,	,	PUNCT
ftr-458	655	122	exchanges	exchange	NOUN
ftr-458	655	123	coin	coin	PROPN
ftr-458	655	124	flip	flip	NOUN
ftr-458	655	125	a	a	PRON
ftr-458	655	126	for	for	ADP
ftr-458	655	127	another	another	DET
ftr-458	655	128	asset	asset	NOUN
ftr-458	655	129	,	,	PUNCT
ftr-458	655	130	coin	coin	NOUN
ftr-458	655	131	flip	flip	NOUN
ftr-458	655	132	c	c	NOUN
ftr-458	655	133	,	,	PUNCT
ftr-458	655	134	entitling	entitle	VERB
ftr-458	655	135	the	the	DET
ftr-458	655	136	holder	holder	NOUN
ftr-458	655	137	to	to	ADP
ftr-458	655	138	payment	payment	NOUN
ftr-458	655	139	depending	depend	VERB
ftr-458	655	140	on	on	ADP
ftr-458	655	141	the	the	DET
ftr-458	655	142	results	result	NOUN
ftr-458	655	143	of	of	ADP
ftr-458	655	144	the	the	DET
ftr-458	655	145	same	same	ADJ
ftr-458	655	146	coin	coin	NOUN
ftr-458	655	147	flip	flip	NOUN
ftr-458	655	148	as	as	ADP
ftr-458	655	149	the	the	DET
ftr-458	655	150	flip	flip	NOUN
ftr-458	655	151	involved	involve	VERB
ftr-458	655	152	in	in	ADP
ftr-458	655	153	coin	coin	NOUN
ftr-458	655	154	flip	flip	NOUN
ftr-458	655	155	.	.	PUNCT
ftr-458	656	1	this	this	DET
ftr-458	656	2	exchange	exchange	NOUN
ftr-458	656	3	might	might	AUX
ftr-458	656	4	be	be	AUX
ftr-458	656	5	a	a	DET
ftr-458	656	6	realization	realization	NOUN
ftr-458	656	7	event	event	NOUN
ftr-458	656	8	only	only	ADV
ftr-458	656	9	with	with	ADP
ftr-458	656	10	respect	respect	NOUN
ftr-458	656	11	to	to	ADP
ftr-458	656	12	coin	coin	NOUN
ftr-458	656	13	flip	flip	PROPN
ftr-458	656	14	a.	a.	NOUN
ftr-458	656	15	but	but	CCONJ
ftr-458	656	16	,	,	PUNCT
ftr-458	656	17	it	it	PRON
ftr-458	656	18	could	could	AUX
ftr-458	656	19	instead	instead	ADV
ftr-458	656	20	be	be	AUX
ftr-458	656	21	viewed	view	VERB
ftr-458	656	22	as	as	ADP
ftr-458	656	23	an	an	DET
ftr-458	656	24	exchange	exchange	NOUN
ftr-458	656	25	of	of	ADP
ftr-458	656	26	coin	coin	NOUN
ftr-458	656	27	flip	flip	NOUN
ftr-458	656	28	for	for	ADP
ftr-458	656	29	a	a	DET
ftr-458	656	30	combination	combination	NOUN
ftr-458	656	31	of	of	ADP
ftr-458	656	32	coin	coin	NOUN
ftr-458	656	33	flip	flip	PROPN
ftr-458	656	34	b	b	PROPN
ftr-458	656	35	and	and	CCONJ
ftr-458	656	36	coin	coin	PROPN
ftr-458	656	37	flip	flip	PROPN
ftr-458	656	38	c.	c.	NOUN
ftr-458	656	39	changes	change	NOUN
ftr-458	656	40	in	in	ADP
ftr-458	656	41	risk	risk	NOUN
ftr-458	656	42	provide	provide	VERB
ftr-458	656	43	no	no	DET
ftr-458	656	44	apparent	apparent	ADJ
ftr-458	656	45	normative	normative	ADJ
ftr-458	656	46	basis	basis	NOUN
ftr-458	656	47	for	for	ADP
ftr-458	656	48	treating	treat	VERB
ftr-458	656	49	holding	hold	VERB
ftr-458	656	50	and	and	CCONJ
ftr-458	656	51	disposing	dispose	VERB
ftr-458	656	52	differently	differently	ADV
ftr-458	656	53	.	.	PUNCT
ftr-458	657	1	risk	risk	NOUN
ftr-458	657	2	also	also	ADV
ftr-458	657	3	does	do	AUX
ftr-458	657	4	not	not	PART
ftr-458	657	5	describe	describe	VERB
ftr-458	657	6	or	or	CCONJ
ftr-458	657	7	explain	explain	VERB
ftr-458	657	8	the	the	DET
ftr-458	657	9	distinction	distinction	NOUN
ftr-458	657	10	.	.	PUNCT
ftr-458	658	1	dispositions	disposition	NOUN
ftr-458	658	2	may	may	AUX
ftr-458	658	3	or	or	CCONJ
ftr-458	658	4	may	may	AUX
ftr-458	658	5	not	not	PART
ftr-458	658	6	change	change	VERB
ftr-458	658	7	the	the	DET
ftr-458	658	8	amount	amount	NOUN
ftr-458	658	9	or	or	CCONJ
ftr-458	658	10	nature	nature	NOUN
ftr-458	658	11	of	of	ADP
ftr-458	658	12	the	the	DET
ftr-458	658	13	taxpayer	taxpayer	NOUN
ftr-458	658	14	's	's	PART
ftr-458	658	15	exposure	exposure	NOUN
ftr-458	658	16	to	to	ADP
ftr-458	658	17	risk	risk	NOUN
ftr-458	658	18	.	.	PUNCT
ftr-458	659	1	dispositions	disposition	NOUN
ftr-458	659	2	can	can	AUX
ftr-458	659	3	not	not	PART
ftr-458	659	4	be	be	AUX
ftr-458	659	5	distinguished	distinguish	VERB
ftr-458	659	6	from	from	ADP
ftr-458	659	7	holding	hold	VERB
ftr-458	659	8	based	base	VERB
ftr-458	659	9	on	on	ADP
ftr-458	659	10	their	their	PRON
ftr-458	659	11	effect	effect	NOUN
ftr-458	659	12	on	on	ADP
ftr-458	659	13	the	the	DET
ftr-458	659	14	taxpayer	taxpayer	NOUN
ftr-458	659	15	's	's	PART
ftr-458	659	16	exposure	exposure	NOUN
ftr-458	659	17	to	to	ADP
ftr-458	659	18	risk	risk	NOUN
ftr-458	659	19	,	,	PUNCT
ftr-458	659	20	absent	absent	ADJ
ftr-458	659	21	definitions	definition	NOUN
ftr-458	659	22	about	about	ADP
ftr-458	659	23	which	which	DET
ftr-458	659	24	types	type	NOUN
ftr-458	659	25	of	of	ADP
ftr-458	659	26	risk	risk	NOUN
ftr-458	659	27	matter	matter	NOUN
ftr-458	659	28	.	.	PUNCT
ftr-458	660	1	further	far	ADV
ftr-458	660	2	,	,	PUNCT
ftr-458	660	3	if	if	SCONJ
ftr-458	660	4	a	a	DET
ftr-458	660	5	disposition	disposition	NOUN
ftr-458	660	6	has	have	AUX
ftr-458	660	7	occurred	occur	VERB
ftr-458	660	8	,	,	PUNCT
ftr-458	660	9	risk	risk	NOUN
ftr-458	660	10	does	do	AUX
ftr-458	660	11	not	not	PART
ftr-458	660	12	determine	determine	VERB
ftr-458	660	13	what	what	PRON
ftr-458	660	14	has	have	AUX
ftr-458	660	15	been	be	AUX
ftr-458	660	16	sold	sell	VERB
ftr-458	660	17	or	or	CCONJ
ftr-458	660	18	exchanged	exchange	VERB
ftr-458	660	19	.	.	PUNCT
ftr-458	661	1	the	the	DET
ftr-458	661	2	realization	realization	NOUN
ftr-458	661	3	requirement	requirement	NOUN
ftr-458	661	4	is	be	AUX
ftr-458	661	5	highly	highly	ADV
ftr-458	661	6	formal	formal	ADJ
ftr-458	661	7	.	.	PUNCT
ftr-458	662	1	not	not	PART
ftr-458	662	2	only	only	ADV
ftr-458	662	3	is	be	AUX
ftr-458	662	4	it	it	PRON
ftr-458	662	5	unrelated	unrelated	ADJ
ftr-458	662	6	to	to	ADP
ftr-458	662	7	the	the	DET
ftr-458	662	8	normatively	normatively	ADV
ftr-458	662	9	relevant	relevant	ADJ
ftr-458	662	10	economic	economic	ADJ
ftr-458	662	11	concept	concept	NOUN
ftr-458	662	12	of	of	ADP
ftr-458	662	13	income	income	NOUN
ftr-458	662	14	and	and	CCONJ
ftr-458	662	15	administrative	administrative	ADJ
ftr-458	662	16	concerns	concern	NOUN
ftr-458	662	17	of	of	ADP
ftr-458	662	18	valuation	valuation	NOUN
ftr-458	662	19	and	and	CCONJ
ftr-458	662	20	liquidity	liquidity	NOUN
ftr-458	662	21	,	,	PUNCT
ftr-458	662	22	its	its	PRON
ftr-458	662	23	relationship	relationship	NOUN
ftr-458	662	24	to	to	PART
ftr-458	662	25	risk	risk	NOUN
ftr-458	662	26	is	be	AUX
ftr-458	662	27	attenuated	attenuate	VERB
ftr-458	662	28	.	.	PUNCT
ftr-458	663	1	iv	iv	X
ftr-458	663	2	.	.	PUNCT
ftr-458	663	3	hedging	hedging	NOUN
ftr-458	663	4	as	as	ADP
ftr-458	663	5	a	a	DET
ftr-458	663	6	substitute	substitute	NOUN
ftr-458	663	7	for	for	ADP
ftr-458	663	8	a	a	DET
ftr-458	663	9	disposition	disposition	NOUN
ftr-458	663	10	it	it	PRON
ftr-458	663	11	has	have	AUX
ftr-458	663	12	long	long	ADV
ftr-458	663	13	been	be	AUX
ftr-458	663	14	recognized	recognize	VERB
ftr-458	663	15	that	that	SCONJ
ftr-458	663	16	within	within	ADP
ftr-458	663	17	the	the	DET
ftr-458	663	18	haig	haig	PROPN
ftr-458	663	19	-	-	PUNCT
ftr-458	663	20	simons	simons	PROPN
ftr-458	663	21	definition	definition	NOUN
ftr-458	663	22	of	of	ADP
ftr-458	663	23	income	income	NOUN
ftr-458	663	24	,	,	PUNCT
ftr-458	663	25	unrealized	unrealized	ADJ
ftr-458	663	26	appreciation	appreciation	NOUN
ftr-458	663	27	and	and	CCONJ
ftr-458	663	28	realized	realize	VERB
ftr-458	663	29	appreciation	appreciation	NOUN
ftr-458	663	30	are	be	AUX
ftr-458	663	31	identical	identical	ADJ
ftr-458	663	32	.	.	PUNCT
ftr-458	664	1	two	two	NUM
ftr-458	664	2	principal	principal	ADJ
ftr-458	664	3	justifications	justification	NOUN
ftr-458	664	4	-	-	PUNCT
ftr-458	664	5	valuation	valuation	NOUN
ftr-458	664	6	and	and	CCONJ
ftr-458	664	7	liquidity	liquidity	NOUN
ftr-458	664	8	-	-	PUNCT
ftr-458	664	9	have	have	AUX
ftr-458	664	10	been	be	AUX
ftr-458	664	11	advanced	advance	VERB
ftr-458	664	12	for	for	ADP
ftr-458	664	13	treating	treat	VERB
ftr-458	664	14	the	the	DET
ftr-458	664	15	two	two	NUM
ftr-458	664	16	forms	form	NOUN
ftr-458	664	17	of	of	ADP
ftr-458	664	18	appreciation	appreciation	NOUN
ftr-458	664	19	differently	differently	ADV
ftr-458	664	20	.	.	PUNCT
ftr-458	665	1	in	in	ADP
ftr-458	665	2	addition	addition	NOUN
ftr-458	665	3	,	,	PUNCT
ftr-458	665	4	voluntariness	voluntariness	ADJ
ftr-458	666	1	[	[	X
ftr-458	666	2	vol	vol	NOUN
ftr-458	666	3	.	.	PUNCT
ftr-458	666	4	3:1	3:1	NUM
ftr-458	666	5	another	another	DET
ftr-458	666	6	uneasy	uneasy	ADJ
ftr-458	666	7	compromise	compromise	NOUN
ftr-458	666	8	and	and	CCONJ
ftr-458	666	9	risk	risk	NOUN
ftr-458	666	10	present	present	VERB
ftr-458	666	11	themselves	themselves	PRON
ftr-458	666	12	as	as	ADP
ftr-458	666	13	possible	possible	ADJ
ftr-458	666	14	explanations	explanation	NOUN
ftr-458	666	15	for	for	ADP
ftr-458	666	16	the	the	DET
ftr-458	666	17	differing	differ	VERB
ftr-458	666	18	tax	tax	NOUN
ftr-458	666	19	treatment	treatment	NOUN
ftr-458	666	20	of	of	ADP
ftr-458	666	21	simple	simple	ADJ
ftr-458	666	22	cases	case	NOUN
ftr-458	666	23	of	of	ADP
ftr-458	666	24	holding	hold	VERB
ftr-458	666	25	and	and	CCONJ
ftr-458	666	26	disposing	dispose	VERB
ftr-458	666	27	.	.	PUNCT
ftr-458	667	1	i	i	PRON
ftr-458	667	2	have	have	AUX
ftr-458	667	3	so	so	ADV
ftr-458	667	4	far	far	ADV
ftr-458	667	5	argued	argue	VERB
ftr-458	667	6	that	that	SCONJ
ftr-458	667	7	for	for	ADP
ftr-458	667	8	publicly	publicly	ADV
ftr-458	667	9	-	-	PUNCT
ftr-458	667	10	traded	trade	VERB
ftr-458	667	11	assets	asset	NOUN
ftr-458	667	12	,	,	PUNCT
ftr-458	667	13	neither	neither	CCONJ
ftr-458	667	14	valuation	valuation	NOUN
ftr-458	667	15	,	,	PUNCT
ftr-458	667	16	liquidity	liquidity	NOUN
ftr-458	667	17	,	,	PUNCT
ftr-458	667	18	voluntariness	voluntariness	ADJ
ftr-458	667	19	,	,	PUNCT
ftr-458	667	20	nor	nor	CCONJ
ftr-458	667	21	risk	risk	NOUN
ftr-458	667	22	furnishes	furnish	VERB
ftr-458	667	23	a	a	DET
ftr-458	667	24	coherent	coherent	ADJ
ftr-458	667	25	justification	justification	NOUN
ftr-458	667	26	or	or	CCONJ
ftr-458	667	27	explanation	explanation	NOUN
ftr-458	667	28	for	for	ADP
ftr-458	667	29	the	the	DET
ftr-458	667	30	different	different	ADJ
ftr-458	667	31	tax	tax	NOUN
ftr-458	667	32	consequences	consequence	NOUN
ftr-458	667	33	of	of	ADP
ftr-458	667	34	selling	selling	NOUN
ftr-458	667	35	and	and	CCONJ
ftr-458	667	36	holding	holding	NOUN
ftr-458	667	37	.	.	PUNCT
ftr-458	668	1	what	what	PRON
ftr-458	668	2	implications	implication	NOUN
ftr-458	668	3	does	do	AUX
ftr-458	668	4	that	that	DET
ftr-458	668	5	conclusion	conclusion	NOUN
ftr-458	668	6	have	have	VERB
ftr-458	668	7	for	for	ADP
ftr-458	668	8	hedging	hedging	NOUN
ftr-458	668	9	,	,	PUNCT
ftr-458	668	10	which	which	PRON
ftr-458	668	11	resembles	resemble	VERB
ftr-458	668	12	selling	selling	NOUN
ftr-458	668	13	in	in	ADP
ftr-458	668	14	some	some	DET
ftr-458	668	15	ways	way	NOUN
ftr-458	668	16	,	,	PUNCT
ftr-458	668	17	but	but	CCONJ
ftr-458	668	18	not	not	PART
ftr-458	668	19	all	all	PRON
ftr-458	668	20	?	?	PUNCT
ftr-458	669	1	at	at	ADP
ftr-458	669	2	a	a	DET
ftr-458	669	3	minimum	minimum	NOUN
ftr-458	669	4	,	,	PUNCT
ftr-458	669	5	an	an	DET
ftr-458	669	6	argument	argument	NOUN
ftr-458	669	7	in	in	ADP
ftr-458	669	8	favor	favor	NOUN
ftr-458	669	9	of	of	ADP
ftr-458	669	10	taxing	tax	VERB
ftr-458	669	11	hedges	hedge	NOUN
ftr-458	669	12	must	must	AUX
ftr-458	669	13	do	do	VERB
ftr-458	669	14	more	more	ADJ
ftr-458	669	15	than	than	SCONJ
ftr-458	669	16	point	point	VERB
ftr-458	669	17	out	out	ADP
ftr-458	669	18	that	that	SCONJ
ftr-458	669	19	taxing	tax	VERB
ftr-458	669	20	hedging	hedging	NOUN
ftr-458	669	21	avoids	avoid	VERB
ftr-458	669	22	problems	problem	NOUN
ftr-458	669	23	of	of	ADP
ftr-458	669	24	valuation	valuation	NOUN
ftr-458	669	25	and	and	CCONJ
ftr-458	669	26	liquidity	liquidity	NOUN
ftr-458	669	27	or	or	CCONJ
ftr-458	669	28	that	that	SCONJ
ftr-458	669	29	hedging	hedging	NOUN
ftr-458	669	30	involves	involve	VERB
ftr-458	669	31	voluntary	voluntary	ADJ
ftr-458	669	32	changes	change	NOUN
ftr-458	669	33	in	in	ADP
ftr-458	669	34	risk	risk	NOUN
ftr-458	669	35	.	.	PUNCT
ftr-458	670	1	on	on	ADP
ftr-458	670	2	all	all	DET
ftr-458	670	3	those	those	DET
ftr-458	670	4	counts	count	NOUN
ftr-458	670	5	,	,	PUNCT
ftr-458	670	6	dispositions	disposition	NOUN
ftr-458	670	7	,	,	PUNCT
ftr-458	670	8	which	which	DET
ftr-458	670	9	precipitate	precipitate	VERB
ftr-458	670	10	taxation	taxation	NOUN
ftr-458	670	11	,	,	PUNCT
ftr-458	670	12	are	be	AUX
ftr-458	670	13	functionally	functionally	ADV
ftr-458	670	14	equivalent	equivalent	ADJ
ftr-458	670	15	to	to	ADP
ftr-458	670	16	holding	hold	VERB
ftr-458	670	17	,	,	PUNCT
ftr-458	670	18	which	which	PRON
ftr-458	670	19	does	do	VERB
ftr-458	670	20	not	not	PART
ftr-458	670	21	.	.	PUNCT
ftr-458	671	1	the	the	DET
ftr-458	671	2	economic	economic	ADJ
ftr-458	671	3	substitute	substitute	NOUN
ftr-458	671	4	argument	argument	NOUN
ftr-458	671	5	in	in	ADP
ftr-458	671	6	favor	favor	NOUN
ftr-458	671	7	of	of	ADP
ftr-458	671	8	taxing	tax	VERB
ftr-458	671	9	hedging	hedging	NOUN
ftr-458	671	10	is	be	AUX
ftr-458	671	11	more	more	ADV
ftr-458	671	12	sophisticated	sophisticated	ADJ
ftr-458	671	13	,	,	PUNCT
ftr-458	671	14	however	however	ADV
ftr-458	671	15	.	.	PUNCT
ftr-458	672	1	it	it	PRON
ftr-458	672	2	suggests	suggest	VERB
ftr-458	672	3	that	that	SCONJ
ftr-458	672	4	there	there	PRON
ftr-458	672	5	may	may	AUX
ftr-458	672	6	be	be	AUX
ftr-458	672	7	social	social	ADJ
ftr-458	672	8	costs	cost	NOUN
ftr-458	672	9	,	,	PUNCT
ftr-458	672	10	especially	especially	ADV
ftr-458	672	11	in	in	ADP
ftr-458	672	12	the	the	DET
ftr-458	672	13	form	form	NOUN
ftr-458	672	14	of	of	ADP
ftr-458	672	15	transaction	transaction	NOUN
ftr-458	672	16	costs	cost	NOUN
ftr-458	672	17	,	,	PUNCT
ftr-458	672	18	when	when	SCONJ
ftr-458	672	19	the	the	DET
ftr-458	672	20	tax	tax	NOUN
ftr-458	672	21	regime	regime	NOUN
ftr-458	672	22	treats	treat	VERB
ftr-458	672	23	economically	economically	ADV
ftr-458	672	24	similar	similar	ADJ
ftr-458	672	25	transactions	transaction	NOUN
ftr-458	672	26	differently	differently	ADV
ftr-458	672	27	.	.	PUNCT
ftr-458	673	1	even	even	ADV
ftr-458	673	2	if	if	SCONJ
ftr-458	673	3	there	there	PRON
ftr-458	673	4	is	be	VERB
ftr-458	673	5	no	no	DET
ftr-458	673	6	normative	normative	ADJ
ftr-458	673	7	justification	justification	NOUN
ftr-458	673	8	for	for	ADP
ftr-458	673	9	distinguishing	distinguish	VERB
ftr-458	673	10	between	between	ADP
ftr-458	673	11	holding	hold	VERB
ftr-458	673	12	and	and	CCONJ
ftr-458	673	13	selling	selling	NOUN
ftr-458	673	14	,	,	PUNCT
ftr-458	673	15	the	the	DET
ftr-458	673	16	appropriate	appropriate	ADJ
ftr-458	673	17	treatment	treatment	NOUN
ftr-458	673	18	of	of	ADP
ftr-458	673	19	hedging	hedging	NOUN
ftr-458	673	20	can	can	AUX
ftr-458	673	21	be	be	AUX
ftr-458	673	22	analyzed	analyze	VERB
ftr-458	673	23	based	base	VERB
ftr-458	673	24	on	on	ADP
ftr-458	673	25	whether	whether	SCONJ
ftr-458	673	26	taxpayers	taxpayer	NOUN
ftr-458	673	27	treat	treat	VERB
ftr-458	673	28	hedging	hedging	NOUN
ftr-458	673	29	as	as	ADP
ftr-458	673	30	a	a	DET
ftr-458	673	31	substitute	substitute	NOUN
ftr-458	673	32	for	for	ADP
ftr-458	673	33	selling	selling	NOUN
ftr-458	673	34	,	,	PUNCT
ftr-458	673	35	resulting	result	VERB
ftr-458	673	36	in	in	ADP
ftr-458	673	37	social	social	ADJ
ftr-458	673	38	costs	cost	NOUN
ftr-458	673	39	.	.	PUNCT
ftr-458	674	1	this	this	DET
ftr-458	674	2	part	part	NOUN
ftr-458	674	3	iv	iv	NUM
ftr-458	674	4	discusses	discuss	VERB
ftr-458	674	5	the	the	DET
ftr-458	674	6	structure	structure	NOUN
ftr-458	674	7	of	of	ADP
ftr-458	674	8	some	some	DET
ftr-458	674	9	basic	basic	ADJ
ftr-458	674	10	hedges	hedge	NOUN
ftr-458	674	11	in	in	ADP
ftr-458	674	12	order	order	NOUN
ftr-458	674	13	to	to	PART
ftr-458	674	14	determine	determine	VERB
ftr-458	674	15	the	the	DET
ftr-458	674	16	extent	extent	NOUN
ftr-458	674	17	to	to	PART
ftr-458	674	18	which	which	PRON
ftr-458	674	19	taxpayers	taxpayer	NOUN
ftr-458	674	20	use	use	VERB
ftr-458	674	21	them	they	PRON
ftr-458	674	22	as	as	ADP
ftr-458	674	23	substitutes	substitute	NOUN
ftr-458	674	24	for	for	ADP
ftr-458	674	25	dispositions	disposition	NOUN
ftr-458	674	26	.	.	PUNCT
ftr-458	675	1	some	some	DET
ftr-458	675	2	hedges	hedge	NOUN
ftr-458	675	3	,	,	PUNCT
ftr-458	675	4	such	such	ADJ
ftr-458	675	5	as	as	ADP
ftr-458	675	6	a	a	DET
ftr-458	675	7	short	short	NOUN
ftr-458	675	8	against	against	ADP
ftr-458	675	9	the	the	DET
ftr-458	675	10	box	box	PROPN
ftr-458	675	11	transaction	transaction	NOUN
ftr-458	675	12	,	,	PUNCT
ftr-458	675	13	do	do	AUX
ftr-458	675	14	,	,	PUNCT
ftr-458	675	15	from	from	ADP
ftr-458	675	16	the	the	DET
ftr-458	675	17	taxpayer	taxpayer	NOUN
ftr-458	675	18	's	's	PART
ftr-458	675	19	point	point	NOUN
ftr-458	675	20	of	of	ADP
ftr-458	675	21	view	view	NOUN
ftr-458	675	22	,	,	PUNCT
ftr-458	675	23	strongly	strongly	ADV
ftr-458	675	24	resemble	resemble	VERB
ftr-458	675	25	dispositions	disposition	NOUN
ftr-458	675	26	and	and	CCONJ
ftr-458	675	27	will	will	AUX
ftr-458	675	28	therefore	therefore	ADV
ftr-458	675	29	be	be	AUX
ftr-458	675	30	used	use	VERB
ftr-458	675	31	as	as	ADP
ftr-458	675	32	substitutes	substitute	NOUN
ftr-458	675	33	so	so	ADV
ftr-458	675	34	long	long	ADV
ftr-458	675	35	as	as	SCONJ
ftr-458	675	36	the	the	DET
ftr-458	675	37	tax	tax	NOUN
ftr-458	675	38	treatment	treatment	NOUN
ftr-458	675	39	of	of	ADP
ftr-458	675	40	hedging	hedging	NOUN
ftr-458	675	41	continues	continue	VERB
ftr-458	675	42	to	to	PART
ftr-458	675	43	be	be	AUX
ftr-458	675	44	better	well	ADJ
ftr-458	675	45	than	than	ADP
ftr-458	675	46	the	the	DET
ftr-458	675	47	tax	tax	NOUN
ftr-458	675	48	treatment	treatment	NOUN
ftr-458	675	49	of	of	ADP
ftr-458	675	50	disposing	dispose	VERB
ftr-458	675	51	.	.	PUNCT
ftr-458	676	1	other	other	ADJ
ftr-458	676	2	hedges	hedge	NOUN
ftr-458	676	3	,	,	PUNCT
ftr-458	676	4	such	such	ADJ
ftr-458	676	5	as	as	ADP
ftr-458	676	6	acquisition	acquisition	NOUN
ftr-458	676	7	of	of	ADP
ftr-458	676	8	a	a	DET
ftr-458	676	9	put	put	NOUN
ftr-458	676	10	option	option	NOUN
ftr-458	676	11	,	,	PUNCT
ftr-458	676	12	bear	bear	VERB
ftr-458	676	13	a	a	DET
ftr-458	676	14	weaker	weak	ADJ
ftr-458	676	15	resemblance	resemblance	NOUN
ftr-458	676	16	to	to	ADP
ftr-458	676	17	dispositions	disposition	NOUN
ftr-458	676	18	.	.	PUNCT
ftr-458	677	1	arguably	arguably	ADV
ftr-458	677	2	,	,	PUNCT
ftr-458	677	3	a	a	DET
ftr-458	677	4	realization	realization	NOUN
ftr-458	677	5	requirement	requirement	NOUN
ftr-458	677	6	that	that	PRON
ftr-458	677	7	took	take	VERB
ftr-458	677	8	account	account	NOUN
ftr-458	677	9	of	of	ADP
ftr-458	677	10	differing	differ	VERB
ftr-458	677	11	amounts	amount	NOUN
ftr-458	677	12	of	of	ADP
ftr-458	677	13	risk	risk	NOUN
ftr-458	677	14	,	,	PUNCT
ftr-458	677	15	and	and	CCONJ
ftr-458	677	16	therefore	therefore	ADV
ftr-458	677	17	required	require	VERB
ftr-458	677	18	measurement	measurement	NOUN
ftr-458	677	19	of	of	ADP
ftr-458	677	20	risk	risk	NOUN
ftr-458	677	21	,	,	PUNCT
ftr-458	677	22	could	could	AUX
ftr-458	677	23	measure	measure	VERB
ftr-458	677	24	the	the	DET
ftr-458	677	25	extent	extent	NOUN
ftr-458	677	26	to	to	PART
ftr-458	677	27	which	which	PRON
ftr-458	677	28	a	a	DET
ftr-458	677	29	hedge	hedge	NOUN
ftr-458	677	30	resembles	resemble	VERB
ftr-458	677	31	a	a	DET
ftr-458	677	32	sale	sale	NOUN
ftr-458	677	33	.	.	PUNCT
ftr-458	678	1	but	but	CCONJ
ftr-458	678	2	,	,	PUNCT
ftr-458	678	3	except	except	SCONJ
ftr-458	678	4	at	at	ADP
ftr-458	678	5	a	a	DET
ftr-458	678	6	very	very	ADV
ftr-458	678	7	gross	gross	ADJ
ftr-458	678	8	level	level	NOUN
ftr-458	678	9	,	,	PUNCT
ftr-458	678	10	risk	risk	NOUN
ftr-458	678	11	measurement	measurement	NOUN
ftr-458	678	12	is	be	AUX
ftr-458	678	13	not	not	PART
ftr-458	678	14	administrable	administrable	ADJ
ftr-458	678	15	.	.	PUNCT
ftr-458	679	1	compliance	compliance	NOUN
ftr-458	679	2	with	with	ADP
ftr-458	679	3	,	,	PUNCT
ftr-458	679	4	and	and	CCONJ
ftr-458	679	5	administration	administration	NOUN
ftr-458	679	6	of	of	ADP
ftr-458	679	7	,	,	PUNCT
ftr-458	679	8	tax	tax	NOUN
ftr-458	679	9	rules	rule	NOUN
ftr-458	679	10	requiring	require	VERB
ftr-458	679	11	measurement	measurement	NOUN
ftr-458	679	12	of	of	ADP
ftr-458	679	13	fair	fair	ADJ
ftr-458	679	14	market	market	NOUN
ftr-458	679	15	value	value	NOUN
ftr-458	679	16	is	be	AUX
ftr-458	679	17	difficult	difficult	ADJ
ftr-458	679	18	enough	enough	ADV
ftr-458	679	19	.	.	PUNCT
ftr-458	680	1	measuring	measure	VERB
ftr-458	680	2	risk	risk	NOUN
ftr-458	680	3	is	be	AUX
ftr-458	680	4	even	even	ADV
ftr-458	680	5	harder	hard	ADV
ftr-458	680	6	.	.	PUNCT
ftr-458	681	1	involving	involve	VERB
ftr-458	681	2	anount	anount	NOUN
ftr-458	681	3	of	of	ADP
ftr-458	681	4	risk	risk	NOUN
ftr-458	681	5	in	in	ADP
ftr-458	681	6	the	the	DET
ftr-458	681	7	test	test	NOUN
ftr-458	681	8	for	for	ADP
ftr-458	681	9	realization	realization	NOUN
ftr-458	681	10	can	can	AUX
ftr-458	681	11	not	not	PART
ftr-458	681	12	be	be	AUX
ftr-458	681	13	done	do	VERB
ftr-458	681	14	in	in	ADP
ftr-458	681	15	a	a	DET
ftr-458	681	16	comprehensive	comprehensive	ADJ
ftr-458	681	17	and	and	CCONJ
ftr-458	681	18	administrable	administrable	ADJ
ftr-458	681	19	way	way	NOUN
ftr-458	681	20	.	.	PUNCT
ftr-458	682	1	since	since	SCONJ
ftr-458	682	2	the	the	DET
ftr-458	682	3	realization	realization	NOUN
ftr-458	682	4	requirement	requirement	NOUN
ftr-458	682	5	is	be	AUX
ftr-458	682	6	itself	itself	PRON
ftr-458	682	7	a	a	DET
ftr-458	682	8	response	response	NOUN
ftr-458	682	9	to	to	ADP
ftr-458	682	10	the	the	DET
ftr-458	682	11	practical	practical	ADJ
ftr-458	682	12	problem	problem	NOUN
ftr-458	682	13	of	of	ADP
ftr-458	682	14	measuring	measure	VERB
ftr-458	682	15	value	value	NOUN
ftr-458	682	16	,	,	PUNCT
ftr-458	682	17	it	it	PRON
ftr-458	682	18	would	would	AUX
ftr-458	682	19	be	be	AUX
ftr-458	682	20	perverse	perverse	ADJ
ftr-458	682	21	to	to	PART
ftr-458	682	22	institute	institute	VERB
ftr-458	682	23	a	a	DET
ftr-458	682	24	rule	rule	NOUN
ftr-458	682	25	that	that	PRON
ftr-458	682	26	requires	require	VERB
ftr-458	682	27	even	even	ADV
ftr-458	682	28	more	more	ADV
ftr-458	682	29	difficult	difficult	ADJ
ftr-458	682	30	measurements	measurement	NOUN
ftr-458	682	31	.	.	PUNCT
ftr-458	683	1	a.	a.	NOUN
ftr-458	683	2	hedges	hedge	NOUN
ftr-458	683	3	that	that	PRON
ftr-458	683	4	strongly	strongly	ADV
ftr-458	683	5	substitute	substitute	NOUN
ftr-458	683	6	for	for	ADP
ftr-458	683	7	dispositions	disposition	NOUN
ftr-458	683	8	in	in	ADP
ftr-458	683	9	the	the	DET
ftr-458	683	10	following	following	ADJ
ftr-458	683	11	example	example	NOUN
ftr-458	683	12	of	of	ADP
ftr-458	683	13	a	a	DET
ftr-458	683	14	"	"	PUNCT
ftr-458	683	15	married	married	ADJ
ftr-458	683	16	put	put	NOUN
ftr-458	683	17	and	and	CCONJ
ftr-458	683	18	call	call	VERB
ftr-458	683	19	,	,	PUNCT
ftr-458	683	20	"	"	PUNCT
ftr-458	683	21	the	the	DET
ftr-458	683	22	taxpayer	taxpayer	NOUN
ftr-458	683	23	simulates	simulate	VERB
ftr-458	683	24	a	a	DET
ftr-458	683	25	sale	sale	NOUN
ftr-458	683	26	of	of	ADP
ftr-458	683	27	coin	coin	NOUN
ftr-458	683	28	flip	flip	NOUN
ftr-458	683	29	for	for	ADP
ftr-458	683	30	$	$	SYM
ftr-458	683	31	50	50	NUM
ftr-458	683	32	cash.59	cash.59	VERB
ftr-458	683	33	59	59	NUM
ftr-458	683	34	.	.	PUNCT
ftr-458	684	1	this	this	DET
ftr-458	684	2	strategy	strategy	NOUN
ftr-458	684	3	can	can	AUX
ftr-458	684	4	be	be	AUX
ftr-458	684	5	used	use	VERB
ftr-458	684	6	to	to	PART
ftr-458	684	7	transform	transform	VERB
ftr-458	684	8	a	a	DET
ftr-458	684	9	share	share	NOUN
ftr-458	684	10	of	of	ADP
ftr-458	684	11	common	common	ADJ
ftr-458	684	12	stock	stock	NOUN
ftr-458	684	13	that	that	PRON
ftr-458	684	14	does	do	AUX
ftr-458	684	15	not	not	PART
ftr-458	684	16	pay	pay	VERB
ftr-458	684	17	dividends	dividend	NOUN
ftr-458	684	18	into	into	ADP
ftr-458	684	19	a	a	DET
ftr-458	684	20	bond	bond	NOUN
ftr-458	684	21	.	.	PUNCT
ftr-458	685	1	for	for	ADP
ftr-458	685	2	example	example	NOUN
ftr-458	685	3	,	,	PUNCT
ftr-458	685	4	a	a	DET
ftr-458	685	5	taxpayer	taxpayer	NOUN
ftr-458	685	6	owning	own	VERB
ftr-458	685	7	a	a	DET
ftr-458	685	8	share	share	NOUN
ftr-458	685	9	worth	worth	ADJ
ftr-458	685	10	$	$	SYM
ftr-458	685	11	10	10	NUM
ftr-458	685	12	could	could	AUX
ftr-458	685	13	buy	buy	VERB
ftr-458	685	14	a	a	DET
ftr-458	685	15	19961	19961	NUM
ftr-458	685	16	florida	florida	PROPN
ftr-458	685	17	tax	tax	NOUN
ftr-458	685	18	review	review	NOUN
ftr-458	685	19	example	example	NOUN
ftr-458	685	20	8	8	NUM
ftr-458	685	21	.	.	PUNCT
ftr-458	686	1	taxpayer	taxpayer	NOUN
ftr-458	686	2	owns	own	VERB
ftr-458	686	3	coin	coin	NOUN
ftr-458	686	4	flip	flip	NOUN
ftr-458	686	5	.	.	PUNCT
ftr-458	687	1	taxpayer	taxpayer	NOUN
ftr-458	687	2	sells	sell	VERB
ftr-458	687	3	a	a	DET
ftr-458	687	4	call	call	NOUN
ftr-458	687	5	for	for	ADP
ftr-458	687	6	$	$	SYM
ftr-458	687	7	25	25	NUM
ftr-458	687	8	entitling	entitle	VERB
ftr-458	687	9	the	the	DET
ftr-458	687	10	holder	holder	NOUN
ftr-458	687	11	to	to	ADP
ftr-458	687	12	the	the	DET
ftr-458	687	13	excess	excess	NOUN
ftr-458	687	14	of	of	ADP
ftr-458	687	15	the	the	DET
ftr-458	687	16	payment	payment	NOUN
ftr-458	687	17	under	under	ADP
ftr-458	687	18	coin	coin	NOUN
ftr-458	687	19	flip	flip	NOUN
ftr-458	687	20	over	over	ADP
ftr-458	687	21	$	$	SYM
ftr-458	687	22	50	50	NUM
ftr-458	687	23	.	.	PUNCT
ftr-458	688	1	taxpayer	taxpayer	NOUN
ftr-458	688	2	also	also	ADV
ftr-458	688	3	purchases	purchase	VERB
ftr-458	688	4	a	a	DET
ftr-458	688	5	put	put	NOUN
ftr-458	688	6	for	for	ADP
ftr-458	688	7	$	$	SYM
ftr-458	688	8	25	25	NUM
ftr-458	688	9	entitling	entitle	VERB
ftr-458	688	10	taxpayer	taxpayer	NOUN
ftr-458	688	11	to	to	ADP
ftr-458	688	12	the	the	DET
ftr-458	688	13	excess	excess	NOUN
ftr-458	688	14	of	of	ADP
ftr-458	688	15	$	$	SYM
ftr-458	688	16	50	50	NUM
ftr-458	688	17	over	over	ADP
ftr-458	688	18	the	the	DET
ftr-458	688	19	payment	payment	NOUN
ftr-458	688	20	under	under	ADP
ftr-458	688	21	coin	coin	NOUN
ftr-458	688	22	flip	flip	NOUN
ftr-458	688	23	.	.	PUNCT
ftr-458	689	1	taxpayer	taxpayer	NOUN
ftr-458	689	2	will	will	AUX
ftr-458	689	3	have	have	VERB
ftr-458	689	4	$	$	SYM
ftr-458	689	5	50	50	NUM
ftr-458	689	6	at	at	ADP
ftr-458	689	7	the	the	DET
ftr-458	689	8	end	end	NOUN
ftr-458	689	9	of	of	ADP
ftr-458	689	10	the	the	DET
ftr-458	689	11	day	day	NOUN
ftr-458	689	12	,	,	PUNCT
ftr-458	689	13	regardless	regardless	ADV
ftr-458	689	14	of	of	ADP
ftr-458	689	15	whether	whether	SCONJ
ftr-458	689	16	the	the	DET
ftr-458	689	17	coin	coin	NOUN
ftr-458	689	18	flip	flip	NOUN
ftr-458	689	19	turns	turn	VERB
ftr-458	689	20	up	up	ADP
ftr-458	689	21	heads	head	NOUN
ftr-458	689	22	or	or	CCONJ
ftr-458	689	23	tails	tail	NOUN
ftr-458	689	24	.	.	PUNCT
ftr-458	690	1	coin	coin	NOUN
ftr-458	690	2	put	put	NOUN
ftr-458	690	3	call	call	NOUN
ftr-458	690	4	put	put	VERB
ftr-458	690	5	call	call	NOUN
ftr-458	690	6	outcome	outcome	NOUN
ftr-458	690	7	flip	flip	ADJ
ftr-458	690	8	premium	premium	NOUN
ftr-458	690	9	premium	premium	NOUN
ftr-458	690	10	payment	payment	NOUN
ftr-458	690	11	payment	payment	NOUN
ftr-458	690	12	heads	head	NOUN
ftr-458	690	13	50	50	NUM
ftr-458	690	14	=	=	SYM
ftr-458	690	15	100	100	NUM
ftr-458	690	16	+	+	CCONJ
ftr-458	690	17	(	(	PUNCT
ftr-458	690	18	25)+	25)+	NUM
ftr-458	690	19	25	25	NUM
ftr-458	690	20	+	+	NUM
ftr-458	690	21	0	0	NUM
ftr-458	691	1	+	+	CCONJ
ftr-458	691	2	(	(	PUNCT
ftr-458	691	3	50	50	NUM
ftr-458	691	4	)	)	PUNCT
ftr-458	691	5	tails	tail	VERB
ftr-458	691	6	50	50	NUM
ftr-458	691	7	=	=	SYM
ftr-458	691	8	0	0	NUM
ftr-458	691	9	+	+	CCONJ
ftr-458	691	10	(	(	PUNCT
ftr-458	691	11	25)+	25)+	NUM
ftr-458	691	12	25	25	NUM
ftr-458	691	13	+	+	NUM
ftr-458	691	14	50	50	NUM
ftr-458	691	15	+	+	NUM
ftr-458	691	16	0	0	NUM
ftr-458	691	17	because	because	SCONJ
ftr-458	691	18	taxpayer	taxpayer	NOUN
ftr-458	691	19	is	be	AUX
ftr-458	691	20	certain	certain	ADJ
ftr-458	691	21	to	to	PART
ftr-458	691	22	have	have	VERB
ftr-458	691	23	$	$	SYM
ftr-458	691	24	50	50	NUM
ftr-458	691	25	,	,	PUNCT
ftr-458	691	26	the	the	DET
ftr-458	691	27	married	married	ADJ
ftr-458	691	28	put	put	NOUN
ftr-458	691	29	and	and	CCONJ
ftr-458	691	30	call	call	NOUN
ftr-458	691	31	is	be	AUX
ftr-458	691	32	similar	similar	ADJ
ftr-458	691	33	to	to	ADP
ftr-458	691	34	a	a	DET
ftr-458	691	35	sale	sale	NOUN
ftr-458	691	36	of	of	ADP
ftr-458	691	37	coin	coin	NOUN
ftr-458	691	38	flip	flip	NOUN
ftr-458	691	39	for	for	ADP
ftr-458	691	40	$	$	SYM
ftr-458	691	41	50	50	NUM
ftr-458	691	42	cash	cash	NOUN
ftr-458	691	43	.	.	PUNCT
ftr-458	692	1	as	as	SCONJ
ftr-458	692	2	illustrated	illustrate	VERB
ftr-458	692	3	below	below	ADV
ftr-458	692	4	,	,	PUNCT
ftr-458	692	5	buying	buy	VERB
ftr-458	692	6	a	a	DET
ftr-458	692	7	put	put	NOUN
ftr-458	692	8	and	and	CCONJ
ftr-458	692	9	selling	sell	VERB
ftr-458	692	10	a	a	DET
ftr-458	692	11	call	call	NOUN
ftr-458	692	12	results	result	NOUN
ftr-458	692	13	in	in	ADP
ftr-458	692	14	a	a	DET
ftr-458	692	15	riskless	riskless	NOUN
ftr-458	692	16	position	position	NOUN
ftr-458	692	17	with	with	ADP
ftr-458	692	18	zero	zero	NUM
ftr-458	692	19	variance	variance	NOUN
ftr-458	692	20	and	and	CCONJ
ftr-458	692	21	standard	standard	ADJ
ftr-458	692	22	deviation	deviation	NOUN
ftr-458	692	23	:	:	PUNCT
ftr-458	692	24	6	6	NUM
ftr-458	692	25	°	°	NUM
ftr-458	692	26	probability	probability	NOUN
ftr-458	692	27	expected	expect	VERB
ftr-458	692	28	standard	standard	ADJ
ftr-458	692	29	and	and	CCONJ
ftr-458	692	30	outcome	outcome	NOUN
ftr-458	692	31	value	value	NOUN
ftr-458	692	32	variance	variance	NOUN
ftr-458	692	33	deviation	deviation	NOUN
ftr-458	692	34	coin	coin	NOUN
ftr-458	692	35	flip	flip	NOUN
ftr-458	692	36	50	50	NUM
ftr-458	692	37	%	%	NOUN
ftr-458	692	38	100	100	NUM
ftr-458	692	39	50	50	NUM
ftr-458	692	40	2500	2500	NUM
ftr-458	692	41	50	50	NUM
ftr-458	692	42	50	50	NUM
ftr-458	692	43	%	%	NOUN
ftr-458	692	44	0	0	NUM
ftr-458	692	45	coin	coin	NOUN
ftr-458	692	46	flip	flip	NOUN
ftr-458	692	47	50	50	NUM
ftr-458	692	48	%	%	NOUN
ftr-458	692	49	50	50	NUM
ftr-458	692	50	50	50	NUM
ftr-458	692	51	0	0	NUM
ftr-458	692	52	0	0	NUM
ftr-458	692	53	and	and	CCONJ
ftr-458	692	54	sell	sell	VERB
ftr-458	692	55	50	50	NUM
ftr-458	692	56	%	%	NOUN
ftr-458	692	57	50	50	NUM
ftr-458	692	58	call	call	NOUN
ftr-458	692	59	and	and	CCONJ
ftr-458	692	60	buy	buy	VERB
ftr-458	692	61	put	put	VERB
ftr-458	692	62	cash	cash	NOUN
ftr-458	692	63	-	-	PUNCT
ftr-458	692	64	settled	settle	VERB
ftr-458	692	65	put	put	NOUN
ftr-458	692	66	option	option	NOUN
ftr-458	692	67	and	and	CCONJ
ftr-458	692	68	sell	sell	VERB
ftr-458	692	69	a	a	DET
ftr-458	692	70	cash	cash	NOUN
ftr-458	692	71	-	-	PUNCT
ftr-458	692	72	settled	settle	VERB
ftr-458	692	73	call	call	NOUN
ftr-458	692	74	option	option	NOUN
ftr-458	692	75	with	with	ADP
ftr-458	692	76	respect	respect	NOUN
ftr-458	692	77	to	to	ADP
ftr-458	692	78	the	the	DET
ftr-458	692	79	share	share	NOUN
ftr-458	692	80	,	,	PUNCT
ftr-458	692	81	each	each	PRON
ftr-458	692	82	with	with	ADP
ftr-458	692	83	a	a	DET
ftr-458	692	84	one	one	NUM
ftr-458	692	85	-	-	PUNCT
ftr-458	692	86	year	year	NOUN
ftr-458	692	87	term	term	NOUN
ftr-458	692	88	and	and	CCONJ
ftr-458	692	89	a	a	DET
ftr-458	692	90	strike	strike	NOUN
ftr-458	692	91	price	price	NOUN
ftr-458	692	92	of	of	ADP
ftr-458	692	93	$	$	SYM
ftr-458	692	94	11	11	NUM
ftr-458	692	95	.	.	PUNCT
ftr-458	693	1	under	under	ADP
ftr-458	693	2	the	the	DET
ftr-458	693	3	put	put	NOUN
ftr-458	693	4	,	,	PUNCT
ftr-458	693	5	the	the	DET
ftr-458	693	6	taxpayer	taxpayer	NOUN
ftr-458	693	7	would	would	AUX
ftr-458	693	8	be	be	AUX
ftr-458	693	9	entitled	entitle	VERB
ftr-458	693	10	in	in	ADP
ftr-458	693	11	one	one	NUM
ftr-458	693	12	year	year	NOUN
ftr-458	693	13	to	to	PART
ftr-458	693	14	receive	receive	VERB
ftr-458	693	15	any	any	DET
ftr-458	693	16	excess	excess	NOUN
ftr-458	693	17	of	of	ADP
ftr-458	693	18	$	$	SYM
ftr-458	693	19	11	11	NUM
ftr-458	693	20	over	over	ADP
ftr-458	693	21	the	the	DET
ftr-458	693	22	value	value	NOUN
ftr-458	693	23	of	of	ADP
ftr-458	693	24	the	the	DET
ftr-458	693	25	share	share	NOUN
ftr-458	693	26	on	on	ADP
ftr-458	693	27	that	that	DET
ftr-458	693	28	date	date	NOUN
ftr-458	693	29	.	.	PUNCT
ftr-458	694	1	under	under	ADP
ftr-458	694	2	the	the	DET
ftr-458	694	3	call	call	NOUN
ftr-458	694	4	,	,	PUNCT
ftr-458	694	5	the	the	DET
ftr-458	694	6	taxpayer	taxpayer	NOUN
ftr-458	694	7	would	would	AUX
ftr-458	694	8	be	be	AUX
ftr-458	694	9	obligated	obligate	VERB
ftr-458	694	10	to	to	PART
ftr-458	694	11	pay	pay	VERB
ftr-458	694	12	the	the	DET
ftr-458	694	13	owner	owner	NOUN
ftr-458	694	14	of	of	ADP
ftr-458	694	15	the	the	DET
ftr-458	694	16	call	call	NOUN
ftr-458	694	17	any	any	DET
ftr-458	694	18	excess	excess	NOUN
ftr-458	694	19	of	of	ADP
ftr-458	694	20	the	the	DET
ftr-458	694	21	value	value	NOUN
ftr-458	694	22	of	of	ADP
ftr-458	694	23	the	the	DET
ftr-458	694	24	share	share	NOUN
ftr-458	694	25	one	one	NUM
ftr-458	694	26	year	year	NOUN
ftr-458	694	27	from	from	ADP
ftr-458	694	28	now	now	ADV
ftr-458	694	29	over	over	ADP
ftr-458	694	30	$	$	SYM
ftr-458	694	31	11	11	NUM
ftr-458	694	32	.	.	PUNCT
ftr-458	695	1	if	if	SCONJ
ftr-458	695	2	the	the	DET
ftr-458	695	3	stock	stock	NOUN
ftr-458	695	4	value	value	NOUN
ftr-458	695	5	exceeds	exceed	VERB
ftr-458	695	6	$	$	SYM
ftr-458	695	7	11	11	NUM
ftr-458	695	8	on	on	ADP
ftr-458	695	9	the	the	DET
ftr-458	695	10	exercise	exercise	NOUN
ftr-458	695	11	date	date	NOUN
ftr-458	695	12	,	,	PUNCT
ftr-458	695	13	the	the	DET
ftr-458	695	14	call	call	NOUN
ftr-458	695	15	owner	owner	NOUN
ftr-458	695	16	will	will	AUX
ftr-458	695	17	exercise	exercise	VERB
ftr-458	695	18	,	,	PUNCT
ftr-458	695	19	and	and	CCONJ
ftr-458	695	20	the	the	DET
ftr-458	695	21	put	put	NOUN
ftr-458	695	22	will	will	AUX
ftr-458	695	23	lapse	lapse	VERB
ftr-458	695	24	.	.	PUNCT
ftr-458	696	1	if	if	SCONJ
ftr-458	696	2	the	the	DET
ftr-458	696	3	stock	stock	NOUN
ftr-458	696	4	value	value	NOUN
ftr-458	696	5	is	be	AUX
ftr-458	696	6	less	less	ADJ
ftr-458	696	7	than	than	ADP
ftr-458	696	8	$	$	SYM
ftr-458	696	9	11	11	NUM
ftr-458	696	10	on	on	ADP
ftr-458	696	11	such	such	ADJ
ftr-458	696	12	date	date	NOUN
ftr-458	696	13	,	,	PUNCT
ftr-458	696	14	the	the	DET
ftr-458	696	15	taxpayer	taxpayer	NOUN
ftr-458	696	16	will	will	AUX
ftr-458	696	17	exercise	exercise	VERB
ftr-458	696	18	the	the	DET
ftr-458	696	19	put	put	NOUN
ftr-458	696	20	,	,	PUNCT
ftr-458	696	21	and	and	CCONJ
ftr-458	696	22	the	the	DET
ftr-458	696	23	call	call	NOUN
ftr-458	696	24	will	will	AUX
ftr-458	696	25	lapse	lapse	VERB
ftr-458	696	26	.	.	PUNCT
ftr-458	697	1	if	if	SCONJ
ftr-458	697	2	the	the	DET
ftr-458	697	3	stock	stock	NOUN
ftr-458	697	4	value	value	NOUN
ftr-458	697	5	is	be	AUX
ftr-458	697	6	exactly	exactly	ADV
ftr-458	697	7	$	$	SYM
ftr-458	697	8	11	11	NUM
ftr-458	697	9	,	,	PUNCT
ftr-458	697	10	neither	neither	DET
ftr-458	697	11	option	option	NOUN
ftr-458	697	12	will	will	AUX
ftr-458	697	13	be	be	AUX
ftr-458	697	14	exercised	exercise	VERB
ftr-458	697	15	.	.	PUNCT
ftr-458	698	1	thus	thus	ADV
ftr-458	698	2	,	,	PUNCT
ftr-458	698	3	regardless	regardless	ADV
ftr-458	698	4	of	of	ADP
ftr-458	698	5	the	the	DET
ftr-458	698	6	value	value	NOUN
ftr-458	698	7	of	of	ADP
ftr-458	698	8	the	the	DET
ftr-458	698	9	stock	stock	NOUN
ftr-458	698	10	,	,	PUNCT
ftr-458	698	11	the	the	DET
ftr-458	698	12	taxpayer	taxpayer	NOUN
ftr-458	698	13	will	will	AUX
ftr-458	698	14	have	have	VERB
ftr-458	698	15	a	a	DET
ftr-458	698	16	total	total	NOUN
ftr-458	698	17	of	of	ADP
ftr-458	698	18	$	$	SYM
ftr-458	698	19	11	11	NUM
ftr-458	698	20	(	(	PUNCT
ftr-458	698	21	$	$	SYM
ftr-458	698	22	10	10	NUM
ftr-458	698	23	plus	plus	CCONJ
ftr-458	698	24	the	the	DET
ftr-458	698	25	equivalent	equivalent	NOUN
ftr-458	698	26	of	of	ADP
ftr-458	698	27	10	10	NUM
ftr-458	698	28	%	%	NOUN
ftr-458	698	29	interest	interest	NOUN
ftr-458	698	30	)	)	PUNCT
ftr-458	698	31	,	,	PUNCT
ftr-458	698	32	taking	take	VERB
ftr-458	698	33	into	into	ADP
ftr-458	698	34	account	account	NOUN
ftr-458	698	35	the	the	DET
ftr-458	698	36	value	value	NOUN
ftr-458	698	37	of	of	ADP
ftr-458	698	38	the	the	DET
ftr-458	698	39	stock	stock	NOUN
ftr-458	698	40	and	and	CCONJ
ftr-458	698	41	the	the	DET
ftr-458	698	42	payments	payment	NOUN
ftr-458	698	43	that	that	PRON
ftr-458	698	44	the	the	DET
ftr-458	698	45	taxpayer	taxpayer	NOUN
ftr-458	698	46	makes	make	VERB
ftr-458	698	47	or	or	CCONJ
ftr-458	698	48	receives	receive	VERB
ftr-458	698	49	under	under	ADP
ftr-458	698	50	the	the	DET
ftr-458	698	51	options	option	NOUN
ftr-458	698	52	.	.	PUNCT
ftr-458	699	1	60	60	NUM
ftr-458	699	2	.	.	PUNCT
ftr-458	700	1	taxpayer	taxpayer	PROPN
ftr-458	700	2	's	's	PART
ftr-458	700	3	position	position	NOUN
ftr-458	700	4	is	be	AUX
ftr-458	700	5	riskless	riskless	NOUN
ftr-458	700	6	in	in	ADP
ftr-458	700	7	the	the	DET
ftr-458	700	8	sense	sense	NOUN
ftr-458	700	9	that	that	SCONJ
ftr-458	700	10	the	the	DET
ftr-458	700	11	amount	amount	NOUN
ftr-458	700	12	of	of	ADP
ftr-458	700	13	cash	cash	NOUN
ftr-458	700	14	that	that	PRON
ftr-458	700	15	taxpayer	taxpayer	NOUN
ftr-458	700	16	will	will	AUX
ftr-458	700	17	have	have	VERB
ftr-458	700	18	is	be	AUX
ftr-458	700	19	certain	certain	ADJ
ftr-458	700	20	.	.	PUNCT
ftr-458	701	1	the	the	DET
ftr-458	701	2	value	value	NOUN
ftr-458	701	3	of	of	ADP
ftr-458	701	4	cash	cash	NOUN
ftr-458	701	5	is	be	AUX
ftr-458	701	6	,	,	PUNCT
ftr-458	701	7	however	however	ADV
ftr-458	701	8	,	,	PUNCT
ftr-458	701	9	risky	risky	ADJ
ftr-458	701	10	.	.	PUNCT
ftr-458	702	1	see	see	VERB
ftr-458	702	2	supra	supra	PROPN
ftr-458	702	3	part	part	PROPN
ftr-458	702	4	iii.b.2	iii.b.2	PROPN
ftr-458	702	5	.	.	PUNCT
ftr-458	703	1	[	[	X
ftr-458	703	2	vol	vol	NOUN
ftr-458	703	3	.	.	PUNCT
ftr-458	703	4	3:1	3:1	NUM
ftr-458	703	5	another	another	DET
ftr-458	703	6	uneasy	uneasy	ADJ
ftr-458	703	7	compromise	compromise	NOUN
ftr-458	703	8	"	"	PUNCT
ftr-458	703	9	hedge	hedge	VERB
ftr-458	703	10	and	and	CCONJ
ftr-458	703	11	forget	forget	VERB
ftr-458	703	12	"	"	PUNCT
ftr-458	703	13	strategies	strategy	NOUN
ftr-458	703	14	,	,	PUNCT
ftr-458	703	15	such	such	ADJ
ftr-458	703	16	as	as	ADP
ftr-458	703	17	a	a	DET
ftr-458	703	18	married	married	ADJ
ftr-458	703	19	put	put	NOUN
ftr-458	703	20	and	and	CCONJ
ftr-458	703	21	call	call	VERB
ftr-458	703	22	,	,	PUNCT
ftr-458	703	23	short	short	ADJ
ftr-458	703	24	against	against	ADP
ftr-458	703	25	the	the	DET
ftr-458	703	26	box	box	NOUN
ftr-458	703	27	,	,	PUNCT
ftr-458	703	28	equity	equity	NOUN
ftr-458	703	29	swap	swap	NOUN
ftr-458	703	30	,	,	PUNCT
ftr-458	703	31	or	or	CCONJ
ftr-458	703	32	a	a	DET
ftr-458	703	33	forward	forward	ADJ
ftr-458	703	34	contract	contract	NOUN
ftr-458	703	35	approximate	approximate	VERB
ftr-458	703	36	a	a	DET
ftr-458	703	37	disposition	disposition	NOUN
ftr-458	703	38	by	by	ADP
ftr-458	703	39	making	make	VERB
ftr-458	703	40	a	a	DET
ftr-458	703	41	taxpayer	taxpayer	NOUN
ftr-458	703	42	's	's	PART
ftr-458	703	43	returns	return	NOUN
ftr-458	703	44	largely	largely	ADV
ftr-458	703	45	independent	independent	ADJ
ftr-458	703	46	of	of	ADP
ftr-458	703	47	the	the	DET
ftr-458	703	48	price	price	NOUN
ftr-458	703	49	of	of	ADP
ftr-458	703	50	the	the	DET
ftr-458	703	51	taxpayer	taxpayer	NOUN
ftr-458	703	52	's	's	PART
ftr-458	703	53	stock.6	stock.6	PROPN
ftr-458	703	54	'	'	PUNCT
ftr-458	703	55	some	some	DET
ftr-458	703	56	hedge	hedge	NOUN
ftr-458	703	57	and	and	CCONJ
ftr-458	703	58	forget	forget	VERB
ftr-458	703	59	strategies	strategy	NOUN
ftr-458	703	60	leave	leave	VERB
ftr-458	703	61	the	the	DET
ftr-458	703	62	taxpayer	taxpayer	NOUN
ftr-458	703	63	slightly	slightly	ADV
ftr-458	703	64	exposed	expose	VERB
ftr-458	703	65	to	to	ADP
ftr-458	703	66	risk	risk	NOUN
ftr-458	703	67	in	in	ADP
ftr-458	703	68	the	the	DET
ftr-458	703	69	hedged	hedge	VERB
ftr-458	703	70	asset	asset	NOUN
ftr-458	703	71	,	,	PUNCT
ftr-458	703	72	however	however	ADV
ftr-458	703	73	,	,	PUNCT
ftr-458	703	74	because	because	SCONJ
ftr-458	703	75	of	of	ADP
ftr-458	703	76	counterparty	counterparty	NOUN
ftr-458	703	77	credit	credit	NOUN
ftr-458	703	78	risk	risk	NOUN
ftr-458	703	79	.	.	PUNCT
ftr-458	704	1	for	for	ADP
ftr-458	704	2	example	example	NOUN
ftr-458	704	3	,	,	PUNCT
ftr-458	704	4	in	in	ADP
ftr-458	704	5	the	the	DET
ftr-458	704	6	case	case	NOUN
ftr-458	704	7	of	of	ADP
ftr-458	704	8	an	an	DET
ftr-458	704	9	equity	equity	NOUN
ftr-458	704	10	swap	swap	NOUN
ftr-458	704	11	,	,	PUNCT
ftr-458	704	12	a	a	DET
ftr-458	704	13	married	married	ADJ
ftr-458	704	14	put	put	NOUN
ftr-458	704	15	and	and	CCONJ
ftr-458	704	16	call	call	VERB
ftr-458	704	17	,	,	PUNCT
ftr-458	704	18	or	or	CCONJ
ftr-458	704	19	a	a	DET
ftr-458	704	20	forward	forward	ADJ
ftr-458	704	21	contract	contract	NOUN
ftr-458	704	22	,	,	PUNCT
ftr-458	704	23	the	the	DET
ftr-458	704	24	taxpayer	taxpayer	NOUN
ftr-458	704	25	remains	remain	VERB
ftr-458	704	26	exposed	expose	VERB
ftr-458	704	27	to	to	ADP
ftr-458	704	28	the	the	DET
ftr-458	704	29	possibility	possibility	NOUN
ftr-458	704	30	that	that	SCONJ
ftr-458	704	31	the	the	DET
ftr-458	704	32	counterparty	counterparty	NOUN
ftr-458	704	33	may	may	AUX
ftr-458	704	34	default	default	VERB
ftr-458	704	35	,	,	PUNCT
ftr-458	704	36	in	in	ADP
ftr-458	704	37	which	which	DET
ftr-458	704	38	case	case	NOUN
ftr-458	704	39	the	the	DET
ftr-458	704	40	taxpayer	taxpayer	NOUN
ftr-458	704	41	's	's	PART
ftr-458	704	42	return	return	NOUN
ftr-458	704	43	would	would	AUX
ftr-458	704	44	depend	depend	VERB
ftr-458	704	45	on	on	ADP
ftr-458	704	46	price	price	NOUN
ftr-458	704	47	variations	variation	NOUN
ftr-458	704	48	in	in	ADP
ftr-458	704	49	the	the	DET
ftr-458	704	50	underlying	underlie	VERB
ftr-458	704	51	asset.6	asset.6	PROPN
ftr-458	704	52	b.	b.	NOUN
ftr-458	704	53	purchase	purchase	NOUN
ftr-458	704	54	of	of	ADP
ftr-458	704	55	a	a	DET
ftr-458	704	56	put	put	NOUN
ftr-458	704	57	or	or	CCONJ
ftr-458	704	58	sale	sale	NOUN
ftr-458	704	59	of	of	ADP
ftr-458	704	60	a	a	DET
ftr-458	704	61	call	call	NOUN
ftr-458	704	62	1	1	NUM
ftr-458	704	63	.	.	PUNCT
ftr-458	705	1	reduces	reduce	VERB
ftr-458	705	2	some	some	DET
ftr-458	705	3	risks	risk	NOUN
ftr-458	705	4	,	,	PUNCT
ftr-458	705	5	but	but	CCONJ
ftr-458	705	6	introduces	introduce	VERB
ftr-458	705	7	others.-the	others.-the	DET
ftr-458	705	8	purchase	purchase	NOUN
ftr-458	705	9	of	of	ADP
ftr-458	705	10	a	a	DET
ftr-458	705	11	put	put	NOUN
ftr-458	705	12	or	or	CCONJ
ftr-458	705	13	sale	sale	NOUN
ftr-458	705	14	of	of	ADP
ftr-458	705	15	a	a	DET
ftr-458	705	16	call	call	NOUN
ftr-458	705	17	might	might	AUX
ftr-458	705	18	be	be	AUX
ftr-458	705	19	used	use	VERB
ftr-458	705	20	by	by	ADP
ftr-458	705	21	a	a	DET
ftr-458	705	22	taxpayer	taxpayer	NOUN
ftr-458	705	23	as	as	ADP
ftr-458	705	24	a	a	DET
ftr-458	705	25	substitute	substitute	NOUN
ftr-458	705	26	for	for	ADP
ftr-458	705	27	a	a	DET
ftr-458	705	28	sale	sale	NOUN
ftr-458	705	29	because	because	SCONJ
ftr-458	705	30	a	a	DET
ftr-458	705	31	taxpayer	taxpayer	NOUN
ftr-458	705	32	that	that	PRON
ftr-458	705	33	owns	own	VERB
ftr-458	705	34	an	an	DET
ftr-458	705	35	asset	asset	NOUN
ftr-458	705	36	and	and	CCONJ
ftr-458	705	37	buys	buy	VERB
ftr-458	705	38	a	a	DET
ftr-458	705	39	put	put	NOUN
ftr-458	705	40	or	or	CCONJ
ftr-458	705	41	sells	sell	VERB
ftr-458	705	42	a	a	DET
ftr-458	705	43	call	call	NOUN
ftr-458	705	44	reduces	reduce	VERB
ftr-458	705	45	exposure	exposure	NOUN
ftr-458	705	46	to	to	PART
ftr-458	705	47	risk	risk	VERB
ftr-458	705	48	in	in	ADP
ftr-458	705	49	the	the	DET
ftr-458	705	50	asset	asset	NOUN
ftr-458	705	51	.	.	PUNCT
ftr-458	706	1	example	example	NOUN
ftr-458	706	2	9	9	NUM
ftr-458	706	3	illustrates	illustrate	VERB
ftr-458	706	4	that	that	SCONJ
ftr-458	706	5	buying	buy	VERB
ftr-458	706	6	a	a	DET
ftr-458	706	7	put	put	NOUN
ftr-458	706	8	reduces	reduce	VERB
ftr-458	706	9	a	a	DET
ftr-458	706	10	taxpayer	taxpayer	NOUN
ftr-458	706	11	's	's	PART
ftr-458	706	12	exposure	exposure	NOUN
ftr-458	706	13	to	to	PART
ftr-458	706	14	risk	risk	VERB
ftr-458	706	15	in	in	ADP
ftr-458	706	16	an	an	DET
ftr-458	706	17	asset	asset	NOUN
ftr-458	706	18	.	.	PUNCT
ftr-458	707	1	example	example	NOUN
ftr-458	708	1	9	9	NUM
ftr-458	708	2	.	.	PUNCT
ftr-458	708	3	taxpayer	taxpayer	NOUN
ftr-458	708	4	,	,	PUNCT
ftr-458	708	5	who	who	PRON
ftr-458	708	6	owns	own	VERB
ftr-458	708	7	coin	coin	NOUN
ftr-458	708	8	flip	flip	NOUN
ftr-458	708	9	,	,	PUNCT
ftr-458	708	10	purchases	purchase	VERB
ftr-458	708	11	a	a	DET
ftr-458	708	12	put	put	NOUN
ftr-458	708	13	for	for	ADP
ftr-458	708	14	$	$	SYM
ftr-458	708	15	25	25	NUM
ftr-458	708	16	entitling	entitle	VERB
ftr-458	708	17	taxpayer	taxpayer	NOUN
ftr-458	708	18	to	to	ADP
ftr-458	708	19	the	the	DET
ftr-458	708	20	excess	excess	NOUN
ftr-458	708	21	of	of	ADP
ftr-458	708	22	$	$	SYM
ftr-458	708	23	50	50	NUM
ftr-458	708	24	over	over	ADP
ftr-458	708	25	the	the	DET
ftr-458	708	26	payment	payment	NOUN
ftr-458	708	27	under	under	ADP
ftr-458	708	28	coin	coin	NOUN
ftr-458	708	29	flip	flip	NOUN
ftr-458	708	30	.	.	PUNCT
ftr-458	709	1	thus	thus	ADV
ftr-458	709	2	,	,	PUNCT
ftr-458	709	3	if	if	SCONJ
ftr-458	709	4	the	the	DET
ftr-458	709	5	coin	coin	NOUN
ftr-458	709	6	turns	turn	VERB
ftr-458	709	7	up	up	ADP
ftr-458	709	8	heads	head	NOUN
ftr-458	709	9	,	,	PUNCT
ftr-458	709	10	the	the	DET
ftr-458	709	11	put	put	NOUN
ftr-458	709	12	entitles	entitle	VERB
ftr-458	709	13	taxpayer	taxpayer	NOUN
ftr-458	709	14	to	to	ADP
ftr-458	709	15	nothing	nothing	PRON
ftr-458	709	16	(	(	PUNCT
ftr-458	709	17	the	the	DET
ftr-458	709	18	excess	excess	NOUN
ftr-458	709	19	of	of	ADP
ftr-458	709	20	$	$	SYM
ftr-458	709	21	50	50	NUM
ftr-458	709	22	over	over	ADP
ftr-458	709	23	the	the	DET
ftr-458	709	24	$	$	SYM
ftr-458	709	25	100	100	NUM
ftr-458	709	26	payment	payment	NOUN
ftr-458	709	27	under	under	ADP
ftr-458	709	28	coin	coin	NOUN
ftr-458	709	29	flip	flip	NOUN
ftr-458	709	30	)	)	PUNCT
ftr-458	709	31	and	and	CCONJ
ftr-458	709	32	if	if	SCONJ
ftr-458	709	33	the	the	DET
ftr-458	709	34	coin	coin	NOUN
ftr-458	709	35	turns	turn	VERB
ftr-458	709	36	up	up	ADP
ftr-458	709	37	tails	tail	NOUN
ftr-458	709	38	,	,	PUNCT
ftr-458	709	39	the	the	DET
ftr-458	709	40	put	put	VERB
ftr-458	709	41	entities	entity	NOUN
ftr-458	709	42	taxpayer	taxpayer	NOUN
ftr-458	709	43	to	to	ADP
ftr-458	709	44	$	$	SYM
ftr-458	709	45	50	50	NUM
ftr-458	709	46	(	(	PUNCT
ftr-458	709	47	the	the	DET
ftr-458	709	48	excess	excess	NOUN
ftr-458	709	49	of	of	ADP
ftr-458	709	50	$	$	SYM
ftr-458	709	51	50	50	NUM
ftr-458	709	52	over	over	ADP
ftr-458	709	53	the	the	DET
ftr-458	709	54	payment	payment	NOUN
ftr-458	709	55	of	of	ADP
ftr-458	709	56	zero	zero	NUM
ftr-458	709	57	under	under	ADP
ftr-458	709	58	coin	coin	NOUN
ftr-458	709	59	flip	flip	NOUN
ftr-458	709	60	)	)	PUNCT
ftr-458	709	61	.	.	PUNCT
ftr-458	710	1	the	the	DET
ftr-458	710	2	following	follow	VERB
ftr-458	710	3	table	table	NOUN
ftr-458	710	4	shows	show	VERB
ftr-458	710	5	taxpayer	taxpayer	PROPN
ftr-458	710	6	's	's	PART
ftr-458	710	7	net	net	ADJ
ftr-458	710	8	outcomes	outcome	NOUN
ftr-458	710	9	:	:	PUNCT
ftr-458	710	10	i	i	PRON
ftr-458	710	11	outcome=	outcome=	NUM
ftr-458	710	12	coin	coin	NOUN
ftr-458	710	13	flip	flip	NOUN
ftr-458	710	14	+	+	CCONJ
ftr-458	710	15	put	put	VERB
ftr-458	710	16	premium	premium	NOUN
ftr-458	710	17	+	+	CCONJ
ftr-458	710	18	put	put	VERB
ftr-458	710	19	payment	payment	NOUN
ftr-458	710	20	heads	head	NOUN
ftr-458	710	21	75	75	NUM
ftr-458	710	22	=	=	SYM
ftr-458	710	23	100	100	NUM
ftr-458	710	24	+	+	CCONJ
ftr-458	710	25	(	(	PUNCT
ftr-458	710	26	25)+	25)+	NUM
ftr-458	710	27	0	0	NUM
ftr-458	710	28	tails	tail	NOUN
ftr-458	710	29	25	25	NUM
ftr-458	710	30	=	=	SYM
ftr-458	710	31	0	0	NUM
ftr-458	710	32	+	+	CCONJ
ftr-458	710	33	(	(	PUNCT
ftr-458	710	34	25)+	25)+	NUM
ftr-458	710	35	50	50	NUM
ftr-458	710	36	61	61	NUM
ftr-458	710	37	.	.	PUNCT
ftr-458	711	1	see	see	VERB
ftr-458	711	2	supra	supra	PROPN
ftr-458	711	3	note	note	PROPN
ftr-458	711	4	i.	i.	PROPN
ftr-458	711	5	62	62	NUM
ftr-458	711	6	.	.	PUNCT
ftr-458	712	1	a	a	DET
ftr-458	712	2	short	short	ADJ
ftr-458	712	3	against	against	ADP
ftr-458	712	4	the	the	DET
ftr-458	712	5	box	box	NOUN
ftr-458	712	6	arguably	arguably	ADV
ftr-458	712	7	does	do	AUX
ftr-458	712	8	not	not	PART
ftr-458	712	9	involve	involve	VERB
ftr-458	712	10	credit	credit	NOUN
ftr-458	712	11	risk	risk	NOUN
ftr-458	712	12	.	.	PUNCT
ftr-458	713	1	klcinbard	klcinbard	PROPN
ftr-458	713	2	,	,	PUNCT
ftr-458	713	3	supra	supra	PROPN
ftr-458	713	4	note	note	NOUN
ftr-458	713	5	6	6	NUM
ftr-458	713	6	,	,	PUNCT
ftr-458	713	7	at	at	ADP
ftr-458	713	8	789	789	NUM
ftr-458	713	9	n.30	n.30	NOUN
ftr-458	713	10	.	.	PUNCT
ftr-458	714	1	there	there	PRON
ftr-458	714	2	is	be	VERB
ftr-458	714	3	precedent	precedent	NOUN
ftr-458	714	4	for	for	ADP
ftr-458	714	5	disregarding	disregard	VERB
ftr-458	714	6	credit	credit	NOUN
ftr-458	714	7	risk	risk	NOUN
ftr-458	714	8	in	in	ADP
ftr-458	714	9	the	the	DET
ftr-458	714	10	context	context	NOUN
ftr-458	714	11	of	of	ADP
ftr-458	714	12	realization	realization	NOUN
ftr-458	714	13	.	.	PUNCT
ftr-458	715	1	for	for	ADP
ftr-458	715	2	example	example	NOUN
ftr-458	715	3	,	,	PUNCT
ftr-458	715	4	the	the	DET
ftr-458	715	5	original	original	ADJ
ftr-458	715	6	issue	issue	NOUN
ftr-458	715	7	discount	discount	NOUN
ftr-458	715	8	rules	rule	NOUN
ftr-458	715	9	require	require	VERB
ftr-458	715	10	a	a	DET
ftr-458	715	11	taxpayer	taxpayer	NOUN
ftr-458	715	12	to	to	PART
ftr-458	715	13	accrue	accrue	VERB
ftr-458	715	14	income	income	NOUN
ftr-458	715	15	under	under	ADP
ftr-458	715	16	a	a	DET
ftr-458	715	17	noncontingent	noncontingent	NOUN
ftr-458	715	18	bond	bond	NOUN
ftr-458	715	19	,	,	PUNCT
ftr-458	715	20	even	even	ADV
ftr-458	715	21	though	though	SCONJ
ftr-458	715	22	there	there	PRON
ftr-458	715	23	is	be	VERB
ftr-458	715	24	risk	risk	NOUN
ftr-458	715	25	that	that	SCONJ
ftr-458	715	26	the	the	DET
ftr-458	715	27	accrued	accrue	VERB
ftr-458	715	28	amounts	amount	NOUN
ftr-458	715	29	will	will	AUX
ftr-458	715	30	not	not	PART
ftr-458	715	31	be	be	AUX
ftr-458	715	32	received	receive	VERB
ftr-458	715	33	because	because	SCONJ
ftr-458	715	34	the	the	DET
ftr-458	715	35	issuer	issuer	NOUN
ftr-458	715	36	of	of	ADP
ftr-458	715	37	the	the	DET
ftr-458	715	38	bond	bond	NOUN
ftr-458	715	39	defaults	default	NOUN
ftr-458	715	40	.	.	PUNCT
ftr-458	716	1	see	see	VERB
ftr-458	716	2	irc	irc	PROPN
ftr-458	716	3	§	§	PROPN
ftr-458	716	4	1272(a)(1	1272(a)(1	NUM
ftr-458	716	5	)	)	PUNCT
ftr-458	716	6	(	(	PUNCT
ftr-458	716	7	including	include	VERB
ftr-458	716	8	original	original	ADJ
ftr-458	716	9	issue	issue	NOUN
ftr-458	716	10	discount	discount	NOUN
ftr-458	716	11	in	in	ADP
ftr-458	716	12	gross	gross	ADJ
ftr-458	716	13	income	income	NOUN
ftr-458	716	14	)	)	PUNCT
ftr-458	716	15	;	;	PUNCT
ftr-458	716	16	t.a.m	t.a.m	X
ftr-458	716	17	.	.	PROPN
ftr-458	716	18	9538007	9538007	NUM
ftr-458	716	19	(	(	PUNCT
ftr-458	716	20	june	june	PROPN
ftr-458	716	21	13	13	NUM
ftr-458	716	22	,	,	PUNCT
ftr-458	716	23	1995	1995	NUM
ftr-458	716	24	)	)	PUNCT
ftr-458	716	25	(	(	PUNCT
ftr-458	716	26	finding	find	VERB
ftr-458	716	27	no	no	DET
ftr-458	716	28	"	"	PUNCT
ftr-458	716	29	doubtful	doubtful	ADJ
ftr-458	716	30	collectibility	collectibility	NOUN
ftr-458	716	31	"	"	PUNCT
ftr-458	716	32	exception	exception	NOUN
ftr-458	716	33	to	to	ADP
ftr-458	716	34	original	original	ADJ
ftr-458	716	35	issue	issue	NOUN
ftr-458	716	36	discount	discount	NOUN
ftr-458	716	37	accrual	accrual	ADJ
ftr-458	716	38	)	)	PUNCT
ftr-458	716	39	.	.	PUNCT
ftr-458	717	1	19961	19961	NUM
ftr-458	717	2	florida	florida	PROPN
ftr-458	717	3	tax	tax	NOUN
ftr-458	717	4	review	review	NOUN
ftr-458	717	5	owning	own	VERB
ftr-458	717	6	only	only	ADV
ftr-458	717	7	coin	coin	NOUN
ftr-458	717	8	flip	flip	NOUN
ftr-458	717	9	is	be	AUX
ftr-458	717	10	riskier	risky	ADJ
ftr-458	717	11	than	than	ADP
ftr-458	717	12	owning	own	VERB
ftr-458	717	13	coin	coin	NOUN
ftr-458	717	14	flip	flip	NOUN
ftr-458	717	15	and	and	CCONJ
ftr-458	717	16	the	the	DET
ftr-458	717	17	put	put	NOUN
ftr-458	717	18	,	,	PUNCT
ftr-458	717	19	because	because	SCONJ
ftr-458	717	20	the	the	DET
ftr-458	717	21	variance	variance	NOUN
ftr-458	717	22	of	of	ADP
ftr-458	717	23	outcomes	outcome	NOUN
ftr-458	717	24	is	be	AUX
ftr-458	717	25	higher	high	ADJ
ftr-458	717	26	in	in	ADP
ftr-458	717	27	the	the	DET
ftr-458	717	28	first	first	ADJ
ftr-458	717	29	case	case	NOUN
ftr-458	717	30	than	than	ADP
ftr-458	717	31	in	in	ADP
ftr-458	717	32	the	the	DET
ftr-458	717	33	second	second	ADJ
ftr-458	717	34	:	:	PUNCT
ftr-458	717	35	probability	probability	NOUN
ftr-458	717	36	expected	expect	VERB
ftr-458	717	37	standard	standard	ADJ
ftr-458	717	38	and	and	CCONJ
ftr-458	717	39	outcome	outcome	NOUN
ftr-458	717	40	value	value	NOUN
ftr-458	717	41	variance	variance	NOUN
ftr-458	717	42	deviation	deviation	NOUN
ftr-458	717	43	coin	coin	NOUN
ftr-458	717	44	flip	flip	NOUN
ftr-458	717	45	50	50	NUM
ftr-458	717	46	%	%	NOUN
ftr-458	717	47	100	100	NUM
ftr-458	717	48	50	50	NUM
ftr-458	717	49	2500	2500	NUM
ftr-458	717	50	50	50	NUM
ftr-458	717	51	50	50	NUM
ftr-458	717	52	%	%	NOUN
ftr-458	717	53	0	0	NUM
ftr-458	717	54	coin	coin	NOUN
ftr-458	717	55	flip	flip	NOUN
ftr-458	717	56	50	50	NUM
ftr-458	717	57	%	%	NOUN
ftr-458	717	58	75	75	NUM
ftr-458	717	59	50	50	NUM
ftr-458	717	60	625	625	NUM
ftr-458	717	61	25	25	NUM
ftr-458	717	62	and	and	CCONJ
ftr-458	717	63	put	put	VERB
ftr-458	717	64	50	50	NUM
ftr-458	717	65	%	%	NOUN
ftr-458	717	66	25	25	NUM
ftr-458	717	67	the	the	DET
ftr-458	717	68	financial	financial	ADJ
ftr-458	717	69	concept	concept	NOUN
ftr-458	717	70	of	of	ADP
ftr-458	717	71	"	"	PUNCT
ftr-458	717	72	delta	delta	NOUN
ftr-458	717	73	"	"	PUNCT
ftr-458	717	74	also	also	ADV
ftr-458	717	75	illustrates	illustrate	VERB
ftr-458	717	76	that	that	SCONJ
ftr-458	717	77	acquisition	acquisition	NOUN
ftr-458	717	78	of	of	ADP
ftr-458	717	79	a	a	DET
ftr-458	717	80	put	put	NOUN
ftr-458	717	81	or	or	CCONJ
ftr-458	717	82	sale	sale	NOUN
ftr-458	717	83	of	of	ADP
ftr-458	717	84	a	a	DET
ftr-458	717	85	call	call	NOUN
ftr-458	717	86	reduces	reduce	NOUN
ftr-458	717	87	,	,	PUNCT
ftr-458	717	88	but	but	CCONJ
ftr-458	717	89	does	do	AUX
ftr-458	717	90	not	not	PART
ftr-458	717	91	eliminate	eliminate	VERB
ftr-458	717	92	,	,	PUNCT
ftr-458	717	93	a	a	DET
ftr-458	717	94	taxpayer	taxpayer	NOUN
ftr-458	717	95	's	's	PART
ftr-458	717	96	exposure	exposure	NOUN
ftr-458	717	97	to	to	ADP
ftr-458	717	98	price	price	NOUN
ftr-458	717	99	variations	variation	NOUN
ftr-458	717	100	in	in	ADP
ftr-458	717	101	the	the	DET
ftr-458	717	102	underlying	underlie	VERB
ftr-458	717	103	asset	asset	NOUN
ftr-458	717	104	.	.	PUNCT
ftr-458	718	1	delta	delta	NOUN
ftr-458	718	2	is	be	AUX
ftr-458	718	3	the	the	DET
ftr-458	718	4	rate	rate	NOUN
ftr-458	718	5	of	of	ADP
ftr-458	718	6	change	change	NOUN
ftr-458	718	7	in	in	ADP
ftr-458	718	8	value	value	NOUN
ftr-458	718	9	of	of	ADP
ftr-458	718	10	a	a	DET
ftr-458	718	11	derivative	derivative	ADJ
ftr-458	718	12	security	security	NOUN
ftr-458	718	13	with	with	ADP
ftr-458	718	14	respect	respect	NOUN
ftr-458	718	15	to	to	ADP
ftr-458	718	16	the	the	DET
ftr-458	718	17	value	value	NOUN
ftr-458	718	18	of	of	ADP
ftr-458	718	19	the	the	DET
ftr-458	718	20	underlying	underlie	VERB
ftr-458	718	21	asset.63	asset.63	NOUN
ftr-458	718	22	if	if	SCONJ
ftr-458	718	23	the	the	DET
ftr-458	718	24	price	price	NOUN
ftr-458	718	25	of	of	ADP
ftr-458	718	26	the	the	DET
ftr-458	718	27	underlying	underlie	VERB
ftr-458	718	28	asset	asset	NOUN
ftr-458	718	29	changes	change	NOUN
ftr-458	718	30	,	,	PUNCT
ftr-458	718	31	the	the	DET
ftr-458	718	32	price	price	NOUN
ftr-458	718	33	of	of	ADP
ftr-458	718	34	an	an	DET
ftr-458	718	35	option	option	NOUN
ftr-458	718	36	on	on	ADP
ftr-458	718	37	that	that	DET
ftr-458	718	38	asset	asset	NOUN
ftr-458	718	39	changes	change	VERB
ftr-458	718	40	less	less	ADJ
ftr-458	718	41	.	.	PUNCT
ftr-458	719	1	for	for	ADP
ftr-458	719	2	every	every	DET
ftr-458	719	3	incremental	incremental	ADJ
ftr-458	719	4	change	change	NOUN
ftr-458	719	5	in	in	ADP
ftr-458	719	6	the	the	DET
ftr-458	719	7	value	value	NOUN
ftr-458	719	8	of	of	ADP
ftr-458	719	9	the	the	DET
ftr-458	719	10	underlying	underlie	VERB
ftr-458	719	11	asset	asset	NOUN
ftr-458	719	12	,	,	PUNCT
ftr-458	719	13	the	the	DET
ftr-458	719	14	option	option	NOUN
ftr-458	719	15	will	will	AUX
ftr-458	719	16	change	change	VERB
ftr-458	719	17	in	in	ADP
ftr-458	719	18	value	value	NOUN
ftr-458	719	19	by	by	ADP
ftr-458	719	20	some	some	DET
ftr-458	719	21	fraction	fraction	NOUN
ftr-458	719	22	of	of	ADP
ftr-458	719	23	that	that	DET
ftr-458	719	24	increment	increment	NOUN
ftr-458	719	25	.	.	PUNCT
ftr-458	720	1	delta	delta	NOUN
ftr-458	720	2	is	be	AUX
ftr-458	720	3	that	that	DET
ftr-458	720	4	fraction	fraction	NOUN
ftr-458	720	5	.	.	PUNCT
ftr-458	721	1	for	for	ADP
ftr-458	721	2	example	example	NOUN
ftr-458	721	3	,	,	PUNCT
ftr-458	721	4	if	if	SCONJ
ftr-458	721	5	a	a	DET
ftr-458	721	6	taxpayer	taxpayer	NOUN
ftr-458	721	7	owns	own	VERB
ftr-458	721	8	one	one	NUM
ftr-458	721	9	share	share	NOUN
ftr-458	721	10	of	of	ADP
ftr-458	721	11	stock	stock	NOUN
ftr-458	721	12	and	and	CCONJ
ftr-458	721	13	a	a	DET
ftr-458	721	14	put	put	NOUN
ftr-458	721	15	with	with	ADP
ftr-458	721	16	respect	respect	NOUN
ftr-458	721	17	to	to	ADP
ftr-458	721	18	one	one	NUM
ftr-458	721	19	share	share	NOUN
ftr-458	721	20	of	of	ADP
ftr-458	721	21	stock	stock	NOUN
ftr-458	721	22	with	with	ADP
ftr-458	721	23	delta	delta	NOUN
ftr-458	721	24	of	of	ADP
ftr-458	721	25	,	,	PUNCT
ftr-458	721	26	say	say	INTJ
ftr-458	721	27	,	,	PUNCT
ftr-458	721	28	negative	negative	ADJ
ftr-458	721	29	0.75	0.75	NUM
ftr-458	721	30	,	,	PUNCT
ftr-458	721	31	then	then	ADV
ftr-458	721	32	,	,	PUNCT
ftr-458	721	33	if	if	SCONJ
ftr-458	721	34	the	the	DET
ftr-458	721	35	value	value	NOUN
ftr-458	721	36	of	of	ADP
ftr-458	721	37	the	the	DET
ftr-458	721	38	stock	stock	NOUN
ftr-458	721	39	declines	decline	VERB
ftr-458	721	40	by	by	ADP
ftr-458	721	41	a	a	DET
ftr-458	721	42	small	small	ADJ
ftr-458	721	43	amount	amount	NOUN
ftr-458	721	44	,	,	PUNCT
ftr-458	721	45	such	such	ADJ
ftr-458	721	46	as	as	ADP
ftr-458	721	47	$	$	SYM
ftr-458	721	48	1	1	NUM
ftr-458	721	49	,	,	PUNCT
ftr-458	721	50	the	the	DET
ftr-458	721	51	put	put	NOUN
ftr-458	721	52	increases	increase	NOUN
ftr-458	721	53	in	in	ADP
ftr-458	721	54	value	value	NOUN
ftr-458	721	55	by	by	ADP
ftr-458	721	56	$	$	SYM
ftr-458	721	57	0.75	0.75	NUM
ftr-458	721	58	.	.	PUNCT
ftr-458	722	1	if	if	SCONJ
ftr-458	722	2	the	the	DET
ftr-458	722	3	stock	stock	NOUN
ftr-458	722	4	value	value	NOUN
ftr-458	722	5	instead	instead	ADV
ftr-458	722	6	increases	increase	VERB
ftr-458	722	7	by	by	ADP
ftr-458	722	8	$	$	SYM
ftr-458	722	9	1	1	NUM
ftr-458	722	10	,	,	PUNCT
ftr-458	722	11	the	the	DET
ftr-458	722	12	put	put	NOUN
ftr-458	722	13	value	value	NOUN
ftr-458	722	14	decreases	decrease	VERB
ftr-458	722	15	by	by	ADP
ftr-458	722	16	$	$	SYM
ftr-458	722	17	0.75	0.75	NUM
ftr-458	722	18	.	.	PUNCT
ftr-458	723	1	a	a	DET
ftr-458	723	2	change	change	NOUN
ftr-458	723	3	in	in	ADP
ftr-458	723	4	stock	stock	NOUN
ftr-458	723	5	value	value	NOUN
ftr-458	723	6	of	of	ADP
ftr-458	723	7	$	$	SYM
ftr-458	723	8	1	1	NUM
ftr-458	723	9	thus	thus	ADV
ftr-458	723	10	changes	change	VERB
ftr-458	723	11	the	the	DET
ftr-458	723	12	taxpayer	taxpayer	NOUN
ftr-458	723	13	's	's	PART
ftr-458	723	14	overall	overall	ADJ
ftr-458	723	15	position	position	NOUN
ftr-458	723	16	by	by	ADP
ftr-458	723	17	only	only	ADV
ftr-458	723	18	$	$	SYM
ftr-458	723	19	0.25	0.25	NUM
ftr-458	723	20	.	.	PUNCT
ftr-458	724	1	the	the	DET
ftr-458	724	2	delta	delta	NOUN
ftr-458	724	3	of	of	ADP
ftr-458	724	4	an	an	DET
ftr-458	724	5	option	option	NOUN
ftr-458	724	6	depends	depend	VERB
ftr-458	724	7	on	on	ADP
ftr-458	724	8	,	,	PUNCT
ftr-458	724	9	among	among	ADP
ftr-458	724	10	other	other	ADJ
ftr-458	724	11	variables	variable	NOUN
ftr-458	724	12	,	,	PUNCT
ftr-458	724	13	the	the	DET
ftr-458	724	14	value	value	NOUN
ftr-458	724	15	of	of	ADP
ftr-458	724	16	the	the	DET
ftr-458	724	17	asset	asset	NOUN
ftr-458	724	18	.	.	PUNCT
ftr-458	725	1	for	for	ADP
ftr-458	725	2	a	a	DET
ftr-458	725	3	deep	deep	ADJ
ftr-458	725	4	in	in	ADP
ftr-458	725	5	-	-	PUNCT
ftr-458	725	6	the	the	DET
ftr-458	725	7	-	-	PUNCT
ftr-458	725	8	money	money	NOUN
ftr-458	725	9	option	option	NOUN
ftr-458	725	10	,	,	PUNCT
ftr-458	725	11	the	the	DET
ftr-458	725	12	absolute	absolute	ADJ
ftr-458	725	13	value	value	NOUN
ftr-458	725	14	of	of	ADP
ftr-458	725	15	delta	delta	NOUN
ftr-458	725	16	approaches	approach	VERB
ftr-458	725	17	one	one	NUM
ftr-458	725	18	,	,	PUNCT
ftr-458	725	19	meaning	mean	VERB
ftr-458	725	20	that	that	SCONJ
ftr-458	725	21	the	the	DET
ftr-458	725	22	option	option	NOUN
ftr-458	725	23	changes	change	VERB
ftr-458	725	24	in	in	ADP
ftr-458	725	25	value	value	NOUN
ftr-458	725	26	approximately	approximately	ADV
ftr-458	725	27	dollar	dollar	NOUN
ftr-458	725	28	-	-	PUNCT
ftr-458	725	29	for	for	ADP
ftr-458	725	30	-	-	PUNCT
ftr-458	725	31	dollar	dollar	NOUN
ftr-458	725	32	with	with	ADP
ftr-458	725	33	changes	change	NOUN
ftr-458	725	34	in	in	ADP
ftr-458	725	35	the	the	DET
ftr-458	725	36	asset	asset	NOUN
ftr-458	725	37	value	value	NOUN
ftr-458	725	38	.	.	PUNCT
ftr-458	726	1	a	a	DET
ftr-458	726	2	deep	deep	ADJ
ftr-458	726	3	in	in	ADP
ftr-458	726	4	-	-	PUNCT
ftr-458	726	5	the	the	DET
ftr-458	726	6	-	-	PUNCT
ftr-458	726	7	money	money	NOUN
ftr-458	726	8	put	put	NOUN
ftr-458	726	9	is	be	AUX
ftr-458	726	10	thus	thus	ADV
ftr-458	726	11	a	a	DET
ftr-458	726	12	very	very	ADV
ftr-458	726	13	good	good	ADJ
ftr-458	726	14	hedge	hedge	NOUN
ftr-458	726	15	of	of	ADP
ftr-458	726	16	the	the	DET
ftr-458	726	17	underlying	underlie	VERB
ftr-458	726	18	stock	stock	NOUN
ftr-458	726	19	because	because	SCONJ
ftr-458	726	20	,	,	PUNCT
ftr-458	726	21	for	for	ADP
ftr-458	726	22	every	every	DET
ftr-458	726	23	incremental	incremental	ADJ
ftr-458	726	24	change	change	NOUN
ftr-458	726	25	in	in	ADP
ftr-458	726	26	value	value	NOUN
ftr-458	726	27	of	of	ADP
ftr-458	726	28	the	the	DET
ftr-458	726	29	underlying	underlie	VERB
ftr-458	726	30	stock	stock	NOUN
ftr-458	726	31	,	,	PUNCT
ftr-458	726	32	the	the	DET
ftr-458	726	33	put	put	NOUN
ftr-458	726	34	changes	change	NOUN
ftr-458	726	35	by	by	ADP
ftr-458	726	36	approximately	approximately	ADV
ftr-458	726	37	the	the	DET
ftr-458	726	38	same	same	ADJ
ftr-458	726	39	amount	amount	NOUN
ftr-458	726	40	in	in	ADP
ftr-458	726	41	the	the	DET
ftr-458	726	42	other	other	ADJ
ftr-458	726	43	direction	direction	NOUN
ftr-458	726	44	.	.	PUNCT
ftr-458	727	1	at	at	ADP
ftr-458	727	2	the	the	DET
ftr-458	727	3	other	other	ADJ
ftr-458	727	4	end	end	NOUN
ftr-458	727	5	of	of	ADP
ftr-458	727	6	the	the	DET
ftr-458	727	7	spectrum	spectrum	NOUN
ftr-458	727	8	,	,	PUNCT
ftr-458	727	9	a	a	DET
ftr-458	727	10	deep	deep	ADJ
ftr-458	727	11	out	out	ADV
ftr-458	727	12	-	-	PUNCT
ftr-458	727	13	of	of	ADP
ftr-458	727	14	-	-	PUNCT
ftr-458	727	15	the	the	DET
ftr-458	727	16	-	-	PUNCT
ftr-458	727	17	money	money	NOUN
ftr-458	727	18	put	put	VERB
ftr-458	727	19	changes	change	NOUN
ftr-458	727	20	in	in	ADP
ftr-458	727	21	value	value	NOUN
ftr-458	727	22	very	very	ADV
ftr-458	727	23	little	little	ADJ
ftr-458	727	24	for	for	ADP
ftr-458	727	25	any	any	DET
ftr-458	727	26	change	change	NOUN
ftr-458	727	27	in	in	ADP
ftr-458	727	28	value	value	NOUN
ftr-458	727	29	of	of	ADP
ftr-458	727	30	the	the	DET
ftr-458	727	31	underlying	underlie	VERB
ftr-458	727	32	stock	stock	NOUN
ftr-458	727	33	and	and	CCONJ
ftr-458	727	34	therefore	therefore	ADV
ftr-458	727	35	does	do	AUX
ftr-458	727	36	not	not	PART
ftr-458	727	37	significantly	significantly	ADV
ftr-458	727	38	hedge	hedge	VERB
ftr-458	727	39	the	the	DET
ftr-458	727	40	underlying	underlie	VERB
ftr-458	727	41	stock	stock	NOUN
ftr-458	727	42	.	.	PUNCT
ftr-458	728	1	although	although	SCONJ
ftr-458	728	2	buying	buy	VERB
ftr-458	728	3	a	a	DET
ftr-458	728	4	put	put	NOUN
ftr-458	728	5	or	or	CCONJ
ftr-458	728	6	selling	sell	VERB
ftr-458	728	7	a	a	DET
ftr-458	728	8	call	call	NOUN
ftr-458	728	9	reduces	reduce	VERB
ftr-458	728	10	the	the	DET
ftr-458	728	11	taxpayer	taxpayer	NOUN
ftr-458	728	12	's	's	PART
ftr-458	728	13	exposure	exposure	NOUN
ftr-458	728	14	to	to	ADP
ftr-458	728	15	risk	risk	NOUN
ftr-458	728	16	of	of	ADP
ftr-458	728	17	price	price	NOUN
ftr-458	728	18	changes	change	NOUN
ftr-458	728	19	of	of	ADP
ftr-458	728	20	an	an	DET
ftr-458	728	21	asset	asset	NOUN
ftr-458	728	22	,	,	PUNCT
ftr-458	728	23	it	it	PRON
ftr-458	728	24	also	also	ADV
ftr-458	728	25	exposes	expose	VERB
ftr-458	728	26	the	the	DET
ftr-458	728	27	taxpayer	taxpayer	NOUN
ftr-458	728	28	to	to	ADP
ftr-458	728	29	63	63	NUM
ftr-458	728	30	.	.	PUNCT
ftr-458	729	1	delta	delta	NOUN
ftr-458	729	2	is	be	AUX
ftr-458	729	3	the	the	DET
ftr-458	729	4	first	first	ADJ
ftr-458	729	5	partial	partial	ADJ
ftr-458	729	6	derivative	derivative	NOUN
ftr-458	729	7	of	of	ADP
ftr-458	729	8	the	the	DET
ftr-458	729	9	derivative	derivative	ADJ
ftr-458	729	10	security	security	NOUN
ftr-458	729	11	's	's	PART
ftr-458	729	12	value	value	NOUN
ftr-458	729	13	with	with	ADP
ftr-458	729	14	respect	respect	NOUN
ftr-458	729	15	to	to	ADP
ftr-458	729	16	the	the	DET
ftr-458	729	17	underlying	underlie	VERB
ftr-458	729	18	asset	asset	NOUN
ftr-458	729	19	's	's	PART
ftr-458	729	20	value	value	NOUN
ftr-458	729	21	.	.	PUNCT
ftr-458	730	1	see	see	VERB
ftr-458	730	2	john	john	PROPN
ftr-458	730	3	hull	hull	PROPN
ftr-458	730	4	,	,	PUNCT
ftr-458	730	5	options	option	NOUN
ftr-458	730	6	,	,	PUNCT
ftr-458	730	7	futures	future	NOUN
ftr-458	730	8	,	,	PUNCT
ftr-458	730	9	and	and	CCONJ
ftr-458	730	10	other	other	ADJ
ftr-458	730	11	derivative	derivative	ADJ
ftr-458	730	12	securities	security	NOUN
ftr-458	730	13	298	298	NUM
ftr-458	730	14	-	-	SYM
ftr-458	730	15	307	307	NUM
ftr-458	730	16	(	(	PUNCT
ftr-458	730	17	2d	2d	NUM
ftr-458	730	18	ed	ed	NOUN
ftr-458	730	19	.	.	PROPN
ftr-458	730	20	1993	1993	NUM
ftr-458	730	21	)	)	PUNCT
ftr-458	730	22	.	.	PUNCT
ftr-458	731	1	i[vol	i[vol	NOUN
ftr-458	731	2	3:1	3:1	NUM
ftr-458	731	3	another	another	DET
ftr-458	731	4	uneasy	uneasy	ADJ
ftr-458	731	5	compronise	compronise	ADJ
ftr-458	731	6	new	new	ADJ
ftr-458	731	7	risks	risk	NOUN
ftr-458	731	8	,	,	PUNCT
ftr-458	731	9	such	such	ADJ
ftr-458	731	10	as	as	ADP
ftr-458	731	11	the	the	DET
ftr-458	731	12	volatility	volatility	NOUN
ftr-458	731	13	of	of	ADP
ftr-458	731	14	the	the	DET
ftr-458	731	15	underlying	underlie	VERB
ftr-458	731	16	stock	stock	NOUN
ftr-458	731	17	.	.	PUNCT
ftr-458	732	1	under	under	ADP
ftr-458	732	2	the	the	DET
ftr-458	732	3	blackscholes	blackschole	NOUN
ftr-458	732	4	option	option	NOUN
ftr-458	732	5	pricing	pricing	NOUN
ftr-458	732	6	technique	technique	NOUN
ftr-458	732	7	,	,	PUNCT
ftr-458	732	8	option	option	NOUN
ftr-458	732	9	prices	price	NOUN
ftr-458	732	10	depend	depend	VERB
ftr-458	732	11	on	on	ADP
ftr-458	732	12	,	,	PUNCT
ftr-458	732	13	among	among	ADP
ftr-458	732	14	other	other	ADJ
ftr-458	732	15	variables	variable	NOUN
ftr-458	732	16	,	,	PUNCT
ftr-458	732	17	the	the	DET
ftr-458	732	18	volatility	volatility	NOUN
ftr-458	732	19	of	of	ADP
ftr-458	732	20	the	the	DET
ftr-458	732	21	underlying	underlie	VERB
ftr-458	732	22	stock	stock	NOUN
ftr-458	732	23	.	.	PUNCT
ftr-458	733	1	but	but	CCONJ
ftr-458	733	2	,	,	PUNCT
ftr-458	733	3	the	the	DET
ftr-458	733	4	value	value	NOUN
ftr-458	733	5	of	of	ADP
ftr-458	733	6	stock	stock	NOUN
ftr-458	733	7	does	do	AUX
ftr-458	733	8	not	not	PART
ftr-458	733	9	depend	depend	VERB
ftr-458	733	10	on	on	ADP
ftr-458	733	11	the	the	DET
ftr-458	733	12	volatility	volatility	NOUN
ftr-458	733	13	of	of	ADP
ftr-458	733	14	the	the	DET
ftr-458	733	15	stock	stock	NOUN
ftr-458	733	16	.	.	PUNCT
ftr-458	734	1	as	as	SCONJ
ftr-458	734	2	discussed	discuss	VERB
ftr-458	734	3	in	in	ADP
ftr-458	734	4	part	part	NOUN
ftr-458	734	5	iii.b	iii.b	PROPN
ftr-458	734	6	.	.	PUNCT
ftr-458	734	7	i.	i.	PROPN
ftr-458	734	8	,	,	PUNCT
ftr-458	734	9	above	above	ADV
ftr-458	734	10	,	,	PUNCT
ftr-458	734	11	the	the	DET
ftr-458	734	12	total	total	ADJ
ftr-458	734	13	volatility	volatility	NOUN
ftr-458	734	14	of	of	ADP
ftr-458	734	15	a	a	DET
ftr-458	734	16	share	share	NOUN
ftr-458	734	17	of	of	ADP
ftr-458	734	18	stock	stock	NOUN
ftr-458	734	19	consists	consist	VERB
ftr-458	734	20	of	of	ADP
ftr-458	734	21	systematic	systematic	ADJ
ftr-458	734	22	risk	risk	NOUN
ftr-458	734	23	and	and	CCONJ
ftr-458	734	24	unsystematic	unsystematic	ADJ
ftr-458	734	25	risk	risk	NOUN
ftr-458	734	26	.	.	PUNCT
ftr-458	735	1	stock	stock	NOUN
ftr-458	735	2	values	value	NOUN
ftr-458	735	3	depend	depend	VERB
ftr-458	735	4	on	on	ADP
ftr-458	735	5	systematic	systematic	ADJ
ftr-458	735	6	risk	risk	NOUN
ftr-458	735	7	only	only	ADV
ftr-458	735	8	because	because	SCONJ
ftr-458	735	9	diversification	diversification	NOUN
ftr-458	735	10	can	can	AUX
ftr-458	735	11	offset	offset	VERB
ftr-458	735	12	exposure	exposure	NOUN
ftr-458	735	13	to	to	ADP
ftr-458	735	14	unsystematic	unsystematic	ADJ
ftr-458	735	15	risk	risk	NOUN
ftr-458	735	16	.	.	PUNCT
ftr-458	736	1	thus	thus	ADV
ftr-458	736	2	,	,	PUNCT
ftr-458	736	3	a	a	DET
ftr-458	736	4	stockholder	stockholder	NOUN
ftr-458	736	5	who	who	PRON
ftr-458	736	6	acquires	acquire	VERB
ftr-458	736	7	a	a	DET
ftr-458	736	8	put	put	NOUN
ftr-458	736	9	is	be	AUX
ftr-458	736	10	introduced	introduce	VERB
ftr-458	736	11	to	to	ADP
ftr-458	736	12	volatility	volatility	NOUN
ftr-458	736	13	risk	risk	NOUN
ftr-458	736	14	in	in	ADP
ftr-458	736	15	the	the	DET
ftr-458	736	16	underlying	underlie	VERB
ftr-458	736	17	stock	stock	NOUN
ftr-458	736	18	.	.	PUNCT
ftr-458	737	1	if	if	SCONJ
ftr-458	737	2	purchase	purchase	NOUN
ftr-458	737	3	of	of	ADP
ftr-458	737	4	a	a	DET
ftr-458	737	5	put	put	NOUN
ftr-458	737	6	or	or	CCONJ
ftr-458	737	7	sale	sale	NOUN
ftr-458	737	8	of	of	ADP
ftr-458	737	9	a	a	DET
ftr-458	737	10	call	call	NOUN
ftr-458	737	11	is	be	AUX
ftr-458	737	12	treated	treat	VERB
ftr-458	737	13	as	as	ADP
ftr-458	737	14	a	a	DET
ftr-458	737	15	disposition	disposition	NOUN
ftr-458	737	16	,	,	PUNCT
ftr-458	737	17	it	it	PRON
ftr-458	737	18	is	be	AUX
ftr-458	737	19	unclear	unclear	ADJ
ftr-458	737	20	,	,	PUNCT
ftr-458	737	21	however	however	ADV
ftr-458	737	22	,	,	PUNCT
ftr-458	737	23	what	what	PRON
ftr-458	737	24	asset	asset	NOUN
ftr-458	737	25	has	have	AUX
ftr-458	737	26	been	be	AUX
ftr-458	737	27	disposed	dispose	VERB
ftr-458	737	28	of	of	ADP
ftr-458	737	29	.	.	PUNCT
ftr-458	738	1	as	as	SCONJ
ftr-458	738	2	discussed	discuss	VERB
ftr-458	738	3	in	in	ADP
ftr-458	738	4	parts	part	NOUN
ftr-458	738	5	iv.b.2	iv.b.2	NOUN
ftr-458	738	6	.	.	PUNCT
ftr-458	738	7	,	,	PUNCT
ftr-458	738	8	3	3	X
ftr-458	738	9	.	.	NUM
ftr-458	738	10	,	,	PUNCT
ftr-458	738	11	and	and	CCONJ
ftr-458	738	12	4	4	X
ftr-458	738	13	.	.	NUM
ftr-458	738	14	,	,	PUNCT
ftr-458	738	15	below	below	ADV
ftr-458	738	16	,	,	PUNCT
ftr-458	738	17	acquisition	acquisition	NOUN
ftr-458	738	18	of	of	ADP
ftr-458	738	19	a	a	DET
ftr-458	738	20	put	put	NOUN
ftr-458	738	21	or	or	CCONJ
ftr-458	738	22	sale	sale	NOUN
ftr-458	738	23	of	of	ADP
ftr-458	738	24	a	a	DET
ftr-458	738	25	call	call	NOUN
ftr-458	738	26	by	by	ADP
ftr-458	738	27	a	a	DET
ftr-458	738	28	taxpayer	taxpayer	NOUN
ftr-458	738	29	owning	own	VERB
ftr-458	738	30	a	a	DET
ftr-458	738	31	share	share	NOUN
ftr-458	738	32	of	of	ADP
ftr-458	738	33	stock	stock	NOUN
ftr-458	738	34	could	could	AUX
ftr-458	738	35	be	be	AUX
ftr-458	738	36	viewed	view	VERB
ftr-458	738	37	as	as	ADP
ftr-458	738	38	a	a	DET
ftr-458	738	39	disposition	disposition	NOUN
ftr-458	738	40	of	of	ADP
ftr-458	738	41	the	the	DET
ftr-458	738	42	share	share	NOUN
ftr-458	738	43	,	,	PUNCT
ftr-458	738	44	a	a	DET
ftr-458	738	45	subposition	subposition	NOUN
ftr-458	738	46	of	of	ADP
ftr-458	738	47	the	the	DET
ftr-458	738	48	share	share	NOUN
ftr-458	738	49	,	,	PUNCT
ftr-458	738	50	or	or	CCONJ
ftr-458	738	51	a	a	DET
ftr-458	738	52	fraction	fraction	NOUN
ftr-458	738	53	of	of	ADP
ftr-458	738	54	the	the	DET
ftr-458	738	55	share	share	NOUN
ftr-458	738	56	.	.	PUNCT
ftr-458	739	1	2	2	X
ftr-458	739	2	.	.	NOUN
ftr-458	739	3	similar	similar	ADJ
ftr-458	739	4	to	to	ADP
ftr-458	739	5	disposition	disposition	NOUN
ftr-458	739	6	of	of	ADP
ftr-458	739	7	share.-under	share.-und	ADJ
ftr-458	739	8	the	the	DET
ftr-458	739	9	"	"	PUNCT
ftr-458	739	10	put	put	VERB
ftr-458	739	11	-	-	PUNCT
ftr-458	739	12	call	call	NOUN
ftr-458	739	13	parity	parity	NOUN
ftr-458	739	14	"	"	PUNCT
ftr-458	739	15	theorem	theorem	VERB
ftr-458	739	16	,	,	PUNCT
ftr-458	739	17	the	the	DET
ftr-458	739	18	combination	combination	NOUN
ftr-458	739	19	of	of	ADP
ftr-458	739	20	owning	own	VERB
ftr-458	739	21	stock	stock	NOUN
ftr-458	739	22	,	,	PUNCT
ftr-458	739	23	buying	buy	VERB
ftr-458	739	24	a	a	DET
ftr-458	739	25	put	put	NOUN
ftr-458	739	26	on	on	ADP
ftr-458	739	27	that	that	DET
ftr-458	739	28	stock	stock	NOUN
ftr-458	739	29	,	,	PUNCT
ftr-458	739	30	and	and	CCONJ
ftr-458	739	31	selling	sell	VERB
ftr-458	739	32	a	a	DET
ftr-458	739	33	call	call	NOUN
ftr-458	739	34	on	on	ADP
ftr-458	739	35	that	that	DET
ftr-458	739	36	stock	stock	NOUN
ftr-458	739	37	with	with	ADP
ftr-458	739	38	the	the	DET
ftr-458	739	39	same	same	ADJ
ftr-458	739	40	strike	strike	NOUN
ftr-458	739	41	price	price	NOUN
ftr-458	739	42	and	and	CCONJ
ftr-458	739	43	exercise	exercise	NOUN
ftr-458	739	44	date	date	NOUN
ftr-458	739	45	as	as	SCONJ
ftr-458	739	46	the	the	DET
ftr-458	739	47	put	put	NOUN
ftr-458	739	48	is	be	AUX
ftr-458	739	49	equivalent	equivalent	ADJ
ftr-458	739	50	to	to	ADP
ftr-458	739	51	owning	own	VERB
ftr-458	739	52	a	a	DET
ftr-458	739	53	zero	zero	NUM
ftr-458	739	54	coupon	coupon	NOUN
ftr-458	739	55	bond	bond	NOUN
ftr-458	739	56	that	that	PRON
ftr-458	739	57	provides	provide	VERB
ftr-458	739	58	for	for	ADP
ftr-458	739	59	a	a	DET
ftr-458	739	60	payment	payment	NOUN
ftr-458	739	61	at	at	ADP
ftr-458	739	62	maturity	maturity	NOUN
ftr-458	739	63	(	(	PUNCT
ftr-458	739	64	the	the	DET
ftr-458	739	65	exercise	exercise	NOUN
ftr-458	739	66	date	date	NOUN
ftr-458	739	67	of	of	ADP
ftr-458	739	68	the	the	DET
ftr-458	739	69	options	option	NOUN
ftr-458	739	70	)	)	PUNCT
ftr-458	739	71	of	of	ADP
ftr-458	739	72	an	an	DET
ftr-458	739	73	amount	amount	NOUN
ftr-458	739	74	equal	equal	ADJ
ftr-458	739	75	to	to	ADP
ftr-458	739	76	the	the	DET
ftr-458	739	77	strike	strike	NOUN
ftr-458	739	78	price	price	NOUN
ftr-458	739	79	of	of	ADP
ftr-458	739	80	the	the	DET
ftr-458	739	81	options.64	options.64	NOUN
ftr-458	739	82	on	on	ADP
ftr-458	739	83	the	the	DET
ftr-458	739	84	exercise	exercise	NOUN
ftr-458	739	85	date	date	NOUN
ftr-458	739	86	of	of	ADP
ftr-458	739	87	the	the	DET
ftr-458	739	88	options	option	NOUN
ftr-458	739	89	,	,	PUNCT
ftr-458	739	90	either	either	CCONJ
ftr-458	739	91	the	the	DET
ftr-458	739	92	stock	stock	NOUN
ftr-458	739	93	will	will	AUX
ftr-458	739	94	be	be	AUX
ftr-458	739	95	worth	worth	ADJ
ftr-458	739	96	exactly	exactly	ADV
ftr-458	739	97	the	the	DET
ftr-458	739	98	strike	strike	NOUN
ftr-458	739	99	price	price	NOUN
ftr-458	739	100	,	,	PUNCT
ftr-458	739	101	or	or	CCONJ
ftr-458	739	102	the	the	DET
ftr-458	739	103	put	put	NOUN
ftr-458	739	104	or	or	CCONJ
ftr-458	739	105	call	call	NOUN
ftr-458	739	106	will	will	AUX
ftr-458	739	107	be	be	AUX
ftr-458	739	108	exercised	exercise	VERB
ftr-458	739	109	.	.	PUNCT
ftr-458	740	1	in	in	ADP
ftr-458	740	2	all	all	DET
ftr-458	740	3	events	event	NOUN
ftr-458	740	4	,	,	PUNCT
ftr-458	740	5	on	on	ADP
ftr-458	740	6	that	that	DET
ftr-458	740	7	date	date	NOUN
ftr-458	740	8	,	,	PUNCT
ftr-458	740	9	the	the	DET
ftr-458	740	10	taxpayer	taxpayer	NOUN
ftr-458	740	11	will	will	AUX
ftr-458	740	12	have	have	VERB
ftr-458	740	13	an	an	DET
ftr-458	740	14	amount	amount	NOUN
ftr-458	740	15	of	of	ADP
ftr-458	740	16	cash	cash	NOUN
ftr-458	740	17	and	and	CCONJ
ftr-458	740	18	stock	stock	NOUN
ftr-458	740	19	equal	equal	ADJ
ftr-458	740	20	to	to	ADP
ftr-458	740	21	the	the	DET
ftr-458	740	22	strike	strike	NOUN
ftr-458	740	23	price	price	NOUN
ftr-458	740	24	.	.	PUNCT
ftr-458	741	1	algebraically	algebraically	ADV
ftr-458	741	2	,	,	PUNCT
ftr-458	741	3	s	s	PART
ftr-458	741	4	+	+	NOUN
ftr-458	742	1	p	p	X
ftr-458	742	2	c	c	NOUN
ftr-458	742	3	=	=	SYM
ftr-458	742	4	z	z	NOUN
ftr-458	742	5	,	,	PUNCT
ftr-458	742	6	where	where	SCONJ
ftr-458	742	7	s	s	NOUN
ftr-458	742	8	represents	represent	VERB
ftr-458	742	9	owning	own	VERB
ftr-458	742	10	the	the	DET
ftr-458	742	11	stock	stock	NOUN
ftr-458	742	12	,	,	PUNCT
ftr-458	742	13	p	p	NOUN
ftr-458	742	14	represents	represent	VERB
ftr-458	742	15	owning	own	VERB
ftr-458	742	16	the	the	DET
ftr-458	742	17	put	put	NOUN
ftr-458	742	18	,	,	PUNCT
ftr-458	742	19	c	c	PROPN
ftr-458	742	20	represents	represent	VERB
ftr-458	742	21	being	be	AUX
ftr-458	742	22	short	short	ADJ
ftr-458	742	23	(	(	PUNCT
ftr-458	742	24	being	be	AUX
ftr-458	742	25	the	the	DET
ftr-458	742	26	grantor	grantor	NOUN
ftr-458	742	27	of	of	ADP
ftr-458	742	28	)	)	PUNCT
ftr-458	742	29	the	the	DET
ftr-458	742	30	call	call	NOUN
ftr-458	742	31	,	,	PUNCT
ftr-458	742	32	and	and	CCONJ
ftr-458	742	33	z	z	NOUN
ftr-458	742	34	represents	represent	VERB
ftr-458	742	35	owning	own	VERB
ftr-458	742	36	the	the	DET
ftr-458	742	37	zero	zero	NUM
ftr-458	742	38	coupon	coupon	NOUN
ftr-458	742	39	bond	bond	NOUN
ftr-458	742	40	.	.	PUNCT
ftr-458	743	1	solving	solve	VERB
ftr-458	743	2	that	that	DET
ftr-458	743	3	equation	equation	NOUN
ftr-458	743	4	for	for	ADP
ftr-458	743	5	s	s	PROPN
ftr-458	743	6	,	,	PUNCT
ftr-458	743	7	it	it	PRON
ftr-458	743	8	is	be	AUX
ftr-458	743	9	apparent	apparent	ADJ
ftr-458	743	10	that	that	SCONJ
ftr-458	743	11	s	s	VERB
ftr-458	743	12	=	=	PUNCT
ftr-458	743	13	z	z	PROPN
ftr-458	743	14	p	p	NOUN
ftr-458	744	1	+	+	CCONJ
ftr-458	744	2	c.	c.	NOUN
ftr-458	744	3	owning	own	VERB
ftr-458	744	4	stock	stock	NOUN
ftr-458	744	5	can	can	AUX
ftr-458	744	6	be	be	AUX
ftr-458	744	7	disaggregated	disaggregate	VERB
ftr-458	744	8	into	into	ADP
ftr-458	744	9	owning	own	VERB
ftr-458	744	10	a	a	DET
ftr-458	744	11	bond	bond	NOUN
ftr-458	744	12	,	,	PUNCT
ftr-458	744	13	selling	sell	VERB
ftr-458	744	14	a	a	DET
ftr-458	744	15	put	put	NOUN
ftr-458	744	16	,	,	PUNCT
ftr-458	744	17	and	and	CCONJ
ftr-458	744	18	owning	own	VERB
ftr-458	744	19	a	a	DET
ftr-458	744	20	call	call	NOUN
ftr-458	744	21	.	.	PUNCT
ftr-458	745	1	consider	consider	VERB
ftr-458	745	2	a	a	DET
ftr-458	745	3	taxpayer	taxpayer	NOUN
ftr-458	745	4	who	who	PRON
ftr-458	745	5	owns	own	VERB
ftr-458	745	6	stock	stock	NOUN
ftr-458	745	7	and	and	CCONJ
ftr-458	745	8	acquires	acquire	VERB
ftr-458	745	9	a	a	DET
ftr-458	745	10	put	put	NOUN
ftr-458	745	11	.	.	PUNCT
ftr-458	746	1	after	after	ADP
ftr-458	746	2	acquiring	acquire	VERB
ftr-458	746	3	the	the	DET
ftr-458	746	4	put	put	NOUN
ftr-458	746	5	,	,	PUNCT
ftr-458	746	6	the	the	DET
ftr-458	746	7	taxpayer	taxpayer	NOUN
ftr-458	746	8	owns	own	VERB
ftr-458	746	9	s	s	PROPN
ftr-458	746	10	+	+	X
ftr-458	746	11	p	p	X
ftr-458	746	12	,	,	PUNCT
ftr-458	746	13	which	which	PRON
ftr-458	746	14	is	be	AUX
ftr-458	746	15	equivalent	equivalent	ADJ
ftr-458	746	16	to	to	ADP
ftr-458	746	17	owning	own	VERB
ftr-458	746	18	z	z	NOUN
ftr-458	747	1	+	+	CCONJ
ftr-458	747	2	c.	c.	NOUN
ftr-458	747	3	the	the	DET
ftr-458	747	4	acquisition	acquisition	NOUN
ftr-458	747	5	of	of	ADP
ftr-458	747	6	the	the	DET
ftr-458	747	7	put	put	NOUN
ftr-458	747	8	might	might	AUX
ftr-458	747	9	be	be	AUX
ftr-458	747	10	a	a	DET
ftr-458	747	11	substitute	substitute	NOUN
ftr-458	747	12	for	for	ADP
ftr-458	747	13	a	a	DET
ftr-458	747	14	disposition	disposition	NOUN
ftr-458	747	15	of	of	ADP
ftr-458	747	16	the	the	DET
ftr-458	747	17	stock	stock	NOUN
ftr-458	747	18	in	in	ADP
ftr-458	747	19	exchange	exchange	NOUN
ftr-458	747	20	for	for	ADP
ftr-458	747	21	a	a	DET
ftr-458	747	22	zero	zero	NUM
ftr-458	747	23	coupon	coupon	NOUN
ftr-458	747	24	bond	bond	NOUN
ftr-458	747	25	and	and	CCONJ
ftr-458	747	26	a	a	DET
ftr-458	747	27	call	call	NOUN
ftr-458	747	28	.	.	PUNCT
ftr-458	748	1	indeed	indeed	ADV
ftr-458	748	2	,	,	PUNCT
ftr-458	748	3	a	a	DET
ftr-458	748	4	taxpayer	taxpayer	NOUN
ftr-458	748	5	might	might	AUX
ftr-458	748	6	acquire	acquire	VERB
ftr-458	748	7	a	a	DET
ftr-458	748	8	put	put	NOUN
ftr-458	748	9	in	in	ADP
ftr-458	748	10	order	order	NOUN
ftr-458	748	11	to	to	PART
ftr-458	748	12	set	set	VERB
ftr-458	748	13	a	a	DET
ftr-458	748	14	minimum	minimum	NOUN
ftr-458	748	15	on	on	ADP
ftr-458	748	16	the	the	DET
ftr-458	748	17	taxpayer	taxpayer	NOUN
ftr-458	748	18	's	's	PART
ftr-458	748	19	return	return	NOUN
ftr-458	748	20	.	.	PUNCT
ftr-458	749	1	by	by	ADP
ftr-458	749	2	owning	own	VERB
ftr-458	749	3	s	s	PRON
ftr-458	749	4	and	and	CCONJ
ftr-458	749	5	p	p	NOUN
ftr-458	749	6	together	together	ADV
ftr-458	749	7	,	,	PUNCT
ftr-458	749	8	the	the	DET
ftr-458	749	9	taxpayer	taxpayer	NOUN
ftr-458	749	10	is	be	AUX
ftr-458	749	11	assured	assure	VERB
ftr-458	749	12	of	of	ADP
ftr-458	749	13	having	have	VERB
ftr-458	749	14	at	at	ADV
ftr-458	749	15	least	least	ADJ
ftr-458	749	16	an	an	DET
ftr-458	749	17	amount	amount	NOUN
ftr-458	749	18	equal	equal	ADJ
ftr-458	749	19	to	to	ADP
ftr-458	749	20	the	the	DET
ftr-458	749	21	strike	strike	NOUN
ftr-458	749	22	price	price	NOUN
ftr-458	749	23	of	of	ADP
ftr-458	749	24	the	the	DET
ftr-458	749	25	put	put	NOUN
ftr-458	749	26	on	on	ADP
ftr-458	749	27	the	the	DET
ftr-458	749	28	expiration	expiration	NOUN
ftr-458	749	29	date	date	NOUN
ftr-458	749	30	,	,	PUNCT
ftr-458	749	31	just	just	ADV
ftr-458	749	32	as	as	SCONJ
ftr-458	749	33	the	the	DET
ftr-458	749	34	taxpayer	taxpayer	NOUN
ftr-458	749	35	would	would	AUX
ftr-458	749	36	be	be	AUX
ftr-458	749	37	assured	assure	VERB
ftr-458	749	38	of	of	ADP
ftr-458	749	39	receiving	receive	VERB
ftr-458	749	40	at	at	ADP
ftr-458	749	41	least	least	ADJ
ftr-458	749	42	the	the	DET
ftr-458	749	43	stated	state	VERB
ftr-458	749	44	redemption	redemption	NOUN
ftr-458	749	45	price	price	NOUN
ftr-458	749	46	at	at	ADP
ftr-458	749	47	maturity	maturity	NOUN
ftr-458	749	48	on	on	ADP
ftr-458	749	49	such	such	ADJ
ftr-458	749	50	date	date	NOUN
ftr-458	749	51	by	by	ADP
ftr-458	749	52	owning	own	VERB
ftr-458	749	53	z	z	PROPN
ftr-458	749	54	and	and	CCONJ
ftr-458	749	55	c.	c.	PROPN
ftr-458	749	56	therefore	therefore	ADV
ftr-458	749	57	,	,	PUNCT
ftr-458	749	58	if	if	SCONJ
ftr-458	749	59	acquisition	acquisition	NOUN
ftr-458	749	60	of	of	ADP
ftr-458	749	61	the	the	DET
ftr-458	749	62	put	put	NOUN
ftr-458	749	63	is	be	AUX
ftr-458	749	64	an	an	DET
ftr-458	749	65	appropriate	appropriate	ADJ
ftr-458	749	66	time	time	NOUN
ftr-458	749	67	to	to	PART
ftr-458	749	68	tax	tax	VERB
ftr-458	749	69	previously	previously	ADV
ftr-458	749	70	accrued	accrue	VERB
ftr-458	749	71	appreciation	appreciation	NOUN
ftr-458	749	72	,	,	PUNCT
ftr-458	749	73	the	the	DET
ftr-458	749	74	taxpayer	taxpayer	NOUN
ftr-458	749	75	's	's	PART
ftr-458	749	76	64	64	NUM
ftr-458	749	77	.	.	PUNCT
ftr-458	750	1	john	john	PROPN
ftr-458	750	2	c.	c.	PROPN
ftr-458	750	3	cox	cox	PROPN
ftr-458	750	4	&	&	CCONJ
ftr-458	750	5	mark	mark	PROPN
ftr-458	750	6	rubinstein	rubinstein	PROPN
ftr-458	750	7	,	,	PUNCT
ftr-458	750	8	options	option	NOUN
ftr-458	750	9	markets	market	VERB
ftr-458	750	10	41	41	NUM
ftr-458	750	11	-	-	SYM
ftr-458	750	12	42	42	NUM
ftr-458	750	13	(	(	PUNCT
ftr-458	750	14	1985	1985	NUM
ftr-458	750	15	):	):	PUNCT
ftr-458	750	16	hull	hull	NOUN
ftr-458	750	17	.	.	PUNCT
ftr-458	751	1	supra	supra	PROPN
ftr-458	751	2	note	note	PROPN
ftr-458	751	3	63	63	NUM
ftr-458	751	4	,	,	PUNCT
ftr-458	751	5	at	at	ADP
ftr-458	751	6	163	163	NUM
ftr-458	751	7	-	-	SYM
ftr-458	751	8	66	66	NUM
ftr-458	751	9	.	.	PUNCT
ftr-458	752	1	see	see	VERB
ftr-458	752	2	also	also	ADV
ftr-458	752	3	warren	warren	PROPN
ftr-458	752	4	,	,	PUNCT
ftr-458	752	5	supra	supra	PROPN
ftr-458	752	6	note	note	NOUN
ftr-458	752	7	6	6	NUM
ftr-458	752	8	.	.	PUNCT
ftr-458	753	1	at	at	ADP
ftr-458	753	2	465	465	NUM
ftr-458	753	3	-	-	SYM
ftr-458	753	4	67	67	NUM
ftr-458	753	5	(	(	PUNCT
ftr-458	753	6	arguing	argue	VERB
ftr-458	753	7	that	that	SCONJ
ftr-458	753	8	put	put	VERB
ftr-458	753	9	-	-	PUNCT
ftr-458	753	10	call	call	NOUN
ftr-458	753	11	parity	parity	NOUN
ftr-458	753	12	poses	pose	VERB
ftr-458	753	13	conceptual	conceptual	ADJ
ftr-458	753	14	challenge	challenge	NOUN
ftr-458	753	15	to	to	PART
ftr-458	753	16	code	code	VERB
ftr-458	753	17	's	's	PART
ftr-458	753	18	realization	realization	NOUN
ftr-458	753	19	regime	regime	NOUN
ftr-458	753	20	for	for	ADP
ftr-458	753	21	stock	stock	NOUN
ftr-458	753	22	and	and	CCONJ
ftr-458	753	23	options	option	NOUN
ftr-458	753	24	,	,	PUNCT
ftr-458	753	25	and	and	CCONJ
ftr-458	753	26	original	original	ADJ
ftr-458	753	27	issue	issue	NOUN
ftr-458	753	28	discount	discount	NOUN
ftr-458	753	29	accrual	accrual	ADJ
ftr-458	753	30	regime	regime	NOUN
ftr-458	753	31	for	for	ADP
ftr-458	753	32	debt	debt	NOUN
ftr-458	753	33	)	)	PUNCT
ftr-458	753	34	.	.	PUNCT
ftr-458	754	1	the	the	DET
ftr-458	754	2	text	text	NOUN
ftr-458	754	3	assumes	assume	VERB
ftr-458	754	4	that	that	SCONJ
ftr-458	754	5	the	the	DET
ftr-458	754	6	stock	stock	NOUN
ftr-458	754	7	does	do	AUX
ftr-458	754	8	not	not	PART
ftr-458	754	9	pay	pay	VERB
ftr-458	754	10	dividends	dividend	NOUN
ftr-458	754	11	.	.	PUNCT
ftr-458	755	1	19961	19961	NUM
ftr-458	755	2	florida	florida	PROPN
ftr-458	755	3	tax	tax	NOUN
ftr-458	755	4	review	review	NOUN
ftr-458	755	5	amount	amount	NOUN
ftr-458	755	6	realized	realize	VERB
ftr-458	755	7	is	be	AUX
ftr-458	755	8	the	the	DET
ftr-458	755	9	value	value	NOUN
ftr-458	755	10	of	of	ADP
ftr-458	755	11	the	the	DET
ftr-458	755	12	bond	bond	NOUN
ftr-458	755	13	and	and	CCONJ
ftr-458	755	14	call	call	NOUN
ftr-458	755	15	,	,	PUNCT
ftr-458	755	16	which	which	PRON
ftr-458	755	17	equals	equal	VERB
ftr-458	755	18	the	the	DET
ftr-458	755	19	value	value	NOUN
ftr-458	755	20	of	of	ADP
ftr-458	755	21	the	the	DET
ftr-458	755	22	stock	stock	NOUN
ftr-458	755	23	and	and	CCONJ
ftr-458	755	24	put	put	NOUN
ftr-458	755	25	.	.	PUNCT
ftr-458	756	1	the	the	DET
ftr-458	756	2	taxpayer	taxpayer	NOUN
ftr-458	756	3	's	's	PART
ftr-458	756	4	basis	basis	NOUN
ftr-458	756	5	is	be	AUX
ftr-458	756	6	the	the	DET
ftr-458	756	7	basis	basis	NOUN
ftr-458	756	8	in	in	ADP
ftr-458	756	9	the	the	DET
ftr-458	756	10	stock	stock	NOUN
ftr-458	756	11	plus	plus	CCONJ
ftr-458	756	12	the	the	DET
ftr-458	756	13	cost	cost	NOUN
ftr-458	756	14	of	of	ADP
ftr-458	756	15	the	the	DET
ftr-458	756	16	put	put	NOUN
ftr-458	756	17	.	.	PUNCT
ftr-458	757	1	the	the	DET
ftr-458	757	2	value	value	NOUN
ftr-458	757	3	of	of	ADP
ftr-458	757	4	the	the	DET
ftr-458	757	5	put	put	NOUN
ftr-458	757	6	drops	drop	VERB
ftr-458	757	7	out	out	ADP
ftr-458	757	8	,	,	PUNCT
ftr-458	757	9	with	with	ADP
ftr-458	757	10	the	the	DET
ftr-458	757	11	result	result	NOUN
ftr-458	757	12	that	that	SCONJ
ftr-458	757	13	the	the	DET
ftr-458	757	14	acquisition	acquisition	NOUN
ftr-458	757	15	of	of	ADP
ftr-458	757	16	the	the	DET
ftr-458	757	17	put	put	NOUN
ftr-458	757	18	would	would	AUX
ftr-458	757	19	cause	cause	VERB
ftr-458	757	20	the	the	DET
ftr-458	757	21	taxpayer	taxpayer	NOUN
ftr-458	757	22	to	to	PART
ftr-458	757	23	recognize	recognize	VERB
ftr-458	757	24	gain	gain	NOUN
ftr-458	757	25	or	or	CCONJ
ftr-458	757	26	loss	loss	NOUN
ftr-458	757	27	equal	equal	ADJ
ftr-458	757	28	to	to	ADP
ftr-458	757	29	the	the	DET
ftr-458	757	30	difference	difference	NOUN
ftr-458	757	31	between	between	ADP
ftr-458	757	32	the	the	DET
ftr-458	757	33	value	value	NOUN
ftr-458	757	34	of	of	ADP
ftr-458	757	35	the	the	DET
ftr-458	757	36	stock	stock	NOUN
ftr-458	757	37	and	and	CCONJ
ftr-458	757	38	the	the	DET
ftr-458	757	39	taxpayer	taxpayer	NOUN
ftr-458	757	40	's	's	PART
ftr-458	757	41	basis	basis	NOUN
ftr-458	757	42	in	in	ADP
ftr-458	757	43	the	the	DET
ftr-458	757	44	stock	stock	NOUN
ftr-458	757	45	.	.	PUNCT
ftr-458	758	1	that	that	PRON
ftr-458	758	2	is	be	AUX
ftr-458	758	3	the	the	DET
ftr-458	758	4	same	same	ADJ
ftr-458	758	5	amount	amount	NOUN
ftr-458	758	6	of	of	ADP
ftr-458	758	7	gain	gain	NOUN
ftr-458	758	8	that	that	SCONJ
ftr-458	758	9	the	the	DET
ftr-458	758	10	taxpayer	taxpayer	NOUN
ftr-458	758	11	would	would	AUX
ftr-458	758	12	realize	realize	VERB
ftr-458	758	13	by	by	ADP
ftr-458	758	14	selling	sell	VERB
ftr-458	758	15	the	the	DET
ftr-458	758	16	stock	stock	NOUN
ftr-458	758	17	for	for	ADP
ftr-458	758	18	its	its	PRON
ftr-458	758	19	fair	fair	ADJ
ftr-458	758	20	market	market	NOUN
ftr-458	758	21	value	value	NOUN
ftr-458	758	22	.	.	PUNCT
ftr-458	759	1	3	3	X
ftr-458	759	2	.	.	NOUN
ftr-458	759	3	similar	similar	ADJ
ftr-458	759	4	to	to	ADP
ftr-458	759	5	disposition	disposition	NOUN
ftr-458	759	6	of	of	ADP
ftr-458	759	7	embedded	embed	VERB
ftr-458	759	8	short	short	ADJ
ftr-458	759	9	put.-based	put.-base	VERB
ftr-458	759	10	on	on	ADP
ftr-458	759	11	put	put	VERB
ftr-458	759	12	-	-	PUNCT
ftr-458	759	13	call	call	NOUN
ftr-458	759	14	parity	parity	NOUN
ftr-458	759	15	,	,	PUNCT
ftr-458	759	16	the	the	DET
ftr-458	759	17	purchase	purchase	NOUN
ftr-458	759	18	of	of	ADP
ftr-458	759	19	the	the	DET
ftr-458	759	20	put	put	NOUN
ftr-458	759	21	could	could	AUX
ftr-458	759	22	instead	instead	ADV
ftr-458	759	23	be	be	AUX
ftr-458	759	24	viewed	view	VERB
ftr-458	759	25	as	as	ADP
ftr-458	759	26	a	a	DET
ftr-458	759	27	disposition	disposition	NOUN
ftr-458	759	28	of	of	ADP
ftr-458	759	29	a	a	DET
ftr-458	759	30	subposition	subposition	NOUN
ftr-458	759	31	of	of	ADP
ftr-458	759	32	the	the	DET
ftr-458	759	33	stock	stock	NOUN
ftr-458	759	34	,	,	PUNCT
ftr-458	759	35	rather	rather	ADV
ftr-458	759	36	than	than	ADP
ftr-458	759	37	a	a	DET
ftr-458	759	38	disposition	disposition	NOUN
ftr-458	759	39	of	of	ADP
ftr-458	759	40	the	the	DET
ftr-458	759	41	entire	entire	ADJ
ftr-458	759	42	share	share	NOUN
ftr-458	759	43	.	.	PUNCT
ftr-458	760	1	since	since	SCONJ
ftr-458	760	2	s	s	PRON
ftr-458	760	3	equals	equal	VERB
ftr-458	760	4	z	z	PROPN
ftr-458	760	5	p	p	NOUN
ftr-458	760	6	+	+	PROPN
ftr-458	760	7	c	c	X
ftr-458	760	8	,	,	PUNCT
ftr-458	760	9	a	a	DET
ftr-458	760	10	share	share	NOUN
ftr-458	760	11	of	of	ADP
ftr-458	760	12	stock	stock	NOUN
ftr-458	760	13	may	may	AUX
ftr-458	760	14	be	be	AUX
ftr-458	760	15	viewed	view	VERB
ftr-458	760	16	as	as	ADP
ftr-458	760	17	having	having	AUX
ftr-458	760	18	embedded	embed	VERB
ftr-458	760	19	within	within	ADP
ftr-458	760	20	it	it	PRON
ftr-458	760	21	a	a	DET
ftr-458	760	22	short	short	ADJ
ftr-458	760	23	put	put	NOUN
ftr-458	760	24	,	,	PUNCT
ftr-458	760	25	-p.65	-p.65	PROPN
ftr-458	760	26	acquisition	acquisition	NOUN
ftr-458	760	27	of	of	ADP
ftr-458	760	28	the	the	DET
ftr-458	760	29	put	put	NOUN
ftr-458	760	30	eliminates	eliminate	VERB
ftr-458	760	31	the	the	DET
ftr-458	760	32	taxpayer	taxpayer	NOUN
ftr-458	760	33	's	's	PART
ftr-458	760	34	risk	risk	NOUN
ftr-458	760	35	in	in	ADP
ftr-458	760	36	the	the	DET
ftr-458	760	37	subposition	subposition	NOUN
ftr-458	760	38	,	,	PUNCT
ftr-458	760	39	-p	-p	ADP
ftr-458	760	40	,	,	PUNCT
ftr-458	760	41	that	that	PRON
ftr-458	760	42	is	be	AUX
ftr-458	760	43	embedded	embed	VERB
ftr-458	760	44	in	in	ADP
ftr-458	760	45	the	the	DET
ftr-458	760	46	stock	stock	NOUN
ftr-458	760	47	.	.	PUNCT
ftr-458	761	1	on	on	ADP
ftr-458	761	2	that	that	DET
ftr-458	761	3	view	view	NOUN
ftr-458	761	4	,	,	PUNCT
ftr-458	761	5	the	the	DET
ftr-458	761	6	taxpayer	taxpayer	NOUN
ftr-458	761	7	's	's	PART
ftr-458	761	8	amount	amount	NOUN
ftr-458	761	9	realized	realize	VERB
ftr-458	761	10	is	be	AUX
ftr-458	761	11	the	the	DET
ftr-458	761	12	amount	amount	NOUN
ftr-458	761	13	that	that	PRON
ftr-458	761	14	the	the	DET
ftr-458	761	15	taxpayer	taxpayer	NOUN
ftr-458	761	16	received	receive	VERB
ftr-458	761	17	upon	upon	SCONJ
ftr-458	761	18	selling	sell	VERB
ftr-458	761	19	the	the	DET
ftr-458	761	20	embedded	embed	VERB
ftr-458	761	21	put	put	NOUN
ftr-458	761	22	,	,	PUNCT
ftr-458	761	23	and	and	CCONJ
ftr-458	761	24	the	the	DET
ftr-458	761	25	taxpayer	taxpayer	NOUN
ftr-458	761	26	's	's	PART
ftr-458	761	27	basis	basis	NOUN
ftr-458	761	28	is	be	AUX
ftr-458	761	29	the	the	DET
ftr-458	761	30	cost	cost	NOUN
ftr-458	761	31	of	of	ADP
ftr-458	761	32	acquiring	acquire	VERB
ftr-458	761	33	the	the	DET
ftr-458	761	34	new	new	ADJ
ftr-458	761	35	put	put	NOUN
ftr-458	761	36	.	.	PUNCT
ftr-458	762	1	it	it	PRON
ftr-458	762	2	is	be	AUX
ftr-458	762	3	unclear	unclear	ADJ
ftr-458	762	4	,	,	PUNCT
ftr-458	762	5	however	however	ADV
ftr-458	762	6	,	,	PUNCT
ftr-458	762	7	how	how	SCONJ
ftr-458	762	8	much	much	ADJ
ftr-458	762	9	amount	amount	NOUN
ftr-458	762	10	realized	realize	VERB
ftr-458	762	11	the	the	DET
ftr-458	762	12	taxpayer	taxpayer	NOUN
ftr-458	762	13	should	should	AUX
ftr-458	762	14	be	be	AUX
ftr-458	762	15	treated	treat	VERB
ftr-458	762	16	as	as	ADP
ftr-458	762	17	having	have	VERB
ftr-458	762	18	for	for	ADP
ftr-458	762	19	the	the	DET
ftr-458	762	20	embedded	embed	VERB
ftr-458	762	21	put	put	NOUN
ftr-458	762	22	.	.	PUNCT
ftr-458	763	1	although	although	SCONJ
ftr-458	763	2	the	the	DET
ftr-458	763	3	taxpayer	taxpayer	NOUN
ftr-458	763	4	's	's	PART
ftr-458	763	5	basis	basis	NOUN
ftr-458	763	6	in	in	ADP
ftr-458	763	7	s	s	PROPN
ftr-458	763	8	is	be	AUX
ftr-458	763	9	known	know	VERB
ftr-458	763	10	,	,	PUNCT
ftr-458	763	11	allocation	allocation	NOUN
ftr-458	763	12	of	of	ADP
ftr-458	763	13	that	that	DET
ftr-458	763	14	basis	basis	NOUN
ftr-458	763	15	among	among	ADP
ftr-458	763	16	subpositions	subposition	NOUN
ftr-458	763	17	,	,	PUNCT
ftr-458	763	18	including	include	VERB
ftr-458	763	19	a	a	DET
ftr-458	763	20	short	short	ADJ
ftr-458	763	21	subposition	subposition	NOUN
ftr-458	763	22	,	,	PUNCT
ftr-458	763	23	is	be	AUX
ftr-458	763	24	unclear.66	unclear.66	NOUN
ftr-458	763	25	4	4	NUM
ftr-458	763	26	.	.	NOUN
ftr-458	763	27	similar	similar	ADJ
ftr-458	763	28	to	to	ADP
ftr-458	763	29	disposition	disposition	NOUN
ftr-458	763	30	of	of	ADP
ftr-458	763	31	fraction	fraction	NOUN
ftr-458	763	32	of	of	ADP
ftr-458	763	33	share.-acquisition	share.-acquisition	NOUN
ftr-458	763	34	of	of	ADP
ftr-458	763	35	a	a	DET
ftr-458	763	36	put	put	NOUN
ftr-458	763	37	by	by	ADP
ftr-458	763	38	a	a	DET
ftr-458	763	39	taxpayer	taxpayer	NOUN
ftr-458	763	40	that	that	PRON
ftr-458	763	41	owns	own	VERB
ftr-458	763	42	a	a	DET
ftr-458	763	43	share	share	NOUN
ftr-458	763	44	of	of	ADP
ftr-458	763	45	stock	stock	NOUN
ftr-458	763	46	could	could	AUX
ftr-458	763	47	instead	instead	ADV
ftr-458	763	48	be	be	AUX
ftr-458	763	49	viewed	view	VERB
ftr-458	763	50	as	as	ADP
ftr-458	763	51	a	a	DET
ftr-458	763	52	disposition	disposition	NOUN
ftr-458	763	53	of	of	ADP
ftr-458	763	54	a	a	DET
ftr-458	763	55	fraction	fraction	NOUN
ftr-458	763	56	of	of	ADP
ftr-458	763	57	the	the	DET
ftr-458	763	58	share	share	NOUN
ftr-458	763	59	.	.	PUNCT
ftr-458	764	1	owning	own	VERB
ftr-458	764	2	a	a	DET
ftr-458	764	3	share	share	NOUN
ftr-458	764	4	of	of	ADP
ftr-458	764	5	stock	stock	NOUN
ftr-458	764	6	and	and	CCONJ
ftr-458	764	7	a	a	DET
ftr-458	764	8	put	put	NOUN
ftr-458	764	9	on	on	ADP
ftr-458	764	10	that	that	DET
ftr-458	764	11	stock	stock	NOUN
ftr-458	764	12	is	be	AUX
ftr-458	764	13	similar	similar	ADJ
ftr-458	764	14	economically	economically	ADV
ftr-458	764	15	to	to	ADP
ftr-458	764	16	owning	own	VERB
ftr-458	764	17	a	a	DET
ftr-458	764	18	fraction	fraction	NOUN
ftr-458	764	19	of	of	ADP
ftr-458	764	20	a	a	DET
ftr-458	764	21	share	share	NOUN
ftr-458	764	22	of	of	ADP
ftr-458	764	23	the	the	DET
ftr-458	764	24	stock	stock	NOUN
ftr-458	764	25	,	,	PUNCT
ftr-458	764	26	owning	own	VERB
ftr-458	764	27	an	an	DET
ftr-458	764	28	appropriate	appropriate	ADJ
ftr-458	764	29	amount	amount	NOUN
ftr-458	764	30	of	of	ADP
ftr-458	764	31	treasury	treasury	NOUN
ftr-458	764	32	obligations	obligation	NOUN
ftr-458	764	33	,	,	PUNCT
ftr-458	764	34	and	and	CCONJ
ftr-458	764	35	following	follow	VERB
ftr-458	764	36	a	a	DET
ftr-458	764	37	strategy	strategy	NOUN
ftr-458	764	38	under	under	ADP
ftr-458	764	39	which	which	PRON
ftr-458	764	40	,	,	PUNCT
ftr-458	764	41	as	as	ADP
ftr-458	764	42	the	the	DET
ftr-458	764	43	value	value	NOUN
ftr-458	764	44	of	of	ADP
ftr-458	764	45	the	the	DET
ftr-458	764	46	stock	stock	NOUN
ftr-458	764	47	increases	increase	NOUN
ftr-458	764	48	,	,	PUNCT
ftr-458	764	49	treasury	treasury	NOUN
ftr-458	764	50	obligations	obligation	NOUN
ftr-458	764	51	are	be	AUX
ftr-458	764	52	sold	sell	VERB
ftr-458	764	53	and	and	CCONJ
ftr-458	764	54	stock	stock	NOUN
ftr-458	764	55	is	be	AUX
ftr-458	764	56	purchased	purchase	VERB
ftr-458	764	57	,	,	PUNCT
ftr-458	764	58	and	and	CCONJ
ftr-458	764	59	,	,	PUNCT
ftr-458	764	60	as	as	ADP
ftr-458	764	61	the	the	DET
ftr-458	764	62	value	value	NOUN
ftr-458	764	63	of	of	ADP
ftr-458	764	64	the	the	DET
ftr-458	764	65	stock	stock	NOUN
ftr-458	764	66	falls	fall	VERB
ftr-458	764	67	,	,	PUNCT
ftr-458	764	68	stock	stock	NOUN
ftr-458	764	69	is	be	AUX
ftr-458	764	70	65	65	NUM
ftr-458	764	71	.	.	PUNCT
ftr-458	765	1	in	in	ADP
ftr-458	765	2	fact	fact	NOUN
ftr-458	765	3	,	,	PUNCT
ftr-458	765	4	a	a	DET
ftr-458	765	5	share	share	NOUN
ftr-458	765	6	of	of	ADP
ftr-458	765	7	stock	stock	NOUN
ftr-458	765	8	could	could	AUX
ftr-458	765	9	be	be	AUX
ftr-458	765	10	viewed	view	VERB
ftr-458	765	11	as	as	ADP
ftr-458	765	12	having	have	VERB
ftr-458	765	13	an	an	DET
ftr-458	765	14	infinite	infinite	ADJ
ftr-458	765	15	number	number	NOUN
ftr-458	765	16	of	of	ADP
ftr-458	765	17	short	short	ADJ
ftr-458	765	18	puts	put	NOUN
ftr-458	765	19	embedded	embed	VERB
ftr-458	765	20	within	within	ADP
ftr-458	765	21	it	it	PRON
ftr-458	765	22	,	,	PUNCT
ftr-458	765	23	because	because	SCONJ
ftr-458	765	24	the	the	DET
ftr-458	765	25	formula	formula	NOUN
ftr-458	765	26	s	s	VERB
ftr-458	765	27	=	=	NOUN
ftr-458	765	28	z	z	NOUN
ftr-458	765	29	p	p	NOUN
ftr-458	766	1	+	+	CCONJ
ftr-458	766	2	c	c	NOUN
ftr-458	766	3	is	be	AUX
ftr-458	766	4	true	true	ADJ
ftr-458	766	5	if	if	SCONJ
ftr-458	766	6	the	the	DET
ftr-458	766	7	strike	strike	NOUN
ftr-458	766	8	price	price	NOUN
ftr-458	766	9	of	of	ADP
ftr-458	766	10	the	the	DET
ftr-458	766	11	options	option	NOUN
ftr-458	766	12	and	and	CCONJ
ftr-458	766	13	the	the	DET
ftr-458	766	14	stated	state	VERB
ftr-458	766	15	redemption	redemption	NOUN
ftr-458	766	16	price	price	NOUN
ftr-458	766	17	at	at	ADP
ftr-458	766	18	maturity	maturity	NOUN
ftr-458	766	19	of	of	ADP
ftr-458	766	20	the	the	DET
ftr-458	766	21	bond	bond	NOUN
ftr-458	766	22	equal	equal	ADJ
ftr-458	766	23	one	one	NUM
ftr-458	766	24	another	another	DET
ftr-458	766	25	,	,	PUNCT
ftr-458	766	26	and	and	CCONJ
ftr-458	766	27	the	the	DET
ftr-458	766	28	exercise	exercise	NOUN
ftr-458	766	29	date	date	NOUN
ftr-458	766	30	of	of	ADP
ftr-458	766	31	the	the	DET
ftr-458	766	32	options	option	NOUN
ftr-458	766	33	and	and	CCONJ
ftr-458	766	34	maturity	maturity	NOUN
ftr-458	766	35	date	date	NOUN
ftr-458	766	36	of	of	ADP
ftr-458	766	37	the	the	DET
ftr-458	766	38	bond	bond	NOUN
ftr-458	766	39	are	be	AUX
ftr-458	766	40	the	the	DET
ftr-458	766	41	same	same	ADJ
ftr-458	766	42	.	.	PUNCT
ftr-458	767	1	that	that	DET
ftr-458	767	2	price	price	NOUN
ftr-458	767	3	could	could	AUX
ftr-458	767	4	be	be	AUX
ftr-458	767	5	any	any	DET
ftr-458	767	6	amount	amount	NOUN
ftr-458	767	7	,	,	PUNCT
ftr-458	767	8	however	however	ADV
ftr-458	767	9	,	,	PUNCT
ftr-458	767	10	and	and	CCONJ
ftr-458	767	11	the	the	DET
ftr-458	767	12	date	date	NOUN
ftr-458	767	13	could	could	AUX
ftr-458	767	14	be	be	AUX
ftr-458	767	15	any	any	DET
ftr-458	767	16	date	date	NOUN
ftr-458	767	17	.	.	PUNCT
ftr-458	768	1	66	66	NUM
ftr-458	768	2	.	.	PUNCT
ftr-458	769	1	the	the	DET
ftr-458	769	2	treasury	treasury	PROPN
ftr-458	769	3	proposal	proposal	NOUN
ftr-458	769	4	appears	appear	VERB
ftr-458	769	5	to	to	PART
ftr-458	769	6	treat	treat	VERB
ftr-458	769	7	stock	stock	NOUN
ftr-458	769	8	as	as	ADP
ftr-458	769	9	a	a	DET
ftr-458	769	10	fundamental	fundamental	ADJ
ftr-458	769	11	unitary	unitary	ADJ
ftr-458	769	12	asset	asset	NOUN
ftr-458	769	13	.	.	PUNCT
ftr-458	770	1	it	it	PRON
ftr-458	770	2	does	do	AUX
ftr-458	770	3	not	not	PART
ftr-458	770	4	apply	apply	VERB
ftr-458	770	5	to	to	ADP
ftr-458	770	6	a	a	DET
ftr-458	770	7	taxpayer	taxpayer	NOUN
ftr-458	770	8	that	that	PRON
ftr-458	770	9	owns	own	VERB
ftr-458	770	10	stock	stock	NOUN
ftr-458	770	11	and	and	CCONJ
ftr-458	770	12	buys	buy	VERB
ftr-458	770	13	a	a	DET
ftr-458	770	14	put	put	NOUN
ftr-458	770	15	(	(	PUNCT
ftr-458	770	16	unless	unless	SCONJ
ftr-458	770	17	the	the	DET
ftr-458	770	18	put	put	NOUN
ftr-458	770	19	is	be	AUX
ftr-458	770	20	substantially	substantially	ADV
ftr-458	770	21	certain	certain	ADJ
ftr-458	770	22	to	to	PART
ftr-458	770	23	be	be	AUX
ftr-458	770	24	exercised	exercise	VERB
ftr-458	770	25	)	)	PUNCT
ftr-458	770	26	because	because	SCONJ
ftr-458	770	27	buying	buy	VERB
ftr-458	770	28	the	the	DET
ftr-458	770	29	put	put	NOUN
ftr-458	770	30	reduces	reduce	NOUN
ftr-458	770	31	,	,	PUNCT
ftr-458	770	32	but	but	CCONJ
ftr-458	770	33	does	do	AUX
ftr-458	770	34	not	not	PART
ftr-458	770	35	substantially	substantially	ADV
ftr-458	770	36	eliminate	eliminate	VERB
ftr-458	770	37	,	,	PUNCT
ftr-458	770	38	risk	risk	NOUN
ftr-458	770	39	of	of	ADP
ftr-458	770	40	loss	loss	NOUN
ftr-458	770	41	and	and	CCONJ
ftr-458	770	42	opportunity	opportunity	NOUN
ftr-458	770	43	for	for	ADP
ftr-458	770	44	gain	gain	NOUN
ftr-458	770	45	with	with	ADP
ftr-458	770	46	respect	respect	NOUN
ftr-458	770	47	to	to	ADP
ftr-458	770	48	the	the	DET
ftr-458	770	49	stock	stock	NOUN
ftr-458	770	50	.	.	PUNCT
ftr-458	771	1	see	see	VERB
ftr-458	771	2	budget	budget	NOUN
ftr-458	771	3	bill	bill	NOUN
ftr-458	771	4	,	,	PUNCT
ftr-458	771	5	supra	supra	PROPN
ftr-458	771	6	note	note	NOUN
ftr-458	771	7	3	3	NUM
ftr-458	771	8	,	,	PUNCT
ftr-458	771	9	§	§	PROPN
ftr-458	771	10	9512	9512	NUM
ftr-458	771	11	.	.	PUNCT
ftr-458	772	1	but	but	CCONJ
ftr-458	772	2	,	,	PUNCT
ftr-458	772	3	as	as	SCONJ
ftr-458	772	4	demonstrated	demonstrate	VERB
ftr-458	772	5	in	in	ADP
ftr-458	772	6	the	the	DET
ftr-458	772	7	text	text	NOUN
ftr-458	772	8	,	,	PUNCT
ftr-458	772	9	if	if	SCONJ
ftr-458	772	10	stock	stock	NOUN
ftr-458	772	11	may	may	AUX
ftr-458	772	12	be	be	AUX
ftr-458	772	13	disaggregated	disaggregate	VERB
ftr-458	772	14	,	,	PUNCT
ftr-458	772	15	then	then	ADV
ftr-458	772	16	,	,	PUNCT
ftr-458	772	17	under	under	ADP
ftr-458	772	18	the	the	DET
ftr-458	772	19	proposal	proposal	NOUN
ftr-458	772	20	,	,	PUNCT
ftr-458	772	21	buying	buy	VERB
ftr-458	772	22	a	a	DET
ftr-458	772	23	put	put	NOUN
ftr-458	772	24	would	would	AUX
ftr-458	772	25	trigger	trigger	VERB
ftr-458	772	26	realization	realization	NOUN
ftr-458	772	27	with	with	ADP
ftr-458	772	28	respect	respect	NOUN
ftr-458	772	29	to	to	ADP
ftr-458	772	30	an	an	DET
ftr-458	772	31	embedded	embed	VERB
ftr-458	772	32	put	put	NOUN
ftr-458	772	33	.	.	PUNCT
ftr-458	773	1	see	see	VERB
ftr-458	773	2	n.y	n.y	PROPN
ftr-458	773	3	.	.	PROPN
ftr-458	773	4	st	st	PROPN
ftr-458	773	5	.	.	PROPN
ftr-458	773	6	b.	b.	PROPN
ftr-458	773	7	ass'n	ass'n	PROPN
ftr-458	773	8	report	report	PROPN
ftr-458	773	9	,	,	PUNCT
ftr-458	773	10	supra	supra	PROPN
ftr-458	773	11	note	note	NOUN
ftr-458	773	12	3	3	NUM
ftr-458	773	13	(	(	PUNCT
ftr-458	773	14	taxpayer	taxpayer	NOUN
ftr-458	773	15	's	's	PART
ftr-458	773	16	appreciated	appreciated	ADJ
ftr-458	773	17	financial	financial	ADJ
ftr-458	773	18	position	position	NOUN
ftr-458	773	19	should	should	AUX
ftr-458	773	20	generally	generally	ADV
ftr-458	773	21	not	not	PART
ftr-458	773	22	be	be	AUX
ftr-458	773	23	disaggregated	disaggregate	VERB
ftr-458	773	24	)	)	PUNCT
ftr-458	773	25	.	.	PUNCT
ftr-458	774	1	the	the	DET
ftr-458	774	2	proposal	proposal	NOUN
ftr-458	774	3	's	's	PART
ftr-458	774	4	assumption	assumption	NOUN
ftr-458	774	5	that	that	SCONJ
ftr-458	774	6	stock	stock	NOUN
ftr-458	774	7	is	be	AUX
ftr-458	774	8	a	a	DET
ftr-458	774	9	fundamental	fundamental	ADJ
ftr-458	774	10	asset	asset	NOUN
ftr-458	774	11	that	that	PRON
ftr-458	774	12	should	should	AUX
ftr-458	774	13	not	not	PART
ftr-458	774	14	be	be	AUX
ftr-458	774	15	broken	break	VERB
ftr-458	774	16	down	down	ADP
ftr-458	774	17	into	into	ADP
ftr-458	774	18	constituent	constituent	ADJ
ftr-458	774	19	parts	part	NOUN
ftr-458	774	20	is	be	AUX
ftr-458	774	21	administratively	administratively	ADV
ftr-458	774	22	helpful	helpful	ADJ
ftr-458	774	23	,	,	PUNCT
ftr-458	774	24	but	but	CCONJ
ftr-458	774	25	enables	enable	VERB
ftr-458	774	26	taxpayers	taxpayer	NOUN
ftr-458	774	27	that	that	PRON
ftr-458	774	28	own	own	VERB
ftr-458	774	29	appreciated	appreciated	ADJ
ftr-458	774	30	stock	stock	NOUN
ftr-458	774	31	to	to	PART
ftr-458	774	32	avoid	avoid	VERB
ftr-458	774	33	the	the	DET
ftr-458	774	34	proposal	proposal	NOUN
ftr-458	774	35	entirely	entirely	ADV
ftr-458	774	36	by	by	ADP
ftr-458	774	37	selling	sell	VERB
ftr-458	774	38	a	a	DET
ftr-458	774	39	call	call	NOUN
ftr-458	774	40	or	or	CCONJ
ftr-458	774	41	purchasing	purchase	VERB
ftr-458	774	42	a	a	DET
ftr-458	774	43	put	put	NOUN
ftr-458	774	44	.	.	PUNCT
ftr-458	775	1	[	[	X
ftr-458	775	2	vol	vol	NOUN
ftr-458	775	3	3:1	3:1	NUM
ftr-458	775	4	another	another	DET
ftr-458	775	5	uneasy	uneasy	ADJ
ftr-458	775	6	compromise	compromise	NOUN
ftr-458	775	7	sold	sell	VERB
ftr-458	775	8	and	and	CCONJ
ftr-458	775	9	treasury	treasury	NOUN
ftr-458	775	10	obligations	obligation	NOUN
ftr-458	775	11	are	be	AUX
ftr-458	775	12	purchased.67	purchased.67	ADJ
ftr-458	775	13	in	in	ADP
ftr-458	775	14	fact	fact	NOUN
ftr-458	775	15	,	,	PUNCT
ftr-458	775	16	such	such	DET
ftr-458	775	17	a	a	DET
ftr-458	775	18	strategy	strategy	NOUN
ftr-458	775	19	is	be	AUX
ftr-458	775	20	called	call	VERB
ftr-458	775	21	a	a	DET
ftr-458	775	22	"	"	PUNCT
ftr-458	775	23	synthetic	synthetic	ADJ
ftr-458	775	24	put	put	NOUN
ftr-458	775	25	.	.	PUNCT
ftr-458	775	26	"	"	PUNCT
ftr-458	775	27	suppose	suppose	VERB
ftr-458	775	28	that	that	SCONJ
ftr-458	775	29	a	a	DET
ftr-458	775	30	taxpayer	taxpayer	NOUN
ftr-458	775	31	owns	own	VERB
ftr-458	775	32	one	one	NUM
ftr-458	775	33	share	share	NOUN
ftr-458	775	34	of	of	ADP
ftr-458	775	35	stock	stock	NOUN
ftr-458	775	36	worth	worth	ADJ
ftr-458	775	37	s100	s100	PROPN
ftr-458	775	38	and	and	CCONJ
ftr-458	775	39	a	a	DET
ftr-458	775	40	put	put	NOUN
ftr-458	775	41	whose	whose	DET
ftr-458	775	42	value	value	NOUN
ftr-458	775	43	,	,	PUNCT
ftr-458	775	44	at	at	ADP
ftr-458	775	45	that	that	DET
ftr-458	775	46	stock	stock	NOUN
ftr-458	775	47	price	price	NOUN
ftr-458	775	48	,	,	PUNCT
ftr-458	775	49	changes	change	VERB
ftr-458	775	50	inversely	inversely	ADV
ftr-458	775	51	by	by	ADP
ftr-458	775	52	50	50	NUM
ftr-458	775	53	%	%	NOUN
ftr-458	775	54	of	of	ADP
ftr-458	775	55	any	any	DET
ftr-458	775	56	change	change	NOUN
ftr-458	775	57	in	in	ADP
ftr-458	775	58	the	the	DET
ftr-458	775	59	stock	stock	NOUN
ftr-458	775	60	price	price	NOUN
ftr-458	775	61	.	.	PUNCT
ftr-458	776	1	"g	"g	NOUN
ftr-458	776	2	if	if	SCONJ
ftr-458	776	3	the	the	DET
ftr-458	776	4	value	value	NOUN
ftr-458	776	5	of	of	ADP
ftr-458	776	6	a	a	DET
ftr-458	776	7	share	share	NOUN
ftr-458	776	8	of	of	ADP
ftr-458	776	9	the	the	DET
ftr-458	776	10	stock	stock	NOUN
ftr-458	776	11	decreases	decrease	VERB
ftr-458	776	12	by	by	ADP
ftr-458	776	13	$	$	SYM
ftr-458	776	14	1	1	NUM
ftr-458	776	15	,	,	PUNCT
ftr-458	776	16	the	the	DET
ftr-458	776	17	put	put	NOUN
ftr-458	776	18	will	will	AUX
ftr-458	776	19	increase	increase	VERB
ftr-458	776	20	in	in	ADP
ftr-458	776	21	value	value	NOUN
ftr-458	776	22	by	by	ADP
ftr-458	776	23	approximately	approximately	ADV
ftr-458	776	24	$	$	SYM
ftr-458	776	25	0.50	0.50	NUM
ftr-458	776	26	,	,	PUNCT
ftr-458	776	27	and	and	CCONJ
ftr-458	776	28	if	if	SCONJ
ftr-458	776	29	the	the	DET
ftr-458	776	30	value	value	NOUN
ftr-458	776	31	of	of	ADP
ftr-458	776	32	a	a	DET
ftr-458	776	33	share	share	NOUN
ftr-458	776	34	of	of	ADP
ftr-458	776	35	the	the	DET
ftr-458	776	36	stock	stock	NOUN
ftr-458	776	37	increases	increase	NOUN
ftr-458	776	38	by	by	ADP
ftr-458	776	39	$	$	SYM
ftr-458	776	40	1	1	NUM
ftr-458	776	41	,	,	PUNCT
ftr-458	776	42	the	the	DET
ftr-458	776	43	put	put	NOUN
ftr-458	776	44	will	will	AUX
ftr-458	776	45	decrease	decrease	VERB
ftr-458	776	46	in	in	ADP
ftr-458	776	47	value	value	NOUN
ftr-458	776	48	by	by	ADP
ftr-458	776	49	approximately	approximately	ADV
ftr-458	776	50	$	$	SYM
ftr-458	776	51	0.50	0.50	NUM
ftr-458	776	52	.	.	PUNCT
ftr-458	777	1	thus	thus	ADV
ftr-458	777	2	,	,	PUNCT
ftr-458	777	3	a	a	DET
ftr-458	777	4	$	$	SYM
ftr-458	777	5	1	1	NUM
ftr-458	777	6	decrease	decrease	NOUN
ftr-458	777	7	in	in	ADP
ftr-458	777	8	value	value	NOUN
ftr-458	777	9	of	of	ADP
ftr-458	777	10	the	the	DET
ftr-458	777	11	stock	stock	NOUN
ftr-458	777	12	causes	cause	VERB
ftr-458	777	13	a	a	DET
ftr-458	777	14	$	$	SYM
ftr-458	777	15	0.50	0.50	NUM
ftr-458	777	16	decline	decline	NOUN
ftr-458	777	17	in	in	ADP
ftr-458	777	18	the	the	DET
ftr-458	777	19	taxpayer	taxpayer	NOUN
ftr-458	777	20	's	's	PART
ftr-458	777	21	overall	overall	ADJ
ftr-458	777	22	position	position	NOUN
ftr-458	777	23	.	.	PUNCT
ftr-458	778	1	the	the	DET
ftr-458	778	2	same	same	ADJ
ftr-458	778	3	result	result	NOUN
ftr-458	778	4	would	would	AUX
ftr-458	778	5	occur	occur	VERB
ftr-458	778	6	if	if	SCONJ
ftr-458	778	7	,	,	PUNCT
ftr-458	778	8	instead	instead	ADV
ftr-458	778	9	of	of	ADP
ftr-458	778	10	owning	own	VERB
ftr-458	778	11	one	one	NUM
ftr-458	778	12	share	share	NOUN
ftr-458	778	13	of	of	ADP
ftr-458	778	14	stock	stock	NOUN
ftr-458	778	15	and	and	CCONJ
ftr-458	778	16	a	a	DET
ftr-458	778	17	put	put	NOUN
ftr-458	778	18	,	,	PUNCT
ftr-458	778	19	the	the	DET
ftr-458	778	20	taxpayer	taxpayer	NOUN
ftr-458	778	21	owned	own	VERB
ftr-458	778	22	0.5	0.5	NUM
ftr-458	778	23	shares	share	NOUN
ftr-458	778	24	of	of	ADP
ftr-458	778	25	stock	stock	NOUN
ftr-458	778	26	with	with	ADP
ftr-458	778	27	a	a	DET
ftr-458	778	28	value	value	NOUN
ftr-458	778	29	of	of	ADP
ftr-458	778	30	$	$	SYM
ftr-458	778	31	50	50	NUM
ftr-458	778	32	and	and	CCONJ
ftr-458	778	33	invested	invest	VERB
ftr-458	778	34	the	the	DET
ftr-458	778	35	remainder	remainder	NOUN
ftr-458	778	36	of	of	ADP
ftr-458	778	37	the	the	DET
ftr-458	778	38	portfolio	portfolio	NOUN
ftr-458	778	39	in	in	ADP
ftr-458	778	40	treasury	treasury	PROPN
ftr-458	778	41	obligations	obligation	NOUN
ftr-458	778	42	.	.	PUNCT
ftr-458	779	1	a	a	DET
ftr-458	779	2	$	$	SYM
ftr-458	779	3	1	1	NUM
ftr-458	779	4	decline	decline	NOUN
ftr-458	779	5	in	in	ADP
ftr-458	779	6	value	value	NOUN
ftr-458	779	7	of	of	ADP
ftr-458	779	8	a	a	DET
ftr-458	779	9	share	share	NOUN
ftr-458	779	10	of	of	ADP
ftr-458	779	11	the	the	DET
ftr-458	779	12	stock	stock	NOUN
ftr-458	779	13	would	would	AUX
ftr-458	779	14	cause	cause	VERB
ftr-458	779	15	a	a	DET
ftr-458	779	16	$	$	SYM
ftr-458	779	17	0.50	0.50	NUM
ftr-458	779	18	decline	decline	NOUN
ftr-458	779	19	in	in	ADP
ftr-458	779	20	value	value	NOUN
ftr-458	779	21	of	of	ADP
ftr-458	779	22	the	the	DET
ftr-458	779	23	taxpayer	taxpayer	NOUN
ftr-458	779	24	's	's	PART
ftr-458	779	25	stock	stock	NOUN
ftr-458	779	26	position	position	NOUN
ftr-458	779	27	and	and	CCONJ
ftr-458	779	28	no	no	DET
ftr-458	779	29	change	change	NOUN
ftr-458	779	30	in	in	ADP
ftr-458	779	31	the	the	DET
ftr-458	779	32	value	value	NOUN
ftr-458	779	33	of	of	ADP
ftr-458	779	34	the	the	DET
ftr-458	779	35	treasury	treasury	NOUN
ftr-458	779	36	obligations	obligation	NOUN
ftr-458	779	37	.	.	PUNCT
ftr-458	780	1	69	69	NUM
ftr-458	781	1	thus	thus	ADV
ftr-458	781	2	,	,	PUNCT
ftr-458	781	3	acquisition	acquisition	NOUN
ftr-458	781	4	of	of	ADP
ftr-458	781	5	the	the	DET
ftr-458	781	6	put	put	NOUN
ftr-458	781	7	resembles	resemble	VERB
ftr-458	781	8	a	a	DET
ftr-458	781	9	67	67	NUM
ftr-458	781	10	.	.	PUNCT
ftr-458	782	1	cox	cox	PROPN
ftr-458	782	2	&	&	CCONJ
ftr-458	782	3	rubinstein	rubinstein	PROPN
ftr-458	782	4	,	,	PUNCT
ftr-458	782	5	supra	supra	PROPN
ftr-458	782	6	note	note	PROPN
ftr-458	782	7	64	64	NUM
ftr-458	782	8	,	,	PUNCT
ftr-458	782	9	at	at	ADP
ftr-458	782	10	47	47	NUM
ftr-458	782	11	;	;	PUNCT
ftr-458	782	12	elton	elton	PROPN
ftr-458	782	13	&	&	CCONJ
ftr-458	782	14	gruber	gruber	PROPN
ftr-458	782	15	.	.	PUNCT
ftr-458	783	1	supra	supra	PROPN
ftr-458	783	2	note	note	PROPN
ftr-458	783	3	52	52	NUM
ftr-458	783	4	,	,	PUNCT
ftr-458	783	5	at	at	ADP
ftr-458	783	6	59394	59394	NUM
ftr-458	783	7	;	;	PUNCT
ftr-458	783	8	hull	hull	NOUN
ftr-458	783	9	,	,	PUNCT
ftr-458	783	10	supra	supra	PROPN
ftr-458	783	11	note	note	PROPN
ftr-458	783	12	63	63	NUM
ftr-458	783	13	,	,	PUNCT
ftr-458	783	14	at	at	ADP
ftr-458	783	15	319	319	NUM
ftr-458	783	16	.	.	PUNCT
ftr-458	784	1	synthetic	synthetic	ADJ
ftr-458	784	2	puts	put	NOUN
ftr-458	784	3	are	be	AUX
ftr-458	784	4	sometimes	sometimes	ADV
ftr-458	784	5	referred	refer	VERB
ftr-458	784	6	to	to	ADP
ftr-458	784	7	as	as	ADP
ftr-458	784	8	"	"	PUNCT
ftr-458	784	9	artificial	artificial	ADJ
ftr-458	784	10	"	"	PUNCT
ftr-458	784	11	or	or	CCONJ
ftr-458	784	12	"	"	PUNCT
ftr-458	784	13	homemade	homemade	ADJ
ftr-458	784	14	"	"	PUNCT
ftr-458	784	15	puts	put	NOUN
ftr-458	784	16	,	,	PUNCT
ftr-458	784	17	and	and	CCONJ
ftr-458	784	18	the	the	DET
ftr-458	784	19	strategy	strategy	NOUN
ftr-458	784	20	as	as	ADP
ftr-458	784	21	"	"	PUNCT
ftr-458	784	22	portfolio	portfolio	NOUN
ftr-458	784	23	insurance	insurance	NOUN
ftr-458	784	24	.	.	PUNCT
ftr-458	784	25	"	"	PUNCT
ftr-458	785	1	see	see	VERB
ftr-458	785	2	generally	generally	ADV
ftr-458	785	3	portfolio	portfolio	NOUN
ftr-458	785	4	insurance	insurance	NOUN
ftr-458	785	5	:	:	PUNCT
ftr-458	785	6	a	a	DET
ftr-458	785	7	guide	guide	NOUN
ftr-458	785	8	to	to	ADP
ftr-458	785	9	dynamic	dynamic	ADJ
ftr-458	785	10	hedging	hedging	NOUN
ftr-458	785	11	(	(	PUNCT
ftr-458	785	12	donald	donald	PROPN
ftr-458	785	13	l.	l.	PROPN
ftr-458	785	14	luskin	luskin	PROPN
ftr-458	785	15	ed	ed	PROPN
ftr-458	785	16	..	..	PROPN
ftr-458	785	17	1988	1988	NUM
ftr-458	785	18	)	)	PUNCT
ftr-458	785	19	.	.	PUNCT
ftr-458	786	1	the	the	DET
ftr-458	786	2	combination	combination	NOUN
ftr-458	786	3	of	of	ADP
ftr-458	786	4	owning	own	VERB
ftr-458	786	5	stock	stock	NOUN
ftr-458	786	6	and	and	CCONJ
ftr-458	786	7	selling	sell	VERB
ftr-458	786	8	a	a	DET
ftr-458	786	9	call	call	NOUN
ftr-458	786	10	can	can	AUX
ftr-458	786	11	also	also	ADV
ftr-458	786	12	be	be	AUX
ftr-458	786	13	created	create	VERB
ftr-458	786	14	by	by	ADP
ftr-458	786	15	dividing	divide	VERB
ftr-458	786	16	the	the	DET
ftr-458	786	17	taxpayer	taxpayer	NOUN
ftr-458	786	18	's	's	PART
ftr-458	786	19	portfolio	portfolio	NOUN
ftr-458	786	20	between	between	ADP
ftr-458	786	21	stock	stock	NOUN
ftr-458	786	22	and	and	CCONJ
ftr-458	786	23	treasury	treasury	PROPN
ftr-458	786	24	obligations	obligation	NOUN
ftr-458	786	25	.	.	PUNCT
ftr-458	787	1	in	in	ADP
ftr-458	787	2	that	that	DET
ftr-458	787	3	case	case	NOUN
ftr-458	787	4	.	.	PUNCT
ftr-458	788	1	however	however	ADV
ftr-458	788	2	,	,	PUNCT
ftr-458	788	3	as	as	ADP
ftr-458	788	4	the	the	DET
ftr-458	788	5	stock	stock	NOUN
ftr-458	788	6	price	price	NOUN
ftr-458	788	7	rises	rise	NOUN
ftr-458	788	8	,	,	PUNCT
ftr-458	788	9	the	the	DET
ftr-458	788	10	taxpayer	taxpayer	NOUN
ftr-458	788	11	sells	sell	VERB
ftr-458	788	12	stock	stock	NOUN
ftr-458	788	13	and	and	CCONJ
ftr-458	788	14	buys	buy	VERB
ftr-458	788	15	treasury	treasury	NOUN
ftr-458	788	16	obligations	obligation	NOUN
ftr-458	788	17	,	,	PUNCT
ftr-458	788	18	and	and	CCONJ
ftr-458	788	19	as	as	SCONJ
ftr-458	788	20	the	the	DET
ftr-458	788	21	stock	stock	NOUN
ftr-458	788	22	price	price	NOUN
ftr-458	788	23	falls	fall	VERB
ftr-458	788	24	,	,	PUNCT
ftr-458	788	25	the	the	DET
ftr-458	788	26	taxpayer	taxpayer	NOUN
ftr-458	788	27	buys	buy	VERB
ftr-458	788	28	stock	stock	NOUN
ftr-458	788	29	and	and	CCONJ
ftr-458	788	30	sells	sell	VERB
ftr-458	788	31	treasury	treasury	NOUN
ftr-458	788	32	obligations	obligation	NOUN
ftr-458	788	33	.	.	PUNCT
ftr-458	789	1	cox	cox	PROPN
ftr-458	789	2	&	&	CCONJ
ftr-458	789	3	rubinstein	rubinstein	PROPN
ftr-458	789	4	.	.	PUNCT
ftr-458	790	1	supra	supra	PROPN
ftr-458	790	2	.	.	PUNCT
ftr-458	791	1	at	at	ADP
ftr-458	791	2	47	47	NUM
ftr-458	791	3	.	.	PUNCT
ftr-458	792	1	transaction	transaction	NOUN
ftr-458	792	2	costs	cost	NOUN
ftr-458	792	3	make	make	VERB
ftr-458	792	4	continuous	continuous	ADJ
ftr-458	792	5	rebalancing	rebalancing	NOUN
ftr-458	792	6	of	of	ADP
ftr-458	792	7	the	the	DET
ftr-458	792	8	portfolio	portfolio	NOUN
ftr-458	792	9	inefficient	inefficient	ADJ
ftr-458	792	10	.	.	PUNCT
ftr-458	793	1	see	see	VERB
ftr-458	793	2	,	,	PUNCT
ftr-458	793	3	e.g	e.g	PROPN
ftr-458	793	4	..	..	PROPN
ftr-458	793	5	gerard	gerard	PROPN
ftr-458	793	6	gennotte	gennotte	PROPN
ftr-458	793	7	&	&	CCONJ
ftr-458	793	8	alan	alan	PROPN
ftr-458	793	9	jung	jung	PROPN
ftr-458	793	10	,	,	PUNCT
ftr-458	793	11	commissions	commission	NOUN
ftr-458	793	12	and	and	CCONJ
ftr-458	793	13	asset	asset	NOUN
ftr-458	793	14	allocation	allocation	NOUN
ftr-458	793	15	,	,	PUNCT
ftr-458	793	16	j.	j.	PROPN
ftr-458	793	17	portfolio	portfolio	PROPN
ftr-458	793	18	mgmt	mgmt	PROPN
ftr-458	793	19	..	..	PUNCT
ftr-458	793	20	fall	fall	VERB
ftr-458	793	21	1992	1992	NUM
ftr-458	793	22	,	,	PUNCT
ftr-458	793	23	at	at	ADP
ftr-458	793	24	12	12	NUM
ftr-458	793	25	.	.	PUNCT
ftr-458	794	1	but	but	CCONJ
ftr-458	794	2	,	,	PUNCT
ftr-458	794	3	creating	create	VERB
ftr-458	794	4	synthetic	synthetic	ADJ
ftr-458	794	5	puts	put	NOUN
ftr-458	794	6	and	and	CCONJ
ftr-458	794	7	calls	call	NOUN
ftr-458	794	8	using	use	VERB
ftr-458	794	9	futures	future	NOUN
ftr-458	794	10	contracts	contract	NOUN
ftr-458	794	11	,	,	PUNCT
ftr-458	794	12	rather	rather	ADV
ftr-458	794	13	than	than	ADP
ftr-458	794	14	the	the	DET
ftr-458	794	15	underlying	underlie	VERB
ftr-458	794	16	stocks	stock	NOUN
ftr-458	794	17	themselves	themselves	PRON
ftr-458	794	18	,	,	PUNCT
ftr-458	794	19	can	can	AUX
ftr-458	794	20	reduce	reduce	VERB
ftr-458	794	21	transaction	transaction	NOUN
ftr-458	794	22	costs	cost	NOUN
ftr-458	794	23	.	.	PUNCT
ftr-458	795	1	elton	elton	PROPN
ftr-458	795	2	&	&	CCONJ
ftr-458	795	3	gruber	gruber	PROPN
ftr-458	795	4	.	.	PUNCT
ftr-458	796	1	supra	supra	PROPN
ftr-458	796	2	.	.	PUNCT
ftr-458	797	1	at	at	ADP
ftr-458	797	2	594	594	NUM
ftr-458	797	3	;	;	PUNCT
ftr-458	797	4	hull	hull	NOUN
ftr-458	797	5	,	,	PUNCT
ftr-458	797	6	supra	supra	NOUN
ftr-458	797	7	,	,	PUNCT
ftr-458	797	8	at	at	ADP
ftr-458	797	9	320	320	NUM
ftr-458	797	10	.	.	PUNCT
ftr-458	798	1	68	68	NUM
ftr-458	798	2	.	.	PUNCT
ftr-458	799	1	"	"	PUNCT
ftr-458	799	2	delta	delta	NOUN
ftr-458	799	3	"	"	PUNCT
ftr-458	799	4	of	of	ADP
ftr-458	799	5	the	the	DET
ftr-458	799	6	put	put	NOUN
ftr-458	799	7	is	be	AUX
ftr-458	799	8	-0.5	-0.5	PROPN
ftr-458	799	9	.	.	PUNCT
ftr-458	800	1	see	see	VERB
ftr-458	800	2	supra	supra	PROPN
ftr-458	800	3	note	note	PROPN
ftr-458	800	4	63	63	NUM
ftr-458	800	5	and	and	CCONJ
ftr-458	800	6	accompanying	accompany	VERB
ftr-458	800	7	text	text	NOUN
ftr-458	800	8	.	.	PUNCT
ftr-458	801	1	69	69	NUM
ftr-458	801	2	.	.	PUNCT
ftr-458	802	1	at	at	ADP
ftr-458	802	2	a	a	DET
ftr-458	802	3	different	different	ADJ
ftr-458	802	4	stock	stock	NOUN
ftr-458	802	5	price	price	NOUN
ftr-458	802	6	,	,	PUNCT
ftr-458	802	7	the	the	DET
ftr-458	802	8	put	put	NOUN
ftr-458	802	9	value	value	NOUN
ftr-458	802	10	would	would	AUX
ftr-458	802	11	vary	vary	VERB
ftr-458	802	12	with	with	ADP
ftr-458	802	13	the	the	DET
ftr-458	802	14	stock	stock	NOUN
ftr-458	802	15	value	value	NOUN
ftr-458	802	16	by	by	ADP
ftr-458	802	17	a	a	DET
ftr-458	802	18	different	different	ADJ
ftr-458	802	19	percentage	percentage	NOUN
ftr-458	802	20	,	,	PUNCT
ftr-458	802	21	requiring	require	VERB
ftr-458	802	22	a	a	DET
ftr-458	802	23	different	different	ADJ
ftr-458	802	24	mix	mix	NOUN
ftr-458	802	25	of	of	ADP
ftr-458	802	26	stock	stock	NOUN
ftr-458	802	27	and	and	CCONJ
ftr-458	802	28	treasuries	treasury	NOUN
ftr-458	802	29	.	.	PUNCT
ftr-458	803	1	for	for	ADP
ftr-458	803	2	example	example	NOUN
ftr-458	803	3	,	,	PUNCT
ftr-458	803	4	at	at	ADP
ftr-458	803	5	a	a	DET
ftr-458	803	6	stock	stock	NOUN
ftr-458	803	7	price	price	NOUN
ftr-458	803	8	of	of	ADP
ftr-458	803	9	,	,	PUNCT
ftr-458	803	10	say	say	INTJ
ftr-458	803	11	,	,	PUNCT
ftr-458	803	12	$	$	SYM
ftr-458	803	13	120	120	NUM
ftr-458	803	14	,	,	PUNCT
ftr-458	803	15	the	the	DET
ftr-458	803	16	put	put	NOUN
ftr-458	803	17	might	might	AUX
ftr-458	803	18	change	change	VERB
ftr-458	803	19	in	in	ADP
ftr-458	803	20	value	value	NOUN
ftr-458	803	21	by	by	ADP
ftr-458	803	22	only	only	ADV
ftr-458	803	23	25	25	NUM
ftr-458	803	24	%	%	NOUN
ftr-458	803	25	of	of	ADP
ftr-458	803	26	any	any	DET
ftr-458	803	27	change	change	NOUN
ftr-458	803	28	in	in	ADP
ftr-458	803	29	the	the	DET
ftr-458	803	30	stock	stock	NOUN
ftr-458	803	31	value	value	NOUN
ftr-458	803	32	,	,	PUNCT
ftr-458	803	33	and	and	CCONJ
ftr-458	803	34	a	a	DET
ftr-458	803	35	$	$	SYM
ftr-458	803	36	1	1	NUM
ftr-458	803	37	decrease	decrease	NOUN
ftr-458	803	38	in	in	ADP
ftr-458	803	39	value	value	NOUN
ftr-458	803	40	of	of	ADP
ftr-458	803	41	a	a	DET
ftr-458	803	42	share	share	NOUN
ftr-458	803	43	of	of	ADP
ftr-458	803	44	the	the	DET
ftr-458	803	45	stock	stock	NOUN
ftr-458	803	46	would	would	AUX
ftr-458	803	47	cause	cause	VERB
ftr-458	803	48	a	a	DET
ftr-458	803	49	so.75	so.75	ADJ
ftr-458	803	50	decrease	decrease	NOUN
ftr-458	803	51	in	in	ADP
ftr-458	803	52	the	the	DET
ftr-458	803	53	value	value	NOUN
ftr-458	803	54	of	of	ADP
ftr-458	803	55	the	the	DET
ftr-458	803	56	taxpayer	taxpayer	NOUN
ftr-458	803	57	's	's	PART
ftr-458	803	58	stock	stock	NOUN
ftr-458	803	59	and	and	CCONJ
ftr-458	803	60	put	put	VERB
ftr-458	803	61	position	position	NOUN
ftr-458	803	62	.	.	PUNCT
ftr-458	804	1	the	the	DET
ftr-458	804	2	equivalent	equivalent	ADJ
ftr-458	804	3	stock	stock	NOUN
ftr-458	804	4	and	and	CCONJ
ftr-458	804	5	bond	bond	NOUN
ftr-458	804	6	portfolio	portfolio	NOUN
ftr-458	804	7	would	would	AUX
ftr-458	804	8	consist	consist	VERB
ftr-458	804	9	of	of	ADP
ftr-458	804	10	0.75	0.75	NUM
ftr-458	804	11	shares	share	NOUN
ftr-458	804	12	of	of	ADP
ftr-458	804	13	the	the	DET
ftr-458	804	14	stock	stock	NOUN
ftr-458	804	15	and	and	CCONJ
ftr-458	804	16	the	the	DET
ftr-458	804	17	remainder	remainder	NOUN
ftr-458	804	18	in	in	ADP
ftr-458	804	19	treasury	treasury	PROPN
ftr-458	804	20	obligations	obligation	NOUN
ftr-458	804	21	.	.	PUNCT
ftr-458	805	1	the	the	DET
ftr-458	805	2	proportion	proportion	NOUN
ftr-458	805	3	of	of	ADP
ftr-458	805	4	the	the	DET
ftr-458	805	5	portfolio	portfolio	NOUN
ftr-458	805	6	that	that	PRON
ftr-458	805	7	should	should	AUX
ftr-458	805	8	be	be	AUX
ftr-458	805	9	invested	invest	VERB
ftr-458	805	10	in	in	ADP
ftr-458	805	11	stocks	stock	NOUN
ftr-458	805	12	can	can	AUX
ftr-458	805	13	be	be	AUX
ftr-458	805	14	described	describe	VERB
ftr-458	805	15	in	in	ADP
ftr-458	805	16	terms	term	NOUN
ftr-458	805	17	of	of	ADP
ftr-458	805	18	the	the	DET
ftr-458	805	19	value	value	NOUN
ftr-458	805	20	of	of	ADP
ftr-458	805	21	the	the	DET
ftr-458	805	22	stock	stock	NOUN
ftr-458	805	23	,	,	PUNCT
ftr-458	805	24	the	the	DET
ftr-458	805	25	strike	strike	NOUN
ftr-458	805	26	price	price	NOUN
ftr-458	805	27	,	,	PUNCT
ftr-458	805	28	the	the	DET
ftr-458	805	29	risk	risk	NOUN
ftr-458	805	30	-	-	PUNCT
ftr-458	805	31	free	free	ADJ
ftr-458	805	32	rate	rate	NOUN
ftr-458	805	33	of	of	ADP
ftr-458	805	34	interest	interest	NOUN
ftr-458	805	35	,	,	PUNCT
ftr-458	805	36	the	the	DET
ftr-458	805	37	dividend	dividend	NOUN
ftr-458	805	38	yield	yield	NOUN
ftr-458	805	39	on	on	ADP
ftr-458	805	40	the	the	DET
ftr-458	805	41	stock	stock	NOUN
ftr-458	805	42	,	,	PUNCT
ftr-458	805	43	the	the	DET
ftr-458	805	44	volatility	volatility	NOUN
ftr-458	805	45	of	of	ADP
ftr-458	805	46	the	the	DET
ftr-458	805	47	stock	stock	NOUN
ftr-458	805	48	,	,	PUNCT
ftr-458	805	49	and	and	CCONJ
ftr-458	805	50	the	the	DET
ftr-458	805	51	time	time	NOUN
ftr-458	805	52	remaining	remain	VERB
ftr-458	805	53	until	until	ADP
ftr-458	805	54	expiration	expiration	NOUN
ftr-458	805	55	.	.	PUNCT
ftr-458	806	1	hull	hull	NOUN
ftr-458	806	2	.	.	PUNCT
ftr-458	807	1	supra	supra	PROPN
ftr-458	807	2	note	note	PROPN
ftr-458	807	3	63	63	NUM
ftr-458	807	4	.	.	PUNCT
ftr-458	808	1	at	at	ADP
ftr-458	808	2	319	319	NUM
ftr-458	808	3	.	.	PUNCT
ftr-458	809	1	the	the	DET
ftr-458	809	2	fraction	fraction	NOUN
ftr-458	809	3	of	of	ADP
ftr-458	809	4	the	the	DET
ftr-458	809	5	overall	overall	ADJ
ftr-458	809	6	position	position	NOUN
ftr-458	809	7	invested	invest	VERB
ftr-458	809	8	in	in	ADP
ftr-458	809	9	stock	stock	NOUN
ftr-458	809	10	or	or	CCONJ
ftr-458	809	11	treasury	treasury	NOUN
ftr-458	809	12	obligations	obligation	NOUN
ftr-458	809	13	must	must	AUX
ftr-458	809	14	be	be	AUX
ftr-458	809	15	adjusted	adjust	VERB
ftr-458	809	16	as	as	ADP
ftr-458	809	17	the	the	DET
ftr-458	809	18	time	time	NOUN
ftr-458	809	19	to	to	ADP
ftr-458	809	20	expiration	expiration	NOUN
ftr-458	809	21	of	of	ADP
ftr-458	809	22	the	the	DET
ftr-458	809	23	synthetic	synthetic	ADJ
ftr-458	809	24	put	put	NOUN
ftr-458	809	25	decreases	decrease	NOUN
ftr-458	809	26	,	,	PUNCT
ftr-458	809	27	even	even	ADV
ftr-458	809	28	if	if	SCONJ
ftr-458	809	29	the	the	DET
ftr-458	809	30	value	value	NOUN
ftr-458	809	31	of	of	ADP
ftr-458	809	32	the	the	DET
ftr-458	809	33	stock	stock	NOUN
ftr-458	809	34	does	do	AUX
ftr-458	809	35	not	not	PART
ftr-458	809	36	change	change	VERB
ftr-458	809	37	.	.	PUNCT
ftr-458	810	1	if	if	SCONJ
ftr-458	810	2	the	the	DET
ftr-458	810	3	synthetic	synthetic	ADJ
ftr-458	810	4	put	put	NOUN
ftr-458	810	5	is	be	AUX
ftr-458	810	6	out	out	ADV
ftr-458	810	7	-	-	PUNCT
ftr-458	810	8	of	of	ADP
ftr-458	810	9	-	-	PUNCT
ftr-458	810	10	the	the	DET
ftr-458	810	11	-	-	PUNCT
ftr-458	810	12	money	money	NOUN
ftr-458	810	13	,	,	PUNCT
ftr-458	810	14	the	the	DET
ftr-458	810	15	fraction	fraction	NOUN
ftr-458	810	16	invested	invest	VERB
ftr-458	810	17	in	in	ADP
ftr-458	810	18	stock	stock	NOUN
ftr-458	810	19	should	should	AUX
ftr-458	810	20	be	be	AUX
ftr-458	810	21	increased	increase	VERB
ftr-458	810	22	as	as	ADP
ftr-458	810	23	the	the	DET
ftr-458	810	24	time	time	NOUN
ftr-458	810	25	to	to	ADP
ftr-458	810	26	expiration	expiration	NOUN
ftr-458	810	27	decreases	decrease	NOUN
ftr-458	810	28	,	,	PUNCT
ftr-458	810	29	so	so	SCONJ
ftr-458	810	30	that	that	SCONJ
ftr-458	810	31	in	in	ADP
ftr-458	810	32	the	the	DET
ftr-458	810	33	absence	absence	NOUN
ftr-458	810	34	of	of	ADP
ftr-458	810	35	any	any	DET
ftr-458	810	36	change	change	NOUN
ftr-458	810	37	in	in	ADP
ftr-458	810	38	stock	stock	NOUN
ftr-458	810	39	value	value	NOUN
ftr-458	810	40	,	,	PUNCT
ftr-458	810	41	the	the	DET
ftr-458	810	42	taxpayer	taxpayer	NOUN
ftr-458	810	43	owns	own	VERB
ftr-458	810	44	one	one	NUM
ftr-458	810	45	share	share	NOUN
ftr-458	810	46	of	of	ADP
ftr-458	810	47	stock	stock	NOUN
ftr-458	810	48	at	at	ADP
ftr-458	810	49	maturity	maturity	NOUN
ftr-458	810	50	.	.	PUNCT
ftr-458	811	1	if	if	SCONJ
ftr-458	811	2	the	the	DET
ftr-458	811	3	synthetic	synthetic	ADJ
ftr-458	811	4	put	put	NOUN
ftr-458	811	5	is	be	AUX
ftr-458	811	6	in	in	ADP
ftr-458	811	7	-	-	PUNCT
ftr-458	811	8	themoney	themoney	NOUN
ftr-458	811	9	,	,	PUNCT
ftr-458	811	10	the	the	DET
ftr-458	811	11	fraction	fraction	NOUN
ftr-458	811	12	invested	invest	VERB
ftr-458	811	13	in	in	ADP
ftr-458	811	14	treasuries	treasury	NOUN
ftr-458	811	15	should	should	AUX
ftr-458	811	16	increase	increase	VERB
ftr-458	811	17	over	over	ADP
ftr-458	811	18	time	time	NOUN
ftr-458	811	19	,	,	PUNCT
ftr-458	811	20	so	so	SCONJ
ftr-458	811	21	that	that	SCONJ
ftr-458	811	22	at	at	ADP
ftr-458	811	23	expiration	expiration	NOUN
ftr-458	811	24	the	the	DET
ftr-458	811	25	taxpayer	taxpayer	NOUN
ftr-458	811	26	owns	own	VERB
ftr-458	811	27	only	only	ADJ
ftr-458	811	28	treasuries	treasury	NOUN
ftr-458	811	29	with	with	ADP
ftr-458	811	30	a	a	DET
ftr-458	811	31	value	value	NOUN
ftr-458	811	32	equal	equal	ADJ
ftr-458	811	33	to	to	ADP
ftr-458	811	34	the	the	DET
ftr-458	811	35	strike	strike	NOUN
ftr-458	811	36	price	price	NOUN
ftr-458	811	37	.	.	PUNCT
ftr-458	812	1	see	see	VERB
ftr-458	812	2	cox	cox	PROPN
ftr-458	812	3	&	&	CCONJ
ftr-458	812	4	rubinstein	rubinstein	PROPN
ftr-458	812	5	.	.	PUNCT
ftr-458	813	1	supra	supra	PROPN
ftr-458	813	2	note	note	PROPN
ftr-458	813	3	64	64	NUM
ftr-458	813	4	,	,	PUNCT
ftr-458	813	5	at	at	ADP
ftr-458	813	6	46	46	NUM
ftr-458	813	7	.	.	PUNCT
ftr-458	814	1	19961	19961	NUM
ftr-458	814	2	florida	florida	PROPN
ftr-458	814	3	tax	tax	NOUN
ftr-458	814	4	review	review	NOUN
ftr-458	814	5	disposition	disposition	NOUN
ftr-458	814	6	of	of	ADP
ftr-458	814	7	0.5	0.5	NUM
ftr-458	814	8	shares	share	NOUN
ftr-458	814	9	.	.	PUNCT
ftr-458	815	1	c.	c.	NOUN
ftr-458	815	2	risk	risk	NOUN
ftr-458	815	3	-	-	PUNCT
ftr-458	815	4	magnifying	magnify	VERB
ftr-458	815	5	transactions	transaction	NOUN
ftr-458	815	6	if	if	SCONJ
ftr-458	815	7	a	a	DET
ftr-458	815	8	taxpayer	taxpayer	NOUN
ftr-458	815	9	wants	want	VERB
ftr-458	815	10	to	to	PART
ftr-458	815	11	increase	increase	VERB
ftr-458	815	12	exposure	exposure	NOUN
ftr-458	815	13	to	to	ADP
ftr-458	815	14	risk	risk	VERB
ftr-458	815	15	in	in	ADP
ftr-458	815	16	a	a	DET
ftr-458	815	17	share	share	NOUN
ftr-458	815	18	of	of	ADP
ftr-458	815	19	stock	stock	NOUN
ftr-458	815	20	that	that	PRON
ftr-458	815	21	the	the	DET
ftr-458	815	22	taxpayer	taxpayer	NOUN
ftr-458	815	23	owns	own	VERB
ftr-458	815	24	,	,	PUNCT
ftr-458	815	25	the	the	DET
ftr-458	815	26	taxpayer	taxpayer	NOUN
ftr-458	815	27	could	could	AUX
ftr-458	815	28	sell	sell	VERB
ftr-458	815	29	the	the	DET
ftr-458	815	30	stock	stock	NOUN
ftr-458	815	31	and	and	CCONJ
ftr-458	815	32	purchase	purchase	VERB
ftr-458	815	33	a	a	DET
ftr-458	815	34	call	call	NOUN
ftr-458	815	35	on	on	ADP
ftr-458	815	36	the	the	DET
ftr-458	815	37	stock	stock	NOUN
ftr-458	815	38	.	.	PUNCT
ftr-458	816	1	disposing	dispose	VERB
ftr-458	816	2	of	of	ADP
ftr-458	816	3	the	the	DET
ftr-458	816	4	stock	stock	NOUN
ftr-458	816	5	would	would	AUX
ftr-458	816	6	be	be	AUX
ftr-458	816	7	a	a	DET
ftr-458	816	8	realization	realization	NOUN
ftr-458	816	9	event	event	NOUN
ftr-458	816	10	.	.	PUNCT
ftr-458	817	1	instead	instead	ADV
ftr-458	817	2	,	,	PUNCT
ftr-458	817	3	the	the	DET
ftr-458	817	4	taxpayer	taxpayer	NOUN
ftr-458	817	5	could	could	AUX
ftr-458	817	6	try	try	VERB
ftr-458	817	7	to	to	PART
ftr-458	817	8	avoid	avoid	VERB
ftr-458	817	9	realization	realization	NOUN
ftr-458	817	10	by	by	ADP
ftr-458	817	11	increasing	increase	VERB
ftr-458	817	12	risk	risk	NOUN
ftr-458	817	13	using	use	VERB
ftr-458	817	14	a	a	DET
ftr-458	817	15	separate	separate	ADJ
ftr-458	817	16	transaction	transaction	NOUN
ftr-458	817	17	.	.	PUNCT
ftr-458	818	1	a	a	DET
ftr-458	818	2	taxpayer	taxpayer	NOUN
ftr-458	818	3	can	can	AUX
ftr-458	818	4	enter	enter	VERB
ftr-458	818	5	into	into	ADP
ftr-458	818	6	a	a	DET
ftr-458	818	7	transaction	transaction	NOUN
ftr-458	818	8	that	that	PRON
ftr-458	818	9	magnifies	magnify	VERB
ftr-458	818	10	the	the	DET
ftr-458	818	11	taxpayer	taxpayer	NOUN
ftr-458	818	12	's	's	PART
ftr-458	818	13	exposure	exposure	NOUN
ftr-458	818	14	to	to	ADP
ftr-458	818	15	risk	risk	NOUN
ftr-458	818	16	of	of	ADP
ftr-458	818	17	the	the	DET
ftr-458	818	18	same	same	ADJ
ftr-458	818	19	variable	variable	NOUN
ftr-458	818	20	that	that	PRON
ftr-458	818	21	the	the	DET
ftr-458	818	22	taxpayer	taxpayer	NOUN
ftr-458	818	23	was	be	AUX
ftr-458	818	24	exposed	expose	VERB
ftr-458	818	25	to	to	ADP
ftr-458	818	26	before	before	ADP
ftr-458	818	27	the	the	DET
ftr-458	818	28	transaction	transaction	NOUN
ftr-458	818	29	.	.	PUNCT
ftr-458	819	1	for	for	ADP
ftr-458	819	2	example	example	NOUN
ftr-458	819	3	,	,	PUNCT
ftr-458	819	4	a	a	DET
ftr-458	819	5	taxpayer	taxpayer	NOUN
ftr-458	819	6	owning	own	VERB
ftr-458	819	7	a	a	DET
ftr-458	819	8	share	share	NOUN
ftr-458	819	9	of	of	ADP
ftr-458	819	10	stock	stock	NOUN
ftr-458	819	11	might	might	AUX
ftr-458	819	12	agree	agree	VERB
ftr-458	819	13	to	to	PART
ftr-458	819	14	pay	pay	VERB
ftr-458	819	15	a	a	DET
ftr-458	819	16	counterparty	counterparty	NOUN
ftr-458	819	17	the	the	DET
ftr-458	819	18	square	square	NOUN
ftr-458	819	19	of	of	ADP
ftr-458	819	20	the	the	DET
ftr-458	819	21	value	value	NOUN
ftr-458	819	22	of	of	ADP
ftr-458	819	23	the	the	DET
ftr-458	819	24	share	share	NOUN
ftr-458	819	25	.	.	PUNCT
ftr-458	820	1	example	example	NOUN
ftr-458	820	2	10	10	NUM
ftr-458	820	3	is	be	AUX
ftr-458	820	4	a	a	DET
ftr-458	820	5	simplified	simplified	ADJ
ftr-458	820	6	version	version	NOUN
ftr-458	820	7	of	of	ADP
ftr-458	820	8	such	such	DET
ftr-458	820	9	a	a	DET
ftr-458	820	10	contract	contract	NOUN
ftr-458	820	11	,	,	PUNCT
ftr-458	820	12	illustrating	illustrate	VERB
ftr-458	820	13	the	the	DET
ftr-458	820	14	taxpayer	taxpayer	NOUN
ftr-458	820	15	's	's	PART
ftr-458	820	16	increased	increase	VERB
ftr-458	820	17	exposure	exposure	NOUN
ftr-458	820	18	to	to	ADP
ftr-458	820	19	coin	coin	NOUN
ftr-458	820	20	flip	flip	NOUN
ftr-458	820	21	after	after	ADP
ftr-458	820	22	the	the	DET
ftr-458	820	23	transaction	transaction	NOUN
ftr-458	820	24	.	.	PUNCT
ftr-458	821	1	example	example	NOUN
ftr-458	821	2	10	10	NUM
ftr-458	821	3	.	.	PUNCT
ftr-458	822	1	taxpayer	taxpayer	NOUN
ftr-458	822	2	owns	own	VERB
ftr-458	822	3	coin	coin	NOUN
ftr-458	822	4	flip	flip	NOUN
ftr-458	822	5	.	.	PUNCT
ftr-458	823	1	taxpayer	taxpayer	NOUN
ftr-458	823	2	sells	sell	VERB
ftr-458	823	3	a	a	DET
ftr-458	823	4	contract	contract	NOUN
ftr-458	823	5	for	for	ADP
ftr-458	823	6	$	$	SYM
ftr-458	823	7	5,000	5,000	NUM
ftr-458	823	8	entitling	entitle	VERB
ftr-458	823	9	the	the	DET
ftr-458	823	10	holder	holder	NOUN
ftr-458	823	11	to	to	PART
ftr-458	823	12	be	be	AUX
ftr-458	823	13	paid	pay	VERB
ftr-458	823	14	the	the	DET
ftr-458	823	15	square	square	NOUN
ftr-458	823	16	of	of	ADP
ftr-458	823	17	the	the	DET
ftr-458	823	18	payment	payment	NOUN
ftr-458	823	19	under	under	ADP
ftr-458	823	20	coin	coin	NOUN
ftr-458	823	21	flip	flip	NOUN
ftr-458	823	22	.	.	PUNCT
ftr-458	824	1	thus	thus	ADV
ftr-458	824	2	,	,	PUNCT
ftr-458	824	3	if	if	SCONJ
ftr-458	824	4	the	the	DET
ftr-458	824	5	coin	coin	NOUN
ftr-458	824	6	turns	turn	VERB
ftr-458	824	7	up	up	ADP
ftr-458	824	8	heads	head	NOUN
ftr-458	824	9	,	,	PUNCT
ftr-458	824	10	taxpayer	taxpayer	NOUN
ftr-458	824	11	will	will	AUX
ftr-458	824	12	pay	pay	VERB
ftr-458	824	13	the	the	DET
ftr-458	824	14	holder	holder	NOUN
ftr-458	824	15	of	of	ADP
ftr-458	824	16	the	the	DET
ftr-458	824	17	contract	contract	NOUN
ftr-458	824	18	$	$	SYM
ftr-458	824	19	10,000	10,000	NUM
ftr-458	824	20	.	.	PUNCT
ftr-458	825	1	if	if	SCONJ
ftr-458	825	2	the	the	DET
ftr-458	825	3	coin	coin	NOUN
ftr-458	825	4	turns	turn	VERB
ftr-458	825	5	up	up	ADP
ftr-458	825	6	tails	tail	NOUN
ftr-458	825	7	,	,	PUNCT
ftr-458	825	8	taxpayer	taxpayer	NOUN
ftr-458	825	9	will	will	AUX
ftr-458	825	10	pay	pay	VERB
ftr-458	825	11	the	the	DET
ftr-458	825	12	holder	holder	NOUN
ftr-458	825	13	nothing	nothing	PRON
ftr-458	825	14	.	.	PUNCT
ftr-458	826	1	taxpayer	taxpayer	PROPN
ftr-458	826	2	's	's	PART
ftr-458	826	3	net	net	ADJ
ftr-458	826	4	outcomes	outcome	NOUN
ftr-458	826	5	are	be	AUX
ftr-458	826	6	as	as	SCONJ
ftr-458	826	7	follows	follow	VERB
ftr-458	826	8	:	:	PUNCT
ftr-458	826	9	outcome=	outcome=	NUM
ftr-458	826	10	coin	coin	NOUN
ftr-458	826	11	flip	flip	NOUN
ftr-458	826	12	+	+	CCONJ
ftr-458	826	13	premium	premium	NOUN
ftr-458	826	14	+	+	CCONJ
ftr-458	826	15	payment	payment	NOUN
ftr-458	826	16	heads	head	NOUN
ftr-458	826	17	(	(	PUNCT
ftr-458	826	18	4,900	4,900	NUM
ftr-458	826	19	)	)	PUNCT
ftr-458	826	20	=	=	SYM
ftr-458	827	1	100	100	NUM
ftr-458	828	1	+	+	NUM
ftr-458	828	2	5,000	5,000	NUM
ftr-458	828	3	+	+	CCONJ
ftr-458	828	4	(	(	PUNCT
ftr-458	828	5	10,000	10,000	NUM
ftr-458	828	6	)	)	PUNCT
ftr-458	828	7	tails	tail	NOUN
ftr-458	828	8	5,000	5,000	NUM
ftr-458	828	9	=	=	SYM
ftr-458	828	10	0	0	NUM
ftr-458	828	11	+	+	NUM
ftr-458	828	12	5,000	5,000	NUM
ftr-458	828	13	+	+	NUM
ftr-458	828	14	0	0	NUM
ftr-458	829	1	the	the	DET
ftr-458	829	2	variance	variance	NOUN
ftr-458	829	3	of	of	ADP
ftr-458	829	4	the	the	DET
ftr-458	829	5	taxpayer	taxpayer	NOUN
ftr-458	829	6	's	's	PART
ftr-458	829	7	outcomes	outcome	NOUN
ftr-458	829	8	is	be	AUX
ftr-458	829	9	dramatically	dramatically	ADV
ftr-458	829	10	increased	increase	VERB
ftr-458	829	11	by	by	ADP
ftr-458	829	12	selling	sell	VERB
ftr-458	829	13	the	the	DET
ftr-458	829	14	contract	contract	NOUN
ftr-458	829	15	,	,	PUNCT
ftr-458	829	16	but	but	CCONJ
ftr-458	829	17	the	the	DET
ftr-458	829	18	outcomes	outcome	NOUN
ftr-458	829	19	continue	continue	VERB
ftr-458	829	20	to	to	PART
ftr-458	829	21	depend	depend	VERB
ftr-458	829	22	only	only	ADV
ftr-458	829	23	on	on	ADP
ftr-458	829	24	the	the	DET
ftr-458	829	25	flip	flip	NOUN
ftr-458	829	26	of	of	ADP
ftr-458	829	27	the	the	DET
ftr-458	829	28	coin	coin	NOUN
ftr-458	829	29	:	:	PUNCT
ftr-458	829	30	a	a	DET
ftr-458	829	31	synthetic	synthetic	ADJ
ftr-458	829	32	put	put	NOUN
ftr-458	829	33	can	can	AUX
ftr-458	829	34	be	be	AUX
ftr-458	829	35	created	create	VERB
ftr-458	829	36	for	for	ADP
ftr-458	829	37	a	a	DET
ftr-458	829	38	diversified	diversified	ADJ
ftr-458	829	39	portfolio	portfolio	NOUN
ftr-458	829	40	,	,	PUNCT
ftr-458	829	41	instead	instead	ADV
ftr-458	829	42	of	of	ADP
ftr-458	829	43	a	a	DET
ftr-458	829	44	single	single	ADJ
ftr-458	829	45	stock	stock	NOUN
ftr-458	829	46	,	,	PUNCT
ftr-458	829	47	or	or	CCONJ
ftr-458	829	48	for	for	ADP
ftr-458	829	49	a	a	DET
ftr-458	829	50	fixed	fix	VERB
ftr-458	829	51	-	-	PUNCT
ftr-458	829	52	income	income	NOUN
ftr-458	829	53	security	security	NOUN
ftr-458	829	54	,	,	PUNCT
ftr-458	829	55	rather	rather	ADV
ftr-458	829	56	than	than	ADP
ftr-458	829	57	equity	equity	NOUN
ftr-458	829	58	.	.	PUNCT
ftr-458	830	1	see	see	VERB
ftr-458	830	2	erol	erol	PROPN
ftr-458	830	3	hakanoglu	hakanoglu	PROPN
ftr-458	830	4	et	et	PROPN
ftr-458	830	5	al	al	PROPN
ftr-458	830	6	.	.	PROPN
ftr-458	830	7	,	,	PUNCT
ftr-458	830	8	constant	constant	ADJ
ftr-458	830	9	proportion	proportion	NOUN
ftr-458	830	10	portfolio	portfolio	NOUN
ftr-458	830	11	insurance	insurance	NOUN
ftr-458	830	12	for	for	ADP
ftr-458	830	13	fixed	fix	VERB
ftr-458	830	14	-	-	PUNCT
ftr-458	830	15	income	income	NOUN
ftr-458	830	16	investment	investment	NOUN
ftr-458	830	17	,	,	PUNCT
ftr-458	830	18	j.	j.	PROPN
ftr-458	830	19	portfolio	portfolio	PROPN
ftr-458	830	20	mgmt	mgmt	PROPN
ftr-458	830	21	.	.	PROPN
ftr-458	830	22	,	,	PUNCT
ftr-458	830	23	summer	summer	NOUN
ftr-458	830	24	1989	1989	NUM
ftr-458	830	25	,	,	PUNCT
ftr-458	830	26	at	at	ADP
ftr-458	830	27	58	58	NUM
ftr-458	830	28	.	.	PUNCT
ftr-458	831	1	derivatives	derivative	NOUN
ftr-458	831	2	other	other	ADJ
ftr-458	831	3	than	than	ADP
ftr-458	831	4	options	option	NOUN
ftr-458	831	5	can	can	AUX
ftr-458	831	6	be	be	AUX
ftr-458	831	7	created	create	VERB
ftr-458	831	8	synthetically	synthetically	ADV
ftr-458	831	9	.	.	PUNCT
ftr-458	832	1	for	for	ADP
ftr-458	832	2	example	example	NOUN
ftr-458	832	3	,	,	PUNCT
ftr-458	832	4	options	option	NOUN
ftr-458	832	5	can	can	AUX
ftr-458	832	6	form	form	VERB
ftr-458	832	7	the	the	DET
ftr-458	832	8	building	building	NOUN
ftr-458	832	9	blocks	block	NOUN
ftr-458	832	10	of	of	ADP
ftr-458	832	11	synthetic	synthetic	ADJ
ftr-458	832	12	futures	future	NOUN
ftr-458	832	13	contracts	contract	NOUN
ftr-458	832	14	.	.	PUNCT
ftr-458	833	1	see	see	VERB
ftr-458	833	2	panagora	panagora	NOUN
ftr-458	833	3	to	to	PART
ftr-458	833	4	boost	boost	VERB
ftr-458	833	5	otc	otc	PROPN
ftr-458	833	6	derivatives	derivative	NOUN
ftr-458	833	7	use	use	NOUN
ftr-458	833	8	,	,	PUNCT
ftr-458	833	9	eyes	eye	NOUN
ftr-458	833	10	emerging	emerge	VERB
ftr-458	833	11	markets	market	NOUN
ftr-458	833	12	instruments	instrument	NOUN
ftr-458	833	13	,	,	PUNCT
ftr-458	833	14	derivatives	derivative	NOUN
ftr-458	833	15	week	week	NOUN
ftr-458	833	16	,	,	PUNCT
ftr-458	833	17	dec	dec	PROPN
ftr-458	833	18	.	.	PROPN
ftr-458	833	19	20	20	NUM
ftr-458	833	20	,	,	PUNCT
ftr-458	833	21	1993	1993	NUM
ftr-458	833	22	,	,	PUNCT
ftr-458	833	23	at	at	SCONJ
ftr-458	833	24	i	i	PRON
ftr-458	833	25	(	(	PUNCT
ftr-458	833	26	synthetic	synthetic	ADJ
ftr-458	833	27	futures	future	NOUN
ftr-458	833	28	positions	position	NOUN
ftr-458	833	29	in	in	ADP
ftr-458	833	30	germany	germany	PROPN
ftr-458	833	31	,	,	PUNCT
ftr-458	833	32	spain	spain	PROPN
ftr-458	833	33	,	,	PUNCT
ftr-458	833	34	and	and	CCONJ
ftr-458	833	35	the	the	DET
ftr-458	833	36	netherlands	netherlands	PROPN
ftr-458	833	37	constructed	construct	VERB
ftr-458	833	38	by	by	ADP
ftr-458	833	39	purchasing	purchase	VERB
ftr-458	833	40	call	call	NOUN
ftr-458	833	41	option	option	NOUN
ftr-458	833	42	on	on	ADP
ftr-458	833	43	an	an	DET
ftr-458	833	44	equity	equity	NOUN
ftr-458	833	45	index	index	NOUN
ftr-458	833	46	and	and	CCONJ
ftr-458	833	47	selling	selling	NOUN
ftr-458	833	48	put	put	VERB
ftr-458	833	49	with	with	ADP
ftr-458	833	50	same	same	ADJ
ftr-458	833	51	strike	strike	NOUN
ftr-458	833	52	price	price	NOUN
ftr-458	833	53	)	)	PUNCT
ftr-458	833	54	.	.	PUNCT
ftr-458	834	1	[	[	X
ftr-458	834	2	vol	vol	NOUN
ftr-458	834	3	3:1	3:1	NUM
ftr-458	834	4	another	another	DET
ftr-458	834	5	uneasy	uneasy	ADJ
ftr-458	834	6	compromise	compromise	NOUN
ftr-458	834	7	probability	probability	NOUN
ftr-458	834	8	expected	expect	VERB
ftr-458	834	9	standard	standard	ADJ
ftr-458	834	10	and	and	CCONJ
ftr-458	834	11	outcome	outcome	NOUN
ftr-458	834	12	value	value	NOUN
ftr-458	834	13	variance	variance	NOUN
ftr-458	834	14	deviation	deviation	NOUN
ftr-458	834	15	coin	coin	NOUN
ftr-458	834	16	flip	flip	NOUN
ftr-458	834	17	50	50	NUM
ftr-458	834	18	%	%	NOUN
ftr-458	834	19	100	100	NUM
ftr-458	834	20	50	50	NUM
ftr-458	834	21	2500	2500	NUM
ftr-458	834	22	50	50	NUM
ftr-458	834	23	50	50	NUM
ftr-458	834	24	%	%	NOUN
ftr-458	834	25	0	0	NUM
ftr-458	834	26	coin	coin	NOUN
ftr-458	834	27	flip	flip	NOUN
ftr-458	834	28	50	50	NUM
ftr-458	834	29	%	%	NOUN
ftr-458	834	30	(	(	PUNCT
ftr-458	834	31	4,900	4,900	NUM
ftr-458	834	32	)	)	PUNCT
ftr-458	834	33	50	50	NUM
ftr-458	834	34	24,502,500	24,502,500	NUM
ftr-458	834	35	4,950	4,950	NUM
ftr-458	834	36	and	and	CCONJ
ftr-458	834	37	sell	sell	VERB
ftr-458	834	38	contract	contract	NOUN
ftr-458	834	39	50	50	NUM
ftr-458	834	40	%	%	NOUN
ftr-458	834	41	5,000	5,000	NUM
ftr-458	834	42	d.	d.	NOUN
ftr-458	834	43	factor	factor	NOUN
ftr-458	834	44	hedges	hedge	VERB
ftr-458	834	45	the	the	DET
ftr-458	834	46	price	price	NOUN
ftr-458	834	47	of	of	ADP
ftr-458	834	48	a	a	DET
ftr-458	834	49	share	share	NOUN
ftr-458	834	50	of	of	ADP
ftr-458	834	51	stock	stock	NOUN
ftr-458	834	52	is	be	AUX
ftr-458	834	53	not	not	PART
ftr-458	834	54	fundamental	fundamental	ADJ
ftr-458	834	55	because	because	SCONJ
ftr-458	834	56	it	it	PRON
ftr-458	834	57	can	can	AUX
ftr-458	834	58	be	be	AUX
ftr-458	834	59	decomposed	decompose	VERB
ftr-458	834	60	into	into	ADP
ftr-458	834	61	other	other	ADJ
ftr-458	834	62	risky	risky	ADJ
ftr-458	834	63	variables	variable	NOUN
ftr-458	834	64	.	.	PUNCT
ftr-458	835	1	factor	factor	NOUN
ftr-458	835	2	hedges	hedge	NOUN
ftr-458	835	3	reduce	reduce	VERB
ftr-458	835	4	or	or	CCONJ
ftr-458	835	5	eliminate	eliminate	VERB
ftr-458	835	6	a	a	DET
ftr-458	835	7	taxpayer	taxpayer	NOUN
ftr-458	835	8	's	's	PART
ftr-458	835	9	exposure	exposure	NOUN
ftr-458	835	10	to	to	ADP
ftr-458	835	11	a	a	DET
ftr-458	835	12	risk	risk	NOUN
ftr-458	835	13	that	that	PRON
ftr-458	835	14	influences	influence	VERB
ftr-458	835	15	the	the	DET
ftr-458	835	16	price	price	NOUN
ftr-458	835	17	of	of	ADP
ftr-458	835	18	a	a	DET
ftr-458	835	19	share	share	NOUN
ftr-458	835	20	of	of	ADP
ftr-458	835	21	stock	stock	NOUN
ftr-458	835	22	.	.	PUNCT
ftr-458	836	1	under	under	ADP
ftr-458	836	2	arbitrage	arbitrage	NOUN
ftr-458	836	3	pricing	pricing	NOUN
ftr-458	836	4	theory	theory	NOUN
ftr-458	836	5	(	(	PUNCT
ftr-458	836	6	apt	apt	ADJ
ftr-458	836	7	)	)	PUNCT
ftr-458	836	8	,	,	PUNCT
ftr-458	836	9	a	a	DET
ftr-458	836	10	share	share	NOUN
ftr-458	836	11	of	of	ADP
ftr-458	836	12	stock	stock	NOUN
ftr-458	836	13	reflects	reflect	VERB
ftr-458	836	14	several	several	ADJ
ftr-458	836	15	general	general	ADJ
ftr-458	836	16	economic	economic	ADJ
ftr-458	836	17	variables	variable	NOUN
ftr-458	836	18	,	,	PUNCT
ftr-458	836	19	as	as	ADV
ftr-458	836	20	well	well	ADV
ftr-458	836	21	as	as	ADP
ftr-458	836	22	the	the	DET
ftr-458	836	23	stock	stock	NOUN
ftr-458	836	24	's	's	PART
ftr-458	836	25	unique	unique	ADJ
ftr-458	836	26	risk.70	risk.70	NOUN
ftr-458	836	27	although	although	SCONJ
ftr-458	836	28	there	there	PRON
ftr-458	836	29	is	be	VERB
ftr-458	836	30	debate	debate	NOUN
ftr-458	836	31	about	about	ADP
ftr-458	836	32	which	which	PRON
ftr-458	836	33	variables	variable	NOUN
ftr-458	836	34	matter	matter	ADV
ftr-458	836	35	,	,	PUNCT
ftr-458	836	36	some	some	DET
ftr-458	836	37	authors	author	NOUN
ftr-458	836	38	have	have	AUX
ftr-458	836	39	proposed	propose	VERB
ftr-458	836	40	that	that	SCONJ
ftr-458	836	41	the	the	DET
ftr-458	836	42	appropriate	appropriate	ADJ
ftr-458	836	43	variables	variable	NOUN
ftr-458	836	44	are	be	AUX
ftr-458	836	45	the	the	DET
ftr-458	836	46	level	level	NOUN
ftr-458	836	47	of	of	ADP
ftr-458	836	48	industrial	industrial	ADJ
ftr-458	836	49	activity	activity	NOUN
ftr-458	836	50	,	,	PUNCT
ftr-458	836	51	the	the	DET
ftr-458	836	52	rate	rate	NOUN
ftr-458	836	53	of	of	ADP
ftr-458	836	54	inflation	inflation	NOUN
ftr-458	836	55	,	,	PUNCT
ftr-458	836	56	the	the	DET
ftr-458	836	57	spread	spread	NOUN
ftr-458	836	58	between	between	ADP
ftr-458	836	59	shortand	shortand	NOUN
ftr-458	836	60	long	long	ADJ
ftr-458	836	61	-	-	PUNCT
ftr-458	836	62	term	term	NOUN
ftr-458	836	63	interest	interest	NOUN
ftr-458	836	64	rates	rate	NOUN
ftr-458	836	65	,	,	PUNCT
ftr-458	836	66	and	and	CCONJ
ftr-458	836	67	the	the	DET
ftr-458	836	68	spread	spread	NOUN
ftr-458	836	69	between	between	ADP
ftr-458	836	70	the	the	DET
ftr-458	836	71	yields	yield	NOUN
ftr-458	836	72	of	of	ADP
ftr-458	836	73	lowand	lowand	ADJ
ftr-458	836	74	high	high	ADJ
ftr-458	836	75	-	-	PUNCT
ftr-458	836	76	risk	risk	NOUN
ftr-458	836	77	corporate	corporate	ADJ
ftr-458	836	78	bonds.7	bonds.7	NOUN
ftr-458	836	79	'	'	PUNCT
ftr-458	836	80	under	under	ADP
ftr-458	836	81	apt	apt	ADJ
ftr-458	836	82	,	,	PUNCT
ftr-458	836	83	stock	stock	NOUN
ftr-458	836	84	price	price	NOUN
ftr-458	836	85	is	be	AUX
ftr-458	836	86	a	a	DET
ftr-458	836	87	function	function	NOUN
ftr-458	836	88	of	of	ADP
ftr-458	836	89	the	the	DET
ftr-458	836	90	stock	stock	NOUN
ftr-458	836	91	's	's	PART
ftr-458	836	92	sensitivity	sensitivity	NOUN
ftr-458	836	93	to	to	ADP
ftr-458	836	94	those	those	DET
ftr-458	836	95	random	random	ADJ
ftr-458	836	96	variables	variable	NOUN
ftr-458	836	97	.	.	PUNCT
ftr-458	837	1	just	just	ADV
ftr-458	837	2	as	as	SCONJ
ftr-458	837	3	betas	beta	NOUN
ftr-458	837	4	can	can	AUX
ftr-458	837	5	be	be	AUX
ftr-458	837	6	estimated	estimate	VERB
ftr-458	837	7	,	,	PUNCT
ftr-458	837	8	so	so	ADV
ftr-458	837	9	can	can	AUX
ftr-458	837	10	the	the	DET
ftr-458	837	11	stock	stock	NOUN
ftr-458	837	12	's	's	PART
ftr-458	837	13	sensitivity	sensitivity	NOUN
ftr-458	837	14	to	to	ADP
ftr-458	837	15	those	those	DET
ftr-458	837	16	variables.72	variables.72	NOUN
ftr-458	837	17	a	a	DET
ftr-458	837	18	hedge	hedge	NOUN
ftr-458	837	19	can	can	AUX
ftr-458	837	20	be	be	AUX
ftr-458	837	21	constructed	construct	VERB
ftr-458	837	22	to	to	PART
ftr-458	837	23	eliminate	eliminate	VERB
ftr-458	837	24	exposure	exposure	NOUN
ftr-458	837	25	to	to	ADP
ftr-458	837	26	some	some	DET
ftr-458	837	27	variables	variable	NOUN
ftr-458	837	28	,	,	PUNCT
ftr-458	837	29	while	while	SCONJ
ftr-458	837	30	maintaining	maintain	VERB
ftr-458	837	31	exposure	exposure	NOUN
ftr-458	837	32	to	to	ADP
ftr-458	837	33	others	other	NOUN
ftr-458	837	34	.	.	PUNCT
ftr-458	838	1	example	example	NOUN
ftr-458	838	2	11	11	NUM
ftr-458	838	3	.	.	PUNCT
ftr-458	839	1	taxpayer	taxpayer	NOUN
ftr-458	839	2	owns	own	VERB
ftr-458	839	3	asset	asset	NOUN
ftr-458	839	4	u	u	NOUN
ftr-458	839	5	,	,	PUNCT
ftr-458	839	6	which	which	PRON
ftr-458	839	7	consists	consist	VERB
ftr-458	839	8	of	of	ADP
ftr-458	839	9	coin	coin	NOUN
ftr-458	839	10	flip	flip	NOUN
ftr-458	839	11	r	r	NOUN
ftr-458	839	12	(	(	PUNCT
ftr-458	839	13	$	$	SYM
ftr-458	839	14	100	100	NUM
ftr-458	839	15	if	if	SCONJ
ftr-458	839	16	coin	coin	NOUN
ftr-458	839	17	is	be	AUX
ftr-458	839	18	heads	head	NOUN
ftr-458	839	19	,	,	PUNCT
ftr-458	839	20	nothing	nothing	PRON
ftr-458	839	21	if	if	SCONJ
ftr-458	839	22	tails	tail	NOUN
ftr-458	839	23	)	)	PUNCT
ftr-458	839	24	,	,	PUNCT
ftr-458	839	25	coin	coin	NOUN
ftr-458	839	26	flip	flip	NOUN
ftr-458	839	27	s	s	PART
ftr-458	839	28	(	(	PUNCT
ftr-458	839	29	$	$	SYM
ftr-458	839	30	200	200	NUM
ftr-458	839	31	if	if	SCONJ
ftr-458	839	32	different	different	ADJ
ftr-458	839	33	coin	coin	NOUN
ftr-458	839	34	is	be	AUX
ftr-458	839	35	heads	head	NOUN
ftr-458	839	36	,	,	PUNCT
ftr-458	839	37	nothing	nothing	PRON
ftr-458	839	38	if	if	SCONJ
ftr-458	839	39	tails	tail	NOUN
ftr-458	839	40	)	)	PUNCT
ftr-458	839	41	,	,	PUNCT
ftr-458	839	42	and	and	CCONJ
ftr-458	839	43	coin	coin	NOUN
ftr-458	839	44	flip	flip	PROPN
ftr-458	839	45	t	t	PROPN
ftr-458	839	46	(	(	PUNCT
ftr-458	839	47	$	$	SYM
ftr-458	839	48	300	300	NUM
ftr-458	839	49	if	if	SCONJ
ftr-458	839	50	third	third	ADJ
ftr-458	839	51	coin	coin	NOUN
ftr-458	839	52	is	be	AUX
ftr-458	839	53	heads	head	NOUN
ftr-458	839	54	,	,	PUNCT
ftr-458	839	55	nothing	nothing	PRON
ftr-458	839	56	if	if	SCONJ
ftr-458	839	57	tails	tail	NOUN
ftr-458	839	58	)	)	PUNCT
ftr-458	839	59	.	.	PUNCT
ftr-458	840	1	taxpayer	taxpayer	NOUN
ftr-458	840	2	shorts	short	NOUN
ftr-458	840	3	coin	coin	NOUN
ftr-458	840	4	flip	flip	PROPN
ftr-458	840	5	r	r	NOUN
ftr-458	840	6	;	;	PUNCT
ftr-458	840	7	that	that	PRON
ftr-458	840	8	is	is	ADV
ftr-458	840	9	,	,	PUNCT
ftr-458	840	10	in	in	ADP
ftr-458	840	11	exchange	exchange	NOUN
ftr-458	840	12	for	for	ADP
ftr-458	840	13	$	$	SYM
ftr-458	840	14	50	50	NUM
ftr-458	840	15	,	,	PUNCT
ftr-458	840	16	taxpayer	taxpayer	NOUN
ftr-458	840	17	agrees	agree	VERB
ftr-458	840	18	to	to	PART
ftr-458	840	19	pay	pay	VERB
ftr-458	840	20	someone	someone	PRON
ftr-458	840	21	$	$	SYM
ftr-458	840	22	100	100	NUM
ftr-458	840	23	if	if	SCONJ
ftr-458	840	24	the	the	DET
ftr-458	840	25	coin	coin	NOUN
ftr-458	840	26	involved	involve	VERB
ftr-458	840	27	in	in	ADP
ftr-458	840	28	coin	coin	NOUN
ftr-458	840	29	flip	flip	NOUN
ftr-458	840	30	r	r	NOUN
ftr-458	840	31	turns	turn	VERB
ftr-458	840	32	up	up	ADP
ftr-458	840	33	heads	head	NOUN
ftr-458	840	34	,	,	PUNCT
ftr-458	840	35	and	and	CCONJ
ftr-458	840	36	nothing	nothing	PRON
ftr-458	840	37	if	if	SCONJ
ftr-458	840	38	such	such	ADJ
ftr-458	840	39	coin	coin	NOUN
ftr-458	840	40	turns	turn	VERB
ftr-458	840	41	up	up	ADP
ftr-458	840	42	tails	tail	NOUN
ftr-458	840	43	.	.	PUNCT
ftr-458	841	1	such	such	DET
ftr-458	841	2	a	a	DET
ftr-458	841	3	hedge	hedge	NOUN
ftr-458	841	4	could	could	AUX
ftr-458	841	5	be	be	AUX
ftr-458	841	6	viewed	view	VERB
ftr-458	841	7	as	as	ADP
ftr-458	841	8	a	a	DET
ftr-458	841	9	disposition	disposition	NOUN
ftr-458	841	10	of	of	ADP
ftr-458	841	11	coin	coin	NOUN
ftr-458	841	12	flip	flip	NOUN
ftr-458	841	13	r	r	NOUN
ftr-458	841	14	only	only	ADV
ftr-458	841	15	or	or	CCONJ
ftr-458	841	16	of	of	ADP
ftr-458	841	17	asset	asset	NOUN
ftr-458	841	18	u.	u.	NOUN
ftr-458	841	19	the	the	DET
ftr-458	841	20	example	example	NOUN
ftr-458	841	21	echoes	echo	VERB
ftr-458	841	22	the	the	DET
ftr-458	841	23	issues	issue	NOUN
ftr-458	841	24	raised	raise	VERB
ftr-458	841	25	in	in	ADP
ftr-458	841	26	examples	example	NOUN
ftr-458	841	27	6	6	NUM
ftr-458	841	28	and	and	CCONJ
ftr-458	841	29	7	7	NUM
ftr-458	841	30	,	,	PUNCT
ftr-458	841	31	in	in	ADP
ftr-458	841	32	which	which	PRON
ftr-458	841	33	70	70	NUM
ftr-458	841	34	.	.	PUNCT
ftr-458	842	1	see	see	VERB
ftr-458	842	2	brealey	brealey	PROPN
ftr-458	842	3	&	&	CCONJ
ftr-458	842	4	myers	myers	PROPN
ftr-458	842	5	,	,	PUNCT
ftr-458	842	6	supra	supra	PROPN
ftr-458	842	7	note	note	NOUN
ftr-458	842	8	52	52	NUM
ftr-458	842	9	,	,	PUNCT
ftr-458	842	10	at	at	ADP
ftr-458	842	11	169	169	NUM
ftr-458	842	12	.	.	PUNCT
ftr-458	843	1	71	71	NUM
ftr-458	843	2	.	.	PUNCT
ftr-458	844	1	i	i	PRON
ftr-458	844	2	d.	d.	PROPN
ftr-458	844	3	at	at	ADP
ftr-458	844	4	171	171	NUM
ftr-458	844	5	;	;	PUNCT
ftr-458	844	6	elton	elton	PROPN
ftr-458	844	7	&	&	CCONJ
ftr-458	844	8	gruber	gruber	PROPN
ftr-458	844	9	,	,	PUNCT
ftr-458	844	10	supra	supra	PROPN
ftr-458	844	11	note	note	NOUN
ftr-458	844	12	52	52	NUM
ftr-458	844	13	.	.	PUNCT
ftr-458	845	1	at	at	ADP
ftr-458	845	2	383	383	NUM
ftr-458	845	3	.	.	PUNCT
ftr-458	846	1	see	see	VERB
ftr-458	846	2	.	.	PUNCT
ftr-458	847	1	e.g.	e.g.	ADV
ftr-458	847	2	,	,	PUNCT
ftr-458	847	3	claude	claude	PROPN
ftr-458	847	4	b.	b.	PROPN
ftr-458	847	5	erb	erb	PROPN
ftr-458	847	6	et	et	PROPN
ftr-458	847	7	al	al	PROPN
ftr-458	847	8	.	.	PROPN
ftr-458	847	9	,	,	PUNCT
ftr-458	847	10	country	country	NOUN
ftr-458	847	11	risk	risk	NOUN
ftr-458	847	12	and	and	CCONJ
ftr-458	847	13	global	global	ADJ
ftr-458	847	14	equity	equity	NOUN
ftr-458	847	15	selection	selection	NOUN
ftr-458	847	16	,	,	PUNCT
ftr-458	847	17	j.	j.	PROPN
ftr-458	847	18	portfolio	portfolio	PROPN
ftr-458	847	19	mgmt	mgmt	PROPN
ftr-458	847	20	.	.	PROPN
ftr-458	847	21	,	,	PUNCT
ftr-458	847	22	winter	winter	NOUN
ftr-458	847	23	1995	1995	NUM
ftr-458	847	24	,	,	PUNCT
ftr-458	847	25	at	at	ADP
ftr-458	847	26	74	74	NUM
ftr-458	847	27	(	(	PUNCT
ftr-458	847	28	country	country	NOUN
ftr-458	847	29	credit	credit	NOUN
ftr-458	847	30	ratings	rating	NOUN
ftr-458	847	31	correlate	correlate	VERB
ftr-458	847	32	with	with	ADP
ftr-458	847	33	international	international	ADJ
ftr-458	847	34	equity	equity	NOUN
ftr-458	847	35	returns	return	NOUN
ftr-458	847	36	)	)	PUNCT
ftr-458	847	37	;	;	PUNCT
ftr-458	847	38	steven	steven	PROPN
ftr-458	847	39	l	l	PROPN
ftr-458	847	40	heston	heston	PROPN
ftr-458	847	41	&	&	CCONJ
ftr-458	847	42	k.	k.	PROPN
ftr-458	847	43	geert	geert	PROPN
ftr-458	847	44	rouwenhorst	rouwenhorst	PROPN
ftr-458	847	45	,	,	PUNCT
ftr-458	847	46	industry	industry	NOUN
ftr-458	847	47	and	and	CCONJ
ftr-458	847	48	country	country	NOUN
ftr-458	847	49	effects	effect	NOUN
ftr-458	847	50	in	in	ADP
ftr-458	847	51	international	international	ADJ
ftr-458	847	52	stock	stock	NOUN
ftr-458	847	53	returns	return	NOUN
ftr-458	847	54	.	.	PUNCT
ftr-458	848	1	j.	j.	PROPN
ftr-458	848	2	portfolio	portfolio	PROPN
ftr-458	848	3	mgmt	mgmt	PROPN
ftr-458	848	4	.	.	PROPN
ftr-458	848	5	,	,	PUNCT
ftr-458	848	6	spring	spring	NOUN
ftr-458	848	7	1995	1995	NUM
ftr-458	848	8	,	,	PUNCT
ftr-458	848	9	at	at	ADP
ftr-458	848	10	53	53	NUM
ftr-458	848	11	(	(	PUNCT
ftr-458	848	12	country	country	NOUN
ftr-458	848	13	dominates	dominate	VERB
ftr-458	848	14	industry	industry	NOUN
ftr-458	848	15	as	as	ADP
ftr-458	848	16	factor	factor	NOUN
ftr-458	848	17	in	in	ADP
ftr-458	848	18	international	international	ADJ
ftr-458	848	19	equity	equity	NOUN
ftr-458	848	20	returns	return	NOUN
ftr-458	848	21	)	)	PUNCT
ftr-458	848	22	.	.	PUNCT
ftr-458	849	1	72	72	NUM
ftr-458	849	2	.	.	PUNCT
ftr-458	849	3	brealey	brealey	PROPN
ftr-458	849	4	&	&	CCONJ
ftr-458	849	5	myers	myers	PROPN
ftr-458	849	6	,	,	PUNCT
ftr-458	849	7	supra	supra	PROPN
ftr-458	849	8	note	note	NOUN
ftr-458	849	9	52	52	NUM
ftr-458	849	10	,	,	PUNCT
ftr-458	849	11	at	at	ADP
ftr-458	849	12	170	170	NUM
ftr-458	849	13	.	.	PUNCT
ftr-458	849	14	1996	1996	NUM
ftr-458	849	15	]	]	PUNCT
ftr-458	850	1	florida	florida	PROPN
ftr-458	850	2	tax	tax	PROPN
ftr-458	850	3	review	review	NOUN
ftr-458	850	4	the	the	DET
ftr-458	850	5	taxpayer	taxpayer	NOUN
ftr-458	850	6	disposed	dispose	VERB
ftr-458	850	7	of	of	ADP
ftr-458	850	8	a	a	DET
ftr-458	850	9	subasset	subasset	NOUN
ftr-458	850	10	of	of	ADP
ftr-458	850	11	coin	coin	NOUN
ftr-458	850	12	flip	flip	NOUN
ftr-458	850	13	.	.	PUNCT
ftr-458	851	1	a	a	DET
ftr-458	851	2	disposition	disposition	NOUN
ftr-458	851	3	of	of	ADP
ftr-458	851	4	a	a	DET
ftr-458	851	5	part	part	NOUN
ftr-458	851	6	could	could	AUX
ftr-458	851	7	be	be	AUX
ftr-458	851	8	viewed	view	VERB
ftr-458	851	9	as	as	ADP
ftr-458	851	10	a	a	DET
ftr-458	851	11	disposition	disposition	NOUN
ftr-458	851	12	of	of	ADP
ftr-458	851	13	the	the	DET
ftr-458	851	14	part	part	NOUN
ftr-458	851	15	only	only	ADV
ftr-458	851	16	or	or	CCONJ
ftr-458	851	17	of	of	ADP
ftr-458	851	18	the	the	DET
ftr-458	851	19	whole	whole	NOUN
ftr-458	851	20	.	.	PUNCT
ftr-458	852	1	perhaps	perhaps	ADV
ftr-458	852	2	if	if	SCONJ
ftr-458	852	3	the	the	DET
ftr-458	852	4	value	value	NOUN
ftr-458	852	5	of	of	ADP
ftr-458	852	6	coin	coin	NOUN
ftr-458	852	7	flip	flip	NOUN
ftr-458	852	8	r	r	NOUN
ftr-458	852	9	dominates	dominate	VERB
ftr-458	852	10	the	the	DET
ftr-458	852	11	value	value	NOUN
ftr-458	852	12	of	of	ADP
ftr-458	852	13	asset	asset	NOUN
ftr-458	852	14	u	u	PROPN
ftr-458	852	15	,	,	PUNCT
ftr-458	852	16	the	the	DET
ftr-458	852	17	hedge	hedge	NOUN
ftr-458	852	18	is	be	AUX
ftr-458	852	19	a	a	DET
ftr-458	852	20	substitute	substitute	NOUN
ftr-458	852	21	for	for	ADP
ftr-458	852	22	a	a	DET
ftr-458	852	23	sale	sale	NOUN
ftr-458	852	24	of	of	ADP
ftr-458	852	25	asset	asset	NOUN
ftr-458	852	26	u.	u.	VERB
ftr-458	852	27	another	another	DET
ftr-458	852	28	type	type	NOUN
ftr-458	852	29	of	of	ADP
ftr-458	852	30	hedging	hedging	NOUN
ftr-458	852	31	strategy	strategy	NOUN
ftr-458	852	32	based	base	VERB
ftr-458	852	33	on	on	ADP
ftr-458	852	34	apt	apt	ADJ
ftr-458	852	35	consists	consist	NOUN
ftr-458	852	36	of	of	ADP
ftr-458	852	37	entering	enter	VERB
ftr-458	852	38	into	into	ADP
ftr-458	852	39	a	a	DET
ftr-458	852	40	short	short	ADJ
ftr-458	852	41	position	position	NOUN
ftr-458	852	42	in	in	ADP
ftr-458	852	43	one	one	NUM
ftr-458	852	44	asset	asset	NOUN
ftr-458	852	45	in	in	ADP
ftr-458	852	46	order	order	NOUN
ftr-458	852	47	to	to	PART
ftr-458	852	48	hedge	hedge	VERB
ftr-458	852	49	a	a	DET
ftr-458	852	50	long	long	ADJ
ftr-458	852	51	position	position	NOUN
ftr-458	852	52	in	in	ADP
ftr-458	852	53	a	a	DET
ftr-458	852	54	different	different	ADJ
ftr-458	852	55	asset	asset	NOUN
ftr-458	852	56	.	.	PUNCT
ftr-458	853	1	if	if	SCONJ
ftr-458	853	2	the	the	DET
ftr-458	853	3	two	two	NUM
ftr-458	853	4	assets	asset	NOUN
ftr-458	853	5	have	have	VERB
ftr-458	853	6	similar	similar	ADJ
ftr-458	853	7	sensitivities	sensitivity	NOUN
ftr-458	853	8	to	to	ADP
ftr-458	853	9	the	the	DET
ftr-458	853	10	underlying	underlie	VERB
ftr-458	853	11	variables	variable	NOUN
ftr-458	853	12	,	,	PUNCT
ftr-458	853	13	the	the	DET
ftr-458	853	14	short	short	ADJ
ftr-458	853	15	position	position	NOUN
ftr-458	853	16	offsets	offset	VERB
ftr-458	853	17	the	the	DET
ftr-458	853	18	long	long	ADJ
ftr-458	853	19	position	position	NOUN
ftr-458	853	20	.	.	PUNCT
ftr-458	854	1	example	example	NOUN
ftr-458	854	2	12	12	NUM
ftr-458	854	3	.	.	PUNCT
ftr-458	855	1	taxpayer	taxpayer	NOUN
ftr-458	855	2	,	,	PUNCT
ftr-458	855	3	who	who	PRON
ftr-458	855	4	owns	own	VERB
ftr-458	855	5	asset	asset	NOUN
ftr-458	855	6	u	u	NOUN
ftr-458	855	7	(	(	PUNCT
ftr-458	855	8	described	describe	VERB
ftr-458	855	9	in	in	ADP
ftr-458	855	10	example	example	NOUN
ftr-458	855	11	11	11	NUM
ftr-458	855	12	)	)	PUNCT
ftr-458	855	13	,	,	PUNCT
ftr-458	855	14	shorts	short	VERB
ftr-458	855	15	asset	asset	NOUN
ftr-458	855	16	v	v	NOUN
ftr-458	855	17	,	,	PUNCT
ftr-458	855	18	which	which	PRON
ftr-458	855	19	also	also	ADV
ftr-458	855	20	pays	pay	VERB
ftr-458	855	21	based	base	VERB
ftr-458	855	22	on	on	ADP
ftr-458	855	23	the	the	DET
ftr-458	855	24	r	r	PROPN
ftr-458	855	25	,	,	PUNCT
ftr-458	855	26	s	s	NOUN
ftr-458	855	27	,	,	PUNCT
ftr-458	855	28	and	and	CCONJ
ftr-458	855	29	t	t	NOUN
ftr-458	855	30	coins	coin	NOUN
ftr-458	855	31	,	,	PUNCT
ftr-458	855	32	but	but	CCONJ
ftr-458	855	33	in	in	ADP
ftr-458	855	34	somewhat	somewhat	ADV
ftr-458	855	35	different	different	ADJ
ftr-458	855	36	amounts	amount	NOUN
ftr-458	855	37	.	.	PUNCT
ftr-458	856	1	this	this	DET
ftr-458	856	2	type	type	NOUN
ftr-458	856	3	of	of	ADP
ftr-458	856	4	hedge	hedge	NOUN
ftr-458	856	5	could	could	AUX
ftr-458	856	6	be	be	AUX
ftr-458	856	7	a	a	DET
ftr-458	856	8	substitute	substitute	NOUN
ftr-458	856	9	for	for	ADP
ftr-458	856	10	a	a	DET
ftr-458	856	11	disposition	disposition	NOUN
ftr-458	856	12	of	of	ADP
ftr-458	856	13	asset	asset	NOUN
ftr-458	856	14	u	u	NOUN
ftr-458	856	15	because	because	SCONJ
ftr-458	856	16	the	the	DET
ftr-458	856	17	taxpayer	taxpayer	NOUN
ftr-458	856	18	's	's	PART
ftr-458	856	19	exposure	exposure	NOUN
ftr-458	856	20	to	to	ADP
ftr-458	856	21	the	the	DET
ftr-458	856	22	variables	variable	NOUN
ftr-458	856	23	underlying	underlie	VERB
ftr-458	856	24	asset	asset	NOUN
ftr-458	856	25	u	u	NOUN
ftr-458	856	26	has	have	AUX
ftr-458	856	27	been	be	AUX
ftr-458	856	28	reduced	reduce	VERB
ftr-458	856	29	.	.	PUNCT
ftr-458	857	1	but	but	CCONJ
ftr-458	857	2	,	,	PUNCT
ftr-458	857	3	determining	determine	VERB
ftr-458	857	4	what	what	PRON
ftr-458	857	5	kinds	kind	NOUN
ftr-458	857	6	of	of	ADP
ftr-458	857	7	risk	risk	NOUN
ftr-458	857	8	underlie	underlie	VERB
ftr-458	857	9	any	any	DET
ftr-458	857	10	particular	particular	ADJ
ftr-458	857	11	asset	asset	NOUN
ftr-458	857	12	and	and	CCONJ
ftr-458	857	13	the	the	DET
ftr-458	857	14	asset	asset	NOUN
ftr-458	857	15	's	's	PART
ftr-458	857	16	sensitivity	sensitivity	NOUN
ftr-458	857	17	to	to	ADP
ftr-458	857	18	those	those	DET
ftr-458	857	19	risks	risk	NOUN
ftr-458	857	20	is	be	AUX
ftr-458	857	21	an	an	DET
ftr-458	857	22	art	art	NOUN
ftr-458	857	23	,	,	PUNCT
ftr-458	857	24	rather	rather	ADV
ftr-458	857	25	than	than	ADP
ftr-458	857	26	a	a	DET
ftr-458	857	27	science.73	science.73	PROPN
ftr-458	857	28	e.	e.	PROPN
ftr-458	857	29	portfolio	portfolio	PROPN
ftr-458	857	30	diversification	diversification	PROPN
ftr-458	857	31	portfolio	portfolio	NOUN
ftr-458	857	32	diversification	diversification	NOUN
ftr-458	857	33	reduces	reduce	VERB
ftr-458	857	34	a	a	DET
ftr-458	857	35	taxpayer	taxpayer	NOUN
ftr-458	857	36	's	's	PART
ftr-458	857	37	exposure	exposure	NOUN
ftr-458	857	38	to	to	PART
ftr-458	857	39	risk	risk	VERB
ftr-458	857	40	in	in	ADP
ftr-458	857	41	a	a	DET
ftr-458	857	42	share	share	NOUN
ftr-458	857	43	of	of	ADP
ftr-458	857	44	stock	stock	NOUN
ftr-458	857	45	.	.	PUNCT
ftr-458	858	1	under	under	ADP
ftr-458	858	2	capm	capm	PROPN
ftr-458	858	3	,	,	PUNCT
ftr-458	858	4	capital	capital	NOUN
ftr-458	858	5	assets	asset	NOUN
ftr-458	858	6	produce	produce	VERB
ftr-458	858	7	returns	return	NOUN
ftr-458	858	8	based	base	VERB
ftr-458	858	9	on	on	ADP
ftr-458	858	10	the	the	DET
ftr-458	858	11	performance	performance	NOUN
ftr-458	858	12	of	of	ADP
ftr-458	858	13	the	the	DET
ftr-458	858	14	market	market	NOUN
ftr-458	858	15	and	and	CCONJ
ftr-458	858	16	another	another	DET
ftr-458	858	17	random	random	ADJ
ftr-458	858	18	variable	variable	NOUN
ftr-458	858	19	.	.	PUNCT
ftr-458	859	1	sensitivity	sensitivity	NOUN
ftr-458	859	2	to	to	ADP
ftr-458	859	3	the	the	DET
ftr-458	859	4	market	market	NOUN
ftr-458	859	5	is	be	AUX
ftr-458	859	6	reflected	reflect	VERB
ftr-458	859	7	in	in	ADP
ftr-458	859	8	the	the	DET
ftr-458	859	9	asset	asset	NOUN
ftr-458	859	10	's	's	PART
ftr-458	859	11	systematic	systematic	ADJ
ftr-458	859	12	risk	risk	NOUN
ftr-458	859	13	,	,	PUNCT
ftr-458	859	14	and	and	CCONJ
ftr-458	859	15	the	the	DET
ftr-458	859	16	other	other	ADJ
ftr-458	859	17	random	random	ADJ
ftr-458	859	18	variable	variable	NOUN
ftr-458	859	19	is	be	AUX
ftr-458	859	20	unsystematic	unsystematic	ADJ
ftr-458	859	21	risk	risk	NOUN
ftr-458	859	22	.	.	PUNCT
ftr-458	860	1	portfolio	portfolio	NOUN
ftr-458	860	2	diversification	diversification	NOUN
ftr-458	860	3	eliminates	eliminate	VERB
ftr-458	860	4	unsystematic	unsystematic	ADJ
ftr-458	860	5	,	,	PUNCT
ftr-458	860	6	but	but	CCONJ
ftr-458	860	7	not	not	PART
ftr-458	860	8	systematic	systematic	ADJ
ftr-458	860	9	,	,	PUNCT
ftr-458	860	10	risk	risk	NOUN
ftr-458	860	11	by	by	ADP
ftr-458	860	12	including	include	VERB
ftr-458	860	13	in	in	ADP
ftr-458	860	14	the	the	DET
ftr-458	860	15	portfolio	portfolio	NOUN
ftr-458	860	16	other	other	ADJ
ftr-458	860	17	assets	asset	NOUN
ftr-458	860	18	with	with	ADP
ftr-458	860	19	73	73	NUM
ftr-458	860	20	.	.	PUNCT
ftr-458	861	1	arbitrage	arbitrage	NOUN
ftr-458	861	2	pricing	pricing	NOUN
ftr-458	861	3	theory	theory	NOUN
ftr-458	861	4	is	be	AUX
ftr-458	861	5	,	,	PUNCT
ftr-458	861	6	in	in	ADP
ftr-458	861	7	effect	effect	NOUN
ftr-458	861	8	,	,	PUNCT
ftr-458	861	9	already	already	ADV
ftr-458	861	10	recognized	recognize	VERB
ftr-458	861	11	in	in	ADP
ftr-458	861	12	the	the	DET
ftr-458	861	13	tax	tax	NOUN
ftr-458	861	14	law	law	NOUN
ftr-458	861	15	.	.	PUNCT
ftr-458	862	1	section	section	NOUN
ftr-458	862	2	1.246	1.246	NUM
ftr-458	862	3	-	-	SYM
ftr-458	862	4	5(b)(1	5(b)(1	NUM
ftr-458	862	5	)	)	PUNCT
ftr-458	862	6	of	of	ADP
ftr-458	862	7	the	the	DET
ftr-458	862	8	regulations	regulation	NOUN
ftr-458	862	9	defines	define	VERB
ftr-458	862	10	"	"	PUNCT
ftr-458	862	11	substantially	substantially	ADV
ftr-458	862	12	similar	similar	ADJ
ftr-458	862	13	or	or	CCONJ
ftr-458	862	14	related	related	ADJ
ftr-458	862	15	property	property	NOUN
ftr-458	862	16	"	"	PUNCT
ftr-458	862	17	for	for	ADP
ftr-458	862	18	purposes	purpose	NOUN
ftr-458	862	19	of	of	ADP
ftr-458	862	20	§	§	PROPN
ftr-458	862	21	246(c)(4)(c	246(c)(4)(c	PROPN
ftr-458	862	22	)	)	PUNCT
ftr-458	862	23	(	(	PUNCT
ftr-458	862	24	dividends	dividend	NOUN
ftr-458	862	25	received	receive	VERB
ftr-458	862	26	deduction	deduction	NOUN
ftr-458	862	27	holding	holding	NOUN
ftr-458	862	28	period	period	NOUN
ftr-458	862	29	tolled	toll	VERB
ftr-458	862	30	if	if	SCONJ
ftr-458	862	31	taxpayer	taxpayer	NOUN
ftr-458	862	32	diminishes	diminish	VERB
ftr-458	862	33	risk	risk	NOUN
ftr-458	862	34	of	of	ADP
ftr-458	862	35	loss	loss	NOUN
ftr-458	862	36	)	)	PUNCT
ftr-458	862	37	and	and	CCONJ
ftr-458	862	38	§	§	PROPN
ftr-458	862	39	1092(d)(3)(b)(i)(ii	1092(d)(3)(b)(i)(ii	NUM
ftr-458	862	40	)	)	PUNCT
ftr-458	862	41	(	(	PUNCT
ftr-458	862	42	stock	stock	NOUN
ftr-458	862	43	and	and	CCONJ
ftr-458	862	44	offsetting	offset	VERB
ftr-458	862	45	position	position	NOUN
ftr-458	862	46	with	with	ADP
ftr-458	862	47	respect	respect	NOUN
ftr-458	862	48	to	to	ADP
ftr-458	862	49	substantially	substantially	ADV
ftr-458	862	50	similar	similar	ADJ
ftr-458	862	51	or	or	CCONJ
ftr-458	862	52	related	related	ADJ
ftr-458	862	53	property	property	NOUN
ftr-458	862	54	can	can	AUX
ftr-458	862	55	be	be	AUX
ftr-458	862	56	straddle	straddle	NOUN
ftr-458	862	57	)	)	PUNCT
ftr-458	862	58	.	.	PUNCT
ftr-458	863	1	under	under	ADP
ftr-458	863	2	the	the	DET
ftr-458	863	3	regulation	regulation	NOUN
ftr-458	863	4	,	,	PUNCT
ftr-458	863	5	property	property	NOUN
ftr-458	863	6	is	be	AUX
ftr-458	863	7	substantially	substantially	ADV
ftr-458	863	8	similar	similar	ADJ
ftr-458	863	9	or	or	CCONJ
ftr-458	863	10	related	relate	VERB
ftr-458	863	11	to	to	ADP
ftr-458	863	12	a	a	DET
ftr-458	863	13	stock	stock	NOUN
ftr-458	863	14	if	if	SCONJ
ftr-458	863	15	(	(	PUNCT
ftr-458	863	16	1	1	X
ftr-458	863	17	)	)	PUNCT
ftr-458	863	18	the	the	DET
ftr-458	863	19	fair	fair	ADJ
ftr-458	863	20	market	market	NOUN
ftr-458	863	21	values	value	NOUN
ftr-458	863	22	of	of	ADP
ftr-458	863	23	the	the	DET
ftr-458	863	24	stock	stock	NOUN
ftr-458	863	25	and	and	CCONJ
ftr-458	863	26	the	the	DET
ftr-458	863	27	property	property	NOUN
ftr-458	863	28	primarily	primarily	ADV
ftr-458	863	29	reflect	reflect	VERB
ftr-458	863	30	the	the	DET
ftr-458	863	31	performance	performance	NOUN
ftr-458	863	32	of	of	ADP
ftr-458	863	33	a	a	DET
ftr-458	863	34	single	single	ADJ
ftr-458	863	35	firm	firm	NOUN
ftr-458	863	36	or	or	CCONJ
ftr-458	863	37	enterprise	enterprise	NOUN
ftr-458	863	38	,	,	PUNCT
ftr-458	863	39	the	the	DET
ftr-458	863	40	same	same	ADJ
ftr-458	863	41	industry	industry	NOUN
ftr-458	863	42	or	or	CCONJ
ftr-458	863	43	industries	industry	NOUN
ftr-458	863	44	,	,	PUNCT
ftr-458	863	45	or	or	CCONJ
ftr-458	863	46	the	the	DET
ftr-458	863	47	same	same	ADJ
ftr-458	863	48	economic	economic	ADJ
ftr-458	863	49	factor	factor	NOUN
ftr-458	863	50	or	or	CCONJ
ftr-458	863	51	factors	factor	NOUN
ftr-458	863	52	,	,	PUNCT
ftr-458	863	53	such	such	ADJ
ftr-458	863	54	as	as	ADP
ftr-458	863	55	interest	interest	NOUN
ftr-458	863	56	rates	rate	NOUN
ftr-458	863	57	,	,	PUNCT
ftr-458	863	58	commodity	commodity	NOUN
ftr-458	863	59	prices	price	NOUN
ftr-458	863	60	,	,	PUNCT
ftr-458	863	61	or	or	CCONJ
ftr-458	863	62	currency	currency	NOUN
ftr-458	863	63	exchange	exchange	NOUN
ftr-458	863	64	rates	rate	NOUN
ftr-458	863	65	,	,	PUNCT
ftr-458	863	66	and	and	CCONJ
ftr-458	863	67	2	2	X
ftr-458	863	68	)	)	PUNCT
ftr-458	863	69	changes	change	NOUN
ftr-458	863	70	in	in	ADP
ftr-458	863	71	the	the	DET
ftr-458	863	72	fair	fair	ADJ
ftr-458	863	73	market	market	NOUN
ftr-458	863	74	value	value	NOUN
ftr-458	863	75	of	of	ADP
ftr-458	863	76	the	the	DET
ftr-458	863	77	stock	stock	NOUN
ftr-458	863	78	are	be	AUX
ftr-458	863	79	reasonably	reasonably	ADV
ftr-458	863	80	expected	expect	VERB
ftr-458	863	81	to	to	PART
ftr-458	863	82	approximate	approximate	VERB
ftr-458	863	83	,	,	PUNCT
ftr-458	863	84	directly	directly	ADV
ftr-458	863	85	or	or	CCONJ
ftr-458	863	86	inversely	inversely	ADV
ftr-458	863	87	,	,	PUNCT
ftr-458	863	88	changes	change	NOUN
ftr-458	863	89	in	in	ADP
ftr-458	863	90	the	the	DET
ftr-458	863	91	fair	fair	ADJ
ftr-458	863	92	market	market	NOUN
ftr-458	863	93	value	value	NOUN
ftr-458	863	94	of	of	ADP
ftr-458	863	95	the	the	DET
ftr-458	863	96	property	property	NOUN
ftr-458	863	97	(	(	PUNCT
ftr-458	863	98	or	or	CCONJ
ftr-458	863	99	a	a	DET
ftr-458	863	100	fraction	fraction	NOUN
ftr-458	863	101	or	or	CCONJ
ftr-458	863	102	multiple	multiple	NOUN
ftr-458	863	103	thereof	thereof	ADV
ftr-458	863	104	)	)	PUNCT
ftr-458	863	105	.	.	PUNCT
ftr-458	864	1	for	for	ADP
ftr-458	864	2	example	example	NOUN
ftr-458	864	3	,	,	PUNCT
ftr-458	864	4	although	although	SCONJ
ftr-458	864	5	two	two	NUM
ftr-458	864	6	automobile	automobile	NOUN
ftr-458	864	7	manufacturer	manufacturer	NOUN
ftr-458	864	8	stocks	stock	NOUN
ftr-458	864	9	primarily	primarily	ADV
ftr-458	864	10	reflect	reflect	VERB
ftr-458	864	11	the	the	DET
ftr-458	864	12	value	value	NOUN
ftr-458	864	13	of	of	ADP
ftr-458	864	14	the	the	DET
ftr-458	864	15	same	same	ADJ
ftr-458	864	16	industry	industry	NOUN
ftr-458	864	17	,	,	PUNCT
ftr-458	864	18	they	they	PRON
ftr-458	864	19	are	be	AUX
ftr-458	864	20	not	not	PART
ftr-458	864	21	substantially	substantially	ADV
ftr-458	864	22	similar	similar	ADJ
ftr-458	864	23	or	or	CCONJ
ftr-458	864	24	related	relate	VERB
ftr-458	864	25	because	because	SCONJ
ftr-458	864	26	individual	individual	ADJ
ftr-458	864	27	management	management	NOUN
ftr-458	864	28	decisions	decision	NOUN
ftr-458	864	29	and	and	CCONJ
ftr-458	864	30	capital	capital	NOUN
ftr-458	864	31	structures	structure	NOUN
ftr-458	864	32	affect	affect	VERB
ftr-458	864	33	their	their	PRON
ftr-458	864	34	respective	respective	ADJ
ftr-458	864	35	values	value	NOUN
ftr-458	864	36	,	,	PUNCT
ftr-458	864	37	which	which	PRON
ftr-458	864	38	,	,	PUNCT
ftr-458	864	39	accordingly	accordingly	ADV
ftr-458	864	40	,	,	PUNCT
ftr-458	864	41	are	be	AUX
ftr-458	864	42	not	not	PART
ftr-458	864	43	reasonably	reasonably	ADV
ftr-458	864	44	expected	expect	VERB
ftr-458	864	45	to	to	PART
ftr-458	864	46	approximate	approximate	VERB
ftr-458	864	47	one	one	NUM
ftr-458	864	48	another	another	DET
ftr-458	864	49	.	.	PUNCT
ftr-458	865	1	regs	regs	PROPN
ftr-458	865	2	.	.	PUNCT
ftr-458	866	1	§	§	PROPN
ftr-458	866	2	1.2465(d	1.2465(d	NUM
ftr-458	866	3	)	)	PUNCT
ftr-458	866	4	ex	ex	NOUN
ftr-458	866	5	.	.	NOUN
ftr-458	866	6	1	1	NUM
ftr-458	866	7	.	.	X
ftr-458	867	1	on	on	ADP
ftr-458	867	2	the	the	DET
ftr-458	867	3	other	other	ADJ
ftr-458	867	4	hand	hand	NOUN
ftr-458	867	5	,	,	PUNCT
ftr-458	867	6	the	the	DET
ftr-458	867	7	stocks	stock	NOUN
ftr-458	867	8	of	of	ADP
ftr-458	867	9	two	two	NUM
ftr-458	867	10	corporations	corporation	NOUN
ftr-458	867	11	,	,	PUNCT
ftr-458	867	12	each	each	PRON
ftr-458	867	13	of	of	ADP
ftr-458	867	14	which	which	PRON
ftr-458	867	15	holds	hold	VERB
ftr-458	867	16	gold	gold	NOUN
ftr-458	867	17	as	as	ADP
ftr-458	867	18	its	its	PRON
ftr-458	867	19	primary	primary	ADJ
ftr-458	867	20	asset	asset	NOUN
ftr-458	867	21	,	,	PUNCT
ftr-458	867	22	are	be	AUX
ftr-458	867	23	substantially	substantially	ADV
ftr-458	867	24	similar	similar	ADJ
ftr-458	867	25	or	or	CCONJ
ftr-458	867	26	related	related	ADJ
ftr-458	867	27	because	because	SCONJ
ftr-458	867	28	they	they	PRON
ftr-458	867	29	reflect	reflect	VERB
ftr-458	867	30	the	the	DET
ftr-458	867	31	performance	performance	NOUN
ftr-458	867	32	of	of	ADP
ftr-458	867	33	the	the	DET
ftr-458	867	34	same	same	ADJ
ftr-458	867	35	economic	economic	ADJ
ftr-458	867	36	factor	factor	NOUN
ftr-458	867	37	and	and	CCONJ
ftr-458	867	38	,	,	PUNCT
ftr-458	867	39	based	base	VERB
ftr-458	867	40	on	on	ADP
ftr-458	867	41	historically	historically	ADV
ftr-458	867	42	similar	similar	ADJ
ftr-458	867	43	price	price	NOUN
ftr-458	867	44	movements	movement	NOUN
ftr-458	867	45	,	,	PUNCT
ftr-458	867	46	are	be	AUX
ftr-458	867	47	reasonably	reasonably	ADV
ftr-458	867	48	expected	expect	VERB
ftr-458	867	49	to	to	PART
ftr-458	867	50	change	change	VERB
ftr-458	867	51	in	in	ADP
ftr-458	867	52	value	value	NOUN
ftr-458	867	53	together	together	ADV
ftr-458	867	54	.	.	PUNCT
ftr-458	868	1	regs	reg	NOUN
ftr-458	868	2	.	.	PUNCT
ftr-458	869	1	§	§	PROPN
ftr-458	869	2	1.246	1.246	NUM
ftr-458	869	3	-	-	SYM
ftr-458	869	4	5(d	5(d	NUM
ftr-458	869	5	)	)	PUNCT
ftr-458	869	6	ex	ex	NOUN
ftr-458	869	7	.	.	NOUN
ftr-458	869	8	2	2	NUM
ftr-458	869	9	.	.	PUNCT
ftr-458	870	1	[	[	X
ftr-458	870	2	vol	vol	NOUN
ftr-458	870	3	3:1	3:1	NUM
ftr-458	870	4	another	another	DET
ftr-458	870	5	uneasy	uneasy	ADJ
ftr-458	870	6	compromise	compromise	NOUN
ftr-458	870	7	unsystematic	unsystematic	ADJ
ftr-458	870	8	risk	risk	NOUN
ftr-458	870	9	.	.	PUNCT
ftr-458	871	1	4	4	NUM
ftr-458	871	2	the	the	DET
ftr-458	871	3	example	example	NOUN
ftr-458	871	4	below	below	ADP
ftr-458	871	5	illustrates	illustrate	VERB
ftr-458	871	6	reduction	reduction	NOUN
ftr-458	871	7	in	in	ADP
ftr-458	871	8	a	a	DET
ftr-458	871	9	taxpayer	taxpayer	NOUN
ftr-458	871	10	's	's	PART
ftr-458	871	11	exposure	exposure	NOUN
ftr-458	871	12	to	to	ADP
ftr-458	871	13	unsystematic	unsystematic	ADJ
ftr-458	871	14	risk	risk	NOUN
ftr-458	871	15	through	through	ADP
ftr-458	871	16	portfolio	portfolio	NOUN
ftr-458	871	17	diversification	diversification	NOUN
ftr-458	871	18	.	.	PUNCT
ftr-458	872	1	example	example	NOUN
ftr-458	872	2	13	13	NUM
ftr-458	872	3	.	.	PUNCT
ftr-458	873	1	taxpayer	taxpayer	NOUN
ftr-458	873	2	owns	own	VERB
ftr-458	873	3	1,000	1,000	NUM
ftr-458	873	4	assets	asset	NOUN
ftr-458	873	5	,	,	PUNCT
ftr-458	873	6	each	each	PRON
ftr-458	873	7	of	of	ADP
ftr-458	873	8	which	which	PRON
ftr-458	873	9	pays	pay	VERB
ftr-458	873	10	$	$	SYM
ftr-458	873	11	2	2	NUM
ftr-458	873	12	if	if	SCONJ
ftr-458	873	13	a	a	DET
ftr-458	873	14	particular	particular	ADJ
ftr-458	873	15	coin	coin	NOUN
ftr-458	873	16	turns	turn	VERB
ftr-458	873	17	up	up	ADP
ftr-458	873	18	heads	head	NOUN
ftr-458	873	19	and	and	CCONJ
ftr-458	873	20	nothing	nothing	PRON
ftr-458	873	21	if	if	SCONJ
ftr-458	873	22	the	the	DET
ftr-458	873	23	coin	coin	NOUN
ftr-458	873	24	turns	turn	VERB
ftr-458	873	25	up	up	ADP
ftr-458	873	26	tails	tail	NOUN
ftr-458	873	27	.	.	PUNCT
ftr-458	874	1	heads	head	NOUN
ftr-458	874	2	and	and	CCONJ
ftr-458	874	3	tails	tail	NOUN
ftr-458	874	4	each	each	PRON
ftr-458	874	5	have	have	VERB
ftr-458	874	6	a	a	DET
ftr-458	874	7	50	50	NUM
ftr-458	874	8	%	%	NOUN
ftr-458	874	9	probability	probability	NOUN
ftr-458	874	10	.	.	PUNCT
ftr-458	875	1	taxpayer	taxpayer	PROPN
ftr-458	875	2	's	's	PART
ftr-458	875	3	expected	expect	VERB
ftr-458	875	4	value	value	NOUN
ftr-458	875	5	is	be	AUX
ftr-458	875	6	$	$	SYM
ftr-458	875	7	1,000	1,000	NUM
ftr-458	875	8	because	because	SCONJ
ftr-458	875	9	taxpayer	taxpayer	NOUN
ftr-458	875	10	has	have	VERB
ftr-458	875	11	a	a	DET
ftr-458	875	12	50	50	NUM
ftr-458	875	13	%	%	NOUN
ftr-458	875	14	probability	probability	NOUN
ftr-458	875	15	of	of	ADP
ftr-458	875	16	getting	get	VERB
ftr-458	875	17	$	$	SYM
ftr-458	875	18	2,000	2,000	NUM
ftr-458	875	19	and	and	CCONJ
ftr-458	875	20	a	a	DET
ftr-458	875	21	50	50	NUM
ftr-458	875	22	%	%	NOUN
ftr-458	875	23	probability	probability	NOUN
ftr-458	875	24	of	of	ADP
ftr-458	875	25	getting	get	VERB
ftr-458	875	26	nothing	nothing	PRON
ftr-458	875	27	.	.	PUNCT
ftr-458	876	1	suppose	suppose	VERB
ftr-458	876	2	that	that	SCONJ
ftr-458	876	3	taxpayer	taxpayer	NOUN
ftr-458	876	4	exchanges	exchange	NOUN
ftr-458	876	5	999	999	NUM
ftr-458	876	6	of	of	ADP
ftr-458	876	7	the	the	DET
ftr-458	876	8	assets	asset	NOUN
ftr-458	876	9	for	for	ADP
ftr-458	876	10	999	999	NUM
ftr-458	876	11	new	new	ADJ
ftr-458	876	12	assets	asset	NOUN
ftr-458	876	13	involving	involve	VERB
ftr-458	876	14	999	999	NUM
ftr-458	876	15	different	different	ADJ
ftr-458	876	16	coins	coin	NOUN
ftr-458	876	17	,	,	PUNCT
ftr-458	876	18	each	each	PRON
ftr-458	876	19	different	different	ADJ
ftr-458	876	20	from	from	ADP
ftr-458	876	21	the	the	DET
ftr-458	876	22	coin	coin	NOUN
ftr-458	876	23	involved	involve	VERB
ftr-458	876	24	in	in	ADP
ftr-458	876	25	the	the	DET
ftr-458	876	26	retained	retain	VERB
ftr-458	876	27	coin	coin	NOUN
ftr-458	876	28	flip	flip	NOUN
ftr-458	876	29	.	.	PUNCT
ftr-458	877	1	each	each	DET
ftr-458	877	2	new	new	ADJ
ftr-458	877	3	asset	asset	NOUN
ftr-458	877	4	pays	pay	VERB
ftr-458	877	5	$	$	SYM
ftr-458	877	6	2	2	NUM
ftr-458	877	7	if	if	SCONJ
ftr-458	877	8	its	its	PRON
ftr-458	877	9	respective	respective	ADJ
ftr-458	877	10	coin	coin	NOUN
ftr-458	877	11	turns	turn	VERB
ftr-458	877	12	up	up	ADP
ftr-458	877	13	heads	head	NOUN
ftr-458	877	14	and	and	CCONJ
ftr-458	877	15	nothing	nothing	PRON
ftr-458	877	16	if	if	SCONJ
ftr-458	877	17	tails	tail	NOUN
ftr-458	877	18	.	.	PUNCT
ftr-458	878	1	each	each	DET
ftr-458	878	2	coin	coin	NOUN
ftr-458	878	3	has	have	VERB
ftr-458	878	4	a	a	DET
ftr-458	878	5	50	50	NUM
ftr-458	878	6	%	%	NOUN
ftr-458	878	7	probability	probability	NOUN
ftr-458	878	8	of	of	ADP
ftr-458	878	9	turning	turn	VERB
ftr-458	878	10	up	up	ADP
ftr-458	878	11	heads	head	NOUN
ftr-458	878	12	and	and	CCONJ
ftr-458	878	13	a	a	DET
ftr-458	878	14	50	50	NUM
ftr-458	878	15	%	%	NOUN
ftr-458	878	16	probability	probability	NOUN
ftr-458	878	17	of	of	ADP
ftr-458	878	18	tails	tail	NOUN
ftr-458	878	19	.	.	PUNCT
ftr-458	879	1	taxpayer	taxpayer	PROPN
ftr-458	879	2	's	's	PART
ftr-458	879	3	expected	expect	VERB
ftr-458	879	4	value	value	NOUN
ftr-458	879	5	is	be	AUX
ftr-458	879	6	still	still	ADV
ftr-458	879	7	$	$	SYM
ftr-458	879	8	1,000	1,000	NUM
ftr-458	879	9	,	,	PUNCT
ftr-458	879	10	but	but	CCONJ
ftr-458	879	11	variance	variance	NOUN
ftr-458	879	12	is	be	AUX
ftr-458	879	13	much	much	ADV
ftr-458	879	14	lower	low	ADJ
ftr-458	879	15	.	.	PUNCT
ftr-458	880	1	overall	overall	ADV
ftr-458	880	2	,	,	PUNCT
ftr-458	880	3	taxpayer	taxpayer	NOUN
ftr-458	880	4	is	be	AUX
ftr-458	880	5	likely	likely	ADJ
ftr-458	880	6	to	to	PART
ftr-458	880	7	receive	receive	VERB
ftr-458	880	8	an	an	DET
ftr-458	880	9	amount	amount	NOUN
ftr-458	880	10	that	that	PRON
ftr-458	880	11	is	be	AUX
ftr-458	880	12	close	close	ADJ
ftr-458	880	13	to	to	ADP
ftr-458	880	14	$	$	SYM
ftr-458	880	15	1,000	1,000	NUM
ftr-458	880	16	.	.	PUNCT
ftr-458	881	1	taxpayer	taxpayer	NOUN
ftr-458	881	2	has	have	AUX
ftr-458	881	3	moved	move	VERB
ftr-458	881	4	from	from	ADP
ftr-458	881	5	an	an	DET
ftr-458	881	6	undiversified	undiversified	ADJ
ftr-458	881	7	portfolio	portfolio	NOUN
ftr-458	881	8	to	to	ADP
ftr-458	881	9	a	a	DET
ftr-458	881	10	diversified	diversified	ADJ
ftr-458	881	11	portfolio	portfolio	NOUN
ftr-458	881	12	.	.	PUNCT
ftr-458	882	1	although	although	SCONJ
ftr-458	882	2	there	there	PRON
ftr-458	882	3	is	be	VERB
ftr-458	882	4	a	a	DET
ftr-458	882	5	realization	realization	NOUN
ftr-458	882	6	event	event	NOUN
ftr-458	882	7	with	with	ADP
ftr-458	882	8	respect	respect	NOUN
ftr-458	882	9	to	to	ADP
ftr-458	882	10	the	the	DET
ftr-458	882	11	999	999	NUM
ftr-458	882	12	assets	asset	NOUN
ftr-458	882	13	that	that	PRON
ftr-458	882	14	were	be	AUX
ftr-458	882	15	exchanged	exchange	VERB
ftr-458	882	16	,	,	PUNCT
ftr-458	882	17	there	there	PRON
ftr-458	882	18	is	be	VERB
ftr-458	882	19	no	no	DET
ftr-458	882	20	realization	realization	NOUN
ftr-458	882	21	event	event	NOUN
ftr-458	882	22	with	with	ADP
ftr-458	882	23	respect	respect	NOUN
ftr-458	882	24	to	to	ADP
ftr-458	882	25	the	the	DET
ftr-458	882	26	retained	retain	VERB
ftr-458	882	27	asset	asset	NOUN
ftr-458	882	28	.	.	PUNCT
ftr-458	883	1	although	although	SCONJ
ftr-458	883	2	diversification	diversification	NOUN
ftr-458	883	3	is	be	AUX
ftr-458	883	4	a	a	DET
ftr-458	883	5	form	form	NOUN
ftr-458	883	6	of	of	ADP
ftr-458	883	7	hedging	hedging	NOUN
ftr-458	883	8	,	,	PUNCT
ftr-458	883	9	it	it	PRON
ftr-458	883	10	does	do	AUX
ftr-458	883	11	not	not	PART
ftr-458	883	12	appear	appear	VERB
ftr-458	883	13	to	to	PART
ftr-458	883	14	be	be	AUX
ftr-458	883	15	a	a	DET
ftr-458	883	16	substitute	substitute	NOUN
ftr-458	883	17	for	for	ADP
ftr-458	883	18	a	a	DET
ftr-458	883	19	disposition	disposition	NOUN
ftr-458	883	20	of	of	ADP
ftr-458	883	21	the	the	DET
ftr-458	883	22	retained	retain	VERB
ftr-458	883	23	asset.75	asset.75	PROPN
ftr-458	883	24	f.	f.	PROPN
ftr-458	883	25	dynamic	dynamic	ADJ
ftr-458	883	26	hedging	hedging	NOUN
ftr-458	883	27	a	a	DET
ftr-458	883	28	taxpayer	taxpayer	NOUN
ftr-458	883	29	may	may	AUX
ftr-458	883	30	use	use	VERB
ftr-458	883	31	a	a	DET
ftr-458	883	32	dynamic	dynamic	ADJ
ftr-458	883	33	hedging	hedging	NOUN
ftr-458	883	34	strategy	strategy	NOUN
ftr-458	883	35	,	,	PUNCT
ftr-458	883	36	involving	involve	VERB
ftr-458	883	37	frequent	frequent	ADJ
ftr-458	883	38	purchases	purchase	NOUN
ftr-458	883	39	and	and	CCONJ
ftr-458	883	40	sales	sale	NOUN
ftr-458	883	41	,	,	PUNCT
ftr-458	883	42	to	to	PART
ftr-458	883	43	dispose	dispose	VERB
ftr-458	883	44	of	of	ADP
ftr-458	883	45	some	some	DET
ftr-458	883	46	risk	risk	NOUN
ftr-458	883	47	in	in	ADP
ftr-458	883	48	a	a	DET
ftr-458	883	49	share	share	NOUN
ftr-458	883	50	of	of	ADP
ftr-458	883	51	stock	stock	NOUN
ftr-458	883	52	instantaneously	instantaneously	ADV
ftr-458	883	53	.	.	PUNCT
ftr-458	884	1	under	under	ADP
ftr-458	884	2	such	such	DET
ftr-458	884	3	a	a	DET
ftr-458	884	4	strategy	strategy	NOUN
ftr-458	884	5	,	,	PUNCT
ftr-458	884	6	a	a	DET
ftr-458	884	7	taxpayer	taxpayer	NOUN
ftr-458	884	8	eliminates	eliminate	VERB
ftr-458	884	9	risk	risk	NOUN
ftr-458	884	10	of	of	ADP
ftr-458	884	11	small	small	ADJ
ftr-458	884	12	price	price	NOUN
ftr-458	884	13	changes	change	NOUN
ftr-458	884	14	in	in	ADP
ftr-458	884	15	the	the	DET
ftr-458	884	16	underlying	underlie	VERB
ftr-458	884	17	asset	asset	NOUN
ftr-458	884	18	,	,	PUNCT
ftr-458	884	19	becoming	become	VERB
ftr-458	884	20	"	"	PUNCT
ftr-458	884	21	delta	delta	NOUN
ftr-458	884	22	neutral	neutral	ADJ
ftr-458	884	23	,	,	PUNCT
ftr-458	884	24	"	"	PUNCT
ftr-458	884	25	but	but	CCONJ
ftr-458	884	26	remains	remain	VERB
ftr-458	884	27	exposed	expose	VERB
ftr-458	884	28	to	to	ADP
ftr-458	884	29	risk	risk	NOUN
ftr-458	884	30	of	of	ADP
ftr-458	884	31	large	large	ADJ
ftr-458	884	32	price	price	NOUN
ftr-458	884	33	changes	change	NOUN
ftr-458	884	34	in	in	ADP
ftr-458	884	35	the	the	DET
ftr-458	884	36	underlying	underlie	VERB
ftr-458	884	37	asset.76	asset.76	NOUN
ftr-458	884	38	for	for	ADP
ftr-458	884	39	example	example	NOUN
ftr-458	884	40	,	,	PUNCT
ftr-458	884	41	suppose	suppose	VERB
ftr-458	884	42	that	that	SCONJ
ftr-458	884	43	a	a	DET
ftr-458	884	44	taxpayer	taxpayer	NOUN
ftr-458	884	45	owns	own	VERB
ftr-458	884	46	one	one	NUM
ftr-458	884	47	share	share	NOUN
ftr-458	884	48	of	of	ADP
ftr-458	884	49	stock	stock	NOUN
ftr-458	884	50	worth	worth	ADJ
ftr-458	884	51	$	$	SYM
ftr-458	884	52	100	100	NUM
ftr-458	884	53	and	and	CCONJ
ftr-458	884	54	hedges	hedge	NOUN
ftr-458	884	55	by	by	ADP
ftr-458	884	56	selling	sell	VERB
ftr-458	884	57	ten	ten	NUM
ftr-458	884	58	calls	call	NOUN
ftr-458	884	59	,	,	PUNCT
ftr-458	884	60	each	each	PRON
ftr-458	884	61	with	with	ADP
ftr-458	884	62	respect	respect	NOUN
ftr-458	884	63	to	to	ADP
ftr-458	884	64	one	one	NUM
ftr-458	884	65	share	share	NOUN
ftr-458	884	66	of	of	ADP
ftr-458	884	67	stock	stock	NOUN
ftr-458	884	68	and	and	CCONJ
ftr-458	884	69	each	each	PRON
ftr-458	884	70	having	have	VERB
ftr-458	884	71	a	a	DET
ftr-458	884	72	delta	delta	NOUN
ftr-458	884	73	of	of	ADP
ftr-458	884	74	0.1.77	0.1.77	NOUN
ftr-458	884	75	if	if	SCONJ
ftr-458	884	76	the	the	DET
ftr-458	884	77	value	value	NOUN
ftr-458	884	78	of	of	ADP
ftr-458	884	79	a	a	DET
ftr-458	884	80	share	share	NOUN
ftr-458	884	81	of	of	ADP
ftr-458	884	82	stock	stock	NOUN
ftr-458	884	83	increases	increase	VERB
ftr-458	884	84	74	74	NUM
ftr-458	884	85	.	.	PUNCT
ftr-458	884	86	brealey	brealey	PROPN
ftr-458	884	87	&	&	CCONJ
ftr-458	884	88	myers	myers	PROPN
ftr-458	884	89	,	,	PUNCT
ftr-458	884	90	supra	supra	PROPN
ftr-458	884	91	note	note	NOUN
ftr-458	884	92	52	52	NUM
ftr-458	884	93	,	,	PUNCT
ftr-458	884	94	at	at	ADP
ftr-458	884	95	137	137	NUM
ftr-458	884	96	-	-	SYM
ftr-458	884	97	38	38	NUM
ftr-458	884	98	.	.	PUNCT
ftr-458	885	1	75	75	NUM
ftr-458	885	2	.	.	PUNCT
ftr-458	886	1	if	if	SCONJ
ftr-458	886	2	portfolio	portfolio	NOUN
ftr-458	886	3	diversification	diversification	NOUN
ftr-458	886	4	were	be	AUX
ftr-458	886	5	treated	treat	VERB
ftr-458	886	6	as	as	ADP
ftr-458	886	7	a	a	DET
ftr-458	886	8	disposition	disposition	NOUN
ftr-458	886	9	.	.	PUNCT
ftr-458	887	1	basis	basis	NOUN
ftr-458	887	2	in	in	ADP
ftr-458	887	3	the	the	DET
ftr-458	887	4	risk	risk	NOUN
ftr-458	887	5	disposed	dispose	VERB
ftr-458	887	6	of	of	ADP
ftr-458	887	7	would	would	AUX
ftr-458	887	8	be	be	AUX
ftr-458	887	9	zero	zero	NUM
ftr-458	887	10	.	.	PUNCT
ftr-458	888	1	because	because	SCONJ
ftr-458	888	2	unsystematic	unsystematic	ADJ
ftr-458	888	3	risk	risk	NOUN
ftr-458	888	4	can	can	AUX
ftr-458	888	5	be	be	AUX
ftr-458	888	6	eliminated	eliminate	VERB
ftr-458	888	7	through	through	ADP
ftr-458	888	8	portfolio	portfolio	NOUN
ftr-458	888	9	diversification	diversification	NOUN
ftr-458	888	10	,	,	PUNCT
ftr-458	888	11	no	no	DET
ftr-458	888	12	part	part	NOUN
ftr-458	888	13	of	of	ADP
ftr-458	888	14	the	the	DET
ftr-458	888	15	return	return	NOUN
ftr-458	888	16	on	on	ADP
ftr-458	888	17	an	an	DET
ftr-458	888	18	asset	asset	NOUN
ftr-458	888	19	is	be	AUX
ftr-458	888	20	attributable	attributable	ADJ
ftr-458	888	21	to	to	ADP
ftr-458	888	22	the	the	DET
ftr-458	888	23	bearing	bearing	NOUN
ftr-458	888	24	of	of	ADP
ftr-458	888	25	unsystematic	unsystematic	ADJ
ftr-458	888	26	risk	risk	NOUN
ftr-458	888	27	and	and	CCONJ
ftr-458	888	28	,	,	PUNCT
ftr-458	888	29	similarly	similarly	ADV
ftr-458	888	30	,	,	PUNCT
ftr-458	888	31	no	no	DET
ftr-458	888	32	part	part	NOUN
ftr-458	888	33	of	of	ADP
ftr-458	888	34	a	a	DET
ftr-458	888	35	taxpayer	taxpayer	NOUN
ftr-458	888	36	's	's	PART
ftr-458	888	37	purchase	purchase	NOUN
ftr-458	888	38	price	price	NOUN
ftr-458	888	39	,	,	PUNCT
ftr-458	888	40	or	or	CCONJ
ftr-458	888	41	basis	basis	NOUN
ftr-458	888	42	,	,	PUNCT
ftr-458	888	43	should	should	AUX
ftr-458	888	44	be	be	AUX
ftr-458	888	45	attributed	attribute	VERB
ftr-458	888	46	to	to	ADP
ftr-458	888	47	unsystematic	unsystematic	ADJ
ftr-458	888	48	risk	risk	NOUN
ftr-458	888	49	.	.	PUNCT
ftr-458	889	1	amount	amount	NOUN
ftr-458	889	2	realized	realize	VERB
ftr-458	889	3	might	might	AUX
ftr-458	889	4	also	also	ADV
ftr-458	889	5	be	be	AUX
ftr-458	889	6	zero	zero	NUM
ftr-458	889	7	,	,	PUNCT
ftr-458	889	8	however	however	ADV
ftr-458	889	9	,	,	PUNCT
ftr-458	889	10	on	on	ADP
ftr-458	889	11	the	the	DET
ftr-458	889	12	view	view	NOUN
ftr-458	889	13	that	that	SCONJ
ftr-458	889	14	the	the	DET
ftr-458	889	15	value	value	NOUN
ftr-458	889	16	of	of	ADP
ftr-458	889	17	the	the	DET
ftr-458	889	18	assets	asset	NOUN
ftr-458	889	19	in	in	ADP
ftr-458	889	20	a	a	DET
ftr-458	889	21	portfolio	portfolio	NOUN
ftr-458	889	22	do	do	AUX
ftr-458	889	23	not	not	PART
ftr-458	889	24	reflect	reflect	VERB
ftr-458	889	25	unsystematic	unsystematic	ADJ
ftr-458	889	26	risk	risk	NOUN
ftr-458	889	27	,	,	PUNCT
ftr-458	889	28	regardless	regardless	ADV
ftr-458	889	29	of	of	ADP
ftr-458	889	30	whether	whether	SCONJ
ftr-458	889	31	the	the	DET
ftr-458	889	32	portfolio	portfolio	NOUN
ftr-458	889	33	is	be	AUX
ftr-458	889	34	diversified	diversified	ADJ
ftr-458	889	35	.	.	PUNCT
ftr-458	890	1	76	76	NUM
ftr-458	890	2	.	.	PUNCT
ftr-458	891	1	there	there	PRON
ftr-458	891	2	are	be	VERB
ftr-458	891	3	many	many	ADJ
ftr-458	891	4	kinds	kind	NOUN
ftr-458	891	5	of	of	ADP
ftr-458	891	6	dynamic	dynamic	ADJ
ftr-458	891	7	hedging	hedging	NOUN
ftr-458	891	8	strategies	strategy	NOUN
ftr-458	891	9	,	,	PUNCT
ftr-458	891	10	including	include	VERB
ftr-458	891	11	synthetic	synthetic	ADJ
ftr-458	891	12	puts	put	NOUN
ftr-458	891	13	.	.	PUNCT
ftr-458	892	1	see	see	VERB
ftr-458	892	2	supra	supra	PROPN
ftr-458	892	3	notes	note	VERB
ftr-458	892	4	67	67	NUM
ftr-458	892	5	-	-	SYM
ftr-458	892	6	69	69	NUM
ftr-458	892	7	and	and	CCONJ
ftr-458	892	8	accompanying	accompany	VERB
ftr-458	892	9	text	text	NOUN
ftr-458	892	10	.	.	PUNCT
ftr-458	893	1	the	the	DET
ftr-458	893	2	text	text	NOUN
ftr-458	893	3	discusses	discuss	VERB
ftr-458	893	4	a	a	DET
ftr-458	893	5	dynamic	dynamic	ADJ
ftr-458	893	6	hedging	hedging	NOUN
ftr-458	893	7	strategy	strategy	NOUN
ftr-458	893	8	designed	design	VERB
ftr-458	893	9	to	to	PART
ftr-458	893	10	render	render	VERB
ftr-458	893	11	the	the	DET
ftr-458	893	12	taxpayer	taxpayer	NOUN
ftr-458	893	13	neutral	neutral	ADJ
ftr-458	893	14	to	to	ADP
ftr-458	893	15	small	small	ADJ
ftr-458	893	16	price	price	NOUN
ftr-458	893	17	changes	change	NOUN
ftr-458	893	18	in	in	ADP
ftr-458	893	19	the	the	DET
ftr-458	893	20	underlying	underlie	VERB
ftr-458	893	21	asset	asset	NOUN
ftr-458	893	22	.	.	PUNCT
ftr-458	894	1	77	77	NUM
ftr-458	894	2	.	.	PUNCT
ftr-458	895	1	see	see	VERB
ftr-458	895	2	supra	supra	PROPN
ftr-458	895	3	note	note	PROPN
ftr-458	895	4	63	63	NUM
ftr-458	895	5	and	and	CCONJ
ftr-458	895	6	accompanying	accompany	VERB
ftr-458	895	7	text	text	NOUN
ftr-458	895	8	.	.	PUNCT
ftr-458	896	1	19961	19961	NUM
ftr-458	896	2	florida	florida	PROPN
ftr-458	896	3	tax	tax	NOUN
ftr-458	896	4	review	review	NOUN
ftr-458	896	5	by	by	ADP
ftr-458	896	6	$	$	SYM
ftr-458	896	7	1	1	NUM
ftr-458	896	8	,	,	PUNCT
ftr-458	896	9	the	the	DET
ftr-458	896	10	taxpayer	taxpayer	NOUN
ftr-458	896	11	's	's	PART
ftr-458	896	12	overall	overall	ADJ
ftr-458	896	13	position	position	NOUN
ftr-458	896	14	is	be	AUX
ftr-458	896	15	unchanged	unchanged	ADJ
ftr-458	896	16	because	because	SCONJ
ftr-458	896	17	the	the	DET
ftr-458	896	18	value	value	NOUN
ftr-458	896	19	of	of	ADP
ftr-458	896	20	the	the	DET
ftr-458	896	21	stock	stock	NOUN
ftr-458	896	22	that	that	PRON
ftr-458	896	23	the	the	DET
ftr-458	896	24	taxpayer	taxpayer	NOUN
ftr-458	896	25	owns	own	VERB
ftr-458	896	26	increases	increase	NOUN
ftr-458	896	27	by	by	ADP
ftr-458	896	28	$	$	SYM
ftr-458	896	29	1	1	NUM
ftr-458	896	30	,	,	PUNCT
ftr-458	896	31	but	but	CCONJ
ftr-458	896	32	the	the	DET
ftr-458	896	33	value	value	NOUN
ftr-458	896	34	of	of	ADP
ftr-458	896	35	the	the	DET
ftr-458	896	36	taxpayer	taxpayer	NOUN
ftr-458	896	37	's	's	PART
ftr-458	896	38	obligations	obligation	NOUN
ftr-458	896	39	under	under	ADP
ftr-458	896	40	each	each	PRON
ftr-458	896	41	of	of	ADP
ftr-458	896	42	the	the	DET
ftr-458	896	43	ten	ten	NUM
ftr-458	896	44	calls	call	NOUN
ftr-458	896	45	increases	increase	NOUN
ftr-458	896	46	by	by	ADP
ftr-458	896	47	$	$	SYM
ftr-458	896	48	0.10	0.10	NUM
ftr-458	896	49	.	.	PUNCT
ftr-458	897	1	a	a	DET
ftr-458	897	2	taxpayer	taxpayer	NOUN
ftr-458	897	3	could	could	AUX
ftr-458	897	4	dynamically	dynamically	ADV
ftr-458	897	5	hedge	hedge	VERB
ftr-458	897	6	as	as	ADP
ftr-458	897	7	a	a	DET
ftr-458	897	8	substitute	substitute	NOUN
ftr-458	897	9	for	for	ADP
ftr-458	897	10	selling	selling	NOUN
ftr-458	897	11	since	since	SCONJ
ftr-458	897	12	the	the	DET
ftr-458	897	13	strategy	strategy	NOUN
ftr-458	897	14	aims	aim	VERB
ftr-458	897	15	to	to	PART
ftr-458	897	16	achieve	achieve	VERB
ftr-458	897	17	a	a	DET
ftr-458	897	18	riskless	riskless	NOUN
ftr-458	897	19	overall	overall	ADJ
ftr-458	897	20	position.7	position.7	PROPN
ftr-458	897	21	"	"	PUNCT
ftr-458	897	22	but	but	CCONJ
ftr-458	897	23	,	,	PUNCT
ftr-458	897	24	dynamic	dynamic	ADJ
ftr-458	897	25	hedging	hedging	NOUN
ftr-458	897	26	introduces	introduce	VERB
ftr-458	897	27	the	the	DET
ftr-458	897	28	taxpayer	taxpayer	NOUN
ftr-458	897	29	to	to	ADP
ftr-458	897	30	new	new	ADJ
ftr-458	897	31	types	type	NOUN
ftr-458	897	32	of	of	ADP
ftr-458	897	33	risks	risk	NOUN
ftr-458	897	34	.	.	PUNCT
ftr-458	898	1	first	first	ADV
ftr-458	898	2	,	,	PUNCT
ftr-458	898	3	the	the	DET
ftr-458	898	4	value	value	NOUN
ftr-458	898	5	of	of	ADP
ftr-458	898	6	the	the	DET
ftr-458	898	7	options	option	NOUN
ftr-458	898	8	in	in	ADP
ftr-458	898	9	the	the	DET
ftr-458	898	10	example	example	NOUN
ftr-458	898	11	depends	depend	VERB
ftr-458	898	12	on	on	ADP
ftr-458	898	13	other	other	ADJ
ftr-458	898	14	variables	variable	NOUN
ftr-458	898	15	in	in	ADP
ftr-458	898	16	addition	addition	NOUN
ftr-458	898	17	to	to	ADP
ftr-458	898	18	the	the	DET
ftr-458	898	19	stock	stock	NOUN
ftr-458	898	20	value	value	NOUN
ftr-458	898	21	.	.	PUNCT
ftr-458	899	1	under	under	ADP
ftr-458	899	2	the	the	DET
ftr-458	899	3	black	black	ADJ
ftr-458	899	4	-	-	PUNCT
ftr-458	899	5	scholes	schole	NOUN
ftr-458	899	6	option	option	NOUN
ftr-458	899	7	pricing	pricing	NOUN
ftr-458	899	8	technique	technique	NOUN
ftr-458	899	9	,	,	PUNCT
ftr-458	899	10	in	in	ADP
ftr-458	899	11	addition	addition	NOUN
ftr-458	899	12	to	to	ADP
ftr-458	899	13	depending	depend	VERB
ftr-458	899	14	on	on	ADP
ftr-458	899	15	the	the	DET
ftr-458	899	16	value	value	NOUN
ftr-458	899	17	of	of	ADP
ftr-458	899	18	the	the	DET
ftr-458	899	19	underlying	underlie	VERB
ftr-458	899	20	stock	stock	NOUN
ftr-458	899	21	,	,	PUNCT
ftr-458	899	22	the	the	DET
ftr-458	899	23	price	price	NOUN
ftr-458	899	24	of	of	ADP
ftr-458	899	25	an	an	DET
ftr-458	899	26	option	option	NOUN
ftr-458	899	27	depends	depend	VERB
ftr-458	899	28	on	on	ADP
ftr-458	899	29	the	the	DET
ftr-458	899	30	price	price	NOUN
ftr-458	899	31	volatility	volatility	NOUN
ftr-458	899	32	of	of	ADP
ftr-458	899	33	the	the	DET
ftr-458	899	34	underlying	underlie	VERB
ftr-458	899	35	stock	stock	NOUN
ftr-458	899	36	,	,	PUNCT
ftr-458	899	37	the	the	DET
ftr-458	899	38	strike	strike	NOUN
ftr-458	899	39	price	price	NOUN
ftr-458	899	40	of	of	ADP
ftr-458	899	41	the	the	DET
ftr-458	899	42	option	option	NOUN
ftr-458	899	43	,	,	PUNCT
ftr-458	899	44	the	the	DET
ftr-458	899	45	time	time	NOUN
ftr-458	899	46	remaining	remain	VERB
ftr-458	899	47	until	until	ADP
ftr-458	899	48	maturity	maturity	NOUN
ftr-458	899	49	of	of	ADP
ftr-458	899	50	the	the	DET
ftr-458	899	51	option	option	NOUN
ftr-458	899	52	,	,	PUNCT
ftr-458	899	53	and	and	CCONJ
ftr-458	899	54	the	the	DET
ftr-458	899	55	risk	risk	NOUN
ftr-458	899	56	-	-	PUNCT
ftr-458	899	57	free	free	ADJ
ftr-458	899	58	rate	rate	NOUN
ftr-458	899	59	of	of	ADP
ftr-458	899	60	interest.79	interest.79	NOUN
ftr-458	899	61	the	the	DET
ftr-458	899	62	black	black	ADJ
ftr-458	899	63	-	-	PUNCT
ftr-458	899	64	scholes	schole	NOUN
ftr-458	899	65	technique	technique	NOUN
ftr-458	899	66	derives	derive	VERB
ftr-458	899	67	from	from	ADP
ftr-458	899	68	an	an	DET
ftr-458	899	69	analysis	analysis	NOUN
ftr-458	899	70	of	of	ADP
ftr-458	899	71	a	a	DET
ftr-458	899	72	riskless	riskless	NOUN
ftr-458	899	73	portfolio	portfolio	NOUN
ftr-458	899	74	consisting	consist	VERB
ftr-458	899	75	of	of	ADP
ftr-458	899	76	an	an	DET
ftr-458	899	77	option	option	NOUN
ftr-458	899	78	and	and	CCONJ
ftr-458	899	79	an	an	DET
ftr-458	899	80	appropriate	appropriate	ADJ
ftr-458	899	81	amount	amount	NOUN
ftr-458	899	82	of	of	ADP
ftr-458	899	83	the	the	DET
ftr-458	899	84	underlying	underlie	VERB
ftr-458	899	85	asset.8	asset.8	NOUN
ftr-458	899	86	°	°	NOUN
ftr-458	899	87	it	it	PRON
ftr-458	899	88	posits	posit	VERB
ftr-458	899	89	that	that	SCONJ
ftr-458	899	90	over	over	ADP
ftr-458	899	91	a	a	DET
ftr-458	899	92	very	very	ADV
ftr-458	899	93	short	short	ADJ
ftr-458	899	94	period	period	NOUN
ftr-458	899	95	of	of	ADP
ftr-458	899	96	time	time	NOUN
ftr-458	899	97	,	,	PUNCT
ftr-458	899	98	the	the	DET
ftr-458	899	99	return	return	NOUN
ftr-458	899	100	on	on	ADP
ftr-458	899	101	the	the	DET
ftr-458	899	102	portfolio	portfolio	NOUN
ftr-458	899	103	is	be	AUX
ftr-458	899	104	the	the	DET
ftr-458	899	105	risk	risk	NOUN
ftr-458	899	106	-	-	PUNCT
ftr-458	899	107	free	free	ADJ
ftr-458	899	108	rate	rate	NOUN
ftr-458	899	109	of	of	ADP
ftr-458	899	110	interest	interest	NOUN
ftr-458	899	111	because	because	SCONJ
ftr-458	899	112	arbitrage	arbitrage	NOUN
ftr-458	899	113	opportunities	opportunity	NOUN
ftr-458	899	114	would	would	AUX
ftr-458	899	115	otherwise	otherwise	ADV
ftr-458	899	116	be	be	AUX
ftr-458	899	117	available.8	available.8	NOUN
ftr-458	899	118	using	use	VERB
ftr-458	899	119	stochastic	stochastic	ADJ
ftr-458	899	120	calculus	calculus	NOUN
ftr-458	899	121	,	,	PUNCT
ftr-458	899	122	it	it	PRON
ftr-458	899	123	establishes	establish	VERB
ftr-458	899	124	an	an	DET
ftr-458	899	125	equation	equation	NOUN
ftr-458	899	126	for	for	ADP
ftr-458	899	127	the	the	DET
ftr-458	899	128	return	return	NOUN
ftr-458	899	129	on	on	ADP
ftr-458	899	130	the	the	DET
ftr-458	899	131	portfolio	portfolio	NOUN
ftr-458	899	132	,	,	PUNCT
ftr-458	899	133	sets	set	VERB
ftr-458	899	134	that	that	PRON
ftr-458	899	135	equal	equal	ADJ
ftr-458	899	136	to	to	ADP
ftr-458	899	137	the	the	DET
ftr-458	899	138	return	return	NOUN
ftr-458	899	139	on	on	ADP
ftr-458	899	140	the	the	DET
ftr-458	899	141	portfolio	portfolio	NOUN
ftr-458	899	142	at	at	ADP
ftr-458	899	143	the	the	DET
ftr-458	899	144	risk	risk	NOUN
ftr-458	899	145	-	-	PUNCT
ftr-458	899	146	free	free	ADJ
ftr-458	899	147	rate	rate	NOUN
ftr-458	899	148	,	,	PUNCT
ftr-458	899	149	and	and	CCONJ
ftr-458	899	150	solves	solve	NOUN
ftr-458	899	151	for	for	ADP
ftr-458	899	152	the	the	DET
ftr-458	899	153	value	value	NOUN
ftr-458	899	154	of	of	ADP
ftr-458	899	155	the	the	DET
ftr-458	899	156	derivative	derivative	ADJ
ftr-458	899	157	security	security	NOUN
ftr-458	899	158	.	.	PUNCT
ftr-458	900	1	2	2	NUM
ftr-458	900	2	second	second	ADJ
ftr-458	900	3	,	,	PUNCT
ftr-458	900	4	dynamic	dynamic	ADJ
ftr-458	900	5	hedging	hedging	NOUN
ftr-458	900	6	requires	require	VERB
ftr-458	900	7	frequent	frequent	ADJ
ftr-458	900	8	monitoring	monitoring	NOUN
ftr-458	900	9	and	and	CCONJ
ftr-458	900	10	trading	trading	NOUN
ftr-458	900	11	because	because	SCONJ
ftr-458	900	12	the	the	DET
ftr-458	900	13	delta	delta	NOUN
ftr-458	900	14	of	of	ADP
ftr-458	900	15	the	the	DET
ftr-458	900	16	options	option	NOUN
ftr-458	900	17	changes	change	NOUN
ftr-458	900	18	as	as	ADP
ftr-458	900	19	the	the	DET
ftr-458	900	20	value	value	NOUN
ftr-458	900	21	of	of	ADP
ftr-458	900	22	the	the	DET
ftr-458	900	23	stock	stock	NOUN
ftr-458	900	24	changes	change	NOUN
ftr-458	900	25	.	.	PUNCT
ftr-458	901	1	in	in	ADP
ftr-458	901	2	order	order	NOUN
ftr-458	901	3	to	to	PART
ftr-458	901	4	remain	remain	VERB
ftr-458	901	5	delta	delta	NOUN
ftr-458	901	6	neutral	neutral	ADJ
ftr-458	901	7	,	,	PUNCT
ftr-458	901	8	the	the	DET
ftr-458	901	9	taxpayer	taxpayer	NOUN
ftr-458	901	10	must	must	AUX
ftr-458	901	11	buy	buy	VERB
ftr-458	901	12	or	or	CCONJ
ftr-458	901	13	sell	sell	VERB
ftr-458	901	14	shares	share	NOUN
ftr-458	901	15	of	of	ADP
ftr-458	901	16	stock	stock	NOUN
ftr-458	901	17	(	(	PUNCT
ftr-458	901	18	or	or	CCONJ
ftr-458	901	19	write	write	VERB
ftr-458	901	20	or	or	CCONJ
ftr-458	901	21	close	close	VERB
ftr-458	901	22	out	out	ADP
ftr-458	901	23	calls	call	NOUN
ftr-458	901	24	)	)	PUNCT
ftr-458	901	25	as	as	ADP
ftr-458	901	26	the	the	DET
ftr-458	901	27	stock	stock	NOUN
ftr-458	901	28	price	price	NOUN
ftr-458	901	29	changes	change	NOUN
ftr-458	901	30	because	because	SCONJ
ftr-458	901	31	delta	delta	NOUN
ftr-458	901	32	is	be	AUX
ftr-458	901	33	different	different	ADJ
ftr-458	901	34	at	at	ADP
ftr-458	901	35	different	different	ADJ
ftr-458	901	36	stock	stock	NOUN
ftr-458	901	37	prices	price	NOUN
ftr-458	901	38	.	.	PUNCT
ftr-458	902	1	owning	own	VERB
ftr-458	902	2	one	one	NUM
ftr-458	902	3	share	share	NOUN
ftr-458	902	4	of	of	ADP
ftr-458	902	5	stock	stock	NOUN
ftr-458	902	6	and	and	CCONJ
ftr-458	902	7	being	be	AUX
ftr-458	902	8	the	the	DET
ftr-458	902	9	grantor	grantor	NOUN
ftr-458	902	10	of	of	ADP
ftr-458	902	11	ten	ten	NUM
ftr-458	902	12	calls	call	NOUN
ftr-458	902	13	achieves	achieve	VERB
ftr-458	902	14	a	a	DET
ftr-458	902	15	risk	risk	NOUN
ftr-458	902	16	-	-	PUNCT
ftr-458	902	17	free	free	ADJ
ftr-458	902	18	(	(	PUNCT
ftr-458	902	19	or	or	CCONJ
ftr-458	902	20	,	,	PUNCT
ftr-458	902	21	more	more	ADV
ftr-458	902	22	precisely	precisely	ADV
ftr-458	902	23	,	,	PUNCT
ftr-458	902	24	delta	delta	NOUN
ftr-458	902	25	risk	risk	NOUN
ftr-458	902	26	-	-	PUNCT
ftr-458	902	27	free	free	ADJ
ftr-458	902	28	)	)	PUNCT
ftr-458	902	29	position	position	NOUN
ftr-458	902	30	while	while	SCONJ
ftr-458	902	31	the	the	DET
ftr-458	902	32	stock	stock	NOUN
ftr-458	902	33	price	price	NOUN
ftr-458	902	34	is	be	AUX
ftr-458	902	35	$	$	SYM
ftr-458	902	36	100	100	NUM
ftr-458	902	37	.	.	PUNCT
ftr-458	903	1	when	when	SCONJ
ftr-458	903	2	the	the	DET
ftr-458	903	3	stock	stock	NOUN
ftr-458	903	4	price	price	NOUN
ftr-458	903	5	moves	move	VERB
ftr-458	903	6	away	away	ADV
ftr-458	903	7	from	from	ADP
ftr-458	903	8	$	$	SYM
ftr-458	903	9	100	100	NUM
ftr-458	903	10	,	,	PUNCT
ftr-458	903	11	a	a	DET
ftr-458	903	12	different	different	ADJ
ftr-458	903	13	number	number	NOUN
ftr-458	903	14	of	of	ADP
ftr-458	903	15	calls	call	NOUN
ftr-458	903	16	would	would	AUX
ftr-458	903	17	balance	balance	VERB
ftr-458	903	18	the	the	DET
ftr-458	903	19	stock	stock	NOUN
ftr-458	903	20	.	.	PUNCT
ftr-458	904	1	for	for	ADP
ftr-458	904	2	example	example	NOUN
ftr-458	904	3	,	,	PUNCT
ftr-458	904	4	if	if	SCONJ
ftr-458	904	5	delta	delta	NOUN
ftr-458	904	6	is	be	AUX
ftr-458	904	7	0.25	0.25	NUM
ftr-458	904	8	at	at	ADP
ftr-458	904	9	a	a	DET
ftr-458	904	10	stock	stock	NOUN
ftr-458	904	11	price	price	NOUN
ftr-458	904	12	of	of	ADP
ftr-458	904	13	$	$	SYM
ftr-458	904	14	120	120	NUM
ftr-458	904	15	,	,	PUNCT
ftr-458	904	16	the	the	DET
ftr-458	904	17	taxpayer	taxpayer	NOUN
ftr-458	904	18	would	would	AUX
ftr-458	904	19	,	,	PUNCT
ftr-458	904	20	at	at	ADP
ftr-458	904	21	that	that	DET
ftr-458	904	22	price	price	NOUN
ftr-458	904	23	,	,	PUNCT
ftr-458	904	24	78	78	NUM
ftr-458	904	25	.	.	PUNCT
ftr-458	905	1	some	some	DET
ftr-458	905	2	taxpayers	taxpayer	NOUN
ftr-458	905	3	engaged	engage	VERB
ftr-458	905	4	in	in	ADP
ftr-458	905	5	dynamic	dynamic	ADJ
ftr-458	905	6	hedging	hedging	NOUN
ftr-458	905	7	are	be	AUX
ftr-458	905	8	already	already	ADV
ftr-458	905	9	required	require	VERB
ftr-458	905	10	to	to	PART
ftr-458	905	11	mark	mark	VERB
ftr-458	905	12	to	to	ADP
ftr-458	905	13	market	market	NOUN
ftr-458	905	14	under	under	ADP
ftr-458	905	15	§	§	PROPN
ftr-458	905	16	475	475	NUM
ftr-458	905	17	or	or	CCONJ
ftr-458	905	18	§	§	PROPN
ftr-458	905	19	1256	1256	NUM
ftr-458	905	20	.	.	PUNCT
ftr-458	906	1	but	but	CCONJ
ftr-458	906	2	,	,	PUNCT
ftr-458	906	3	traders	trader	NOUN
ftr-458	906	4	that	that	PRON
ftr-458	906	5	use	use	VERB
ftr-458	906	6	options	option	NOUN
ftr-458	906	7	to	to	PART
ftr-458	906	8	dynamically	dynamically	ADV
ftr-458	906	9	hedge	hedge	VERB
ftr-458	906	10	single	single	ADJ
ftr-458	906	11	stocks	stock	NOUN
ftr-458	906	12	are	be	AUX
ftr-458	906	13	not	not	PART
ftr-458	906	14	subject	subject	ADJ
ftr-458	906	15	to	to	ADP
ftr-458	906	16	those	those	DET
ftr-458	906	17	provisions	provision	NOUN
ftr-458	906	18	because	because	SCONJ
ftr-458	906	19	§	§	PROPN
ftr-458	906	20	475	475	NUM
ftr-458	906	21	applies	apply	VERB
ftr-458	906	22	only	only	ADV
ftr-458	906	23	to	to	ADP
ftr-458	906	24	securities	security	NOUN
ftr-458	906	25	dealers	dealer	NOUN
ftr-458	906	26	and	and	CCONJ
ftr-458	906	27	§	§	PROPN
ftr-458	906	28	1256	1256	NUM
ftr-458	906	29	applies	apply	VERB
ftr-458	906	30	to	to	ADP
ftr-458	906	31	certain	certain	ADJ
ftr-458	906	32	options	option	NOUN
ftr-458	906	33	on	on	ADP
ftr-458	906	34	a	a	DET
ftr-458	906	35	group	group	NOUN
ftr-458	906	36	of	of	ADP
ftr-458	906	37	stocks	stock	NOUN
ftr-458	906	38	or	or	CCONJ
ftr-458	906	39	a	a	DET
ftr-458	906	40	stock	stock	NOUN
ftr-458	906	41	index	index	NOUN
ftr-458	906	42	,	,	PUNCT
ftr-458	906	43	but	but	CCONJ
ftr-458	906	44	not	not	PART
ftr-458	906	45	to	to	ADP
ftr-458	906	46	options	option	NOUN
ftr-458	906	47	on	on	ADP
ftr-458	906	48	a	a	DET
ftr-458	906	49	single	single	ADJ
ftr-458	906	50	stock	stock	NOUN
ftr-458	906	51	.	.	PUNCT
ftr-458	907	1	if	if	SCONJ
ftr-458	907	2	a	a	DET
ftr-458	907	3	taxpayer	taxpayer	NOUN
ftr-458	907	4	dynamically	dynamically	ADV
ftr-458	907	5	hedges	hedge	NOUN
ftr-458	907	6	and	and	CCONJ
ftr-458	907	7	makes	make	VERB
ftr-458	907	8	a	a	DET
ftr-458	907	9	mixed	mixed	ADJ
ftr-458	907	10	straddle	straddle	NOUN
ftr-458	907	11	election	election	NOUN
ftr-458	907	12	under	under	ADP
ftr-458	907	13	§	§	PROPN
ftr-458	907	14	1.1092(b)-3(d	1.1092(b)-3(d	NUM
ftr-458	907	15	)	)	PUNCT
ftr-458	907	16	of	of	ADP
ftr-458	907	17	the	the	DET
ftr-458	907	18	regulations	regulation	NOUN
ftr-458	907	19	,	,	PUNCT
ftr-458	907	20	gain	gain	NOUN
ftr-458	907	21	accrued	accrue	VERB
ftr-458	907	22	prior	prior	ADV
ftr-458	907	23	to	to	ADP
ftr-458	907	24	the	the	DET
ftr-458	907	25	establishment	establishment	NOUN
ftr-458	907	26	of	of	ADP
ftr-458	907	27	the	the	DET
ftr-458	907	28	straddle	straddle	NOUN
ftr-458	907	29	is	be	AUX
ftr-458	907	30	recognized	recognize	VERB
ftr-458	907	31	when	when	SCONJ
ftr-458	907	32	the	the	DET
ftr-458	907	33	straddle	straddle	NOUN
ftr-458	907	34	is	be	AUX
ftr-458	907	35	established	establish	VERB
ftr-458	907	36	.	.	PUNCT
ftr-458	908	1	temp	temp	NOUN
ftr-458	908	2	.	.	PUNCT
ftr-458	909	1	regs	regs	PROPN
ftr-458	909	2	.	.	PUNCT
ftr-458	910	1	§	§	PROPN
ftr-458	910	2	1.1092(b)-3(b)(6	1.1092(b)-3(b)(6	NUM
ftr-458	910	3	)	)	PUNCT
ftr-458	910	4	.	.	PUNCT
ftr-458	911	1	79	79	NUM
ftr-458	911	2	.	.	PUNCT
ftr-458	912	1	see	see	VERB
ftr-458	912	2	fischer	fischer	PROPN
ftr-458	912	3	black	black	PROPN
ftr-458	912	4	&	&	CCONJ
ftr-458	912	5	myron	myron	PROPN
ftr-458	912	6	scholes	scholes	PROPN
ftr-458	912	7	,	,	PUNCT
ftr-458	912	8	the	the	DET
ftr-458	912	9	pricing	pricing	NOUN
ftr-458	912	10	of	of	ADP
ftr-458	912	11	options	option	NOUN
ftr-458	912	12	and	and	CCONJ
ftr-458	912	13	corporate	corporate	ADJ
ftr-458	912	14	liabilities	liability	NOUN
ftr-458	912	15	,	,	PUNCT
ftr-458	912	16	81	81	NUM
ftr-458	912	17	j.	j.	PROPN
ftr-458	912	18	pol	pol	PROPN
ftr-458	912	19	.	.	PUNCT
ftr-458	913	1	econ	econ	PROPN
ftr-458	913	2	.	.	PUNCT
ftr-458	914	1	637	637	NUM
ftr-458	914	2	,	,	PUNCT
ftr-458	914	3	638	638	NUM
ftr-458	914	4	-	-	SYM
ftr-458	914	5	39	39	NUM
ftr-458	914	6	(	(	PUNCT
ftr-458	914	7	1973	1973	NUM
ftr-458	914	8	)	)	PUNCT
ftr-458	914	9	.	.	PUNCT
ftr-458	915	1	80	80	NUM
ftr-458	915	2	.	.	PUNCT
ftr-458	916	1	robert	robert	PROPN
ftr-458	916	2	c.	c.	PROPN
ftr-458	916	3	merton	merton	PROPN
ftr-458	916	4	,	,	PUNCT
ftr-458	916	5	theory	theory	NOUN
ftr-458	916	6	of	of	ADP
ftr-458	916	7	rational	rational	ADJ
ftr-458	916	8	option	option	NOUN
ftr-458	916	9	pricing	pricing	NOUN
ftr-458	916	10	,	,	PUNCT
ftr-458	916	11	4	4	NUM
ftr-458	916	12	bell	bell	PROPN
ftr-458	916	13	j.	j.	PROPN
ftr-458	916	14	econ	econ	PROPN
ftr-458	916	15	.	.	PROPN
ftr-458	916	16	&	&	CCONJ
ftr-458	916	17	mgmt	mgmt	PROPN
ftr-458	916	18	.	.	PUNCT
ftr-458	917	1	sci	sci	PROPN
ftr-458	917	2	.	.	PROPN
ftr-458	918	1	141	141	NUM
ftr-458	918	2	,	,	PUNCT
ftr-458	918	3	160	160	NUM
ftr-458	918	4	(	(	PUNCT
ftr-458	918	5	1973	1973	NUM
ftr-458	918	6	)	)	PUNCT
ftr-458	918	7	.	.	PUNCT
ftr-458	919	1	81	81	NUM
ftr-458	919	2	.	.	PUNCT
ftr-458	920	1	i	i	PRON
ftr-458	920	2	d.	d.	PROPN
ftr-458	920	3	82	82	NUM
ftr-458	920	4	.	.	PUNCT
ftr-458	921	1	black	black	PROPN
ftr-458	921	2	&	&	CCONJ
ftr-458	921	3	scholes	scholes	PROPN
ftr-458	921	4	,	,	PUNCT
ftr-458	921	5	supra	supra	PROPN
ftr-458	921	6	note	note	NOUN
ftr-458	921	7	79	79	NUM
ftr-458	921	8	,	,	PUNCT
ftr-458	921	9	at	at	ADP
ftr-458	921	10	637	637	NUM
ftr-458	921	11	;	;	PUNCT
ftr-458	921	12	hull	hull	NOUN
ftr-458	921	13	,	,	PUNCT
ftr-458	921	14	supra	supra	PROPN
ftr-458	921	15	note	note	PROPN
ftr-458	921	16	63	63	NUM
ftr-458	921	17	,	,	PUNCT
ftr-458	921	18	at	at	ADP
ftr-458	921	19	218	218	NUM
ftr-458	921	20	-	-	SYM
ftr-458	921	21	21	21	NUM
ftr-458	921	22	;	;	PUNCT
ftr-458	921	23	merton	merton	PROPN
ftr-458	921	24	,	,	PUNCT
ftr-458	921	25	supra	supra	PROPN
ftr-458	921	26	note	note	PROPN
ftr-458	921	27	80	80	NUM
ftr-458	921	28	,	,	PUNCT
ftr-458	921	29	at	at	ADP
ftr-458	921	30	141	141	NUM
ftr-458	921	31	.	.	PUNCT
ftr-458	922	1	[	[	X
ftr-458	922	2	vol	vol	NOUN
ftr-458	922	3	3:1	3:1	NUM
ftr-458	922	4	another	another	DET
ftr-458	922	5	uneasy	uneasy	ADJ
ftr-458	922	6	compromise	compromise	NOUN
ftr-458	922	7	need	need	VERB
ftr-458	922	8	to	to	PART
ftr-458	922	9	be	be	AUX
ftr-458	922	10	the	the	DET
ftr-458	922	11	grantor	grantor	NOUN
ftr-458	922	12	of	of	ADP
ftr-458	922	13	only	only	ADV
ftr-458	922	14	four	four	NUM
ftr-458	922	15	calls	call	NOUN
ftr-458	922	16	to	to	PART
ftr-458	922	17	hedge	hedge	VERB
ftr-458	922	18	the	the	DET
ftr-458	922	19	taxpayer	taxpayer	NOUN
ftr-458	922	20	's	's	PART
ftr-458	922	21	one	one	NUM
ftr-458	922	22	share	share	NOUN
ftr-458	922	23	of	of	ADP
ftr-458	922	24	stock	stock	NOUN
ftr-458	922	25	.	.	PUNCT
ftr-458	923	1	gamma	gamma	PROPN
ftr-458	923	2	is	be	AUX
ftr-458	923	3	the	the	DET
ftr-458	923	4	rate	rate	NOUN
ftr-458	923	5	of	of	ADP
ftr-458	923	6	change	change	NOUN
ftr-458	923	7	of	of	ADP
ftr-458	923	8	delta	delta	NOUN
ftr-458	923	9	of	of	ADP
ftr-458	923	10	a	a	DET
ftr-458	923	11	derivative	derivative	ADJ
ftr-458	923	12	security	security	NOUN
ftr-458	923	13	with	with	ADP
ftr-458	923	14	respect	respect	NOUN
ftr-458	923	15	to	to	ADP
ftr-458	923	16	changes	change	NOUN
ftr-458	923	17	in	in	ADP
ftr-458	923	18	the	the	DET
ftr-458	923	19	value	value	NOUN
ftr-458	923	20	of	of	ADP
ftr-458	923	21	the	the	DET
ftr-458	923	22	underlying	underlie	VERB
ftr-458	923	23	asset	asset	NOUN
ftr-458	923	24	.	.	PUNCT
ftr-458	924	1	"delta	"delta	NOUN
ftr-458	924	2	hedging	hedging	NOUN
ftr-458	924	3	is	be	AUX
ftr-458	924	4	imperfect	imperfect	ADJ
ftr-458	924	5	because	because	SCONJ
ftr-458	924	6	delta	delta	NOUN
ftr-458	924	7	is	be	AUX
ftr-458	924	8	not	not	PART
ftr-458	924	9	constant	constant	ADJ
ftr-458	924	10	.	.	PUNCT
ftr-458	925	1	gamma	gamma	NOUN
ftr-458	925	2	measures	measure	NOUN
ftr-458	925	3	how	how	SCONJ
ftr-458	925	4	frequently	frequently	ADV
ftr-458	925	5	a	a	DET
ftr-458	925	6	delta	delta	ADJ
ftr-458	925	7	neutral	neutral	ADJ
ftr-458	925	8	position	position	NOUN
ftr-458	925	9	must	must	AUX
ftr-458	925	10	be	be	AUX
ftr-458	925	11	rebalanced	rebalance	VERB
ftr-458	925	12	in	in	ADP
ftr-458	925	13	order	order	NOUN
ftr-458	925	14	to	to	PART
ftr-458	925	15	maintain	maintain	VERB
ftr-458	925	16	delta	delta	NOUN
ftr-458	925	17	neutrality	neutrality	NOUN
ftr-458	925	18	.	.	PUNCT
ftr-458	926	1	84	84	NUM
ftr-458	926	2	taxpayers	taxpayer	NOUN
ftr-458	926	3	might	might	AUX
ftr-458	926	4	not	not	PART
ftr-458	926	5	view	view	VERB
ftr-458	926	6	delta	delta	NOUN
ftr-458	926	7	hedging	hedge	VERB
ftr-458	926	8	as	as	ADP
ftr-458	926	9	a	a	DET
ftr-458	926	10	good	good	ADJ
ftr-458	926	11	substitute	substitute	NOUN
ftr-458	926	12	for	for	ADP
ftr-458	926	13	a	a	DET
ftr-458	926	14	sale	sale	NOUN
ftr-458	926	15	because	because	SCONJ
ftr-458	926	16	it	it	PRON
ftr-458	926	17	introduces	introduce	VERB
ftr-458	926	18	the	the	DET
ftr-458	926	19	taxpayer	taxpayer	NOUN
ftr-458	926	20	to	to	ADP
ftr-458	926	21	new	new	ADJ
ftr-458	926	22	risks	risk	NOUN
ftr-458	926	23	and	and	CCONJ
ftr-458	926	24	requires	require	VERB
ftr-458	926	25	ongoing	ongoing	ADJ
ftr-458	926	26	monitoring	monitoring	NOUN
ftr-458	926	27	and	and	CCONJ
ftr-458	926	28	trading	trading	NOUN
ftr-458	926	29	85	85	NUM
ftr-458	926	30	and	and	CCONJ
ftr-458	926	31	because	because	SCONJ
ftr-458	926	32	transaction	transaction	NOUN
ftr-458	926	33	costs	cost	NOUN
ftr-458	926	34	make	make	VERB
ftr-458	926	35	inefficient	inefficient	ADJ
ftr-458	926	36	some	some	DET
ftr-458	926	37	adjustments	adjustment	NOUN
ftr-458	926	38	that	that	PRON
ftr-458	926	39	would	would	AUX
ftr-458	926	40	ideally	ideally	ADV
ftr-458	926	41	be	be	AUX
ftr-458	926	42	made	make	VERB
ftr-458	926	43	under	under	ADP
ftr-458	926	44	a	a	DET
ftr-458	926	45	dynamic	dynamic	ADJ
ftr-458	926	46	hedging	hedging	NOUN
ftr-458	926	47	strategy	strategy	NOUN
ftr-458	926	48	.	.	PUNCT
ftr-458	927	1	a	a	DET
ftr-458	927	2	taxpayer	taxpayer	NOUN
ftr-458	927	3	is	be	AUX
ftr-458	927	4	generally	generally	ADV
ftr-458	927	5	not	not	PART
ftr-458	927	6	perfectly	perfectly	ADV
ftr-458	927	7	delta	delta	NOUN
ftr-458	927	8	hedged	hedge	VERB
ftr-458	927	9	.	.	PUNCT
ftr-458	928	1	in	in	ADP
ftr-458	928	2	the	the	DET
ftr-458	928	3	case	case	NOUN
ftr-458	928	4	of	of	ADP
ftr-458	928	5	delta	delta	NOUN
ftr-458	928	6	hedged	hedge	VERB
ftr-458	928	7	portfolios	portfolio	NOUN
ftr-458	928	8	with	with	ADP
ftr-458	928	9	large	large	ADJ
ftr-458	928	10	gammas	gamma	NOUN
ftr-458	928	11	,	,	PUNCT
ftr-458	928	12	the	the	DET
ftr-458	928	13	hedging	hedging	NOUN
ftr-458	928	14	strategy	strategy	NOUN
ftr-458	928	15	would	would	AUX
ftr-458	928	16	leave	leave	VERB
ftr-458	928	17	the	the	DET
ftr-458	928	18	taxpayer	taxpayer	NOUN
ftr-458	928	19	highly	highly	ADV
ftr-458	928	20	exposed	expose	VERB
ftr-458	928	21	to	to	ADP
ftr-458	928	22	price	price	NOUN
ftr-458	928	23	changes	change	NOUN
ftr-458	928	24	if	if	SCONJ
ftr-458	928	25	the	the	DET
ftr-458	928	26	portfolio	portfolio	NOUN
ftr-458	928	27	were	be	AUX
ftr-458	928	28	not	not	PART
ftr-458	928	29	frequently	frequently	ADV
ftr-458	928	30	rebalanced	rebalance	VERB
ftr-458	928	31	.	.	PUNCT
ftr-458	929	1	treating	treat	VERB
ftr-458	929	2	dynamic	dynamic	ADJ
ftr-458	929	3	hedging	hedging	NOUN
ftr-458	929	4	as	as	ADP
ftr-458	929	5	a	a	DET
ftr-458	929	6	realization	realization	NOUN
ftr-458	929	7	event	event	NOUN
ftr-458	929	8	would	would	AUX
ftr-458	929	9	be	be	AUX
ftr-458	929	10	administratively	administratively	ADV
ftr-458	929	11	burdensome	burdensome	ADJ
ftr-458	929	12	.	.	PUNCT
ftr-458	930	1	for	for	ADP
ftr-458	930	2	example	example	NOUN
ftr-458	930	3	,	,	PUNCT
ftr-458	930	4	it	it	PRON
ftr-458	930	5	would	would	AUX
ftr-458	930	6	be	be	AUX
ftr-458	930	7	difficult	difficult	ADJ
ftr-458	930	8	and	and	CCONJ
ftr-458	930	9	impractical	impractical	ADJ
ftr-458	930	10	to	to	PART
ftr-458	930	11	draw	draw	VERB
ftr-458	930	12	lines	line	NOUN
ftr-458	930	13	between	between	ADP
ftr-458	930	14	portfolios	portfolio	NOUN
ftr-458	930	15	with	with	ADP
ftr-458	930	16	low	low	ADJ
ftr-458	930	17	gammas	gamma	NOUN
ftr-458	930	18	and	and	CCONJ
ftr-458	930	19	those	those	PRON
ftr-458	930	20	with	with	ADP
ftr-458	930	21	larger	large	ADJ
ftr-458	930	22	gammas	gamma	NOUN
ftr-458	930	23	.	.	PUNCT
ftr-458	931	1	indeed	indeed	ADV
ftr-458	931	2	,	,	PUNCT
ftr-458	931	3	whether	whether	SCONJ
ftr-458	931	4	a	a	DET
ftr-458	931	5	taxpayer	taxpayer	NOUN
ftr-458	931	6	is	be	AUX
ftr-458	931	7	following	follow	VERB
ftr-458	931	8	a	a	DET
ftr-458	931	9	dynamic	dynamic	ADJ
ftr-458	931	10	hedging	hedging	NOUN
ftr-458	931	11	strategy	strategy	NOUN
ftr-458	931	12	,	,	PUNCT
ftr-458	931	13	rather	rather	ADV
ftr-458	931	14	than	than	ADP
ftr-458	931	15	a	a	DET
ftr-458	931	16	strategy	strategy	NOUN
ftr-458	931	17	designed	design	VERB
ftr-458	931	18	to	to	PART
ftr-458	931	19	take	take	VERB
ftr-458	931	20	a	a	DET
ftr-458	931	21	view	view	NOUN
ftr-458	931	22	on	on	ADP
ftr-458	931	23	a	a	DET
ftr-458	931	24	stock	stock	NOUN
ftr-458	931	25	or	or	CCONJ
ftr-458	931	26	on	on	ADP
ftr-458	931	27	the	the	DET
ftr-458	931	28	market	market	NOUN
ftr-458	931	29	,	,	PUNCT
ftr-458	931	30	could	could	AUX
ftr-458	931	31	be	be	AUX
ftr-458	931	32	unclear	unclear	ADJ
ftr-458	931	33	,	,	PUNCT
ftr-458	931	34	could	could	AUX
ftr-458	931	35	change	change	VERB
ftr-458	931	36	over	over	ADP
ftr-458	931	37	time	time	NOUN
ftr-458	931	38	,	,	PUNCT
ftr-458	931	39	and	and	CCONJ
ftr-458	931	40	is	be	AUX
ftr-458	931	41	a	a	DET
ftr-458	931	42	matter	matter	NOUN
ftr-458	931	43	of	of	ADP
ftr-458	931	44	degree	degree	NOUN
ftr-458	931	45	.	.	PUNCT
ftr-458	932	1	v.	v.	ADP
ftr-458	932	2	efficiency	efficiency	NOUN
ftr-458	932	3	and	and	CCONJ
ftr-458	932	4	equity	equity	NOUN
ftr-458	932	5	analysis	analysis	NOUN
ftr-458	932	6	of	of	ADP
ftr-458	932	7	the	the	DET
ftr-458	932	8	economhc	economhc	ADJ
ftr-458	932	9	substitute	substitute	NOUN
ftr-458	932	10	argument	argument	NOUN
ftr-458	932	11	for	for	ADP
ftr-458	932	12	treating	treat	VERB
ftr-458	932	13	hedging	hedging	NOUN
ftr-458	932	14	as	as	ADP
ftr-458	932	15	a	a	DET
ftr-458	932	16	realization	realization	NOUN
ftr-458	932	17	event	event	NOUN
ftr-458	932	18	the	the	DET
ftr-458	932	19	decision	decision	NOUN
ftr-458	932	20	whether	whether	SCONJ
ftr-458	932	21	to	to	PART
ftr-458	932	22	treat	treat	VERB
ftr-458	932	23	hedging	hedging	NOUN
ftr-458	932	24	as	as	ADP
ftr-458	932	25	a	a	DET
ftr-458	932	26	realization	realization	NOUN
ftr-458	932	27	event	event	NOUN
ftr-458	932	28	should	should	AUX
ftr-458	932	29	be	be	AUX
ftr-458	932	30	based	base	VERB
ftr-458	932	31	on	on	ADP
ftr-458	932	32	efficiency	efficiency	NOUN
ftr-458	932	33	and	and	CCONJ
ftr-458	932	34	equity	equity	NOUN
ftr-458	932	35	considerations	consideration	NOUN
ftr-458	932	36	relating	relate	VERB
ftr-458	932	37	to	to	ADP
ftr-458	932	38	the	the	DET
ftr-458	932	39	ability	ability	NOUN
ftr-458	932	40	of	of	ADP
ftr-458	932	41	taxpayers	taxpayer	NOUN
ftr-458	932	42	to	to	PART
ftr-458	932	43	use	use	VERB
ftr-458	932	44	hedges	hedge	NOUN
ftr-458	932	45	as	as	ADP
ftr-458	932	46	economic	economic	ADJ
ftr-458	932	47	substitutes	substitute	NOUN
ftr-458	932	48	for	for	ADP
ftr-458	932	49	sales	sale	NOUN
ftr-458	932	50	.	.	PUNCT
ftr-458	933	1	as	as	SCONJ
ftr-458	933	2	compared	compare	VERB
ftr-458	933	3	with	with	ADP
ftr-458	933	4	current	current	ADJ
ftr-458	933	5	law	law	NOUN
ftr-458	933	6	,	,	PUNCT
ftr-458	933	7	treating	treat	VERB
ftr-458	933	8	hedging	hedging	NOUN
ftr-458	933	9	as	as	ADP
ftr-458	933	10	a	a	DET
ftr-458	933	11	realization	realization	NOUN
ftr-458	933	12	event	event	NOUN
ftr-458	933	13	is	be	AUX
ftr-458	933	14	not	not	PART
ftr-458	933	15	a	a	DET
ftr-458	933	16	clear	clear	ADJ
ftr-458	933	17	winner	winner	NOUN
ftr-458	933	18	.	.	PUNCT
ftr-458	934	1	taxing	tax	VERB
ftr-458	934	2	hedging	hedging	NOUN
ftr-458	934	3	might	might	AUX
ftr-458	934	4	eliminate	eliminate	VERB
ftr-458	934	5	some	some	DET
ftr-458	934	6	transaction	transaction	NOUN
ftr-458	934	7	costs	cost	NOUN
ftr-458	934	8	associated	associate	VERB
ftr-458	934	9	with	with	ADP
ftr-458	934	10	hedging	hedging	NOUN
ftr-458	934	11	because	because	SCONJ
ftr-458	934	12	some	some	DET
ftr-458	934	13	taxpayers	taxpayer	NOUN
ftr-458	934	14	who	who	PRON
ftr-458	934	15	would	would	AUX
ftr-458	934	16	have	have	AUX
ftr-458	934	17	hedged	hedge	VERB
ftr-458	934	18	under	under	ADP
ftr-458	934	19	current	current	ADJ
ftr-458	934	20	law	law	NOUN
ftr-458	934	21	will	will	AUX
ftr-458	934	22	likely	likely	ADV
ftr-458	934	23	choose	choose	VERB
ftr-458	934	24	to	to	PART
ftr-458	934	25	sell	sell	VERB
ftr-458	934	26	.	.	PUNCT
ftr-458	935	1	a	a	DET
ftr-458	935	2	reformed	reform	VERB
ftr-458	935	3	realization	realization	NOUN
ftr-458	935	4	rule	rule	NOUN
ftr-458	935	5	might	might	AUX
ftr-458	935	6	apply	apply	VERB
ftr-458	935	7	too	too	ADV
ftr-458	935	8	narrowly	narrowly	ADV
ftr-458	935	9	,	,	PUNCT
ftr-458	935	10	however	however	ADV
ftr-458	935	11	,	,	PUNCT
ftr-458	935	12	inviting	invite	VERB
ftr-458	935	13	taxpayers	taxpayer	NOUN
ftr-458	935	14	to	to	PART
ftr-458	935	15	enter	enter	VERB
ftr-458	935	16	into	into	ADP
ftr-458	935	17	more	more	ADV
ftr-458	935	18	complicated	complicated	ADJ
ftr-458	935	19	hedges	hedge	NOUN
ftr-458	935	20	generating	generate	VERB
ftr-458	935	21	greater	great	ADJ
ftr-458	935	22	transaction	transaction	NOUN
ftr-458	935	23	costs	cost	NOUN
ftr-458	935	24	than	than	ADP
ftr-458	935	25	the	the	DET
ftr-458	935	26	current	current	ADJ
ftr-458	935	27	realization	realization	NOUN
ftr-458	935	28	system	system	NOUN
ftr-458	935	29	.	.	PUNCT
ftr-458	936	1	or	or	CCONJ
ftr-458	936	2	,	,	PUNCT
ftr-458	936	3	it	it	PRON
ftr-458	936	4	might	might	AUX
ftr-458	936	5	result	result	VERB
ftr-458	936	6	in	in	ADP
ftr-458	936	7	taxpayers	taxpayer	NOUN
ftr-458	936	8	holding	hold	VERB
ftr-458	936	9	their	their	PRON
ftr-458	936	10	assets	asset	NOUN
ftr-458	936	11	without	without	ADP
ftr-458	936	12	hedging	hedge	VERB
ftr-458	936	13	,	,	PUNCT
ftr-458	936	14	exacerbating	exacerbate	VERB
ftr-458	936	15	the	the	DET
ftr-458	936	16	lock	lock	NOUN
ftr-458	936	17	in	in	ADP
ftr-458	936	18	effect	effect	NOUN
ftr-458	936	19	of	of	ADP
ftr-458	936	20	current	current	ADJ
ftr-458	936	21	law	law	NOUN
ftr-458	936	22	.	.	PUNCT
ftr-458	937	1	taxing	tax	VERB
ftr-458	937	2	hedging	hedging	NOUN
ftr-458	937	3	is	be	AUX
ftr-458	937	4	appealing	appeal	VERB
ftr-458	937	5	on	on	ADP
ftr-458	937	6	equity	equity	NOUN
ftr-458	937	7	grounds	ground	NOUN
ftr-458	937	8	,	,	PUNCT
ftr-458	937	9	but	but	CCONJ
ftr-458	937	10	arguments	argument	NOUN
ftr-458	937	11	in	in	ADP
ftr-458	937	12	favor	favor	NOUN
ftr-458	937	13	of	of	ADP
ftr-458	937	14	taxing	tax	VERB
ftr-458	937	15	hedgers	hedger	NOUN
ftr-458	937	16	also	also	ADV
ftr-458	937	17	apply	apply	VERB
ftr-458	937	18	to	to	ADP
ftr-458	937	19	taxing	tax	VERB
ftr-458	937	20	holders	holder	NOUN
ftr-458	937	21	.	.	PUNCT
ftr-458	938	1	the	the	DET
ftr-458	938	2	desirability	desirability	NOUN
ftr-458	938	3	of	of	ADP
ftr-458	938	4	reforming	reform	VERB
ftr-458	938	5	realization	realization	NOUN
ftr-458	938	6	to	to	PART
ftr-458	938	7	apply	apply	VERB
ftr-458	938	8	to	to	ADP
ftr-458	938	9	hedging	hedging	NOUN
ftr-458	938	10	depends	depend	VERB
ftr-458	938	11	on	on	ADP
ftr-458	938	12	the	the	DET
ftr-458	938	13	particular	particular	ADJ
ftr-458	938	14	terms	term	NOUN
ftr-458	938	15	of	of	ADP
ftr-458	938	16	the	the	DET
ftr-458	938	17	regime	regime	NOUN
ftr-458	938	18	under	under	ADP
ftr-458	938	19	consideration	consideration	NOUN
ftr-458	938	20	.	.	PUNCT
ftr-458	939	1	83	83	NUM
ftr-458	939	2	.	.	PUNCT
ftr-458	939	3	gamma	gamma	PROPN
ftr-458	939	4	is	be	AUX
ftr-458	939	5	the	the	DET
ftr-458	939	6	second	second	ADJ
ftr-458	939	7	partial	partial	ADJ
ftr-458	939	8	derivative	derivative	NOUN
ftr-458	939	9	of	of	ADP
ftr-458	939	10	the	the	DET
ftr-458	939	11	value	value	NOUN
ftr-458	939	12	of	of	ADP
ftr-458	939	13	the	the	DET
ftr-458	939	14	derivative	derivative	ADJ
ftr-458	939	15	security	security	NOUN
ftr-458	939	16	with	with	ADP
ftr-458	939	17	respect	respect	NOUN
ftr-458	939	18	to	to	ADP
ftr-458	939	19	the	the	DET
ftr-458	939	20	value	value	NOUN
ftr-458	939	21	of	of	ADP
ftr-458	939	22	the	the	DET
ftr-458	939	23	underlying	underlie	VERB
ftr-458	939	24	asset	asset	NOUN
ftr-458	939	25	.	.	PUNCT
ftr-458	940	1	see	see	VERB
ftr-458	940	2	hull	hull	NOUN
ftr-458	940	3	.	.	PUNCT
ftr-458	941	1	supra	supra	PROPN
ftr-458	941	2	note	note	PROPN
ftr-458	941	3	63	63	NUM
ftr-458	941	4	.	.	PUNCT
ftr-458	942	1	at	at	ADP
ftr-458	942	2	310	310	NUM
ftr-458	942	3	-	-	SYM
ftr-458	942	4	14	14	NUM
ftr-458	942	5	.	.	PUNCT
ftr-458	942	6	84	84	NUM
ftr-458	942	7	.	.	PUNCT
ftr-458	943	1	i	i	PRON
ftr-458	943	2	d.	d.	PROPN
ftr-458	943	3	at	at	ADP
ftr-458	943	4	310	310	NUM
ftr-458	943	5	.	.	PROPN
ftr-458	943	6	85	85	NUM
ftr-458	943	7	.	.	PUNCT
ftr-458	944	1	a	a	DET
ftr-458	944	2	trading	trading	NOUN
ftr-458	944	3	desk	desk	NOUN
ftr-458	944	4	is	be	AUX
ftr-458	944	5	required	require	VERB
ftr-458	944	6	in	in	ADP
ftr-458	944	7	order	order	NOUN
ftr-458	944	8	to	to	PART
ftr-458	944	9	monitor	monitor	VERB
ftr-458	944	10	and	and	CCONJ
ftr-458	944	11	trade	trade	VERB
ftr-458	944	12	with	with	ADP
ftr-458	944	13	the	the	DET
ftr-458	944	14	required	require	VERB
ftr-458	944	15	frequency	frequency	NOUN
ftr-458	944	16	.	.	PUNCT
ftr-458	945	1	financial	financial	ADJ
ftr-458	945	2	institutions	institution	NOUN
ftr-458	945	3	are	be	AUX
ftr-458	945	4	therefore	therefore	ADV
ftr-458	945	5	well	well	ADV
ftr-458	945	6	-	-	PUNCT
ftr-458	945	7	positioned	position	VERB
ftr-458	945	8	to	to	PART
ftr-458	945	9	engage	engage	VERB
ftr-458	945	10	in	in	ADP
ftr-458	945	11	dynamic	dynamic	ADJ
ftr-458	945	12	hedging	hedging	NOUN
ftr-458	945	13	.	.	PUNCT
ftr-458	946	1	19961	19961	NUM
ftr-458	946	2	florida	florida	PROPN
ftr-458	946	3	tax	tax	PROPN
ftr-458	946	4	review	review	NOUN
ftr-458	946	5	a.	a.	NOUN
ftr-458	946	6	efficiency	efficiency	NOUN
ftr-458	946	7	and	and	CCONJ
ftr-458	946	8	equity	equity	NOUN
ftr-458	946	9	under	under	ADP
ftr-458	946	10	current	current	ADJ
ftr-458	946	11	realization	realization	NOUN
ftr-458	946	12	requirement	requirement	NOUN
ftr-458	946	13	realization	realization	NOUN
ftr-458	946	14	proposals	proposal	NOUN
ftr-458	946	15	should	should	AUX
ftr-458	946	16	be	be	AUX
ftr-458	946	17	analyzed	analyze	VERB
ftr-458	946	18	by	by	ADP
ftr-458	946	19	comparison	comparison	NOUN
ftr-458	946	20	with	with	ADP
ftr-458	946	21	the	the	DET
ftr-458	946	22	current	current	ADJ
ftr-458	946	23	realization	realization	NOUN
ftr-458	946	24	regime	regime	NOUN
ftr-458	946	25	,	,	PUNCT
ftr-458	946	26	which	which	PRON
ftr-458	946	27	produces	produce	VERB
ftr-458	946	28	certain	certain	ADJ
ftr-458	946	29	social	social	ADJ
ftr-458	946	30	benefits	benefit	NOUN
ftr-458	946	31	and	and	CCONJ
ftr-458	946	32	costs	cost	NOUN
ftr-458	946	33	.	.	PUNCT
ftr-458	947	1	the	the	DET
ftr-458	947	2	well	well	ADV
ftr-458	947	3	-	-	PUNCT
ftr-458	947	4	recognized	recognize	VERB
ftr-458	947	5	benefits	benefit	NOUN
ftr-458	947	6	of	of	ADP
ftr-458	947	7	the	the	DET
ftr-458	947	8	realization	realization	NOUN
ftr-458	947	9	requirement	requirement	NOUN
ftr-458	947	10	relate	relate	VERB
ftr-458	947	11	to	to	ADP
ftr-458	947	12	valuation	valuation	NOUN
ftr-458	947	13	and	and	CCONJ
ftr-458	947	14	liquidity.86	liquidity.86	VERB
ftr-458	947	15	the	the	DET
ftr-458	947	16	realization	realization	NOUN
ftr-458	947	17	requirement	requirement	NOUN
ftr-458	947	18	makes	make	VERB
ftr-458	947	19	unnecessary	unnecessary	ADJ
ftr-458	947	20	the	the	DET
ftr-458	947	21	annual	annual	ADJ
ftr-458	947	22	valuation	valuation	NOUN
ftr-458	947	23	of	of	ADP
ftr-458	947	24	assets	asset	NOUN
ftr-458	947	25	that	that	PRON
ftr-458	947	26	would	would	AUX
ftr-458	947	27	be	be	AUX
ftr-458	947	28	required	require	VERB
ftr-458	947	29	under	under	ADP
ftr-458	947	30	an	an	DET
ftr-458	947	31	ideal	ideal	ADJ
ftr-458	947	32	income	income	NOUN
ftr-458	947	33	tax	tax	NOUN
ftr-458	947	34	.	.	PUNCT
ftr-458	948	1	the	the	DET
ftr-458	948	2	realization	realization	NOUN
ftr-458	948	3	requirement	requirement	NOUN
ftr-458	948	4	also	also	ADV
ftr-458	948	5	helps	help	VERB
ftr-458	948	6	prevent	prevent	VERB
ftr-458	948	7	taxpayers	taxpayer	NOUN
ftr-458	948	8	from	from	ADP
ftr-458	948	9	being	be	AUX
ftr-458	948	10	required	require	VERB
ftr-458	948	11	to	to	PART
ftr-458	948	12	sell	sell	VERB
ftr-458	948	13	assets	asset	NOUN
ftr-458	948	14	in	in	ADP
ftr-458	948	15	order	order	NOUN
ftr-458	948	16	to	to	PART
ftr-458	948	17	raise	raise	VERB
ftr-458	948	18	funds	fund	NOUN
ftr-458	948	19	to	to	PART
ftr-458	948	20	pay	pay	VERB
ftr-458	948	21	tax	tax	NOUN
ftr-458	948	22	.	.	PUNCT
ftr-458	949	1	the	the	DET
ftr-458	949	2	realization	realization	NOUN
ftr-458	949	3	requirement	requirement	NOUN
ftr-458	949	4	produces	produce	VERB
ftr-458	949	5	several	several	ADJ
ftr-458	949	6	social	social	ADJ
ftr-458	949	7	costs	cost	NOUN
ftr-458	949	8	.	.	PUNCT
ftr-458	950	1	first	first	ADV
ftr-458	950	2	,	,	PUNCT
ftr-458	950	3	the	the	DET
ftr-458	950	4	requirement	requirement	NOUN
ftr-458	950	5	discourages	discourage	VERB
ftr-458	950	6	taxpayers	taxpayer	NOUN
ftr-458	950	7	from	from	ADP
ftr-458	950	8	selling	sell	VERB
ftr-458	950	9	appreciated	appreciated	ADJ
ftr-458	950	10	assets	asset	NOUN
ftr-458	950	11	.	.	PUNCT
ftr-458	951	1	a	a	DET
ftr-458	951	2	taxpayer	taxpayer	NOUN
ftr-458	951	3	who	who	PRON
ftr-458	951	4	would	would	AUX
ftr-458	951	5	otherwise	otherwise	ADV
ftr-458	951	6	sell	sell	VERB
ftr-458	951	7	an	an	DET
ftr-458	951	8	appreciated	appreciated	ADJ
ftr-458	951	9	asset	asset	NOUN
ftr-458	951	10	might	might	AUX
ftr-458	951	11	decide	decide	VERB
ftr-458	951	12	to	to	PART
ftr-458	951	13	hold	hold	VERB
ftr-458	951	14	,	,	PUNCT
ftr-458	951	15	rather	rather	ADV
ftr-458	951	16	than	than	ADP
ftr-458	951	17	incur	incur	VERB
ftr-458	951	18	tax	tax	NOUN
ftr-458	951	19	on	on	ADP
ftr-458	951	20	the	the	DET
ftr-458	951	21	appreciation	appreciation	NOUN
ftr-458	951	22	.	.	PUNCT
ftr-458	952	1	the	the	DET
ftr-458	952	2	realization	realization	NOUN
ftr-458	952	3	requirement	requirement	NOUN
ftr-458	952	4	creates	create	VERB
ftr-458	952	5	a	a	DET
ftr-458	952	6	lock	lock	NOUN
ftr-458	952	7	in	in	ADP
ftr-458	952	8	effect	effect	NOUN
ftr-458	952	9	by	by	ADP
ftr-458	952	10	imposing	impose	VERB
ftr-458	952	11	tax	tax	NOUN
ftr-458	952	12	on	on	ADP
ftr-458	952	13	dispositions	disposition	NOUN
ftr-458	952	14	but	but	CCONJ
ftr-458	952	15	not	not	PART
ftr-458	952	16	on	on	ADP
ftr-458	952	17	holding.87	holding.87	NOUN
ftr-458	952	18	it	it	PRON
ftr-458	952	19	thus	thus	ADV
ftr-458	952	20	undermines	undermine	VERB
ftr-458	952	21	a	a	DET
ftr-458	952	22	taxpayer	taxpayer	NOUN
ftr-458	952	23	's	's	PART
ftr-458	952	24	ability	ability	NOUN
ftr-458	952	25	to	to	PART
ftr-458	952	26	hold	hold	VERB
ftr-458	952	27	a	a	DET
ftr-458	952	28	portfolio	portfolio	NOUN
ftr-458	952	29	that	that	PRON
ftr-458	952	30	matches	match	VERB
ftr-458	952	31	the	the	DET
ftr-458	952	32	taxpayer	taxpayer	NOUN
ftr-458	952	33	's	's	PART
ftr-458	952	34	risk	risk	NOUN
ftr-458	952	35	and	and	CCONJ
ftr-458	952	36	other	other	ADJ
ftr-458	952	37	preferences	preference	NOUN
ftr-458	952	38	.	.	PUNCT
ftr-458	953	1	second	second	ADJ
ftr-458	953	2	,	,	PUNCT
ftr-458	953	3	the	the	DET
ftr-458	953	4	realization	realization	NOUN
ftr-458	953	5	regime	regime	NOUN
ftr-458	953	6	causes	cause	VERB
ftr-458	953	7	social	social	ADJ
ftr-458	953	8	costs	cost	NOUN
ftr-458	953	9	in	in	ADP
ftr-458	953	10	the	the	DET
ftr-458	953	11	nature	nature	NOUN
ftr-458	953	12	of	of	ADP
ftr-458	953	13	transaction	transaction	NOUN
ftr-458	953	14	costs	cost	NOUN
ftr-458	953	15	by	by	ADP
ftr-458	953	16	allowing	allow	VERB
ftr-458	953	17	taxpayers	taxpayer	NOUN
ftr-458	953	18	to	to	PART
ftr-458	953	19	avoid	avoid	VERB
ftr-458	953	20	lock	lock	NOUN
ftr-458	953	21	in	in	ADP
ftr-458	953	22	through	through	ADP
ftr-458	953	23	hedging	hedging	NOUN
ftr-458	953	24	.	.	PUNCT
ftr-458	954	1	as	as	SCONJ
ftr-458	954	2	discussed	discuss	VERB
ftr-458	954	3	in	in	ADP
ftr-458	954	4	part	part	NOUN
ftr-458	954	5	ii.b	ii.b	PROPN
ftr-458	954	6	.	.	PROPN
ftr-458	954	7	,	,	PUNCT
ftr-458	954	8	above	above	ADV
ftr-458	954	9	,	,	PUNCT
ftr-458	954	10	hedging	hedge	VERB
ftr-458	954	11	fungible	fungible	ADJ
ftr-458	954	12	assets	asset	NOUN
ftr-458	954	13	generally	generally	ADV
ftr-458	954	14	does	do	AUX
ftr-458	954	15	not	not	PART
ftr-458	954	16	trigger	trigger	VERB
ftr-458	954	17	gain	gain	NOUN
ftr-458	954	18	under	under	ADP
ftr-458	954	19	current	current	ADJ
ftr-458	954	20	law	law	NOUN
ftr-458	954	21	.	.	PUNCT
ftr-458	955	1	thus	thus	ADV
ftr-458	955	2	,	,	PUNCT
ftr-458	955	3	entering	enter	VERB
ftr-458	955	4	into	into	ADP
ftr-458	955	5	an	an	DET
ftr-458	955	6	equity	equity	NOUN
ftr-458	955	7	swap	swap	NOUN
ftr-458	955	8	,	,	PUNCT
ftr-458	955	9	short	short	ADJ
ftr-458	955	10	sale	sale	NOUN
ftr-458	955	11	against	against	ADP
ftr-458	955	12	the	the	DET
ftr-458	955	13	box	box	NOUN
ftr-458	955	14	,	,	PUNCT
ftr-458	955	15	or	or	CCONJ
ftr-458	955	16	married	marry	VERB
ftr-458	955	17	put	put	NOUN
ftr-458	955	18	and	and	CCONJ
ftr-458	955	19	call	call	VERB
ftr-458	955	20	enables	enable	VERB
ftr-458	955	21	a	a	DET
ftr-458	955	22	taxpayer	taxpayer	NOUN
ftr-458	955	23	to	to	PART
ftr-458	955	24	eliminate	eliminate	VERB
ftr-458	955	25	exposure	exposure	NOUN
ftr-458	955	26	to	to	ADP
ftr-458	955	27	risk	risk	VERB
ftr-458	955	28	in	in	ADP
ftr-458	955	29	an	an	DET
ftr-458	955	30	appreciated	appreciated	ADJ
ftr-458	955	31	asset	asset	NOUN
ftr-458	955	32	without	without	ADP
ftr-458	955	33	triggering	trigger	VERB
ftr-458	955	34	tax	tax	NOUN
ftr-458	955	35	.	.	PUNCT
ftr-458	956	1	those	those	DET
ftr-458	956	2	transactions	transaction	NOUN
ftr-458	956	3	bear	bear	VERB
ftr-458	956	4	transaction	transaction	NOUN
ftr-458	956	5	costs	cost	NOUN
ftr-458	956	6	,	,	PUNCT
ftr-458	956	7	which	which	PRON
ftr-458	956	8	vary	vary	VERB
ftr-458	956	9	depending	depend	VERB
ftr-458	956	10	on	on	ADP
ftr-458	956	11	the	the	DET
ftr-458	956	12	type	type	NOUN
ftr-458	956	13	of	of	ADP
ftr-458	956	14	hedge	hedge	NOUN
ftr-458	956	15	.	.	PUNCT
ftr-458	957	1	short	short	ADJ
ftr-458	957	2	against	against	ADP
ftr-458	957	3	the	the	DET
ftr-458	957	4	box	box	NOUN
ftr-458	957	5	transactions	transaction	NOUN
ftr-458	957	6	have	have	VERB
ftr-458	957	7	low	low	ADJ
ftr-458	957	8	transaction	transaction	NOUN
ftr-458	957	9	costs	cost	NOUN
ftr-458	957	10	because	because	SCONJ
ftr-458	957	11	the	the	DET
ftr-458	957	12	short	short	ADJ
ftr-458	957	13	sale	sale	NOUN
ftr-458	957	14	involves	involve	VERB
ftr-458	957	15	a	a	DET
ftr-458	957	16	publicly	publicly	ADV
ftr-458	957	17	traded	trade	VERB
ftr-458	957	18	asset	asset	NOUN
ftr-458	957	19	,	,	PUNCT
ftr-458	957	20	but	but	CCONJ
ftr-458	957	21	equity	equity	NOUN
ftr-458	957	22	swaps	swap	NOUN
ftr-458	957	23	involve	involve	VERB
ftr-458	957	24	significant	significant	ADJ
ftr-458	957	25	social	social	ADJ
ftr-458	957	26	resources	resource	NOUN
ftr-458	957	27	since	since	SCONJ
ftr-458	957	28	they	they	PRON
ftr-458	957	29	are	be	AUX
ftr-458	957	30	over	over	ADP
ftr-458	957	31	-	-	PUNCT
ftr-458	957	32	the	the	DET
ftr-458	957	33	-	-	PUNCT
ftr-458	957	34	counter	counter	NOUN
ftr-458	957	35	products	product	NOUN
ftr-458	957	36	drafted	draft	VERB
ftr-458	957	37	specially	specially	ADV
ftr-458	957	38	for	for	ADP
ftr-458	957	39	the	the	DET
ftr-458	957	40	parties	party	NOUN
ftr-458	957	41	.	.	PUNCT
ftr-458	958	1	even	even	ADV
ftr-458	958	2	short	short	ADJ
ftr-458	958	3	sales	sale	NOUN
ftr-458	958	4	against	against	ADP
ftr-458	958	5	the	the	DET
ftr-458	958	6	box	box	NOUN
ftr-458	958	7	involve	involve	VERB
ftr-458	958	8	some	some	DET
ftr-458	958	9	transaction	transaction	NOUN
ftr-458	958	10	costs	cost	NOUN
ftr-458	958	11	.	.	PUNCT
ftr-458	959	1	they	they	PRON
ftr-458	959	2	are	be	AUX
ftr-458	959	3	more	more	ADV
ftr-458	959	4	expensive	expensive	ADJ
ftr-458	959	5	than	than	ADP
ftr-458	959	6	the	the	DET
ftr-458	959	7	ultimate	ultimate	ADJ
ftr-458	959	8	elective	elective	ADJ
ftr-458	959	9	tax	tax	NOUN
ftr-458	959	10	under	under	ADP
ftr-458	959	11	which	which	PRON
ftr-458	959	12	a	a	DET
ftr-458	959	13	taxpayer	taxpayer	NOUN
ftr-458	959	14	checks	check	VERB
ftr-458	959	15	a	a	DET
ftr-458	959	16	box	box	NOUN
ftr-458	959	17	on	on	ADP
ftr-458	959	18	the	the	DET
ftr-458	959	19	taxpayer	taxpayer	NOUN
ftr-458	959	20	's	's	PART
ftr-458	959	21	return	return	NOUN
ftr-458	959	22	.	.	PUNCT
ftr-458	960	1	to	to	ADP
ftr-458	960	2	the	the	DET
ftr-458	960	3	extent	extent	NOUN
ftr-458	960	4	that	that	PRON
ftr-458	960	5	taxpayers	taxpayer	NOUN
ftr-458	960	6	avoid	avoid	VERB
ftr-458	960	7	lock	lock	NOUN
ftr-458	960	8	in	in	ADP
ftr-458	960	9	through	through	ADP
ftr-458	960	10	hedging	hedging	NOUN
ftr-458	960	11	,	,	PUNCT
ftr-458	960	12	the	the	DET
ftr-458	960	13	social	social	ADJ
ftr-458	960	14	costs	cost	NOUN
ftr-458	960	15	of	of	ADP
ftr-458	960	16	lock	lock	NOUN
ftr-458	960	17	in	in	ADP
ftr-458	960	18	are	be	AUX
ftr-458	960	19	eliminated	eliminate	VERB
ftr-458	960	20	,	,	PUNCT
ftr-458	960	21	but	but	CCONJ
ftr-458	960	22	transaction	transaction	NOUN
ftr-458	960	23	costs	cost	NOUN
ftr-458	960	24	are	be	AUX
ftr-458	960	25	created	create	VERB
ftr-458	960	26	.	.	PUNCT
ftr-458	961	1	third	third	ADJ
ftr-458	961	2	,	,	PUNCT
ftr-458	961	3	the	the	DET
ftr-458	961	4	realization	realization	NOUN
ftr-458	961	5	requirement	requirement	NOUN
ftr-458	961	6	favors	favor	VERB
ftr-458	961	7	relatively	relatively	ADV
ftr-458	961	8	affluent	affluent	ADJ
ftr-458	961	9	taxpayers	taxpayer	NOUN
ftr-458	961	10	because	because	SCONJ
ftr-458	961	11	the	the	DET
ftr-458	961	12	deferral	deferral	ADJ
ftr-458	961	13	benefit	benefit	NOUN
ftr-458	961	14	of	of	ADP
ftr-458	961	15	the	the	DET
ftr-458	961	16	realization	realization	NOUN
ftr-458	961	17	requirement	requirement	NOUN
ftr-458	961	18	is	be	AUX
ftr-458	961	19	only	only	ADV
ftr-458	961	20	available	available	ADJ
ftr-458	961	21	to	to	ADP
ftr-458	961	22	holders	holder	NOUN
ftr-458	961	23	of	of	ADP
ftr-458	961	24	appreciated	appreciated	ADJ
ftr-458	961	25	capital.8	capital.8	PROPN
ftr-458	961	26	thus	thus	ADV
ftr-458	961	27	,	,	PUNCT
ftr-458	961	28	assuming	assume	VERB
ftr-458	961	29	that	that	SCONJ
ftr-458	961	30	fairness	fairness	NOUN
ftr-458	961	31	requires	require	VERB
ftr-458	961	32	distribution	distribution	NOUN
ftr-458	961	33	of	of	ADP
ftr-458	961	34	the	the	DET
ftr-458	961	35	tax	tax	NOUN
ftr-458	961	36	burden	burden	NOUN
ftr-458	961	37	in	in	ADP
ftr-458	961	38	accordance	accordance	NOUN
ftr-458	961	39	with	with	ADP
ftr-458	961	40	ability	ability	NOUN
ftr-458	961	41	to	to	PART
ftr-458	961	42	pay	pay	VERB
ftr-458	961	43	,	,	PUNCT
ftr-458	961	44	measured	measure	VERB
ftr-458	961	45	by	by	ADP
ftr-458	961	46	86	86	NUM
ftr-458	961	47	.	.	PUNCT
ftr-458	962	1	see	see	VERB
ftr-458	962	2	supra	supra	PROPN
ftr-458	962	3	notes	note	VERB
ftr-458	962	4	12	12	NUM
ftr-458	962	5	-	-	SYM
ftr-458	962	6	13	13	NUM
ftr-458	962	7	and	and	CCONJ
ftr-458	962	8	47	47	NUM
ftr-458	962	9	-	-	SYM
ftr-458	962	10	48	48	NUM
ftr-458	962	11	and	and	CCONJ
ftr-458	962	12	accompanying	accompany	VERB
ftr-458	962	13	text	text	NOUN
ftr-458	962	14	.	.	PUNCT
ftr-458	963	1	87	87	NUM
ftr-458	963	2	.	.	PUNCT
ftr-458	964	1	see	see	VERB
ftr-458	964	2	,	,	PUNCT
ftr-458	964	3	e.g.	e.g.	ADV
ftr-458	964	4	,	,	PUNCT
ftr-458	964	5	daniel	daniel	PROPN
ftr-458	964	6	n.	n.	PROPN
ftr-458	964	7	shaviro	shaviro	PROPN
ftr-458	964	8	,	,	PUNCT
ftr-458	964	9	an	an	DET
ftr-458	964	10	efficiency	efficiency	NOUN
ftr-458	964	11	analysis	analysis	NOUN
ftr-458	964	12	of	of	ADP
ftr-458	964	13	realization	realization	NOUN
ftr-458	964	14	and	and	CCONJ
ftr-458	964	15	recognition	recognition	NOUN
ftr-458	964	16	rules	rule	NOUN
ftr-458	964	17	under	under	ADP
ftr-458	964	18	the	the	DET
ftr-458	964	19	federal	federal	ADJ
ftr-458	964	20	income	income	NOUN
ftr-458	964	21	tax	tax	NOUN
ftr-458	964	22	,	,	PUNCT
ftr-458	964	23	48	48	NUM
ftr-458	964	24	tax	tax	NOUN
ftr-458	964	25	l.	l.	PROPN
ftr-458	964	26	rev	rev	PROPN
ftr-458	964	27	.	.	PROPN
ftr-458	964	28	1	1	NUM
ftr-458	964	29	,	,	PUNCT
ftr-458	964	30	5	5	NUM
ftr-458	964	31	(	(	PUNCT
ftr-458	964	32	1992	1992	NUM
ftr-458	964	33	)	)	PUNCT
ftr-458	965	1	(	(	PUNCT
ftr-458	965	2	noting	note	VERB
ftr-458	965	3	that	that	SCONJ
ftr-458	965	4	lock	lock	NOUN
ftr-458	965	5	in	in	ADP
ftr-458	965	6	constitutes	constitute	VERB
ftr-458	965	7	a	a	DET
ftr-458	965	8	reduction	reduction	NOUN
ftr-458	965	9	in	in	ADP
ftr-458	965	10	a	a	DET
ftr-458	965	11	taxpayer	taxpayer	NOUN
ftr-458	965	12	's	's	PART
ftr-458	965	13	pretax	pretax	ADJ
ftr-458	965	14	welfare	welfare	NOUN
ftr-458	965	15	without	without	ADP
ftr-458	965	16	any	any	DET
ftr-458	965	17	revenue	revenue	NOUN
ftr-458	965	18	gain	gain	NOUN
ftr-458	965	19	to	to	ADP
ftr-458	965	20	the	the	DET
ftr-458	965	21	government	government	NOUN
ftr-458	965	22	)	)	PUNCT
ftr-458	965	23	.	.	PUNCT
ftr-458	966	1	88	88	NUM
ftr-458	966	2	.	.	PUNCT
ftr-458	967	1	the	the	DET
ftr-458	967	2	step	step	NOUN
ftr-458	967	3	up	up	ADP
ftr-458	967	4	in	in	ADP
ftr-458	967	5	basis	basis	NOUN
ftr-458	967	6	at	at	ADP
ftr-458	967	7	death	death	NOUN
ftr-458	967	8	under	under	ADP
ftr-458	967	9	§	§	PROPN
ftr-458	967	10	1014	1014	NUM
ftr-458	967	11	provides	provide	VERB
ftr-458	967	12	an	an	DET
ftr-458	967	13	additional	additional	ADJ
ftr-458	967	14	benefit	benefit	NOUN
ftr-458	967	15	to	to	ADP
ftr-458	967	16	holders	holder	NOUN
ftr-458	967	17	of	of	ADP
ftr-458	967	18	appreciated	appreciated	ADJ
ftr-458	967	19	assets	asset	NOUN
ftr-458	967	20	.	.	PUNCT
ftr-458	968	1	[	[	X
ftr-458	968	2	val	val	X
ftr-458	968	3	3:1	3:1	NUM
ftr-458	968	4	anoiher	anoiher	ADV
ftr-458	968	5	uneasy	uneasy	ADJ
ftr-458	968	6	compromise	compromise	ADJ
ftr-458	968	7	economic	economic	ADJ
ftr-458	968	8	income	income	NOUN
ftr-458	968	9	,	,	PUNCT
ftr-458	968	10	the	the	DET
ftr-458	968	11	realization	realization	NOUN
ftr-458	968	12	requirement	requirement	NOUN
ftr-458	968	13	forces	force	NOUN
ftr-458	968	14	persons	person	NOUN
ftr-458	968	15	who	who	PRON
ftr-458	968	16	earn	earn	VERB
ftr-458	968	17	their	their	PRON
ftr-458	968	18	income	income	NOUN
ftr-458	968	19	through	through	ADP
ftr-458	968	20	labor	labor	NOUN
ftr-458	968	21	to	to	PART
ftr-458	968	22	bear	bear	VERB
ftr-458	968	23	more	more	ADJ
ftr-458	968	24	than	than	ADP
ftr-458	968	25	their	their	PRON
ftr-458	968	26	fair	fair	ADJ
ftr-458	968	27	share	share	NOUN
ftr-458	968	28	of	of	ADP
ftr-458	968	29	the	the	DET
ftr-458	968	30	tax	tax	NOUN
ftr-458	968	31	burden	burden	NOUN
ftr-458	968	32	.	.	PUNCT
ftr-458	969	1	fourth	fourth	ADJ
ftr-458	969	2	,	,	PUNCT
ftr-458	969	3	the	the	DET
ftr-458	969	4	realization	realization	NOUN
ftr-458	969	5	requirement	requirement	NOUN
ftr-458	969	6	creates	create	VERB
ftr-458	969	7	a	a	DET
ftr-458	969	8	perceptual	perceptual	ADJ
ftr-458	969	9	cost	cost	NOUN
ftr-458	969	10	.	.	PUNCT
ftr-458	970	1	the	the	DET
ftr-458	970	2	public	public	NOUN
ftr-458	970	3	may	may	AUX
ftr-458	970	4	believe	believe	VERB
ftr-458	970	5	the	the	DET
ftr-458	970	6	system	system	NOUN
ftr-458	970	7	is	be	AUX
ftr-458	970	8	unfair	unfair	ADJ
ftr-458	970	9	when	when	SCONJ
ftr-458	970	10	taxpayers	taxpayer	NOUN
ftr-458	970	11	with	with	ADP
ftr-458	970	12	large	large	ADJ
ftr-458	970	13	amounts	amount	NOUN
ftr-458	970	14	of	of	ADP
ftr-458	970	15	capital	capital	NOUN
ftr-458	970	16	appreciation	appreciation	NOUN
ftr-458	970	17	avoid	avoid	VERB
ftr-458	970	18	paying	pay	VERB
ftr-458	970	19	tax	tax	NOUN
ftr-458	970	20	.	.	PUNCT
ftr-458	971	1	that	that	DET
ftr-458	971	2	perception	perception	NOUN
ftr-458	971	3	of	of	ADP
ftr-458	971	4	unfairness	unfairness	NOUN
ftr-458	971	5	may	may	AUX
ftr-458	971	6	be	be	AUX
ftr-458	971	7	exacerbated	exacerbate	VERB
ftr-458	971	8	when	when	SCONJ
ftr-458	971	9	such	such	ADJ
ftr-458	971	10	taxpayers	taxpayer	NOUN
ftr-458	971	11	hedge	hedge	VERB
ftr-458	971	12	their	their	PRON
ftr-458	971	13	appreciated	appreciated	ADJ
ftr-458	971	14	assets	asset	NOUN
ftr-458	971	15	without	without	ADP
ftr-458	971	16	paying	pay	VERB
ftr-458	971	17	tax.89	tax.89	NOUN
ftr-458	971	18	for	for	ADP
ftr-458	971	19	a	a	DET
ftr-458	971	20	tax	tax	NOUN
ftr-458	971	21	system	system	NOUN
ftr-458	971	22	based	base	VERB
ftr-458	971	23	on	on	ADP
ftr-458	971	24	voluntary	voluntary	ADJ
ftr-458	971	25	compliance	compliance	NOUN
ftr-458	971	26	,	,	PUNCT
ftr-458	971	27	the	the	DET
ftr-458	971	28	perception	perception	NOUN
ftr-458	971	29	that	that	SCONJ
ftr-458	971	30	the	the	DET
ftr-458	971	31	regime	regime	NOUN
ftr-458	971	32	is	be	AUX
ftr-458	971	33	fair	fair	ADJ
ftr-458	971	34	is	be	AUX
ftr-458	971	35	crucial	crucial	ADJ
ftr-458	971	36	.	.	PUNCT
ftr-458	972	1	on	on	ADP
ftr-458	972	2	the	the	DET
ftr-458	972	3	other	other	ADJ
ftr-458	972	4	hand	hand	NOUN
ftr-458	972	5	,	,	PUNCT
ftr-458	972	6	realization	realization	NOUN
ftr-458	972	7	may	may	AUX
ftr-458	972	8	be	be	AUX
ftr-458	972	9	a	a	DET
ftr-458	972	10	sufficiently	sufficiently	ADV
ftr-458	972	11	esoteric	esoteric	ADJ
ftr-458	972	12	subject	subject	NOUN
ftr-458	972	13	that	that	SCONJ
ftr-458	972	14	public	public	ADJ
ftr-458	972	15	perception	perception	NOUN
ftr-458	972	16	of	of	ADP
ftr-458	972	17	the	the	DET
ftr-458	972	18	fairness	fairness	NOUN
ftr-458	972	19	of	of	ADP
ftr-458	972	20	the	the	DET
ftr-458	972	21	realization	realization	NOUN
ftr-458	972	22	rule	rule	NOUN
ftr-458	972	23	in	in	ADP
ftr-458	972	24	general	general	ADJ
ftr-458	972	25	and	and	CCONJ
ftr-458	972	26	its	its	PRON
ftr-458	972	27	application	application	NOUN
ftr-458	972	28	to	to	ADP
ftr-458	972	29	hedging	hedging	NOUN
ftr-458	972	30	may	may	AUX
ftr-458	972	31	be	be	AUX
ftr-458	972	32	mixed	mixed	ADJ
ftr-458	972	33	or	or	CCONJ
ftr-458	972	34	uncertain	uncertain	ADJ
ftr-458	972	35	.	.	PUNCT
ftr-458	973	1	b.	b.	PROPN
ftr-458	973	2	would	would	AUX
ftr-458	973	3	treating	treat	VERB
ftr-458	973	4	hedging	hedging	NOUN
ftr-458	973	5	as	as	SCONJ
ftr-458	973	6	a	a	DET
ftr-458	973	7	realization	realization	NOUN
ftr-458	973	8	event	event	NOUN
ftr-458	973	9	be	be	AUX
ftr-458	973	10	an	an	DET
ftr-458	973	11	improvement	improvement	NOUN
ftr-458	973	12	?	?	PUNCT
ftr-458	974	1	whether	whether	SCONJ
ftr-458	974	2	a	a	DET
ftr-458	974	3	reform	reform	NOUN
ftr-458	974	4	of	of	ADP
ftr-458	974	5	the	the	DET
ftr-458	974	6	realization	realization	NOUN
ftr-458	974	7	requirement	requirement	NOUN
ftr-458	974	8	to	to	PART
ftr-458	974	9	apply	apply	VERB
ftr-458	974	10	to	to	ADP
ftr-458	974	11	hedging	hedging	NOUN
ftr-458	974	12	would	would	AUX
ftr-458	974	13	be	be	AUX
ftr-458	974	14	an	an	DET
ftr-458	974	15	improvement	improvement	NOUN
ftr-458	974	16	over	over	ADP
ftr-458	974	17	current	current	ADJ
ftr-458	974	18	law	law	NOUN
ftr-458	974	19	depends	depend	VERB
ftr-458	974	20	on	on	ADP
ftr-458	974	21	the	the	DET
ftr-458	974	22	particular	particular	ADJ
ftr-458	974	23	proposal	proposal	NOUN
ftr-458	974	24	because	because	SCONJ
ftr-458	974	25	different	different	ADJ
ftr-458	974	26	proposals	proposal	NOUN
ftr-458	974	27	would	would	AUX
ftr-458	974	28	have	have	VERB
ftr-458	974	29	different	different	ADJ
ftr-458	974	30	effects	effect	NOUN
ftr-458	974	31	.	.	PUNCT
ftr-458	975	1	the	the	DET
ftr-458	975	2	valuation	valuation	NOUN
ftr-458	975	3	and	and	CCONJ
ftr-458	975	4	liquidity	liquidity	NOUN
ftr-458	975	5	benefits	benefit	NOUN
ftr-458	975	6	that	that	PRON
ftr-458	975	7	underlie	underlie	VERB
ftr-458	975	8	the	the	DET
ftr-458	975	9	realization	realization	NOUN
ftr-458	975	10	requirement	requirement	NOUN
ftr-458	975	11	would	would	AUX
ftr-458	975	12	be	be	AUX
ftr-458	975	13	lost	lose	VERB
ftr-458	975	14	generally	generally	ADV
ftr-458	975	15	if	if	SCONJ
ftr-458	975	16	entering	enter	VERB
ftr-458	975	17	into	into	ADP
ftr-458	975	18	a	a	DET
ftr-458	975	19	hedge	hedge	NOUN
ftr-458	975	20	were	be	AUX
ftr-458	975	21	treated	treat	VERB
ftr-458	975	22	as	as	ADP
ftr-458	975	23	a	a	DET
ftr-458	975	24	realization	realization	NOUN
ftr-458	975	25	event	event	NOUN
ftr-458	975	26	.	.	PUNCT
ftr-458	976	1	but	but	CCONJ
ftr-458	976	2	,	,	PUNCT
ftr-458	976	3	those	those	DET
ftr-458	976	4	benefits	benefit	NOUN
ftr-458	976	5	are	be	AUX
ftr-458	976	6	small	small	ADJ
ftr-458	976	7	in	in	ADP
ftr-458	976	8	the	the	DET
ftr-458	976	9	context	context	NOUN
ftr-458	976	10	of	of	ADP
ftr-458	976	11	publiclytraded	publiclytrade	VERB
ftr-458	976	12	assets	asset	NOUN
ftr-458	976	13	where	where	SCONJ
ftr-458	976	14	valuation	valuation	NOUN
ftr-458	976	15	is	be	AUX
ftr-458	976	16	generally	generally	ADV
ftr-458	976	17	simple	simple	ADJ
ftr-458	976	18	and	and	CCONJ
ftr-458	976	19	the	the	DET
ftr-458	976	20	market	market	NOUN
ftr-458	976	21	is	be	AUX
ftr-458	976	22	liquid	liquid	ADJ
ftr-458	976	23	.	.	PUNCT
ftr-458	976	24	'	'	PUNCT
ftr-458	977	1	valuation	valuation	NOUN
ftr-458	977	2	could	could	AUX
ftr-458	977	3	be	be	AUX
ftr-458	977	4	more	more	ADV
ftr-458	977	5	difficult	difficult	ADJ
ftr-458	977	6	if	if	SCONJ
ftr-458	977	7	a	a	DET
ftr-458	977	8	nonmarketable	nonmarketable	ADJ
ftr-458	977	9	asset	asset	NOUN
ftr-458	977	10	,	,	PUNCT
ftr-458	977	11	or	or	CCONJ
ftr-458	977	12	a	a	DET
ftr-458	977	13	large	large	ADJ
ftr-458	977	14	block	block	NOUN
ftr-458	977	15	of	of	ADP
ftr-458	977	16	shares	share	NOUN
ftr-458	977	17	of	of	ADP
ftr-458	977	18	a	a	DET
ftr-458	977	19	single	single	ADJ
ftr-458	977	20	issuer	issuer	NOUN
ftr-458	977	21	,	,	PUNCT
ftr-458	977	22	needed	need	VERB
ftr-458	977	23	to	to	PART
ftr-458	977	24	be	be	AUX
ftr-458	977	25	valued.9	valued.9	NOUN
ftr-458	977	26	'	'	PUNCT
ftr-458	977	27	but	but	CCONJ
ftr-458	977	28	,	,	PUNCT
ftr-458	977	29	presumably	presumably	ADV
ftr-458	977	30	,	,	PUNCT
ftr-458	977	31	in	in	ADP
ftr-458	977	32	order	order	NOUN
ftr-458	977	33	to	to	PART
ftr-458	977	34	arrange	arrange	VERB
ftr-458	977	35	the	the	DET
ftr-458	977	36	hedge	hedge	NOUN
ftr-458	977	37	that	that	PRON
ftr-458	977	38	triggered	trigger	VERB
ftr-458	977	39	the	the	DET
ftr-458	977	40	realization	realization	NOUN
ftr-458	977	41	event	event	NOUN
ftr-458	977	42	,	,	PUNCT
ftr-458	977	43	the	the	DET
ftr-458	977	44	parties	party	NOUN
ftr-458	977	45	estimated	estimate	VERB
ftr-458	977	46	the	the	DET
ftr-458	977	47	asset	asset	NOUN
ftr-458	977	48	's	's	PART
ftr-458	977	49	fair	fair	ADJ
ftr-458	977	50	market	market	NOUN
ftr-458	977	51	value	value	NOUN
ftr-458	977	52	.	.	PUNCT
ftr-458	978	1	in	in	ADP
ftr-458	978	2	any	any	DET
ftr-458	978	3	event	event	NOUN
ftr-458	978	4	,	,	PUNCT
ftr-458	978	5	valuation	valuation	NOUN
ftr-458	978	6	and	and	CCONJ
ftr-458	978	7	liquidity	liquidity	NOUN
ftr-458	978	8	concerns	concern	NOUN
ftr-458	978	9	are	be	AUX
ftr-458	978	10	no	no	ADV
ftr-458	978	11	greater	great	ADJ
ftr-458	978	12	in	in	ADP
ftr-458	978	13	the	the	DET
ftr-458	978	14	context	context	NOUN
ftr-458	978	15	of	of	ADP
ftr-458	978	16	hedging	hedging	NOUN
ftr-458	978	17	than	than	SCONJ
ftr-458	978	18	they	they	PRON
ftr-458	978	19	are	be	AUX
ftr-458	978	20	in	in	ADP
ftr-458	978	21	the	the	DET
ftr-458	978	22	context	context	NOUN
ftr-458	978	23	of	of	ADP
ftr-458	978	24	property	property	NOUN
ftr-458	978	25	-	-	PUNCT
ftr-458	978	26	for	for	ADP
ftr-458	978	27	-	-	PUNCT
ftr-458	978	28	property	property	NOUN
ftr-458	978	29	exchanges	exchange	NOUN
ftr-458	978	30	that	that	PRON
ftr-458	978	31	are	be	AUX
ftr-458	978	32	taxable	taxable	ADJ
ftr-458	978	33	under	under	ADP
ftr-458	978	34	current	current	ADJ
ftr-458	978	35	law	law	NOUN
ftr-458	978	36	.	.	PUNCT
ftr-458	979	1	as	as	SCONJ
ftr-458	979	2	to	to	PART
ftr-458	979	3	lock	lock	VERB
ftr-458	979	4	in	in	ADP
ftr-458	979	5	,	,	PUNCT
ftr-458	979	6	treating	treat	VERB
ftr-458	979	7	hedging	hedging	NOUN
ftr-458	979	8	as	as	ADP
ftr-458	979	9	a	a	DET
ftr-458	979	10	realization	realization	NOUN
ftr-458	979	11	event	event	NOUN
ftr-458	979	12	would	would	AUX
ftr-458	979	13	probably	probably	ADV
ftr-458	979	14	cause	cause	VERB
ftr-458	979	15	some	some	DET
ftr-458	979	16	taxpayers	taxpayer	NOUN
ftr-458	979	17	that	that	PRON
ftr-458	979	18	would	would	AUX
ftr-458	979	19	otherwise	otherwise	ADV
ftr-458	979	20	hedge	hedge	VERB
ftr-458	979	21	to	to	PART
ftr-458	979	22	sell	sell	VERB
ftr-458	979	23	.	.	PUNCT
ftr-458	980	1	the	the	DET
ftr-458	980	2	joint	joint	ADJ
ftr-458	980	3	committee	committee	NOUN
ftr-458	980	4	on	on	ADP
ftr-458	980	5	taxation	taxation	NOUN
ftr-458	980	6	has	have	AUX
ftr-458	980	7	estimated	estimate	VERB
ftr-458	980	8	that	that	SCONJ
ftr-458	980	9	the	the	DET
ftr-458	980	10	treasury	treasury	NOUN
ftr-458	980	11	proposal	proposal	NOUN
ftr-458	980	12	will	will	AUX
ftr-458	980	13	generate	generate	VERB
ftr-458	980	14	100	100	NUM
ftr-458	980	15	million	million	NUM
ftr-458	980	16	in	in	ADP
ftr-458	980	17	revenue	revenue	NOUN
ftr-458	980	18	for	for	ADP
ftr-458	980	19	each	each	DET
ftr-458	980	20	year	year	NOUN
ftr-458	980	21	from	from	ADP
ftr-458	980	22	1996	1996	NUM
ftr-458	980	23	through	through	ADP
ftr-458	980	24	2002,9	2002,9	NOUN
ftr-458	980	25	"	"	PUNCT
ftr-458	980	26	implying	imply	VERB
ftr-458	980	27	that	that	SCONJ
ftr-458	980	28	some	some	DET
ftr-458	980	29	taxpayers	taxpayer	NOUN
ftr-458	980	30	that	that	PRON
ftr-458	980	31	,	,	PUNCT
ftr-458	980	32	under	under	ADP
ftr-458	980	33	current	current	ADJ
ftr-458	980	34	law	law	NOUN
ftr-458	980	35	,	,	PUNCT
ftr-458	980	36	would	would	AUX
ftr-458	980	37	have	have	AUX
ftr-458	980	38	utilized	utilize	VERB
ftr-458	980	39	a	a	DET
ftr-458	980	40	short	short	ADJ
ftr-458	980	41	89	89	NUM
ftr-458	980	42	.	.	PUNCT
ftr-458	981	1	i	i	PRON
ftr-458	981	2	thank	thank	VERB
ftr-458	981	3	noel	noel	PROPN
ftr-458	981	4	cunningham	cunningham	PROPN
ftr-458	981	5	for	for	ADP
ftr-458	981	6	emphasizing	emphasize	VERB
ftr-458	981	7	this	this	DET
ftr-458	981	8	point	point	NOUN
ftr-458	981	9	to	to	ADP
ftr-458	981	10	me	i	PRON
ftr-458	981	11	.	.	PUNCT
ftr-458	982	1	90	90	NUM
ftr-458	982	2	.	.	PUNCT
ftr-458	982	3	valuation	valuation	NOUN
ftr-458	982	4	could	could	AUX
ftr-458	982	5	be	be	AUX
ftr-458	982	6	difficult	difficult	ADJ
ftr-458	982	7	if	if	SCONJ
ftr-458	982	8	hedging	hedging	NOUN
ftr-458	982	9	is	be	AUX
ftr-458	982	10	treated	treat	VERB
ftr-458	982	11	as	as	ADP
ftr-458	982	12	a	a	DET
ftr-458	982	13	realization	realization	NOUN
ftr-458	982	14	event	event	NOUN
ftr-458	982	15	and	and	CCONJ
ftr-458	982	16	the	the	DET
ftr-458	982	17	taxpayer	taxpayer	NOUN
ftr-458	982	18	is	be	AUX
ftr-458	982	19	treated	treat	VERB
ftr-458	982	20	as	as	ADP
ftr-458	982	21	realizing	realize	VERB
ftr-458	982	22	an	an	DET
ftr-458	982	23	amount	amount	NOUN
ftr-458	982	24	other	other	ADJ
ftr-458	982	25	than	than	ADP
ftr-458	982	26	the	the	DET
ftr-458	982	27	fair	fair	ADJ
ftr-458	982	28	market	market	NOUN
ftr-458	982	29	value	value	NOUN
ftr-458	982	30	of	of	ADP
ftr-458	982	31	the	the	DET
ftr-458	982	32	asset	asset	NOUN
ftr-458	982	33	.	.	PUNCT
ftr-458	983	1	91	91	NUM
ftr-458	983	2	.	.	PUNCT
ftr-458	984	1	the	the	DET
ftr-458	984	2	treasury	treasury	NOUN
ftr-458	984	3	proposal	proposal	NOUN
ftr-458	984	4	could	could	AUX
ftr-458	984	5	require	require	VERB
ftr-458	984	6	valuation	valuation	NOUN
ftr-458	984	7	of	of	ADP
ftr-458	984	8	a	a	DET
ftr-458	984	9	nonmarketable	nonmarketable	ADJ
ftr-458	984	10	asset	asset	NOUN
ftr-458	984	11	.	.	PUNCT
ftr-458	985	1	the	the	DET
ftr-458	985	2	proposal	proposal	NOUN
ftr-458	985	3	generally	generally	ADV
ftr-458	985	4	applies	apply	VERB
ftr-458	985	5	to	to	ADP
ftr-458	985	6	appreciated	appreciated	ADJ
ftr-458	985	7	financial	financial	ADJ
ftr-458	985	8	positions	position	NOUN
ftr-458	985	9	.	.	PUNCT
ftr-458	986	1	whether	whether	SCONJ
ftr-458	986	2	or	or	CCONJ
ftr-458	986	3	not	not	PART
ftr-458	986	4	they	they	PRON
ftr-458	986	5	are	be	AUX
ftr-458	986	6	marketable	marketable	ADJ
ftr-458	986	7	.	.	PUNCT
ftr-458	987	1	however	however	ADV
ftr-458	987	2	,	,	PUNCT
ftr-458	987	3	a	a	DET
ftr-458	987	4	contract	contract	NOUN
ftr-458	987	5	for	for	ADP
ftr-458	987	6	sale	sale	NOUN
ftr-458	987	7	of	of	ADP
ftr-458	987	8	nonmarketable	nonmarketable	ADJ
ftr-458	987	9	stock	stock	NOUN
ftr-458	987	10	,	,	PUNCT
ftr-458	987	11	debt	debt	NOUN
ftr-458	987	12	.	.	PUNCT
ftr-458	988	1	or	or	CCONJ
ftr-458	988	2	partnership	partnership	NOUN
ftr-458	988	3	interests	interest	NOUN
ftr-458	988	4	is	be	AUX
ftr-458	988	5	excluded	exclude	VERB
ftr-458	988	6	if	if	SCONJ
ftr-458	988	7	the	the	DET
ftr-458	988	8	sale	sale	NOUN
ftr-458	988	9	occurs	occur	VERB
ftr-458	988	10	within	within	ADP
ftr-458	988	11	one	one	NUM
ftr-458	988	12	year	year	NOUN
ftr-458	988	13	after	after	SCONJ
ftr-458	988	14	the	the	DET
ftr-458	988	15	contract	contract	NOUN
ftr-458	988	16	is	be	AUX
ftr-458	988	17	made	make	VERB
ftr-458	988	18	.	.	PUNCT
ftr-458	989	1	budget	budget	NOUN
ftr-458	989	2	bill	bill	NOUN
ftr-458	989	3	,	,	PUNCT
ftr-458	989	4	supra	supra	PROPN
ftr-458	989	5	note	note	NOUN
ftr-458	989	6	3	3	NUM
ftr-458	989	7	,	,	PUNCT
ftr-458	989	8	§	§	PROPN
ftr-458	989	9	9512	9512	NUM
ftr-458	989	10	(	(	PUNCT
ftr-458	989	11	proposed	propose	VERB
ftr-458	989	12	§	§	PROPN
ftr-458	989	13	1259(c)(3	1259(c)(3	NUM
ftr-458	989	14	)	)	PUNCT
ftr-458	989	15	)	)	PUNCT
ftr-458	989	16	.	.	PUNCT
ftr-458	990	1	92	92	NUM
ftr-458	990	2	.	.	PUNCT
ftr-458	991	1	joint	joint	ADJ
ftr-458	991	2	comm	comm	NOUN
ftr-458	991	3	.	.	PUNCT
ftr-458	992	1	on	on	ADP
ftr-458	992	2	tax'n	tax'n	NOUN
ftr-458	992	3	,	,	PUNCT
ftr-458	992	4	estimated	estimate	VERB
ftr-458	992	5	revenue	revenue	NOUN
ftr-458	992	6	effects	effect	NOUN
ftr-458	992	7	of	of	ADP
ftr-458	992	8	"	"	PUNCT
ftr-458	992	9	middle	middle	ADJ
ftr-458	992	10	class	class	NOUN
ftr-458	992	11	bill	bill	NOUN
ftr-458	992	12	of	of	ADP
ftr-458	992	13	rights	right	NOUN
ftr-458	992	14	tax	tax	NOUN
ftr-458	992	15	relief	relief	NOUN
ftr-458	992	16	act	act	NOUN
ftr-458	992	17	of	of	ADP
ftr-458	992	18	1996	1996	NUM
ftr-458	992	19	"	"	PUNCT
ftr-458	992	20	(	(	PUNCT
ftr-458	992	21	jan	jan	PROPN
ftr-458	992	22	.	.	PROPN
ftr-458	992	23	6	6	NUM
ftr-458	992	24	.	.	NUM
ftr-458	992	25	1996	1996	NUM
ftr-458	992	26	)	)	PUNCT
ftr-458	992	27	,	,	PUNCT
ftr-458	992	28	reprinted	reprint	VERB
ftr-458	992	29	in	in	ADP
ftr-458	992	30	b.n.a	b.n.a	PROPN
ftr-458	992	31	.	.	PUNCT
ftr-458	993	1	daily	daily	ADJ
ftr-458	993	2	tax	tax	NOUN
ftr-458	993	3	report	report	NOUN
ftr-458	993	4	(	(	PUNCT
ftr-458	993	5	jan	jan	PROPN
ftr-458	993	6	.	.	PROPN
ftr-458	993	7	10	10	NUM
ftr-458	993	8	.	.	NUM
ftr-458	993	9	1996	1996	NUM
ftr-458	993	10	)	)	PUNCT
ftr-458	993	11	,	,	PUNCT
ftr-458	993	12	at	at	ADP
ftr-458	993	13	l-9	l-9	NOUN
ftr-458	993	14	.	.	PUNCT
ftr-458	994	1	19961	19961	NUM
ftr-458	994	2	florida	florida	PROPN
ftr-458	994	3	tax	tax	NOUN
ftr-458	994	4	review	review	NOUN
ftr-458	994	5	against	against	ADP
ftr-458	994	6	the	the	DET
ftr-458	994	7	box	box	NOUN
ftr-458	994	8	or	or	CCONJ
ftr-458	994	9	other	other	ADJ
ftr-458	994	10	hedge	hedge	NOUN
ftr-458	994	11	to	to	PART
ftr-458	994	12	neutralize	neutralize	VERB
ftr-458	994	13	their	their	PRON
ftr-458	994	14	position	position	NOUN
ftr-458	994	15	without	without	ADP
ftr-458	994	16	triggering	trigger	VERB
ftr-458	994	17	tax	tax	NOUN
ftr-458	994	18	would	would	AUX
ftr-458	994	19	,	,	PUNCT
ftr-458	994	20	under	under	ADP
ftr-458	994	21	the	the	DET
ftr-458	994	22	proposal	proposal	NOUN
ftr-458	994	23	,	,	PUNCT
ftr-458	994	24	sell	sell	VERB
ftr-458	994	25	their	their	PRON
ftr-458	994	26	appreciated	appreciated	ADJ
ftr-458	994	27	asset	asset	NOUN
ftr-458	994	28	(	(	PUNCT
ftr-458	994	29	or	or	CCONJ
ftr-458	994	30	hedge	hedge	VERB
ftr-458	994	31	in	in	ADP
ftr-458	994	32	a	a	DET
ftr-458	994	33	way	way	NOUN
ftr-458	994	34	that	that	PRON
ftr-458	994	35	is	be	AUX
ftr-458	994	36	covered	cover	VERB
ftr-458	994	37	by	by	ADP
ftr-458	994	38	the	the	DET
ftr-458	994	39	proposal	proposal	NOUN
ftr-458	994	40	)	)	PUNCT
ftr-458	994	41	.	.	PUNCT
ftr-458	995	1	such	such	DET
ftr-458	995	2	a	a	DET
ftr-458	995	3	taxpayer	taxpayer	NOUN
ftr-458	995	4	's	's	PART
ftr-458	995	5	desire	desire	NOUN
ftr-458	995	6	to	to	PART
ftr-458	995	7	dispose	dispose	VERB
ftr-458	995	8	of	of	ADP
ftr-458	995	9	the	the	DET
ftr-458	995	10	asset	asset	NOUN
ftr-458	995	11	is	be	AUX
ftr-458	995	12	sufficiently	sufficiently	ADV
ftr-458	995	13	strong	strong	ADJ
ftr-458	995	14	that	that	SCONJ
ftr-458	995	15	the	the	DET
ftr-458	995	16	taxpayer	taxpayer	NOUN
ftr-458	995	17	would	would	AUX
ftr-458	995	18	prefer	prefer	VERB
ftr-458	995	19	to	to	PART
ftr-458	995	20	sell	sell	VERB
ftr-458	995	21	and	and	CCONJ
ftr-458	995	22	recognize	recognize	VERB
ftr-458	995	23	gain	gain	NOUN
ftr-458	995	24	than	than	SCONJ
ftr-458	995	25	to	to	PART
ftr-458	995	26	hold	hold	VERB
ftr-458	995	27	and	and	CCONJ
ftr-458	995	28	defer	defer	VERB
ftr-458	995	29	tax	tax	NOUN
ftr-458	995	30	.	.	PUNCT
ftr-458	996	1	as	as	ADP
ftr-458	996	2	to	to	ADP
ftr-458	996	3	those	those	DET
ftr-458	996	4	taxpayers	taxpayer	NOUN
ftr-458	996	5	,	,	PUNCT
ftr-458	996	6	there	there	PRON
ftr-458	996	7	would	would	AUX
ftr-458	996	8	not	not	PART
ftr-458	996	9	be	be	AUX
ftr-458	996	10	lock	lock	NOUN
ftr-458	996	11	in	in	ADP
ftr-458	996	12	under	under	ADP
ftr-458	996	13	current	current	ADJ
ftr-458	996	14	law	law	NOUN
ftr-458	996	15	(	(	PUNCT
ftr-458	996	16	because	because	SCONJ
ftr-458	996	17	the	the	DET
ftr-458	996	18	taxpayer	taxpayer	NOUN
ftr-458	996	19	would	would	AUX
ftr-458	996	20	have	have	AUX
ftr-458	996	21	hedged	hedge	VERB
ftr-458	996	22	)	)	PUNCT
ftr-458	996	23	and	and	CCONJ
ftr-458	996	24	there	there	PRON
ftr-458	996	25	will	will	AUX
ftr-458	996	26	not	not	PART
ftr-458	996	27	be	be	AUX
ftr-458	996	28	lock	lock	VERB
ftr-458	996	29	in	in	ADP
ftr-458	996	30	under	under	ADP
ftr-458	996	31	the	the	DET
ftr-458	996	32	proposal	proposal	NOUN
ftr-458	996	33	(	(	PUNCT
ftr-458	996	34	because	because	SCONJ
ftr-458	996	35	the	the	DET
ftr-458	996	36	taxpayer	taxpayer	NOUN
ftr-458	996	37	will	will	AUX
ftr-458	996	38	sell	sell	VERB
ftr-458	996	39	or	or	CCONJ
ftr-458	996	40	hedge	hedge	VERB
ftr-458	996	41	)	)	PUNCT
ftr-458	996	42	.	.	PUNCT
ftr-458	997	1	the	the	DET
ftr-458	997	2	transaction	transaction	NOUN
ftr-458	997	3	costs	cost	NOUN
ftr-458	997	4	associated	associate	VERB
ftr-458	997	5	with	with	ADP
ftr-458	997	6	avoiding	avoid	VERB
ftr-458	997	7	lock	lock	NOUN
ftr-458	997	8	in	in	ADP
ftr-458	997	9	would	would	AUX
ftr-458	997	10	be	be	AUX
ftr-458	997	11	reduced	reduce	VERB
ftr-458	997	12	under	under	ADP
ftr-458	997	13	the	the	DET
ftr-458	997	14	proposal	proposal	NOUN
ftr-458	997	15	because	because	SCONJ
ftr-458	997	16	taxpayers	taxpayer	NOUN
ftr-458	997	17	will	will	AUX
ftr-458	997	18	generally	generally	ADV
ftr-458	997	19	sell	sell	VERB
ftr-458	997	20	,	,	PUNCT
ftr-458	997	21	rather	rather	ADV
ftr-458	997	22	than	than	ADP
ftr-458	997	23	hedge	hedge	VERB
ftr-458	997	24	,	,	PUNCT
ftr-458	997	25	and	and	CCONJ
ftr-458	997	26	selling	sell	VERB
ftr-458	997	27	generally	generally	ADV
ftr-458	997	28	involves	involve	VERB
ftr-458	997	29	transaction	transaction	NOUN
ftr-458	997	30	costs	cost	NOUN
ftr-458	997	31	that	that	PRON
ftr-458	997	32	are	be	AUX
ftr-458	997	33	less	less	ADJ
ftr-458	997	34	than	than	ADP
ftr-458	997	35	or	or	CCONJ
ftr-458	997	36	equal	equal	ADJ
ftr-458	997	37	to	to	ADP
ftr-458	997	38	the	the	DET
ftr-458	997	39	costs	cost	NOUN
ftr-458	997	40	of	of	ADP
ftr-458	997	41	hedging	hedging	NOUN
ftr-458	997	42	.	.	PUNCT
ftr-458	998	1	the	the	DET
ftr-458	998	2	extent	extent	NOUN
ftr-458	998	3	of	of	ADP
ftr-458	998	4	that	that	DET
ftr-458	998	5	reduction	reduction	NOUN
ftr-458	998	6	in	in	ADP
ftr-458	998	7	social	social	ADJ
ftr-458	998	8	costs	cost	NOUN
ftr-458	998	9	may	may	AUX
ftr-458	998	10	not	not	PART
ftr-458	998	11	be	be	AUX
ftr-458	998	12	dramatic	dramatic	ADJ
ftr-458	998	13	,	,	PUNCT
ftr-458	998	14	however	however	ADV
ftr-458	998	15	,	,	PUNCT
ftr-458	998	16	since	since	SCONJ
ftr-458	998	17	a	a	DET
ftr-458	998	18	short	short	ADJ
ftr-458	998	19	sale	sale	NOUN
ftr-458	998	20	against	against	ADP
ftr-458	998	21	the	the	DET
ftr-458	998	22	box	box	NOUN
ftr-458	998	23	,	,	PUNCT
ftr-458	998	24	the	the	DET
ftr-458	998	25	standard	standard	ADJ
ftr-458	998	26	hedging	hedging	NOUN
ftr-458	998	27	device	device	NOUN
ftr-458	998	28	for	for	ADP
ftr-458	998	29	publicly	publicly	ADV
ftr-458	998	30	traded	trade	VERB
ftr-458	998	31	assets	asset	NOUN
ftr-458	998	32	under	under	ADP
ftr-458	998	33	current	current	ADJ
ftr-458	998	34	law	law	NOUN
ftr-458	998	35	,	,	PUNCT
ftr-458	998	36	does	do	AUX
ftr-458	998	37	not	not	PART
ftr-458	998	38	involve	involve	VERB
ftr-458	998	39	significantly	significantly	ADV
ftr-458	998	40	greater	great	ADJ
ftr-458	998	41	transaction	transaction	NOUN
ftr-458	998	42	costs	cost	NOUN
ftr-458	998	43	than	than	ADP
ftr-458	998	44	a	a	DET
ftr-458	998	45	sale	sale	NOUN
ftr-458	998	46	.	.	PUNCT
ftr-458	999	1	other	other	ADJ
ftr-458	999	2	taxpayers	taxpayer	NOUN
ftr-458	999	3	that	that	PRON
ftr-458	999	4	want	want	VERB
ftr-458	999	5	to	to	PART
ftr-458	999	6	overcome	overcome	VERB
ftr-458	999	7	lock	lock	NOUN
ftr-458	999	8	in	in	ADV
ftr-458	999	9	will	will	AUX
ftr-458	999	10	avoid	avoid	VERB
ftr-458	999	11	triggering	trigger	VERB
ftr-458	999	12	gain	gain	NOUN
ftr-458	999	13	under	under	ADP
ftr-458	999	14	a	a	DET
ftr-458	999	15	new	new	ADJ
ftr-458	999	16	realization	realization	NOUN
ftr-458	999	17	rule	rule	NOUN
ftr-458	999	18	by	by	ADP
ftr-458	999	19	hedging	hedge	VERB
ftr-458	999	20	in	in	ADP
ftr-458	999	21	a	a	DET
ftr-458	999	22	way	way	NOUN
ftr-458	999	23	that	that	PRON
ftr-458	999	24	is	be	AUX
ftr-458	999	25	not	not	PART
ftr-458	999	26	covered	cover	VERB
ftr-458	999	27	,	,	PUNCT
ftr-458	999	28	but	but	CCONJ
ftr-458	999	29	such	such	ADJ
ftr-458	999	30	hedges	hedge	NOUN
ftr-458	999	31	might	might	AUX
ftr-458	999	32	involve	involve	VERB
ftr-458	999	33	higher	high	ADJ
ftr-458	999	34	transaction	transaction	NOUN
ftr-458	999	35	costs	cost	NOUN
ftr-458	999	36	.	.	PUNCT
ftr-458	1000	1	the	the	DET
ftr-458	1000	2	treasury	treasury	NOUN
ftr-458	1000	3	proposal	proposal	NOUN
ftr-458	1000	4	,	,	PUNCT
ftr-458	1000	5	for	for	ADP
ftr-458	1000	6	example	example	NOUN
ftr-458	1000	7	,	,	PUNCT
ftr-458	1000	8	would	would	AUX
ftr-458	1000	9	favor	favor	VERB
ftr-458	1000	10	imperfect	imperfect	ADJ
ftr-458	1000	11	hedges	hedge	NOUN
ftr-458	1000	12	over	over	ADP
ftr-458	1000	13	perfect	perfect	ADJ
ftr-458	1000	14	hedges	hedge	NOUN
ftr-458	1000	15	,	,	PUNCT
ftr-458	1000	16	encouraging	encourage	VERB
ftr-458	1000	17	people	people	NOUN
ftr-458	1000	18	to	to	PART
ftr-458	1000	19	buy	buy	VERB
ftr-458	1000	20	puts	put	NOUN
ftr-458	1000	21	or	or	CCONJ
ftr-458	1000	22	sell	sell	VERB
ftr-458	1000	23	calls	call	NOUN
ftr-458	1000	24	or	or	CCONJ
ftr-458	1000	25	enter	enter	VERB
ftr-458	1000	26	into	into	ADP
ftr-458	1000	27	collars	collar	NOUN
ftr-458	1000	28	with	with	ADP
ftr-458	1000	29	respect	respect	NOUN
ftr-458	1000	30	to	to	ADP
ftr-458	1000	31	appreciated	appreciated	ADJ
ftr-458	1000	32	assets	asset	NOUN
ftr-458	1000	33	,	,	PUNCT
ftr-458	1000	34	rather	rather	ADV
ftr-458	1000	35	than	than	ADP
ftr-458	1000	36	enter	enter	VERB
ftr-458	1000	37	into	into	ADP
ftr-458	1000	38	a	a	DET
ftr-458	1000	39	short	short	ADJ
ftr-458	1000	40	sale	sale	NOUN
ftr-458	1000	41	against	against	ADP
ftr-458	1000	42	the	the	DET
ftr-458	1000	43	box	box	NOUN
ftr-458	1000	44	or	or	CCONJ
ftr-458	1000	45	total	total	ADJ
ftr-458	1000	46	-	-	PUNCT
ftr-458	1000	47	return	return	NOUN
ftr-458	1000	48	equity	equity	NOUN
ftr-458	1000	49	swap	swap	NOUN
ftr-458	1000	50	.	.	PUNCT
ftr-458	1001	1	over	over	ADP
ftr-458	1001	2	-	-	PUNCT
ftr-458	1001	3	the	the	DET
ftr-458	1001	4	-	-	PUNCT
ftr-458	1001	5	counter	counter	NOUN
ftr-458	1001	6	puts	put	NOUN
ftr-458	1001	7	,	,	PUNCT
ftr-458	1001	8	calls	call	NOUN
ftr-458	1001	9	,	,	PUNCT
ftr-458	1001	10	and	and	CCONJ
ftr-458	1001	11	collars	collar	NOUN
ftr-458	1001	12	would	would	AUX
ftr-458	1001	13	likely	likely	ADV
ftr-458	1001	14	involve	involve	VERB
ftr-458	1001	15	higher	high	ADJ
ftr-458	1001	16	transaction	transaction	NOUN
ftr-458	1001	17	costs	cost	NOUN
ftr-458	1001	18	than	than	ADP
ftr-458	1001	19	a	a	DET
ftr-458	1001	20	short	short	ADJ
ftr-458	1001	21	sale	sale	NOUN
ftr-458	1001	22	against	against	ADP
ftr-458	1001	23	the	the	DET
ftr-458	1001	24	box	box	NOUN
ftr-458	1001	25	.	.	PUNCT
ftr-458	1002	1	a	a	DET
ftr-458	1002	2	realization	realization	NOUN
ftr-458	1002	3	regime	regime	NOUN
ftr-458	1002	4	that	that	PRON
ftr-458	1002	5	covered	cover	VERB
ftr-458	1002	6	puts	put	NOUN
ftr-458	1002	7	and	and	CCONJ
ftr-458	1002	8	calls	call	NOUN
ftr-458	1002	9	would	would	AUX
ftr-458	1002	10	encourage	encourage	VERB
ftr-458	1002	11	taxpayers	taxpayer	NOUN
ftr-458	1002	12	to	to	PART
ftr-458	1002	13	create	create	VERB
ftr-458	1002	14	synthetic	synthetic	ADJ
ftr-458	1002	15	puts	put	NOUN
ftr-458	1002	16	or	or	CCONJ
ftr-458	1002	17	calls	call	NOUN
ftr-458	1002	18	unless	unless	SCONJ
ftr-458	1002	19	those	those	PRON
ftr-458	1002	20	were	be	AUX
ftr-458	1002	21	also	also	ADV
ftr-458	1002	22	taxed.93	taxed.93	NOUN
ftr-458	1002	23	for	for	ADP
ftr-458	1002	24	taxpayers	taxpayer	NOUN
ftr-458	1002	25	who	who	PRON
ftr-458	1002	26	make	make	VERB
ftr-458	1002	27	such	such	ADJ
ftr-458	1002	28	substitutions	substitution	NOUN
ftr-458	1002	29	,	,	PUNCT
ftr-458	1002	30	the	the	DET
ftr-458	1002	31	lock	lock	NOUN
ftr-458	1002	32	in	in	ADP
ftr-458	1002	33	effect	effect	NOUN
ftr-458	1002	34	of	of	ADP
ftr-458	1002	35	the	the	DET
ftr-458	1002	36	realization	realization	NOUN
ftr-458	1002	37	requirement	requirement	NOUN
ftr-458	1002	38	is	be	AUX
ftr-458	1002	39	reduced	reduce	VERB
ftr-458	1002	40	(	(	PUNCT
ftr-458	1002	41	to	to	ADP
ftr-458	1002	42	the	the	DET
ftr-458	1002	43	extent	extent	NOUN
ftr-458	1002	44	the	the	DET
ftr-458	1002	45	hedge	hedge	NOUN
ftr-458	1002	46	overcomes	overcome	VERB
ftr-458	1002	47	lock	lock	NOUN
ftr-458	1002	48	in	in	ADP
ftr-458	1002	49	)	)	PUNCT
ftr-458	1002	50	,	,	PUNCT
ftr-458	1002	51	but	but	CCONJ
ftr-458	1002	52	not	not	PART
ftr-458	1002	53	eliminated	eliminate	VERB
ftr-458	1002	54	,	,	PUNCT
ftr-458	1002	55	because	because	SCONJ
ftr-458	1002	56	the	the	DET
ftr-458	1002	57	hedges	hedge	NOUN
ftr-458	1002	58	permitted	permit	VERB
ftr-458	1002	59	under	under	ADP
ftr-458	1002	60	the	the	DET
ftr-458	1002	61	regime	regime	NOUN
ftr-458	1002	62	would	would	AUX
ftr-458	1002	63	not	not	PART
ftr-458	1002	64	neutralize	neutralize	VERB
ftr-458	1002	65	the	the	DET
ftr-458	1002	66	taxpayer	taxpayer	NOUN
ftr-458	1002	67	's	's	PART
ftr-458	1002	68	position	position	NOUN
ftr-458	1002	69	.	.	PUNCT
ftr-458	1003	1	93	93	NUM
ftr-458	1003	2	.	.	PUNCT
ftr-458	1004	1	the	the	DET
ftr-458	1004	2	tax	tax	NOUN
ftr-458	1004	3	incentive	incentive	NOUN
ftr-458	1004	4	to	to	PART
ftr-458	1004	5	use	use	VERB
ftr-458	1004	6	synthetic	synthetic	ADJ
ftr-458	1004	7	puts	put	NOUN
ftr-458	1004	8	or	or	CCONJ
ftr-458	1004	9	calls	call	NOUN
ftr-458	1004	10	might	might	AUX
ftr-458	1004	11	not	not	PART
ftr-458	1004	12	be	be	AUX
ftr-458	1004	13	sufficient	sufficient	ADJ
ftr-458	1004	14	to	to	PART
ftr-458	1004	15	overcome	overcome	VERB
ftr-458	1004	16	the	the	DET
ftr-458	1004	17	transaction	transaction	NOUN
ftr-458	1004	18	costs	cost	NOUN
ftr-458	1004	19	required	require	VERB
ftr-458	1004	20	to	to	PART
ftr-458	1004	21	implement	implement	VERB
ftr-458	1004	22	a	a	DET
ftr-458	1004	23	synthetic	synthetic	ADJ
ftr-458	1004	24	option	option	NOUN
ftr-458	1004	25	.	.	PUNCT
ftr-458	1005	1	but	but	CCONJ
ftr-458	1005	2	see	see	VERB
ftr-458	1005	3	ubs	ubs	PROPN
ftr-458	1005	4	creates	create	VERB
ftr-458	1005	5	synthetic	synthetic	ADJ
ftr-458	1005	6	dax	dax	NOUN
ftr-458	1005	7	put	put	VERB
ftr-458	1005	8	option	option	NOUN
ftr-458	1005	9	position	position	NOUN
ftr-458	1005	10	,	,	PUNCT
ftr-458	1005	11	derivatives	derivative	NOUN
ftr-458	1005	12	wk	wk	INTJ
ftr-458	1005	13	.	.	PROPN
ftr-458	1005	14	,	,	PUNCT
ftr-458	1005	15	nov	nov	PROPN
ftr-458	1005	16	.	.	PROPN
ftr-458	1005	17	22	22	NUM
ftr-458	1005	18	,	,	PUNCT
ftr-458	1005	19	1993	1993	NUM
ftr-458	1005	20	,	,	PUNCT
ftr-458	1005	21	at	at	ADP
ftr-458	1005	22	4	4	NUM
ftr-458	1005	23	(	(	PUNCT
ftr-458	1005	24	stating	state	VERB
ftr-458	1005	25	that	that	SCONJ
ftr-458	1005	26	for	for	ADP
ftr-458	1005	27	german	german	ADJ
ftr-458	1005	28	tax	tax	NOUN
ftr-458	1005	29	reasons	reason	NOUN
ftr-458	1005	30	,	,	PUNCT
ftr-458	1005	31	a	a	DET
ftr-458	1005	32	synthetic	synthetic	ADJ
ftr-458	1005	33	put	put	NOUN
ftr-458	1005	34	option	option	NOUN
ftr-458	1005	35	was	be	AUX
ftr-458	1005	36	created	create	VERB
ftr-458	1005	37	because	because	SCONJ
ftr-458	1005	38	exchange	exchange	NOUN
ftr-458	1005	39	-	-	PUNCT
ftr-458	1005	40	traded	trade	VERB
ftr-458	1005	41	puts	put	NOUN
ftr-458	1005	42	were	be	AUX
ftr-458	1005	43	unavailable	unavailable	ADJ
ftr-458	1005	44	)	)	PUNCT
ftr-458	1005	45	.	.	PUNCT
ftr-458	1006	1	from	from	ADP
ftr-458	1006	2	a	a	DET
ftr-458	1006	3	market	market	NOUN
ftr-458	1006	4	perspective	perspective	NOUN
ftr-458	1006	5	,	,	PUNCT
ftr-458	1006	6	synthetic	synthetic	ADJ
ftr-458	1006	7	puts	put	NOUN
ftr-458	1006	8	are	be	AUX
ftr-458	1006	9	destabilizing	destabilizing	ADJ
ftr-458	1006	10	because	because	SCONJ
ftr-458	1006	11	the	the	DET
ftr-458	1006	12	strategy	strategy	NOUN
ftr-458	1006	13	involves	involve	VERB
ftr-458	1006	14	buying	buying	NOUN
ftr-458	1006	15	as	as	ADP
ftr-458	1006	16	the	the	DET
ftr-458	1006	17	stock	stock	NOUN
ftr-458	1006	18	value	value	NOUN
ftr-458	1006	19	increases	increase	NOUN
ftr-458	1006	20	and	and	CCONJ
ftr-458	1006	21	selling	selling	NOUN
ftr-458	1006	22	as	as	SCONJ
ftr-458	1006	23	it	it	PRON
ftr-458	1006	24	decreases	decrease	VERB
ftr-458	1006	25	.	.	PUNCT
ftr-458	1007	1	see	see	VERB
ftr-458	1007	2	donald	donald	PROPN
ftr-458	1007	3	l.	l.	PROPN
ftr-458	1007	4	luskin	luskin	PROPN
ftr-458	1007	5	,	,	PUNCT
ftr-458	1007	6	after	after	ADP
ftr-458	1007	7	the	the	DET
ftr-458	1007	8	fall	fall	NOUN
ftr-458	1007	9	,	,	PUNCT
ftr-458	1007	10	in	in	ADP
ftr-458	1007	11	portfolio	portfolio	NOUN
ftr-458	1007	12	insurance	insurance	NOUN
ftr-458	1007	13	,	,	PUNCT
ftr-458	1007	14	supra	supra	PROPN
ftr-458	1007	15	note	note	PROPN
ftr-458	1007	16	67	67	NUM
ftr-458	1007	17	,	,	PUNCT
ftr-458	1007	18	at	at	ADP
ftr-458	1007	19	311	311	NUM
ftr-458	1007	20	,	,	PUNCT
ftr-458	1007	21	313	313	NUM
ftr-458	1007	22	(	(	PUNCT
ftr-458	1007	23	portfolio	portfolio	NOUN
ftr-458	1007	24	insurance	insurance	NOUN
ftr-458	1007	25	is	be	AUX
ftr-458	1007	26	"	"	PUNCT
ftr-458	1007	27	trendfollowing	trendfollowe	VERB
ftr-458	1007	28	"	"	PUNCT
ftr-458	1007	29	strategy	strategy	NOUN
ftr-458	1007	30	)	)	PUNCT
ftr-458	1007	31	.	.	PUNCT
ftr-458	1008	1	in	in	ADP
ftr-458	1008	2	fact	fact	NOUN
ftr-458	1008	3	,	,	PUNCT
ftr-458	1008	4	there	there	PRON
ftr-458	1008	5	is	be	VERB
ftr-458	1008	6	debate	debate	NOUN
ftr-458	1008	7	about	about	ADP
ftr-458	1008	8	the	the	DET
ftr-458	1008	9	extent	extent	NOUN
ftr-458	1008	10	to	to	PART
ftr-458	1008	11	which	which	PRON
ftr-458	1008	12	portfolio	portfolio	NOUN
ftr-458	1008	13	insurance	insurance	NOUN
ftr-458	1008	14	exacerbated	exacerbate	VERB
ftr-458	1008	15	the	the	DET
ftr-458	1008	16	october	october	PROPN
ftr-458	1008	17	1987	1987	NUM
ftr-458	1008	18	market	market	NOUN
ftr-458	1008	19	crash	crash	NOUN
ftr-458	1008	20	.	.	PUNCT
ftr-458	1009	1	see	see	VERB
ftr-458	1009	2	report	report	NOUN
ftr-458	1009	3	of	of	ADP
ftr-458	1009	4	the	the	DET
ftr-458	1009	5	presidential	presidential	ADJ
ftr-458	1009	6	task	task	NOUN
ftr-458	1009	7	force	force	NOUN
ftr-458	1009	8	on	on	ADP
ftr-458	1009	9	market	market	NOUN
ftr-458	1009	10	mechanisms	mechanism	NOUN
ftr-458	1009	11	36	36	NUM
ftr-458	1009	12	(	(	PUNCT
ftr-458	1009	13	1988	1988	NUM
ftr-458	1009	14	)	)	PUNCT
ftr-458	1009	15	(	(	PUNCT
ftr-458	1009	16	stating	state	VERB
ftr-458	1009	17	that	that	SCONJ
ftr-458	1009	18	three	three	NUM
ftr-458	1009	19	portfolio	portfolio	NOUN
ftr-458	1009	20	insurers	insurer	NOUN
ftr-458	1009	21	made	make	VERB
ftr-458	1009	22	$	$	SYM
ftr-458	1009	23	2	2	NUM
ftr-458	1009	24	billion	billion	NUM
ftr-458	1009	25	of	of	ADP
ftr-458	1009	26	total	total	ADJ
ftr-458	1009	27	$	$	SYM
ftr-458	1009	28	21	21	NUM
ftr-458	1009	29	billion	billion	NUM
ftr-458	1009	30	of	of	ADP
ftr-458	1009	31	new	new	PROPN
ftr-458	1009	32	york	york	PROPN
ftr-458	1009	33	stock	stock	PROPN
ftr-458	1009	34	exchange	exchange	NOUN
ftr-458	1009	35	sales	sale	NOUN
ftr-458	1009	36	on	on	ADP
ftr-458	1009	37	monday	monday	PROPN
ftr-458	1009	38	,	,	PUNCT
ftr-458	1009	39	october	october	PROPN
ftr-458	1009	40	19	19	NUM
ftr-458	1009	41	)	)	PUNCT
ftr-458	1009	42	;	;	PUNCT
ftr-458	1009	43	luskin	luskin	PROPN
ftr-458	1009	44	,	,	PUNCT
ftr-458	1009	45	supra	supra	PROPN
ftr-458	1009	46	,	,	PUNCT
ftr-458	1009	47	at	at	ADP
ftr-458	1009	48	313	313	NUM
ftr-458	1009	49	(	(	PUNCT
ftr-458	1009	50	finding	find	VERB
ftr-458	1009	51	that	that	SCONJ
ftr-458	1009	52	portfolio	portfolio	NOUN
ftr-458	1009	53	insurance	insurance	NOUN
ftr-458	1009	54	was	be	AUX
ftr-458	1009	55	not	not	PART
ftr-458	1009	56	uniquely	uniquely	ADV
ftr-458	1009	57	responsible	responsible	ADJ
ftr-458	1009	58	)	)	PUNCT
ftr-458	1009	59	;	;	PUNCT
ftr-458	1009	60	mark	mark	PROPN
ftr-458	1009	61	kritzman	kritzman	PROPN
ftr-458	1009	62	,	,	PUNCT
ftr-458	1009	63	portfolio	portfolio	NOUN
ftr-458	1009	64	insurance	insurance	NOUN
ftr-458	1009	65	and	and	CCONJ
ftr-458	1009	66	related	relate	VERB
ftr-458	1009	67	dynamic	dynamic	ADJ
ftr-458	1009	68	trading	trading	NOUN
ftr-458	1009	69	strategies	strategy	NOUN
ftr-458	1009	70	,	,	PUNCT
ftr-458	1009	71	in	in	ADP
ftr-458	1009	72	financial	financial	ADJ
ftr-458	1009	73	options	option	NOUN
ftr-458	1009	74	:	:	PUNCT
ftr-458	1009	75	from	from	ADP
ftr-458	1009	76	theory	theory	NOUN
ftr-458	1009	77	to	to	PART
ftr-458	1009	78	practice	practice	VERB
ftr-458	1009	79	454	454	NUM
ftr-458	1009	80	,	,	PUNCT
ftr-458	1009	81	482	482	NUM
ftr-458	1009	82	(	(	PUNCT
ftr-458	1009	83	stephen	stephen	PROPN
ftr-458	1009	84	figlewski	figlewski	PROPN
ftr-458	1009	85	et	et	PROPN
ftr-458	1009	86	al	al	PROPN
ftr-458	1009	87	.	.	PUNCT
ftr-458	1010	1	eds	eds	PROPN
ftr-458	1010	2	.	.	PROPN
ftr-458	1010	3	,	,	PUNCT
ftr-458	1010	4	1990	1990	NUM
ftr-458	1010	5	)	)	PUNCT
ftr-458	1010	6	(	(	PUNCT
ftr-458	1010	7	stating	state	VERB
ftr-458	1010	8	that	that	SCONJ
ftr-458	1010	9	although	although	SCONJ
ftr-458	1010	10	market	market	NOUN
ftr-458	1010	11	conditions	condition	NOUN
ftr-458	1010	12	for	for	ADP
ftr-458	1010	13	success	success	NOUN
ftr-458	1010	14	of	of	ADP
ftr-458	1010	15	portfolio	portfolio	NOUN
ftr-458	1010	16	insurance	insurance	NOUN
ftr-458	1010	17	are	be	AUX
ftr-458	1010	18	more	more	ADV
ftr-458	1010	19	restrictive	restrictive	ADJ
ftr-458	1010	20	than	than	SCONJ
ftr-458	1010	21	originally	originally	ADV
ftr-458	1010	22	expected	expect	VERB
ftr-458	1010	23	,	,	PUNCT
ftr-458	1010	24	strategy	strategy	NOUN
ftr-458	1010	25	remains	remain	VERB
ftr-458	1010	26	"	"	PUNCT
ftr-458	1010	27	reasonably	reasonably	ADV
ftr-458	1010	28	effective	effective	ADJ
ftr-458	1010	29	"	"	PUNCT
ftr-458	1010	30	)	)	PUNCT
ftr-458	1010	31	.	.	PUNCT
ftr-458	1011	1	[	[	X
ftr-458	1011	2	vol	vol	NOUN
ftr-458	1011	3	3:1	3:1	NUM
ftr-458	1011	4	another	another	DET
ftr-458	1011	5	uneasy	uneasy	ADJ
ftr-458	1011	6	'	'	PUNCT
ftr-458	1011	7	compromise	compromise	NOUN
ftr-458	1011	8	further	far	ADV
ftr-458	1011	9	,	,	PUNCT
ftr-458	1011	10	the	the	DET
ftr-458	1011	11	transaction	transaction	NOUN
ftr-458	1011	12	costs	cost	NOUN
ftr-458	1011	13	of	of	ADP
ftr-458	1011	14	hedging	hedging	NOUN
ftr-458	1011	15	would	would	AUX
ftr-458	1011	16	be	be	AUX
ftr-458	1011	17	increased	increase	VERB
ftr-458	1011	18	because	because	SCONJ
ftr-458	1011	19	taxpayers	taxpayer	NOUN
ftr-458	1011	20	would	would	AUX
ftr-458	1011	21	need	need	VERB
ftr-458	1011	22	to	to	PART
ftr-458	1011	23	engage	engage	VERB
ftr-458	1011	24	in	in	ADP
ftr-458	1011	25	especially	especially	ADV
ftr-458	1011	26	sophisticated	sophisticated	ADJ
ftr-458	1011	27	transactions	transaction	NOUN
ftr-458	1011	28	in	in	ADP
ftr-458	1011	29	order	order	NOUN
ftr-458	1011	30	to	to	PART
ftr-458	1011	31	avoid	avoid	VERB
ftr-458	1011	32	triggering	trigger	VERB
ftr-458	1011	33	gain	gain	NOUN
ftr-458	1011	34	.	.	PUNCT
ftr-458	1012	1	taxpayers	taxpayer	NOUN
ftr-458	1012	2	would	would	AUX
ftr-458	1012	3	need	need	VERB
ftr-458	1012	4	to	to	PART
ftr-458	1012	5	be	be	AUX
ftr-458	1012	6	exceptionally	exceptionally	ADV
ftr-458	1012	7	well	well	ADV
ftr-458	1012	8	-	-	PUNCT
ftr-458	1012	9	advised	advise	VERB
ftr-458	1012	10	,	,	PUNCT
ftr-458	1012	11	not	not	PART
ftr-458	1012	12	just	just	ADV
ftr-458	1012	13	well	well	ADV
ftr-458	1012	14	-	-	PUNCT
ftr-458	1012	15	advised	advise	VERB
ftr-458	1012	16	,	,	PUNCT
ftr-458	1012	17	to	to	PART
ftr-458	1012	18	win	win	VERB
ftr-458	1012	19	.	.	PUNCT
ftr-458	1013	1	4	4	NUM
ftr-458	1013	2	those	those	DET
ftr-458	1013	3	transaction	transaction	NOUN
ftr-458	1013	4	costs	cost	NOUN
ftr-458	1013	5	include	include	VERB
ftr-458	1013	6	legal	legal	ADJ
ftr-458	1013	7	fees	fee	NOUN
ftr-458	1013	8	for	for	ADP
ftr-458	1013	9	determining	determine	VERB
ftr-458	1013	10	whether	whether	SCONJ
ftr-458	1013	11	the	the	DET
ftr-458	1013	12	realization	realization	NOUN
ftr-458	1013	13	rule	rule	NOUN
ftr-458	1013	14	applies	apply	VERB
ftr-458	1013	15	to	to	ADP
ftr-458	1013	16	particular	particular	ADJ
ftr-458	1013	17	hedges	hedge	NOUN
ftr-458	1013	18	.	.	PUNCT
ftr-458	1014	1	for	for	ADP
ftr-458	1014	2	example	example	NOUN
ftr-458	1014	3	,	,	PUNCT
ftr-458	1014	4	the	the	DET
ftr-458	1014	5	treasury	treasury	NOUN
ftr-458	1014	6	proposal	proposal	NOUN
ftr-458	1014	7	appears	appear	VERB
ftr-458	1014	8	narrow	narrow	ADJ
ftr-458	1014	9	,	,	PUNCT
ftr-458	1014	10	applying	apply	VERB
ftr-458	1014	11	to	to	ADP
ftr-458	1014	12	a	a	DET
ftr-458	1014	13	taxpayer	taxpayer	NOUN
ftr-458	1014	14	that	that	PRON
ftr-458	1014	15	enters	enter	VERB
ftr-458	1014	16	into	into	ADP
ftr-458	1014	17	a	a	DET
ftr-458	1014	18	position	position	NOUN
ftr-458	1014	19	with	with	ADP
ftr-458	1014	20	respect	respect	NOUN
ftr-458	1014	21	to	to	ADP
ftr-458	1014	22	"	"	PUNCT
ftr-458	1014	23	the	the	DET
ftr-458	1014	24	same	same	ADJ
ftr-458	1014	25	or	or	CCONJ
ftr-458	1014	26	substantially	substantially	ADV
ftr-458	1014	27	identical	identical	ADJ
ftr-458	1014	28	property	property	NOUN
ftr-458	1014	29	"	"	PUNCT
ftr-458	1014	30	and	and	CCONJ
ftr-458	1014	31	thereby	thereby	ADV
ftr-458	1014	32	"	"	PUNCT
ftr-458	1014	33	substantially	substantially	ADV
ftr-458	1014	34	eliminate[s	eliminate[s	NUM
ftr-458	1014	35	]	]	PUNCT
ftr-458	1014	36	both	both	DET
ftr-458	1014	37	risk	risk	NOUN
ftr-458	1014	38	of	of	ADP
ftr-458	1014	39	loss	loss	NOUN
ftr-458	1014	40	and	and	CCONJ
ftr-458	1014	41	opportunity	opportunity	NOUN
ftr-458	1014	42	for	for	ADP
ftr-458	1014	43	gain	gain	NOUN
ftr-458	1014	44	.	.	PUNCT
ftr-458	1014	45	'	'	PUNCT
ftr-458	1015	1	"	"	PUNCT
ftr-458	1015	2	in	in	ADP
ftr-458	1015	3	fact	fact	NOUN
ftr-458	1015	4	,	,	PUNCT
ftr-458	1015	5	the	the	DET
ftr-458	1015	6	scope	scope	NOUN
ftr-458	1015	7	of	of	ADP
ftr-458	1015	8	the	the	DET
ftr-458	1015	9	treasury	treasury	NOUN
ftr-458	1015	10	proposal	proposal	NOUN
ftr-458	1015	11	is	be	AUX
ftr-458	1015	12	uncertain	uncertain	ADJ
ftr-458	1015	13	in	in	ADP
ftr-458	1015	14	many	many	ADJ
ftr-458	1015	15	respects.96	respects.96	NOUN
ftr-458	1015	16	a	a	DET
ftr-458	1015	17	more	more	ADV
ftr-458	1015	18	narrowly	narrowly	ADV
ftr-458	1015	19	drawn	draw	VERB
ftr-458	1015	20	rule	rule	NOUN
ftr-458	1015	21	,	,	PUNCT
ftr-458	1015	22	such	such	ADJ
ftr-458	1015	23	as	as	ADP
ftr-458	1015	24	a	a	DET
ftr-458	1015	25	rule	rule	NOUN
ftr-458	1015	26	that	that	PRON
ftr-458	1015	27	applied	apply	VERB
ftr-458	1015	28	only	only	ADV
ftr-458	1015	29	to	to	PART
ftr-458	1015	30	short	short	ADJ
ftr-458	1015	31	against	against	ADP
ftr-458	1015	32	the	the	DET
ftr-458	1015	33	box	box	NOUN
ftr-458	1015	34	transactions	transaction	NOUN
ftr-458	1015	35	,	,	PUNCT
ftr-458	1015	36	would	would	AUX
ftr-458	1015	37	reduce	reduce	VERB
ftr-458	1015	38	such	such	ADJ
ftr-458	1015	39	interpretive	interpretive	ADJ
ftr-458	1015	40	costs	cost	NOUN
ftr-458	1015	41	.	.	PUNCT
ftr-458	1016	1	finally	finally	ADV
ftr-458	1016	2	,	,	PUNCT
ftr-458	1016	3	some	some	DET
ftr-458	1016	4	taxpayers	taxpayer	NOUN
ftr-458	1016	5	that	that	PRON
ftr-458	1016	6	would	would	AUX
ftr-458	1016	7	have	have	AUX
ftr-458	1016	8	hedged	hedge	VERB
ftr-458	1016	9	under	under	ADP
ftr-458	1016	10	current	current	ADJ
ftr-458	1016	11	law	law	NOUN
ftr-458	1016	12	will	will	AUX
ftr-458	1016	13	,	,	PUNCT
ftr-458	1016	14	under	under	ADP
ftr-458	1016	15	a	a	DET
ftr-458	1016	16	realization	realization	NOUN
ftr-458	1016	17	rule	rule	NOUN
ftr-458	1016	18	that	that	PRON
ftr-458	1016	19	applies	apply	VERB
ftr-458	1016	20	to	to	ADP
ftr-458	1016	21	hedging	hedging	NOUN
ftr-458	1016	22	,	,	PUNCT
ftr-458	1016	23	continue	continue	VERB
ftr-458	1016	24	to	to	PART
ftr-458	1016	25	hold	hold	VERB
ftr-458	1016	26	their	their	PRON
ftr-458	1016	27	appreciated	appreciated	ADJ
ftr-458	1016	28	assets	asset	NOUN
ftr-458	1016	29	without	without	ADP
ftr-458	1016	30	hedging	hedge	VERB
ftr-458	1016	31	.	.	PUNCT
ftr-458	1017	1	97	97	NUM
ftr-458	1017	2	they	they	PRON
ftr-458	1017	3	suffer	suffer	VERB
ftr-458	1017	4	lock	lock	NOUN
ftr-458	1017	5	in	in	ADP
ftr-458	1017	6	,	,	PUNCT
ftr-458	1018	1	which	which	PRON
ftr-458	1018	2	they	they	PRON
ftr-458	1018	3	would	would	AUX
ftr-458	1018	4	not	not	PART
ftr-458	1018	5	suffer	suffer	VERB
ftr-458	1018	6	under	under	ADP
ftr-458	1018	7	current	current	ADJ
ftr-458	1018	8	law	law	NOUN
ftr-458	1018	9	(	(	PUNCT
ftr-458	1018	10	because	because	SCONJ
ftr-458	1018	11	they	they	PRON
ftr-458	1018	12	would	would	AUX
ftr-458	1018	13	hedge	hedge	VERB
ftr-458	1018	14	)	)	PUNCT
ftr-458	1018	15	,	,	PUNCT
ftr-458	1018	16	but	but	CCONJ
ftr-458	1018	17	they	they	PRON
ftr-458	1018	18	do	do	AUX
ftr-458	1018	19	not	not	PART
ftr-458	1018	20	incur	incur	VERB
ftr-458	1018	21	the	the	DET
ftr-458	1018	22	transaction	transaction	NOUN
ftr-458	1018	23	costs	cost	NOUN
ftr-458	1018	24	that	that	SCONJ
ftr-458	1018	25	they	they	PRON
ftr-458	1018	26	would	would	AUX
ftr-458	1018	27	have	have	AUX
ftr-458	1018	28	incurred	incur	VERB
ftr-458	1018	29	under	under	ADP
ftr-458	1018	30	current	current	ADJ
ftr-458	1018	31	law	law	NOUN
ftr-458	1018	32	.	.	PUNCT
ftr-458	1019	1	98	98	NUM
ftr-458	1019	2	94	94	NUM
ftr-458	1019	3	.	.	PUNCT
ftr-458	1020	1	tom	tom	PROPN
ftr-458	1020	2	herman	herman	PROPN
ftr-458	1020	3	,	,	PUNCT
ftr-458	1020	4	white	white	PROPN
ftr-458	1020	5	house	house	PROPN
ftr-458	1020	6	moves	move	VERB
ftr-458	1020	7	to	to	PART
ftr-458	1020	8	curb	curb	VERB
ftr-458	1020	9	techniques	technique	NOUN
ftr-458	1020	10	to	to	PART
ftr-458	1020	11	get	get	VERB
ftr-458	1020	12	around	around	ADP
ftr-458	1020	13	capitalgains	capitalgain	NOUN
ftr-458	1020	14	taxes	taxis	NOUN
ftr-458	1020	15	,	,	PUNCT
ftr-458	1020	16	wall	wall	PROPN
ftr-458	1020	17	st	st	PROPN
ftr-458	1020	18	.	.	PROPN
ftr-458	1020	19	j.	j.	PROPN
ftr-458	1020	20	,	,	PUNCT
ftr-458	1020	21	jan	jan	PROPN
ftr-458	1020	22	.	.	PROPN
ftr-458	1020	23	15	15	NUM
ftr-458	1020	24	,	,	PUNCT
ftr-458	1020	25	1996	1996	NUM
ftr-458	1020	26	,	,	PUNCT
ftr-458	1020	27	at	at	ADP
ftr-458	1020	28	a2	a2	PROPN
ftr-458	1020	29	(	(	PUNCT
ftr-458	1020	30	arguing	argue	VERB
ftr-458	1020	31	that	that	SCONJ
ftr-458	1020	32	taxpayers	taxpayer	NOUN
ftr-458	1020	33	will	will	AUX
ftr-458	1020	34	use	use	VERB
ftr-458	1020	35	more	more	ADV
ftr-458	1020	36	sophisticated	sophisticated	ADJ
ftr-458	1020	37	strategies	strategy	NOUN
ftr-458	1020	38	if	if	SCONJ
ftr-458	1020	39	administration	administration	NOUN
ftr-458	1020	40	's	's	PART
ftr-458	1020	41	"	"	PUNCT
ftr-458	1020	42	substantial	substantial	ADJ
ftr-458	1020	43	elimination	elimination	NOUN
ftr-458	1020	44	"	"	PUNCT
ftr-458	1020	45	test	test	NOUN
ftr-458	1020	46	is	be	AUX
ftr-458	1020	47	enacted	enact	VERB
ftr-458	1020	48	)	)	PUNCT
ftr-458	1020	49	.	.	PUNCT
ftr-458	1021	1	95	95	NUM
ftr-458	1021	2	.	.	PUNCT
ftr-458	1022	1	budget	budget	NOUN
ftr-458	1022	2	bill	bill	NOUN
ftr-458	1022	3	,	,	PUNCT
ftr-458	1022	4	supra	supra	PROPN
ftr-458	1022	5	note	note	NOUN
ftr-458	1022	6	3	3	NUM
ftr-458	1022	7	,	,	PUNCT
ftr-458	1022	8	at	at	ADP
ftr-458	1022	9	§	§	PROPN
ftr-458	1022	10	9512	9512	NUM
ftr-458	1022	11	(	(	PUNCT
ftr-458	1022	12	proposed	propose	VERB
ftr-458	1022	13	§	§	PROPN
ftr-458	1022	14	1259(c)(1)(a	1259(c)(1)(a	NUM
ftr-458	1022	15	)	)	PUNCT
ftr-458	1022	16	)	)	PUNCT
ftr-458	1022	17	.	.	PUNCT
ftr-458	1023	1	96	96	NUM
ftr-458	1023	2	.	.	PUNCT
ftr-458	1023	3	n.y	n.y	PROPN
ftr-458	1023	4	.	.	PROPN
ftr-458	1023	5	st	st	PROPN
ftr-458	1023	6	.	.	PROPN
ftr-458	1023	7	b.	b.	PROPN
ftr-458	1023	8	ass'n	ass'n	PROPN
ftr-458	1023	9	report	report	PROPN
ftr-458	1023	10	,	,	PUNCT
ftr-458	1023	11	supra	supra	PROPN
ftr-458	1023	12	note	note	NOUN
ftr-458	1023	13	3	3	NUM
ftr-458	1023	14	(	(	PUNCT
ftr-458	1023	15	arguing	argue	VERB
ftr-458	1023	16	that	that	SCONJ
ftr-458	1023	17	treasury	treasury	NOUN
ftr-458	1023	18	proposal	proposal	NOUN
ftr-458	1023	19	could	could	AUX
ftr-458	1023	20	lead	lead	VERB
ftr-458	1023	21	to	to	ADP
ftr-458	1023	22	"	"	PUNCT
ftr-458	1023	23	costly	costly	ADJ
ftr-458	1023	24	and	and	CCONJ
ftr-458	1023	25	unnecessary	unnecessary	ADJ
ftr-458	1023	26	market	market	NOUN
ftr-458	1023	27	distortions	distortion	NOUN
ftr-458	1023	28	and	and	CCONJ
ftr-458	1023	29	inefficiencies	inefficiency	NOUN
ftr-458	1023	30	"	"	PUNCT
ftr-458	1023	31	unless	unless	SCONJ
ftr-458	1023	32	prompt	prompt	ADJ
ftr-458	1023	33	guidance	guidance	NOUN
ftr-458	1023	34	is	be	AUX
ftr-458	1023	35	provided	provide	VERB
ftr-458	1023	36	)	)	PUNCT
ftr-458	1023	37	.	.	PUNCT
ftr-458	1024	1	97	97	NUM
ftr-458	1024	2	.	.	PUNCT
ftr-458	1025	1	this	this	DET
ftr-458	1025	2	group	group	NOUN
ftr-458	1025	3	includes	include	VERB
ftr-458	1025	4	taxpayers	taxpayer	NOUN
ftr-458	1025	5	that	that	PRON
ftr-458	1025	6	would	would	AUX
ftr-458	1025	7	have	have	AUX
ftr-458	1025	8	hedged	hedge	VERB
ftr-458	1025	9	under	under	ADP
ftr-458	1025	10	current	current	ADJ
ftr-458	1025	11	law	law	NOUN
ftr-458	1025	12	solely	solely	ADV
ftr-458	1025	13	in	in	ADP
ftr-458	1025	14	order	order	NOUN
ftr-458	1025	15	to	to	PART
ftr-458	1025	16	avoid	avoid	VERB
ftr-458	1025	17	gain	gain	VERB
ftr-458	1025	18	recognition	recognition	NOUN
ftr-458	1025	19	on	on	ADP
ftr-458	1025	20	a	a	DET
ftr-458	1025	21	sale	sale	NOUN
ftr-458	1025	22	and	and	CCONJ
ftr-458	1025	23	taxpayers	taxpayer	NOUN
ftr-458	1025	24	that	that	PRON
ftr-458	1025	25	would	would	AUX
ftr-458	1025	26	have	have	AUX
ftr-458	1025	27	used	use	VERB
ftr-458	1025	28	imperfect	imperfect	ADJ
ftr-458	1025	29	hedges	hedge	NOUN
ftr-458	1025	30	for	for	ADP
ftr-458	1025	31	nontax	nontax	NOUN
ftr-458	1025	32	reasons	reason	NOUN
ftr-458	1025	33	to	to	PART
ftr-458	1025	34	achieve	achieve	VERB
ftr-458	1025	35	a	a	DET
ftr-458	1025	36	desired	desire	VERB
ftr-458	1025	37	exposure	exposure	NOUN
ftr-458	1025	38	to	to	ADP
ftr-458	1025	39	risk	risk	NOUN
ftr-458	1025	40	.	.	PUNCT
ftr-458	1026	1	98	98	NUM
ftr-458	1026	2	.	.	PUNCT
ftr-458	1027	1	if	if	SCONJ
ftr-458	1027	2	many	many	ADJ
ftr-458	1027	3	taxpayers	taxpayer	NOUN
ftr-458	1027	4	choose	choose	VERB
ftr-458	1027	5	neither	neither	CCONJ
ftr-458	1027	6	to	to	PART
ftr-458	1027	7	sell	sell	VERB
ftr-458	1027	8	nor	nor	CCONJ
ftr-458	1027	9	hedge	hedge	VERB
ftr-458	1027	10	,	,	PUNCT
ftr-458	1027	11	treating	treat	VERB
ftr-458	1027	12	hedging	hedging	NOUN
ftr-458	1027	13	as	as	ADP
ftr-458	1027	14	a	a	DET
ftr-458	1027	15	realization	realization	NOUN
ftr-458	1027	16	event	event	NOUN
ftr-458	1027	17	could	could	AUX
ftr-458	1027	18	reduce	reduce	VERB
ftr-458	1027	19	revenues	revenue	NOUN
ftr-458	1027	20	relative	relative	ADJ
ftr-458	1027	21	to	to	ADP
ftr-458	1027	22	a	a	DET
ftr-458	1027	23	realization	realization	NOUN
ftr-458	1027	24	regime	regime	NOUN
ftr-458	1027	25	not	not	PART
ftr-458	1027	26	based	base	VERB
ftr-458	1027	27	on	on	ADP
ftr-458	1027	28	risk	risk	NOUN
ftr-458	1027	29	.	.	PUNCT
ftr-458	1028	1	suppose	suppose	VERB
ftr-458	1028	2	that	that	SCONJ
ftr-458	1028	3	a	a	DET
ftr-458	1028	4	taxpayer	taxpayer	NOUN
ftr-458	1028	5	holding	hold	VERB
ftr-458	1028	6	a	a	DET
ftr-458	1028	7	risky	risky	ADJ
ftr-458	1028	8	appreciated	appreciated	ADJ
ftr-458	1028	9	share	share	NOUN
ftr-458	1028	10	of	of	ADP
ftr-458	1028	11	stock	stock	NOUN
ftr-458	1028	12	that	that	PRON
ftr-458	1028	13	pays	pay	VERB
ftr-458	1028	14	no	no	DET
ftr-458	1028	15	dividends	dividend	NOUN
ftr-458	1028	16	wants	want	VERB
ftr-458	1028	17	to	to	PART
ftr-458	1028	18	sell	sell	VERB
ftr-458	1028	19	the	the	DET
ftr-458	1028	20	stock	stock	NOUN
ftr-458	1028	21	and	and	CCONJ
ftr-458	1028	22	purchase	purchase	VERB
ftr-458	1028	23	treasury	treasury	NOUN
ftr-458	1028	24	bonds	bond	NOUN
ftr-458	1028	25	.	.	PUNCT
ftr-458	1029	1	suppose	suppose	VERB
ftr-458	1029	2	further	far	ADV
ftr-458	1029	3	that	that	SCONJ
ftr-458	1029	4	the	the	DET
ftr-458	1029	5	taxpayer	taxpayer	NOUN
ftr-458	1029	6	will	will	AUX
ftr-458	1029	7	not	not	PART
ftr-458	1029	8	sell	sell	VERB
ftr-458	1029	9	because	because	SCONJ
ftr-458	1029	10	the	the	DET
ftr-458	1029	11	taxpayer	taxpayer	NOUN
ftr-458	1029	12	does	do	AUX
ftr-458	1029	13	not	not	PART
ftr-458	1029	14	want	want	VERB
ftr-458	1029	15	to	to	PART
ftr-458	1029	16	realize	realize	VERB
ftr-458	1029	17	gain	gain	NOUN
ftr-458	1029	18	on	on	ADP
ftr-458	1029	19	the	the	DET
ftr-458	1029	20	appreciation	appreciation	NOUN
ftr-458	1029	21	.	.	PUNCT
ftr-458	1030	1	under	under	ADP
ftr-458	1030	2	a	a	DET
ftr-458	1030	3	realization	realization	NOUN
ftr-458	1030	4	regime	regime	NOUN
ftr-458	1030	5	that	that	PRON
ftr-458	1030	6	does	do	AUX
ftr-458	1030	7	not	not	PART
ftr-458	1030	8	tax	tax	VERB
ftr-458	1030	9	hedging	hedging	NOUN
ftr-458	1030	10	,	,	PUNCT
ftr-458	1030	11	the	the	DET
ftr-458	1030	12	taxpayer	taxpayer	NOUN
ftr-458	1030	13	could	could	AUX
ftr-458	1030	14	hedge	hedge	VERB
ftr-458	1030	15	into	into	ADP
ftr-458	1030	16	a	a	DET
ftr-458	1030	17	treasury	treasury	NOUN
ftr-458	1030	18	bond	bond	NOUN
ftr-458	1030	19	return	return	NOUN
ftr-458	1030	20	and	and	CCONJ
ftr-458	1030	21	,	,	PUNCT
ftr-458	1030	22	depending	depend	VERB
ftr-458	1030	23	on	on	ADP
ftr-458	1030	24	the	the	DET
ftr-458	1030	25	type	type	NOUN
ftr-458	1030	26	of	of	ADP
ftr-458	1030	27	hedge	hedge	NOUN
ftr-458	1030	28	,	,	PUNCT
ftr-458	1030	29	would	would	AUX
ftr-458	1030	30	generally	generally	ADV
ftr-458	1030	31	pay	pay	VERB
ftr-458	1030	32	tax	tax	NOUN
ftr-458	1030	33	currently	currently	ADV
ftr-458	1030	34	on	on	ADP
ftr-458	1030	35	the	the	DET
ftr-458	1030	36	treasury	treasury	NOUN
ftr-458	1030	37	bond	bond	NOUN
ftr-458	1030	38	return	return	NOUN
ftr-458	1030	39	that	that	PRON
ftr-458	1030	40	accrues	accrue	VERB
ftr-458	1030	41	after	after	ADP
ftr-458	1030	42	inception	inception	NOUN
ftr-458	1030	43	of	of	ADP
ftr-458	1030	44	the	the	DET
ftr-458	1030	45	hedge	hedge	NOUN
ftr-458	1030	46	.	.	PUNCT
ftr-458	1031	1	if	if	SCONJ
ftr-458	1031	2	the	the	DET
ftr-458	1031	3	counterparty	counterparty	NOUN
ftr-458	1031	4	to	to	ADP
ftr-458	1031	5	the	the	DET
ftr-458	1031	6	hedge	hedge	NOUN
ftr-458	1031	7	is	be	AUX
ftr-458	1031	8	tax	tax	NOUN
ftr-458	1031	9	-	-	PUNCT
ftr-458	1031	10	exempt	exempt	ADJ
ftr-458	1031	11	.	.	PUNCT
ftr-458	1032	1	there	there	PRON
ftr-458	1032	2	would	would	AUX
ftr-458	1032	3	be	be	AUX
ftr-458	1032	4	no	no	DET
ftr-458	1032	5	offsetting	offset	VERB
ftr-458	1032	6	deduction	deduction	NOUN
ftr-458	1032	7	in	in	ADP
ftr-458	1032	8	the	the	DET
ftr-458	1032	9	system	system	NOUN
ftr-458	1032	10	with	with	ADP
ftr-458	1032	11	the	the	DET
ftr-458	1032	12	result	result	NOUN
ftr-458	1032	13	that	that	SCONJ
ftr-458	1032	14	more	more	ADJ
ftr-458	1032	15	tax	tax	NOUN
ftr-458	1032	16	could	could	AUX
ftr-458	1032	17	be	be	AUX
ftr-458	1032	18	collected	collect	VERB
ftr-458	1032	19	by	by	ADP
ftr-458	1032	20	virtue	virtue	NOUN
ftr-458	1032	21	of	of	ADP
ftr-458	1032	22	the	the	DET
ftr-458	1032	23	hedge	hedge	NOUN
ftr-458	1032	24	than	than	SCONJ
ftr-458	1032	25	would	would	AUX
ftr-458	1032	26	be	be	AUX
ftr-458	1032	27	collected	collect	VERB
ftr-458	1032	28	if	if	SCONJ
ftr-458	1032	29	the	the	DET
ftr-458	1032	30	hedge	hedge	NOUN
ftr-458	1032	31	did	do	AUX
ftr-458	1032	32	not	not	PART
ftr-458	1032	33	occur	occur	VERB
ftr-458	1032	34	.	.	PUNCT
ftr-458	1033	1	under	under	ADP
ftr-458	1033	2	a	a	DET
ftr-458	1033	3	regime	regime	NOUN
ftr-458	1033	4	that	that	PRON
ftr-458	1033	5	treats	treat	VERB
ftr-458	1033	6	hedging	hedge	VERB
ftr-458	1033	7	as	as	ADP
ftr-458	1033	8	realization	realization	NOUN
ftr-458	1033	9	,	,	PUNCT
ftr-458	1033	10	the	the	DET
ftr-458	1033	11	taxpayer	taxpayer	NOUN
ftr-458	1033	12	will	will	AUX
ftr-458	1033	13	not	not	PART
ftr-458	1033	14	hedge	hedge	VERB
ftr-458	1033	15	because	because	SCONJ
ftr-458	1033	16	she	she	PRON
ftr-458	1033	17	does	do	AUX
ftr-458	1033	18	not	not	PART
ftr-458	1033	19	want	want	VERB
ftr-458	1033	20	to	to	PART
ftr-458	1033	21	realize	realize	VERB
ftr-458	1033	22	gain	gain	NOUN
ftr-458	1033	23	on	on	ADP
ftr-458	1033	24	the	the	DET
ftr-458	1033	25	appreciation	appreciation	NOUN
ftr-458	1033	26	.	.	PUNCT
ftr-458	1034	1	she	she	PRON
ftr-458	1034	2	will	will	AUX
ftr-458	1034	3	also	also	ADV
ftr-458	1034	4	not	not	PART
ftr-458	1034	5	pay	pay	VERB
ftr-458	1034	6	any	any	DET
ftr-458	1034	7	tax	tax	NOUN
ftr-458	1034	8	on	on	ADP
ftr-458	1034	9	any	any	DET
ftr-458	1034	10	subsequent	subsequent	ADJ
ftr-458	1034	11	return	return	NOUN
ftr-458	1034	12	on	on	ADP
ftr-458	1034	13	her	her	PRON
ftr-458	1034	14	stock	stock	NOUN
ftr-458	1034	15	because	because	SCONJ
ftr-458	1034	16	the	the	DET
ftr-458	1034	17	stock	stock	NOUN
ftr-458	1034	18	does	do	AUX
ftr-458	1034	19	not	not	PART
ftr-458	1034	20	pay	pay	VERB
ftr-458	1034	21	dividends	dividend	NOUN
ftr-458	1034	22	.	.	PUNCT
ftr-458	1035	1	to	to	ADP
ftr-458	1035	2	the	the	DET
ftr-458	1035	3	extent	extent	NOUN
ftr-458	1035	4	that	that	SCONJ
ftr-458	1035	5	such	such	DET
ftr-458	1035	6	a	a	DET
ftr-458	1035	7	regime	regime	NOUN
ftr-458	1035	8	discourages	discourage	VERB
ftr-458	1035	9	taxpayers	taxpayer	NOUN
ftr-458	1035	10	owning	own	VERB
ftr-458	1035	11	appreciated	appreciated	ADJ
ftr-458	1035	12	assets	asset	NOUN
ftr-458	1035	13	without	without	ADP
ftr-458	1035	14	a	a	DET
ftr-458	1035	15	currently	currently	ADV
ftr-458	1035	16	taxable	taxable	ADJ
ftr-458	1035	17	return	return	NOUN
ftr-458	1035	18	from	from	ADP
ftr-458	1035	19	hedging	hedge	VERB
ftr-458	1035	20	into	into	ADP
ftr-458	1035	21	assets	asset	NOUN
ftr-458	1035	22	with	with	ADP
ftr-458	1035	23	a	a	DET
ftr-458	1035	24	currently	currently	ADV
ftr-458	1035	25	taxable	taxable	ADJ
ftr-458	1035	26	return	return	NOUN
ftr-458	1035	27	,	,	PUNCT
ftr-458	1035	28	the	the	DET
ftr-458	1035	29	regime	regime	NOUN
ftr-458	1035	30	could	could	AUX
ftr-458	1035	31	suppress	suppress	VERB
ftr-458	1035	32	revenues	revenue	NOUN
ftr-458	1035	33	as	as	SCONJ
ftr-458	1035	34	compared	compare	VERB
ftr-458	1035	35	with	with	ADP
ftr-458	1035	36	current	current	ADJ
ftr-458	1035	37	law	law	NOUN
ftr-458	1035	38	.	.	PUNCT
ftr-458	1036	1	19961	19961	NUM
ftr-458	1036	2	florida	florida	PROPN
ftr-458	1036	3	tax	tax	NOUN
ftr-458	1036	4	review	review	NOUN
ftr-458	1036	5	as	as	ADP
ftr-458	1036	6	to	to	ADP
ftr-458	1036	7	distributional	distributional	ADJ
ftr-458	1036	8	considerations	consideration	NOUN
ftr-458	1036	9	,	,	PUNCT
ftr-458	1036	10	consider	consider	VERB
ftr-458	1036	11	three	three	NUM
ftr-458	1036	12	taxpayers	taxpayer	NOUN
ftr-458	1036	13	:	:	PUNCT
ftr-458	1036	14	holder	holder	NOUN
ftr-458	1036	15	,	,	PUNCT
ftr-458	1036	16	seller	seller	NOUN
ftr-458	1036	17	,	,	PUNCT
ftr-458	1036	18	and	and	CCONJ
ftr-458	1036	19	hedger	hedger	NOUN
ftr-458	1036	20	.	.	PUNCT
ftr-458	1037	1	each	each	PRON
ftr-458	1037	2	holds	hold	VERB
ftr-458	1037	3	an	an	DET
ftr-458	1037	4	asset	asset	NOUN
ftr-458	1037	5	with	with	ADP
ftr-458	1037	6	$	$	SYM
ftr-458	1037	7	90	90	NUM
ftr-458	1037	8	of	of	ADP
ftr-458	1037	9	unrealized	unrealized	ADJ
ftr-458	1037	10	appreciation	appreciation	NOUN
ftr-458	1037	11	.	.	PUNCT
ftr-458	1038	1	holder	holder	NOUN
ftr-458	1038	2	simply	simply	ADV
ftr-458	1038	3	holds	hold	VERB
ftr-458	1038	4	her	her	PRON
ftr-458	1038	5	asset	asset	NOUN
ftr-458	1038	6	.	.	PUNCT
ftr-458	1039	1	seller	seller	NOUN
ftr-458	1039	2	sells	sell	VERB
ftr-458	1039	3	her	her	PRON
ftr-458	1039	4	asset	asset	NOUN
ftr-458	1039	5	for	for	ADP
ftr-458	1039	6	its	its	PRON
ftr-458	1039	7	fair	fair	ADJ
ftr-458	1039	8	market	market	NOUN
ftr-458	1039	9	value	value	NOUN
ftr-458	1039	10	.	.	PUNCT
ftr-458	1040	1	hedger	hedger	PROPN
ftr-458	1040	2	hedges	hedge	VERB
ftr-458	1040	3	her	her	PRON
ftr-458	1040	4	asset.99	asset.99	NOUN
ftr-458	1040	5	the	the	DET
ftr-458	1040	6	three	three	NUM
ftr-458	1040	7	taxpayers	taxpayer	NOUN
ftr-458	1040	8	have	have	VERB
ftr-458	1040	9	the	the	DET
ftr-458	1040	10	same	same	ADJ
ftr-458	1040	11	ability	ability	NOUN
ftr-458	1040	12	to	to	PART
ftr-458	1040	13	pay	pay	VERB
ftr-458	1040	14	,	,	PUNCT
ftr-458	1040	15	but	but	CCONJ
ftr-458	1040	16	the	the	DET
ftr-458	1040	17	realization	realization	NOUN
ftr-458	1040	18	requirement	requirement	NOUN
ftr-458	1040	19	treats	treat	NOUN
ftr-458	1040	20	holder	holder	NOUN
ftr-458	1040	21	better	well	ADJ
ftr-458	1040	22	than	than	ADP
ftr-458	1040	23	seller	seller	NOUN
ftr-458	1040	24	.	.	PUNCT
ftr-458	1041	1	from	from	ADP
ftr-458	1041	2	a	a	DET
ftr-458	1041	3	distributional	distributional	ADJ
ftr-458	1041	4	standpoint	standpoint	NOUN
ftr-458	1041	5	,	,	PUNCT
ftr-458	1041	6	all	all	DET
ftr-458	1041	7	three	three	NUM
ftr-458	1041	8	taxpayers	taxpayer	NOUN
ftr-458	1041	9	should	should	AUX
ftr-458	1041	10	be	be	AUX
ftr-458	1041	11	taxed	tax	VERB
ftr-458	1041	12	.	.	PUNCT
ftr-458	1042	1	because	because	SCONJ
ftr-458	1042	2	the	the	DET
ftr-458	1042	3	realization	realization	NOUN
ftr-458	1042	4	requirement	requirement	NOUN
ftr-458	1042	5	favors	favor	VERB
ftr-458	1042	6	higher	high	ADJ
ftr-458	1042	7	income	income	NOUN
ftr-458	1042	8	taxpayers	taxpayer	NOUN
ftr-458	1042	9	by	by	ADP
ftr-458	1042	10	allowing	allow	VERB
ftr-458	1042	11	deferral	deferral	ADJ
ftr-458	1042	12	that	that	PRON
ftr-458	1042	13	is	be	AUX
ftr-458	1042	14	generally	generally	ADV
ftr-458	1042	15	not	not	PART
ftr-458	1042	16	available	available	ADJ
ftr-458	1042	17	to	to	ADP
ftr-458	1042	18	labor	labor	NOUN
ftr-458	1042	19	income	income	NOUN
ftr-458	1042	20	,	,	PUNCT
ftr-458	1042	21	taxing	tax	VERB
ftr-458	1042	22	hedger	hedger	NOUN
ftr-458	1042	23	helps	help	VERB
ftr-458	1042	24	ameliorate	ameliorate	VERB
ftr-458	1042	25	that	that	DET
ftr-458	1042	26	unfairness	unfairness	NOUN
ftr-458	1042	27	.	.	PUNCT
ftr-458	1043	1	individual	individual	ADJ
ftr-458	1043	2	investors	investor	NOUN
ftr-458	1043	3	who	who	PRON
ftr-458	1043	4	hedge	hedge	VERB
ftr-458	1043	5	are	be	AUX
ftr-458	1043	6	likely	likely	ADJ
ftr-458	1043	7	to	to	PART
ftr-458	1043	8	be	be	AUX
ftr-458	1043	9	high	high	ADJ
ftr-458	1043	10	bracket	bracket	NOUN
ftr-458	1043	11	taxpayers	taxpayer	NOUN
ftr-458	1043	12	.	.	PUNCT
ftr-458	1044	1	perhaps	perhaps	ADV
ftr-458	1044	2	we	we	PRON
ftr-458	1044	3	should	should	AUX
ftr-458	1044	4	be	be	AUX
ftr-458	1044	5	unconcerned	unconcerned	ADJ
ftr-458	1044	6	that	that	SCONJ
ftr-458	1044	7	the	the	DET
ftr-458	1044	8	system	system	NOUN
ftr-458	1044	9	fails	fail	VERB
ftr-458	1044	10	to	to	ADP
ftr-458	1044	11	tax	tax	NOUN
ftr-458	1044	12	holder	holder	NOUN
ftr-458	1044	13	.	.	PUNCT
ftr-458	1045	1	on	on	ADP
ftr-458	1045	2	this	this	DET
ftr-458	1045	3	view	view	NOUN
ftr-458	1045	4	,	,	PUNCT
ftr-458	1045	5	one	one	NUM
ftr-458	1045	6	imperfection	imperfection	NOUN
ftr-458	1045	7	in	in	ADP
ftr-458	1045	8	the	the	DET
ftr-458	1045	9	regime	regime	NOUN
ftr-458	1045	10	does	do	AUX
ftr-458	1045	11	not	not	PART
ftr-458	1045	12	justify	justify	VERB
ftr-458	1045	13	more	more	ADJ
ftr-458	1045	14	imperfections	imperfection	NOUN
ftr-458	1045	15	.	.	PUNCT
ftr-458	1045	16	"	"	PUNCT
ftr-458	1046	1	°	°	NUM
ftr-458	1046	2	not	not	PART
ftr-458	1046	3	all	all	DET
ftr-458	1046	4	hedgers	hedger	NOUN
ftr-458	1046	5	are	be	AUX
ftr-458	1046	6	individuals	individual	NOUN
ftr-458	1046	7	,	,	PUNCT
ftr-458	1046	8	however	however	ADV
ftr-458	1046	9	.	.	PUNCT
ftr-458	1047	1	anecdotal	anecdotal	ADJ
ftr-458	1047	2	evidence	evidence	NOUN
ftr-458	1047	3	indicates	indicate	VERB
ftr-458	1047	4	that	that	SCONJ
ftr-458	1047	5	corporations	corporation	NOUN
ftr-458	1047	6	,	,	PUNCT
ftr-458	1047	7	''	''	PUNCT
ftr-458	1047	8	individuals	individual	NOUN
ftr-458	1047	9	,	,	PUNCT
ftr-458	1047	10	"	"	PUNCT
ftr-458	1047	11	°	°	CCONJ
ftr-458	1047	12	and	and	CCONJ
ftr-458	1047	13	institutional	institutional	ADJ
ftr-458	1047	14	investors"0	investors"0	NOUN
ftr-458	1047	15	3	3	NUM
ftr-458	1047	16	99	99	NUM
ftr-458	1047	17	.	.	PUNCT
ftr-458	1048	1	deborah	deborah	PROPN
ftr-458	1048	2	schenk	schenk	PROPN
ftr-458	1048	3	uses	use	VERB
ftr-458	1048	4	a	a	DET
ftr-458	1048	5	similar	similar	ADJ
ftr-458	1048	6	example	example	NOUN
ftr-458	1048	7	.	.	PUNCT
ftr-458	1049	1	see	see	VERB
ftr-458	1049	2	schenk	schenk	PROPN
ftr-458	1049	3	,	,	PUNCT
ftr-458	1049	4	supra	supra	PROPN
ftr-458	1049	5	note	note	NOUN
ftr-458	1049	6	4	4	NUM
ftr-458	1049	7	.	.	NOUN
ftr-458	1049	8	100	100	NUM
ftr-458	1049	9	.	.	PUNCT
ftr-458	1050	1	indeed	indeed	ADV
ftr-458	1050	2	,	,	PUNCT
ftr-458	1050	3	in	in	ADP
ftr-458	1050	4	the	the	DET
ftr-458	1050	5	example	example	NOUN
ftr-458	1050	6	in	in	ADP
ftr-458	1050	7	the	the	DET
ftr-458	1050	8	previous	previous	ADJ
ftr-458	1050	9	paragraph	paragraph	NOUN
ftr-458	1050	10	,	,	PUNCT
ftr-458	1050	11	if	if	SCONJ
ftr-458	1050	12	the	the	DET
ftr-458	1050	13	amount	amount	NOUN
ftr-458	1050	14	of	of	ADP
ftr-458	1050	15	appreciation	appreciation	NOUN
ftr-458	1050	16	were	be	AUX
ftr-458	1050	17	$	$	SYM
ftr-458	1050	18	90	90	NUM
ftr-458	1050	19	million	million	NUM
ftr-458	1050	20	,	,	PUNCT
ftr-458	1050	21	rather	rather	ADV
ftr-458	1050	22	than	than	ADP
ftr-458	1050	23	$	$	SYM
ftr-458	1050	24	90	90	NUM
ftr-458	1050	25	,	,	PUNCT
ftr-458	1050	26	there	there	PRON
ftr-458	1050	27	might	might	AUX
ftr-458	1050	28	be	be	AUX
ftr-458	1050	29	no	no	DET
ftr-458	1050	30	holder	holder	NOUN
ftr-458	1050	31	or	or	CCONJ
ftr-458	1050	32	seller	seller	NOUN
ftr-458	1050	33	under	under	ADP
ftr-458	1050	34	current	current	ADJ
ftr-458	1050	35	law	law	NOUN
ftr-458	1050	36	because	because	SCONJ
ftr-458	1050	37	persons	person	NOUN
ftr-458	1050	38	with	with	ADP
ftr-458	1050	39	that	that	DET
ftr-458	1050	40	amount	amount	NOUN
ftr-458	1050	41	of	of	ADP
ftr-458	1050	42	appreciation	appreciation	NOUN
ftr-458	1050	43	who	who	PRON
ftr-458	1050	44	wanted	want	VERB
ftr-458	1050	45	to	to	PART
ftr-458	1050	46	dispose	dispose	VERB
ftr-458	1050	47	of	of	ADP
ftr-458	1050	48	their	their	PRON
ftr-458	1050	49	assets	asset	NOUN
ftr-458	1050	50	might	might	AUX
ftr-458	1050	51	find	find	VERB
ftr-458	1050	52	a	a	DET
ftr-458	1050	53	way	way	NOUN
ftr-458	1050	54	to	to	PART
ftr-458	1050	55	avoid	avoid	VERB
ftr-458	1050	56	realization	realization	NOUN
ftr-458	1050	57	by	by	ADP
ftr-458	1050	58	hedging	hedge	VERB
ftr-458	1050	59	.	.	PUNCT
ftr-458	1051	1	101	101	NUM
ftr-458	1051	2	.	.	PUNCT
ftr-458	1052	1	corporations	corporation	NOUN
ftr-458	1052	2	utilize	utilize	VERB
ftr-458	1052	3	a	a	DET
ftr-458	1052	4	wide	wide	ADJ
ftr-458	1052	5	variety	variety	NOUN
ftr-458	1052	6	of	of	ADP
ftr-458	1052	7	hedging	hedging	NOUN
ftr-458	1052	8	strategies	strategy	NOUN
ftr-458	1052	9	.	.	PUNCT
ftr-458	1053	1	see	see	VERB
ftr-458	1053	2	deborah	deborah	PROPN
ftr-458	1053	3	l.	l.	PROPN
ftr-458	1053	4	paul	paul	PROPN
ftr-458	1053	5	,	,	PUNCT
ftr-458	1053	6	derivatives	derivative	NOUN
ftr-458	1053	7	can	can	AUX
ftr-458	1053	8	be	be	AUX
ftr-458	1053	9	used	use	VERB
ftr-458	1053	10	to	to	PART
ftr-458	1053	11	monetize	monetize	VERB
ftr-458	1053	12	portfolio	portfolio	NOUN
ftr-458	1053	13	stock	stock	NOUN
ftr-458	1053	14	investments	investment	NOUN
ftr-458	1053	15	,	,	PUNCT
ftr-458	1053	16	but	but	CCONJ
ftr-458	1053	17	tax	tax	NOUN
ftr-458	1053	18	issues	issue	NOUN
ftr-458	1053	19	remain	remain	VERB
ftr-458	1053	20	,	,	PUNCT
ftr-458	1053	21	1	1	NUM
ftr-458	1053	22	derivatives	derivative	NOUN
ftr-458	1053	23	52	52	NUM
ftr-458	1053	24	(	(	PUNCT
ftr-458	1053	25	1995	1995	NUM
ftr-458	1053	26	)	)	PUNCT
ftr-458	1053	27	.	.	PUNCT
ftr-458	1054	1	for	for	ADP
ftr-458	1054	2	example	example	NOUN
ftr-458	1054	3	,	,	PUNCT
ftr-458	1054	4	in	in	ADP
ftr-458	1054	5	addition	addition	NOUN
ftr-458	1054	6	to	to	ADP
ftr-458	1054	7	short	short	ADJ
ftr-458	1054	8	against	against	ADP
ftr-458	1054	9	the	the	DET
ftr-458	1054	10	box	box	NOUN
ftr-458	1054	11	,	,	PUNCT
ftr-458	1054	12	option	option	NOUN
ftr-458	1054	13	,	,	PUNCT
ftr-458	1054	14	and	and	CCONJ
ftr-458	1054	15	equity	equity	NOUN
ftr-458	1054	16	swap	swap	NOUN
ftr-458	1054	17	transactions	transaction	NOUN
ftr-458	1054	18	,	,	PUNCT
ftr-458	1054	19	see	see	VERB
ftr-458	1054	20	supra	supra	PROPN
ftr-458	1054	21	note	note	PROPN
ftr-458	1054	22	1	1	NUM
ftr-458	1054	23	,	,	PUNCT
ftr-458	1054	24	corporations	corporation	NOUN
ftr-458	1054	25	hedge	hedge	VERB
ftr-458	1054	26	exposure	exposure	NOUN
ftr-458	1054	27	to	to	ADP
ftr-458	1054	28	portfolio	portfolio	NOUN
ftr-458	1054	29	stock	stock	NOUN
ftr-458	1054	30	by	by	ADP
ftr-458	1054	31	issuing	issue	VERB
ftr-458	1054	32	debt	debt	NOUN
ftr-458	1054	33	instruments	instrument	NOUN
ftr-458	1054	34	that	that	PRON
ftr-458	1054	35	pay	pay	VERB
ftr-458	1054	36	contingent	contingent	NOUN
ftr-458	1054	37	returns	return	NOUN
ftr-458	1054	38	based	base	VERB
ftr-458	1054	39	on	on	ADP
ftr-458	1054	40	the	the	DET
ftr-458	1054	41	performance	performance	NOUN
ftr-458	1054	42	of	of	ADP
ftr-458	1054	43	such	such	ADJ
ftr-458	1054	44	stock	stock	NOUN
ftr-458	1054	45	.	.	PUNCT
ftr-458	1055	1	e.g.	e.g.	ADV
ftr-458	1055	2	,	,	PUNCT
ftr-458	1055	3	debt	debt	NOUN
ftr-458	1055	4	exchangeable	exchangeable	ADJ
ftr-458	1055	5	for	for	ADP
ftr-458	1055	6	common	common	ADJ
ftr-458	1055	7	stock	stock	NOUN
ftr-458	1055	8	issued	issue	VERB
ftr-458	1055	9	by	by	ADP
ftr-458	1055	10	allstate	allstate	PROPN
ftr-458	1055	11	based	base	VERB
ftr-458	1055	12	on	on	ADP
ftr-458	1055	13	the	the	DET
ftr-458	1055	14	pmi	pmi	PROPN
ftr-458	1055	15	group	group	NOUN
ftr-458	1055	16	,	,	PUNCT
ftr-458	1055	17	inc	inc	PROPN
ftr-458	1055	18	.	.	PROPN
ftr-458	1055	19	common	common	ADJ
ftr-458	1055	20	stock	stock	NOUN
ftr-458	1055	21	(	(	PUNCT
ftr-458	1055	22	may	may	PROPN
ftr-458	1055	23	1995	1995	NUM
ftr-458	1055	24	)	)	PUNCT
ftr-458	1055	25	,	,	PUNCT
ftr-458	1055	26	sprint	sprint	NOUN
ftr-458	1055	27	corporation	corporation	NOUN
ftr-458	1055	28	based	base	VERB
ftr-458	1055	29	on	on	ADP
ftr-458	1055	30	southern	southern	ADJ
ftr-458	1055	31	new	new	PROPN
ftr-458	1055	32	england	england	PROPN
ftr-458	1055	33	telecommunications	telecommunications	PROPN
ftr-458	1055	34	corporation	corporation	PROPN
ftr-458	1055	35	common	common	ADJ
ftr-458	1055	36	stock	stock	NOUN
ftr-458	1055	37	(	(	PUNCT
ftr-458	1055	38	march	march	PROPN
ftr-458	1055	39	20	20	NUM
ftr-458	1055	40	,	,	PUNCT
ftr-458	1055	41	1995	1995	NUM
ftr-458	1055	42	)	)	PUNCT
ftr-458	1055	43	,	,	PUNCT
ftr-458	1055	44	first	first	ADJ
ftr-458	1055	45	chicago	chicago	PROPN
ftr-458	1055	46	corporation	corporation	NOUN
ftr-458	1055	47	based	base	VERB
ftr-458	1055	48	on	on	ADP
ftr-458	1055	49	nextel	nextel	PROPN
ftr-458	1055	50	communications	communications	PROPN
ftr-458	1055	51	,	,	PUNCT
ftr-458	1055	52	inc	inc	PROPN
ftr-458	1055	53	.	.	PROPN
ftr-458	1055	54	,	,	PUNCT
ftr-458	1055	55	common	common	ADJ
ftr-458	1055	56	stock	stock	NOUN
ftr-458	1055	57	(	(	PUNCT
ftr-458	1055	58	february	february	PROPN
ftr-458	1055	59	8	8	NUM
ftr-458	1055	60	,	,	PUNCT
ftr-458	1055	61	1994	1994	NUM
ftr-458	1055	62	)	)	PUNCT
ftr-458	1055	63	,	,	PUNCT
ftr-458	1055	64	and	and	CCONJ
ftr-458	1055	65	american	american	PROPN
ftr-458	1055	66	express	express	ADJ
ftr-458	1055	67	company	company	NOUN
ftr-458	1055	68	based	base	VERB
ftr-458	1055	69	on	on	ADP
ftr-458	1055	70	first	first	ADJ
ftr-458	1055	71	data	datum	NOUN
ftr-458	1055	72	corporation	corporation	NOUN
ftr-458	1055	73	common	common	ADJ
ftr-458	1055	74	stock	stock	NOUN
ftr-458	1055	75	(	(	PUNCT
ftr-458	1055	76	october	october	PROPN
ftr-458	1055	77	7	7	NUM
ftr-458	1055	78	,	,	PUNCT
ftr-458	1055	79	1993	1993	NUM
ftr-458	1055	80	)	)	PUNCT
ftr-458	1055	81	.	.	PUNCT
ftr-458	1056	1	i	i	PRON
ftr-458	1056	2	d.	d.	PROPN
ftr-458	1056	3	at	at	ADP
ftr-458	1056	4	54	54	NUM
ftr-458	1056	5	n.9	n.9	X
ftr-458	1056	6	.	.	PUNCT
ftr-458	1057	1	see	see	VERB
ftr-458	1057	2	also	also	ADV
ftr-458	1057	3	saul	saul	PROPN
ftr-458	1057	4	hansell	hansell	PROPN
ftr-458	1057	5	,	,	PUNCT
ftr-458	1057	6	lazard	lazard	PROPN
ftr-458	1057	7	finds	find	VERB
ftr-458	1057	8	brawny	brawny	ADJ
ftr-458	1057	9	ally	ally	NOUN
ftr-458	1057	10	for	for	ADP
ftr-458	1057	11	derivatives	derivative	NOUN
ftr-458	1057	12	,	,	PUNCT
ftr-458	1057	13	n.y	n.y	PROPN
ftr-458	1057	14	.	.	PROPN
ftr-458	1057	15	times	times	PROPN
ftr-458	1057	16	,	,	PUNCT
ftr-458	1057	17	mar	mar	PROPN
ftr-458	1057	18	.	.	PROPN
ftr-458	1057	19	22	22	NUM
ftr-458	1057	20	,	,	PUNCT
ftr-458	1057	21	1994	1994	NUM
ftr-458	1057	22	,	,	PUNCT
ftr-458	1057	23	at	at	ADP
ftr-458	1057	24	di	di	NOUN
ftr-458	1057	25	(	(	PUNCT
ftr-458	1057	26	discussing	discuss	VERB
ftr-458	1057	27	equity	equity	NOUN
ftr-458	1057	28	swap	swap	NOUN
ftr-458	1057	29	strategy	strategy	NOUN
ftr-458	1057	30	for	for	ADP
ftr-458	1057	31	corporate	corporate	ADJ
ftr-458	1057	32	shareholders	shareholder	NOUN
ftr-458	1057	33	)	)	PUNCT
ftr-458	1057	34	.	.	PUNCT
ftr-458	1058	1	the	the	DET
ftr-458	1058	2	issuance	issuance	NOUN
ftr-458	1058	3	of	of	ADP
ftr-458	1058	4	§	§	PROPN
ftr-458	1058	5	1.1092(d)-2(a	1.1092(d)-2(a	NOUN
ftr-458	1058	6	)	)	PUNCT
ftr-458	1058	7	of	of	ADP
ftr-458	1058	8	the	the	DET
ftr-458	1058	9	regulations	regulation	NOUN
ftr-458	1058	10	on	on	ADP
ftr-458	1058	11	march	march	PROPN
ftr-458	1058	12	17	17	NUM
ftr-458	1058	13	,	,	PUNCT
ftr-458	1058	14	1995	1995	NUM
ftr-458	1058	15	,	,	PUNCT
ftr-458	1058	16	may	may	AUX
ftr-458	1058	17	have	have	AUX
ftr-458	1058	18	deterred	deter	VERB
ftr-458	1058	19	some	some	DET
ftr-458	1058	20	corporate	corporate	ADJ
ftr-458	1058	21	and	and	CCONJ
ftr-458	1058	22	other	other	ADJ
ftr-458	1058	23	taxpayers	taxpayer	NOUN
ftr-458	1058	24	from	from	ADP
ftr-458	1058	25	entering	enter	VERB
ftr-458	1058	26	into	into	ADP
ftr-458	1058	27	equity	equity	NOUN
ftr-458	1058	28	swaps	swap	NOUN
ftr-458	1058	29	because	because	SCONJ
ftr-458	1058	30	those	those	DET
ftr-458	1058	31	regulations	regulation	NOUN
ftr-458	1058	32	generally	generally	ADV
ftr-458	1058	33	treat	treat	VERB
ftr-458	1058	34	actively	actively	ADV
ftr-458	1058	35	traded	trade	VERB
ftr-458	1058	36	stock	stock	NOUN
ftr-458	1058	37	and	and	CCONJ
ftr-458	1058	38	an	an	DET
ftr-458	1058	39	offsetting	offset	VERB
ftr-458	1058	40	equity	equity	NOUN
ftr-458	1058	41	swap	swap	NOUN
ftr-458	1058	42	as	as	ADP
ftr-458	1058	43	a	a	DET
ftr-458	1058	44	straddle	straddle	NOUN
ftr-458	1058	45	.	.	PUNCT
ftr-458	1059	1	102	102	NUM
ftr-458	1059	2	.	.	PUNCT
ftr-458	1060	1	individuals	individual	NOUN
ftr-458	1060	2	have	have	VERB
ftr-458	1060	3	fewer	few	ADJ
ftr-458	1060	4	hedging	hedging	NOUN
ftr-458	1060	5	alternatives	alternative	NOUN
ftr-458	1060	6	than	than	ADP
ftr-458	1060	7	corporations	corporation	NOUN
ftr-458	1060	8	.	.	PUNCT
ftr-458	1061	1	equity	equity	NOUN
ftr-458	1061	2	swaps	swap	NOUN
ftr-458	1061	3	are	be	AUX
ftr-458	1061	4	generally	generally	ADV
ftr-458	1061	5	available	available	ADJ
ftr-458	1061	6	to	to	ADP
ftr-458	1061	7	individuals	individual	NOUN
ftr-458	1061	8	only	only	ADV
ftr-458	1061	9	if	if	SCONJ
ftr-458	1061	10	they	they	PRON
ftr-458	1061	11	have	have	VERB
ftr-458	1061	12	a	a	DET
ftr-458	1061	13	high	high	ADJ
ftr-458	1061	14	net	net	ADJ
ftr-458	1061	15	worth	worth	NOUN
ftr-458	1061	16	.	.	PUNCT
ftr-458	1062	1	see	see	VERB
ftr-458	1062	2	adam	adam	PROPN
ftr-458	1062	3	bryant	bryant	PROPN
ftr-458	1062	4	,	,	PUNCT
ftr-458	1062	5	betting	bet	VERB
ftr-458	1062	6	the	the	DET
ftr-458	1062	7	farm	farm	NOUN
ftr-458	1062	8	on	on	ADP
ftr-458	1062	9	the	the	DET
ftr-458	1062	10	company	company	NOUN
ftr-458	1062	11	stock	stock	NOUN
ftr-458	1062	12	,	,	PUNCT
ftr-458	1062	13	n.y	n.y	PROPN
ftr-458	1062	14	.	.	PROPN
ftr-458	1062	15	times	times	PROPN
ftr-458	1062	16	,	,	PUNCT
ftr-458	1062	17	apr	apr	PROPN
ftr-458	1062	18	.	.	PROPN
ftr-458	1062	19	16	16	NUM
ftr-458	1062	20	,	,	PUNCT
ftr-458	1062	21	1995	1995	NUM
ftr-458	1062	22	,	,	PUNCT
ftr-458	1062	23	§	§	PROPN
ftr-458	1062	24	3	3	NUM
ftr-458	1062	25	,	,	PUNCT
ftr-458	1062	26	at	at	ADP
ftr-458	1062	27	1	1	NUM
ftr-458	1062	28	(	(	PUNCT
ftr-458	1062	29	stating	state	VERB
ftr-458	1062	30	that	that	SCONJ
ftr-458	1062	31	executives	executive	NOUN
ftr-458	1062	32	may	may	AUX
ftr-458	1062	33	diversify	diversify	VERB
ftr-458	1062	34	portfolio	portfolio	NOUN
ftr-458	1062	35	with	with	ADP
ftr-458	1062	36	equity	equity	NOUN
ftr-458	1062	37	-	-	PUNCT
ftr-458	1062	38	for	for	ADP
ftr-458	1062	39	-	-	PUNCT
ftr-458	1062	40	equity	equity	NOUN
ftr-458	1062	41	swap	swap	NOUN
ftr-458	1062	42	)	)	PUNCT
ftr-458	1062	43	;	;	PUNCT
ftr-458	1062	44	executive	executive	ADJ
ftr-458	1062	45	privilege	privilege	NOUN
ftr-458	1062	46	,	,	PUNCT
ftr-458	1062	47	n.y	n.y	PROPN
ftr-458	1062	48	.	.	PROPN
ftr-458	1062	49	times	times	PROPN
ftr-458	1062	50	,	,	PUNCT
ftr-458	1062	51	apr	apr	PROPN
ftr-458	1062	52	.	.	PROPN
ftr-458	1063	1	3	3	NUM
ftr-458	1063	2	.	.	NUM
ftr-458	1063	3	1994	1994	NUM
ftr-458	1063	4	,	,	PUNCT
ftr-458	1063	5	§	§	PROPN
ftr-458	1063	6	3	3	NUM
ftr-458	1063	7	,	,	PUNCT
ftr-458	1063	8	at	at	ADP
ftr-458	1063	9	2	2	NUM
ftr-458	1063	10	(	(	PUNCT
ftr-458	1063	11	pointing	point	VERB
ftr-458	1063	12	out	out	ADP
ftr-458	1063	13	that	that	SCONJ
ftr-458	1063	14	equity	equity	NOUN
ftr-458	1063	15	swaps	swap	NOUN
ftr-458	1063	16	are	be	AUX
ftr-458	1063	17	not	not	PART
ftr-458	1063	18	available	available	ADJ
ftr-458	1063	19	to	to	ADP
ftr-458	1063	20	small	small	ADJ
ftr-458	1063	21	stockholders	stockholder	NOUN
ftr-458	1063	22	)	)	PUNCT
ftr-458	1063	23	;	;	PUNCT
ftr-458	1063	24	floyd	floyd	PROPN
ftr-458	1063	25	norris	norris	PROPN
ftr-458	1063	26	,	,	PUNCT
ftr-458	1063	27	for	for	ADP
ftr-458	1063	28	wall	wall	PROPN
ftr-458	1063	29	st	st	PROPN
ftr-458	1063	30	.	.	PROPN
ftr-458	1063	31	,	,	PUNCT
ftr-458	1063	32	a	a	DET
ftr-458	1063	33	new	new	ADJ
ftr-458	1063	34	tax	tax	NOUN
ftr-458	1063	35	break	break	NOUN
ftr-458	1063	36	,	,	PUNCT
ftr-458	1063	37	n.y	n.y	PROPN
ftr-458	1063	38	.	.	PROPN
ftr-458	1063	39	times	times	PROPN
ftr-458	1063	40	,	,	PUNCT
ftr-458	1063	41	mar	mar	PROPN
ftr-458	1063	42	.	.	PROPN
ftr-458	1063	43	29	29	NUM
ftr-458	1063	44	,	,	PUNCT
ftr-458	1063	45	1994	1994	NUM
ftr-458	1063	46	,	,	PUNCT
ftr-458	1063	47	at	at	ADP
ftr-458	1063	48	di	di	NOUN
ftr-458	1063	49	(	(	PUNCT
ftr-458	1063	50	reporting	report	VERB
ftr-458	1063	51	that	that	DET
ftr-458	1063	52	chairman	chairman	NOUN
ftr-458	1063	53	and	and	CCONJ
ftr-458	1063	54	ceo	ceo	PROPN
ftr-458	1063	55	of	of	ADP
ftr-458	1063	56	autotote	autotote	PROPN
ftr-458	1063	57	corporation	corporation	NOUN
ftr-458	1063	58	entered	enter	VERB
ftr-458	1063	59	into	into	ADP
ftr-458	1063	60	equity	equity	NOUN
ftr-458	1063	61	swap	swap	NOUN
ftr-458	1063	62	with	with	ADP
ftr-458	1063	63	bankers	banker	NOUN
ftr-458	1063	64	trust	trust	PROPN
ftr-458	1063	65	covering	cover	VERB
ftr-458	1063	66	500,000	500,000	NUM
ftr-458	1063	67	autotote	autotote	ADJ
ftr-458	1063	68	shares	share	NOUN
ftr-458	1063	69	)	)	PUNCT
ftr-458	1063	70	.	.	PUNCT
ftr-458	1064	1	other	other	ADJ
ftr-458	1064	2	hedging	hedging	NOUN
ftr-458	1064	3	devices	device	NOUN
ftr-458	1064	4	,	,	PUNCT
ftr-458	1064	5	such	such	ADJ
ftr-458	1064	6	as	as	ADP
ftr-458	1064	7	short	short	ADJ
ftr-458	1064	8	sales	sale	NOUN
ftr-458	1064	9	against	against	ADP
ftr-458	1064	10	the	the	DET
ftr-458	1064	11	box	box	PROPN
ftr-458	1064	12	and	and	CCONJ
ftr-458	1064	13	exchange	exchange	NOUN
ftr-458	1064	14	-	-	PUNCT
ftr-458	1064	15	traded	trade	VERB
ftr-458	1064	16	options	option	NOUN
ftr-458	1064	17	,	,	PUNCT
ftr-458	1064	18	are	be	AUX
ftr-458	1064	19	readily	readily	ADV
ftr-458	1064	20	available	available	ADJ
ftr-458	1064	21	to	to	ADP
ftr-458	1064	22	individuals	individual	NOUN
ftr-458	1064	23	.	.	PUNCT
ftr-458	1065	1	see	see	VERB
ftr-458	1065	2	peter	peter	PROPN
ftr-458	1065	3	brimelow	brimelow	PROPN
ftr-458	1065	4	&	&	CCONJ
ftr-458	1065	5	mark	mark	PROPN
ftr-458	1065	6	hulbert	hulbert	PROPN
ftr-458	1065	7	,	,	PUNCT
ftr-458	1065	8	constructing	construct	VERB
ftr-458	1065	9	your	your	PRON
ftr-458	1065	10	own	own	ADJ
ftr-458	1065	11	hedge	hedge	NOUN
ftr-458	1065	12	fund	fund	NOUN
ftr-458	1065	13	,	,	PUNCT
ftr-458	1065	14	forbes	forbes	PROPN
ftr-458	1065	15	,	,	PUNCT
ftr-458	1065	16	july	july	PROPN
ftr-458	1065	17	31	31	NUM
ftr-458	1065	18	,	,	PUNCT
ftr-458	1065	19	1995	1995	NUM
ftr-458	1065	20	,	,	PUNCT
ftr-458	1065	21	at	at	ADP
ftr-458	1065	22	114	114	NUM
ftr-458	1065	23	(	(	PUNCT
ftr-458	1065	24	recommending	recommend	VERB
ftr-458	1065	25	simultaneous	simultaneous	ADJ
ftr-458	1065	26	long	long	ADJ
ftr-458	1065	27	and	and	CCONJ
ftr-458	1065	28	short	short	ADJ
ftr-458	1065	29	positions	position	NOUN
ftr-458	1065	30	in	in	ADP
ftr-458	1065	31	different	different	ADJ
ftr-458	1065	32	stocks	stock	NOUN
ftr-458	1065	33	)	)	PUNCT
ftr-458	1065	34	;	;	PUNCT
ftr-458	1066	1	william	william	PROPN
ftr-458	1066	2	baldwin	baldwin	PROPN
ftr-458	1066	3	,	,	PUNCT
ftr-458	1066	4	crash	crash	NOUN
ftr-458	1066	5	insurance	insurance	NOUN
ftr-458	1066	6	,	,	PUNCT
ftr-458	1066	7	forbes	forbes	PROPN
ftr-458	1066	8	,	,	PUNCT
ftr-458	1066	9	july	july	PROPN
ftr-458	1066	10	31	31	NUM
ftr-458	1066	11	,	,	PUNCT
ftr-458	1066	12	1995	1995	NUM
ftr-458	1066	13	,	,	PUNCT
ftr-458	1066	14	[	[	X
ftr-458	1066	15	vol	vol	NOUN
ftr-458	1066	16	3:1	3:1	NUM
ftr-458	1066	17	another	another	DET
ftr-458	1066	18	uneasy	uneasy	ADJ
ftr-458	1066	19	compromise	compromise	NOUN
ftr-458	1066	20	use	use	VERB
ftr-458	1066	21	derivatives	derivative	NOUN
ftr-458	1066	22	to	to	PART
ftr-458	1066	23	hedge	hedge	VERB
ftr-458	1066	24	investment	investment	NOUN
ftr-458	1066	25	assets	asset	NOUN
ftr-458	1066	26	.	.	PUNCT
ftr-458	1067	1	the	the	DET
ftr-458	1067	2	distributional	distributional	ADJ
ftr-458	1067	3	impact	impact	NOUN
ftr-458	1067	4	of	of	ADP
ftr-458	1067	5	imposing	impose	VERB
ftr-458	1067	6	tax	tax	NOUN
ftr-458	1067	7	on	on	ADP
ftr-458	1067	8	corporations	corporation	NOUN
ftr-458	1067	9	and	and	CCONJ
ftr-458	1067	10	other	other	ADJ
ftr-458	1067	11	entities	entity	NOUN
ftr-458	1067	12	that	that	PRON
ftr-458	1067	13	hedge	hedge	NOUN
ftr-458	1067	14	is	be	AUX
ftr-458	1067	15	uncertain	uncertain	ADJ
ftr-458	1067	16	.	.	PUNCT
ftr-458	1068	1	further	far	ADV
ftr-458	1068	2	,	,	PUNCT
ftr-458	1068	3	imposing	impose	VERB
ftr-458	1068	4	tax	tax	NOUN
ftr-458	1068	5	on	on	ADP
ftr-458	1068	6	hedger	hedger	NOUN
ftr-458	1068	7	creates	create	VERB
ftr-458	1068	8	a	a	DET
ftr-458	1068	9	new	new	ADJ
ftr-458	1068	10	distributional	distributional	ADJ
ftr-458	1068	11	concern	concern	NOUN
ftr-458	1068	12	.	.	PUNCT
ftr-458	1069	1	not	not	PART
ftr-458	1069	2	all	all	DET
ftr-458	1069	3	capital	capital	NOUN
ftr-458	1069	4	investors	investor	NOUN
ftr-458	1069	5	are	be	AUX
ftr-458	1069	6	alike	alike	ADV
ftr-458	1069	7	.	.	PUNCT
ftr-458	1070	1	because	because	SCONJ
ftr-458	1070	2	realization	realization	NOUN
ftr-458	1070	3	inevitably	inevitably	ADV
ftr-458	1070	4	depends	depend	VERB
ftr-458	1070	5	on	on	ADP
ftr-458	1070	6	form	form	NOUN
ftr-458	1070	7	,	,	PUNCT
ftr-458	1070	8	whatever	whatever	PRON
ftr-458	1070	9	the	the	DET
ftr-458	1070	10	particular	particular	ADJ
ftr-458	1070	11	proposal	proposal	NOUN
ftr-458	1070	12	,	,	PUNCT
ftr-458	1070	13	there	there	PRON
ftr-458	1070	14	will	will	AUX
ftr-458	1070	15	likely	likely	ADV
ftr-458	1070	16	be	be	AUX
ftr-458	1070	17	ways	way	NOUN
ftr-458	1070	18	to	to	PART
ftr-458	1070	19	hedge	hedge	VERB
ftr-458	1070	20	without	without	ADP
ftr-458	1070	21	triggering	trigger	VERB
ftr-458	1070	22	realization	realization	NOUN
ftr-458	1070	23	.	.	PUNCT
ftr-458	1071	1	under	under	ADP
ftr-458	1071	2	current	current	ADJ
ftr-458	1071	3	law	law	NOUN
ftr-458	1071	4	,	,	PUNCT
ftr-458	1071	5	the	the	DET
ftr-458	1071	6	formality	formality	NOUN
ftr-458	1071	7	is	be	AUX
ftr-458	1071	8	obvious	obvious	ADJ
ftr-458	1071	9	,	,	PUNCT
ftr-458	1071	10	and	and	CCONJ
ftr-458	1071	11	hedges	hedge	NOUN
ftr-458	1071	12	,	,	PUNCT
ftr-458	1071	13	such	such	ADJ
ftr-458	1071	14	as	as	ADP
ftr-458	1071	15	the	the	DET
ftr-458	1071	16	short	short	ADJ
ftr-458	1071	17	against	against	ADP
ftr-458	1071	18	the	the	DET
ftr-458	1071	19	box	box	NOUN
ftr-458	1071	20	,	,	PUNCT
ftr-458	1071	21	that	that	PRON
ftr-458	1071	22	do	do	AUX
ftr-458	1071	23	not	not	PART
ftr-458	1071	24	trigger	trigger	VERB
ftr-458	1071	25	realization	realization	NOUN
ftr-458	1071	26	are	be	AUX
ftr-458	1071	27	available	available	ADJ
ftr-458	1071	28	to	to	ADP
ftr-458	1071	29	relatively	relatively	ADV
ftr-458	1071	30	unsophisticated	unsophisticated	ADJ
ftr-458	1071	31	investors	investor	NOUN
ftr-458	1071	32	.	.	PUNCT
ftr-458	1072	1	under	under	ADP
ftr-458	1072	2	a	a	DET
ftr-458	1072	3	realization	realization	NOUN
ftr-458	1072	4	regime	regime	NOUN
ftr-458	1072	5	that	that	PRON
ftr-458	1072	6	taxed	tax	VERB
ftr-458	1072	7	short	short	ADV
ftr-458	1072	8	against	against	ADP
ftr-458	1072	9	the	the	DET
ftr-458	1072	10	box	box	NOUN
ftr-458	1072	11	transactions	transaction	NOUN
ftr-458	1072	12	and	and	CCONJ
ftr-458	1072	13	other	other	ADJ
ftr-458	1072	14	hedges	hedge	NOUN
ftr-458	1072	15	that	that	SCONJ
ftr-458	1072	16	at	at	ADP
ftr-458	1072	17	116	116	NUM
ftr-458	1072	18	(	(	PUNCT
ftr-458	1072	19	index	index	NOUN
ftr-458	1072	20	put	put	VERB
ftr-458	1072	21	options	option	NOUN
ftr-458	1072	22	for	for	ADP
ftr-458	1072	23	individual	individual	ADJ
ftr-458	1072	24	with	with	ADP
ftr-458	1072	25	appreciated	appreciated	ADJ
ftr-458	1072	26	portfolio	portfolio	NOUN
ftr-458	1072	27	)	)	PUNCT
ftr-458	1072	28	;	;	PUNCT
ftr-458	1072	29	ken	ken	PROPN
ftr-458	1072	30	brown	brown	PROPN
ftr-458	1072	31	,	,	PUNCT
ftr-458	1072	32	a	a	DET
ftr-458	1072	33	way	way	NOUN
ftr-458	1072	34	to	to	PART
ftr-458	1072	35	hold	hold	VERB
ftr-458	1072	36	on	on	ADP
ftr-458	1072	37	to	to	ADP
ftr-458	1072	38	those	those	DET
ftr-458	1072	39	stock	stock	NOUN
ftr-458	1072	40	profits	profit	NOUN
ftr-458	1072	41	,	,	PUNCT
ftr-458	1072	42	n.y	n.y	PROPN
ftr-458	1072	43	.	.	PROPN
ftr-458	1072	44	times	times	PROPN
ftr-458	1072	45	,	,	PUNCT
ftr-458	1072	46	july	july	PROPN
ftr-458	1072	47	9	9	NUM
ftr-458	1072	48	,	,	PUNCT
ftr-458	1072	49	1995	1995	NUM
ftr-458	1072	50	,	,	PUNCT
ftr-458	1072	51	§	§	PROPN
ftr-458	1072	52	3	3	NUM
ftr-458	1072	53	.	.	PUNCT
ftr-458	1073	1	at	at	ADP
ftr-458	1073	2	7	7	NUM
ftr-458	1073	3	(	(	PUNCT
ftr-458	1073	4	reporting	report	VERB
ftr-458	1073	5	on	on	ADP
ftr-458	1073	6	professor	professor	NOUN
ftr-458	1073	7	purchasing	purchasing	NOUN
ftr-458	1073	8	index	index	NOUN
ftr-458	1073	9	puts	put	VERB
ftr-458	1073	10	as	as	ADP
ftr-458	1073	11	insurance	insurance	NOUN
ftr-458	1073	12	)	)	PUNCT
ftr-458	1073	13	;	;	PUNCT
ftr-458	1073	14	floyd	floyd	PROPN
ftr-458	1073	15	norris	norris	PROPN
ftr-458	1073	16	,	,	PUNCT
ftr-458	1073	17	investing	invest	VERB
ftr-458	1073	18	it	it	PRON
ftr-458	1073	19	;	;	PUNCT
ftr-458	1073	20	4700	4700	NUM
ftr-458	1073	21	and	and	CCONJ
ftr-458	1073	22	coping	cope	VERB
ftr-458	1073	23	with	with	ADP
ftr-458	1073	24	high	high	ADJ
ftr-458	1073	25	anxiety	anxiety	NOUN
ftr-458	1073	26	,	,	PUNCT
ftr-458	1073	27	n.y	n.y	PROPN
ftr-458	1073	28	.	.	PROPN
ftr-458	1073	29	times	times	PROPN
ftr-458	1073	30	,	,	PUNCT
ftr-458	1073	31	july	july	PROPN
ftr-458	1073	32	9	9	NUM
ftr-458	1073	33	,	,	PUNCT
ftr-458	1073	34	1995	1995	NUM
ftr-458	1073	35	,	,	PUNCT
ftr-458	1073	36	§	§	PROPN
ftr-458	1073	37	3	3	NUM
ftr-458	1073	38	,	,	PUNCT
ftr-458	1073	39	at	at	ADP
ftr-458	1073	40	1	1	NUM
ftr-458	1073	41	;	;	PUNCT
ftr-458	1073	42	(	(	PUNCT
ftr-458	1073	43	discussing	discuss	VERB
ftr-458	1073	44	short	short	ADJ
ftr-458	1073	45	sales	sale	NOUN
ftr-458	1073	46	against	against	ADP
ftr-458	1073	47	the	the	DET
ftr-458	1073	48	box	box	NOUN
ftr-458	1073	49	used	use	VERB
ftr-458	1073	50	"	"	PUNCT
ftr-458	1073	51	routinely	routinely	ADV
ftr-458	1073	52	"	"	PUNCT
ftr-458	1073	53	by	by	ADP
ftr-458	1073	54	large	large	ADJ
ftr-458	1073	55	investors	investor	NOUN
ftr-458	1073	56	,	,	PUNCT
ftr-458	1073	57	such	such	ADJ
ftr-458	1073	58	as	as	ADP
ftr-458	1073	59	family	family	NOUN
ftr-458	1073	60	with	with	ADP
ftr-458	1073	61	huge	huge	ADJ
ftr-458	1073	62	profits	profit	NOUN
ftr-458	1073	63	in	in	ADP
ftr-458	1073	64	salomon	salomon	PROPN
ftr-458	1073	65	stock	stock	NOUN
ftr-458	1073	66	)	)	PUNCT
ftr-458	1073	67	.	.	PUNCT
ftr-458	1074	1	103	103	NUM
ftr-458	1074	2	.	.	PUNCT
ftr-458	1075	1	see	see	VERB
ftr-458	1075	2	aim	aim	NOUN
ftr-458	1075	3	creates	create	VERB
ftr-458	1075	4	equity	equity	NOUN
ftr-458	1075	5	hedges	hedge	NOUN
ftr-458	1075	6	for	for	ADP
ftr-458	1075	7	pension	pension	NOUN
ftr-458	1075	8	fund	fund	NOUN
ftr-458	1075	9	clients	client	NOUN
ftr-458	1075	10	,	,	PUNCT
ftr-458	1075	11	derivatives	derivative	NOUN
ftr-458	1075	12	wk	wk	PROPN
ftr-458	1075	13	.	.	PROPN
ftr-458	1075	14	,	,	PUNCT
ftr-458	1075	15	feb	feb	PROPN
ftr-458	1075	16	.	.	PROPN
ftr-458	1075	17	21	21	NUM
ftr-458	1075	18	,	,	PUNCT
ftr-458	1075	19	1994	1994	NUM
ftr-458	1075	20	,	,	PUNCT
ftr-458	1075	21	at	at	ADP
ftr-458	1075	22	5	5	NUM
ftr-458	1075	23	(	(	PUNCT
ftr-458	1075	24	put	put	VERB
ftr-458	1075	25	,	,	PUNCT
ftr-458	1075	26	"	"	PUNCT
ftr-458	1075	27	put	put	VERB
ftr-458	1075	28	spread	spread	NOUN
ftr-458	1075	29	,	,	PUNCT
ftr-458	1075	30	"	"	PUNCT
ftr-458	1075	31	and	and	CCONJ
ftr-458	1075	32	"	"	PUNCT
ftr-458	1075	33	put	put	VERB
ftr-458	1075	34	butterfly	butterfly	NOUN
ftr-458	1075	35	"	"	PUNCT
ftr-458	1075	36	hedging	hedging	NOUN
ftr-458	1075	37	strategies	strategy	NOUN
ftr-458	1075	38	):	):	PUNCT
ftr-458	1075	39	burgundy	burgundy	NOUN
ftr-458	1075	40	hedges	hedge	NOUN
ftr-458	1075	41	international	international	PROPN
ftr-458	1075	42	portfolio	portfolio	NOUN
ftr-458	1075	43	with	with	ADP
ftr-458	1075	44	s&p	s&p	PROPN
ftr-458	1075	45	500	500	NUM
ftr-458	1075	46	puts	put	NOUN
ftr-458	1075	47	.	.	PUNCT
ftr-458	1076	1	derivatives	derivative	NOUN
ftr-458	1076	2	wk	wk	PROPN
ftr-458	1076	3	,	,	PUNCT
ftr-458	1076	4	feb	feb	PROPN
ftr-458	1076	5	.	.	PROPN
ftr-458	1076	6	14	14	NUM
ftr-458	1076	7	,	,	PUNCT
ftr-458	1076	8	1994	1994	NUM
ftr-458	1076	9	,	,	PUNCT
ftr-458	1076	10	at	at	ADP
ftr-458	1076	11	6	6	NUM
ftr-458	1076	12	;	;	PUNCT
ftr-458	1076	13	cristal	cristal	PROPN
ftr-458	1076	14	hedges	hedges	PROPN
ftr-458	1076	15	equity	equity	NOUN
ftr-458	1076	16	exposure	exposure	NOUN
ftr-458	1076	17	,	,	PUNCT
ftr-458	1076	18	derivatives	derivative	NOUN
ftr-458	1076	19	wk	wk	PROPN
ftr-458	1076	20	.	.	PROPN
ftr-458	1076	21	,	,	PUNCT
ftr-458	1076	22	july	july	PROPN
ftr-458	1076	23	31	31	NUM
ftr-458	1076	24	,	,	PUNCT
ftr-458	1076	25	1995	1995	NUM
ftr-458	1076	26	,	,	PUNCT
ftr-458	1076	27	at	at	ADP
ftr-458	1076	28	5	5	NUM
ftr-458	1076	29	(	(	PUNCT
ftr-458	1076	30	reporting	report	VERB
ftr-458	1076	31	that	that	SCONJ
ftr-458	1076	32	shortdated	shortdate	VERB
ftr-458	1076	33	index	index	NOUN
ftr-458	1076	34	put	put	NOUN
ftr-458	1076	35	options	option	NOUN
ftr-458	1076	36	were	be	AUX
ftr-458	1076	37	acquired	acquire	VERB
ftr-458	1076	38	to	to	PART
ftr-458	1076	39	hedge	hedge	VERB
ftr-458	1076	40	french	french	ADJ
ftr-458	1076	41	equity	equity	NOUN
ftr-458	1076	42	market	market	NOUN
ftr-458	1076	43	exposure	exposure	NOUN
ftr-458	1076	44	)	)	PUNCT
ftr-458	1076	45	;	;	PUNCT
ftr-458	1076	46	jgb	jgb	PROPN
ftr-458	1076	47	swap	swap	NOUN
ftr-458	1076	48	activity	activity	NOUN
ftr-458	1076	49	heats	heat	VERB
ftr-458	1076	50	up	up	ADP
ftr-458	1076	51	,	,	PUNCT
ftr-458	1076	52	derivatives	derivative	NOUN
ftr-458	1076	53	wk	wk	PROPN
ftr-458	1076	54	.	.	PROPN
ftr-458	1076	55	,	,	PUNCT
ftr-458	1076	56	june	june	PROPN
ftr-458	1076	57	26	26	NUM
ftr-458	1076	58	,	,	PUNCT
ftr-458	1076	59	1995	1995	NUM
ftr-458	1076	60	,	,	PUNCT
ftr-458	1076	61	at	at	ADP
ftr-458	1076	62	2	2	NUM
ftr-458	1076	63	(	(	PUNCT
ftr-458	1076	64	discussing	discuss	VERB
ftr-458	1076	65	funds	fund	NOUN
ftr-458	1076	66	entering	enter	VERB
ftr-458	1076	67	swaps	swap	NOUN
ftr-458	1076	68	to	to	PART
ftr-458	1076	69	hedge	hedge	VERB
ftr-458	1076	70	japanese	japanese	ADJ
ftr-458	1076	71	government	government	NOUN
ftr-458	1076	72	bonds	bond	NOUN
ftr-458	1076	73	)	)	PUNCT
ftr-458	1076	74	;	;	PUNCT
ftr-458	1076	75	murphy	murphy	PROPN
ftr-458	1076	76	capital	capital	PROPN
ftr-458	1076	77	hedges	hedges	PROPN
ftr-458	1076	78	s&p	s&p	PROPN
ftr-458	1076	79	100	100	NUM
ftr-458	1076	80	while	while	SCONJ
ftr-458	1076	81	remaining	remain	VERB
ftr-458	1076	82	bullish	bullish	ADJ
ftr-458	1076	83	,	,	PUNCT
ftr-458	1076	84	derivatives	derivative	NOUN
ftr-458	1076	85	wk	wk	PROPN
ftr-458	1076	86	.	.	PROPN
ftr-458	1076	87	,	,	PUNCT
ftr-458	1076	88	sept	sept	PROPN
ftr-458	1076	89	.	.	PROPN
ftr-458	1076	90	5	5	NUM
ftr-458	1076	91	,	,	PUNCT
ftr-458	1076	92	1994	1994	NUM
ftr-458	1076	93	,	,	PUNCT
ftr-458	1076	94	at	at	ADP
ftr-458	1076	95	7	7	NUM
ftr-458	1076	96	(	(	PUNCT
ftr-458	1076	97	fund	fund	NOUN
ftr-458	1076	98	hedges	hedge	NOUN
ftr-458	1076	99	with	with	ADP
ftr-458	1076	100	puts	put	NOUN
ftr-458	1076	101	)	)	PUNCT
ftr-458	1076	102	;	;	PUNCT
ftr-458	1076	103	paul	paul	PROPN
ftr-458	1076	104	o'keefe	o'keefe	PROPN
ftr-458	1076	105	,	,	PUNCT
ftr-458	1076	106	derivatives	derivative	NOUN
ftr-458	1076	107	come	come	VERB
ftr-458	1076	108	to	to	ADP
ftr-458	1076	109	the	the	DET
ftr-458	1076	110	rescue	rescue	NOUN
ftr-458	1076	111	of	of	ADP
ftr-458	1076	112	lloyd	lloyd	PROPN
ftr-458	1076	113	's	's	PART
ftr-458	1076	114	of	of	ADP
ftr-458	1076	115	london	london	PROPN
ftr-458	1076	116	trusts	trust	NOUN
ftr-458	1076	117	,	,	PUNCT
ftr-458	1076	118	derivatives	derivative	NOUN
ftr-458	1076	119	wk	wk	PROPN
ftr-458	1076	120	.	.	PROPN
ftr-458	1076	121	,	,	PUNCT
ftr-458	1076	122	oct	oct	PROPN
ftr-458	1076	123	.	.	PROPN
ftr-458	1076	124	25	25	NUM
ftr-458	1076	125	,	,	PUNCT
ftr-458	1076	126	1993	1993	NUM
ftr-458	1076	127	,	,	PUNCT
ftr-458	1076	128	at	at	ADP
ftr-458	1076	129	i	i	PRON
ftr-458	1076	130	(	(	PUNCT
ftr-458	1076	131	fund	fund	NOUN
ftr-458	1076	132	to	to	PART
ftr-458	1076	133	purchase	purchase	VERB
ftr-458	1076	134	index	index	NOUN
ftr-458	1076	135	put	put	NOUN
ftr-458	1076	136	)	)	PUNCT
ftr-458	1076	137	;	;	PUNCT
ftr-458	1076	138	paul	paul	PROPN
ftr-458	1076	139	o'keefe	o'keefe	PROPN
ftr-458	1076	140	,	,	PUNCT
ftr-458	1076	141	surge	surge	VERB
ftr-458	1076	142	in	in	ADP
ftr-458	1076	143	equity	equity	NOUN
ftr-458	1076	144	swaps	swap	NOUN
ftr-458	1076	145	:	:	PUNCT
ftr-458	1076	146	j.p	j.p	PROPN
ftr-458	1076	147	.	.	PROPN
ftr-458	1076	148	morgan	morgan	PROPN
ftr-458	1076	149	leads	lead	VERB
ftr-458	1076	150	the	the	DET
ftr-458	1076	151	way	way	NOUN
ftr-458	1076	152	with	with	ADP
ftr-458	1076	153	giant	giant	ADJ
ftr-458	1076	154	deal	deal	NOUN
ftr-458	1076	155	,	,	PUNCT
ftr-458	1076	156	derivatives	derivative	NOUN
ftr-458	1076	157	wk	wk	PROPN
ftr-458	1076	158	.	.	PROPN
ftr-458	1076	159	,	,	PUNCT
ftr-458	1076	160	may	may	AUX
ftr-458	1076	161	3	3	NUM
ftr-458	1076	162	,	,	PUNCT
ftr-458	1076	163	1993	1993	NUM
ftr-458	1076	164	,	,	PUNCT
ftr-458	1076	165	at	at	ADP
ftr-458	1076	166	i	i	PRON
ftr-458	1076	167	(	(	PUNCT
ftr-458	1076	168	reporting	report	VERB
ftr-458	1076	169	s620	s620	PROPN
ftr-458	1076	170	million	million	NUM
ftr-458	1076	171	swap	swap	NOUN
ftr-458	1076	172	of	of	ADP
ftr-458	1076	173	s&p	s&p	PROPN
ftr-458	1076	174	500	500	NUM
ftr-458	1076	175	for	for	ADP
ftr-458	1076	176	floating	float	VERB
ftr-458	1076	177	interest	interest	NOUN
ftr-458	1076	178	-	-	PUNCT
ftr-458	1076	179	like	like	ADJ
ftr-458	1076	180	return	return	NOUN
ftr-458	1076	181	)	)	PUNCT
ftr-458	1076	182	;	;	PUNCT
ftr-458	1076	183	u.s	u.s	PROPN
ftr-458	1076	184	.	.	PROPN
ftr-458	1076	185	hedge	hedge	NOUN
ftr-458	1076	186	funds	fund	NOUN
ftr-458	1076	187	are	be	AUX
ftr-458	1076	188	sticking	stick	VERB
ftr-458	1076	189	with	with	ADP
ftr-458	1076	190	derivatives	derivative	NOUN
ftr-458	1076	191	,	,	PUNCT
ftr-458	1076	192	says	say	VERB
ftr-458	1076	193	study	study	NOUN
ftr-458	1076	194	,	,	PUNCT
ftr-458	1076	195	derivatives	derivative	NOUN
ftr-458	1076	196	wk	wk	INTJ
ftr-458	1076	197	.	.	PROPN
ftr-458	1076	198	,	,	PUNCT
ftr-458	1076	199	nov	nov	PROPN
ftr-458	1076	200	.	.	PROPN
ftr-458	1076	201	28	28	NUM
ftr-458	1076	202	,	,	PUNCT
ftr-458	1076	203	1994	1994	NUM
ftr-458	1076	204	,	,	PUNCT
ftr-458	1076	205	at	at	ADP
ftr-458	1076	206	5	5	NUM
ftr-458	1076	207	(	(	PUNCT
ftr-458	1076	208	stating	state	VERB
ftr-458	1076	209	56	56	NUM
ftr-458	1076	210	%	%	NOUN
ftr-458	1076	211	of	of	ADP
ftr-458	1076	212	u.s	u.s	PROPN
ftr-458	1076	213	.	.	PROPN
ftr-458	1076	214	hedge	hedge	PROPN
ftr-458	1076	215	funds	fund	NOUN
ftr-458	1076	216	use	use	VERB
ftr-458	1076	217	derivatives	derivative	NOUN
ftr-458	1076	218	)	)	PUNCT
ftr-458	1076	219	.	.	PUNCT
ftr-458	1077	1	institutional	institutional	ADJ
ftr-458	1077	2	investors	investor	NOUN
ftr-458	1077	3	include	include	VERB
ftr-458	1077	4	funds	fund	NOUN
ftr-458	1077	5	subject	subject	ADJ
ftr-458	1077	6	to	to	ADP
ftr-458	1077	7	the	the	DET
ftr-458	1077	8	investment	investment	NOUN
ftr-458	1077	9	company	company	NOUN
ftr-458	1077	10	act	act	NOUN
ftr-458	1077	11	of	of	ADP
ftr-458	1077	12	1940	1940	NUM
ftr-458	1077	13	,	,	PUNCT
ftr-458	1077	14	hedge	hedge	NOUN
ftr-458	1077	15	funds	fund	NOUN
ftr-458	1077	16	,	,	PUNCT
ftr-458	1077	17	and	and	CCONJ
ftr-458	1077	18	pension	pension	NOUN
ftr-458	1077	19	funds	fund	NOUN
ftr-458	1077	20	.	.	PUNCT
ftr-458	1078	1	the	the	DET
ftr-458	1078	2	investment	investment	NOUN
ftr-458	1078	3	company	company	NOUN
ftr-458	1078	4	act	act	NOUN
ftr-458	1078	5	of	of	ADP
ftr-458	1078	6	1940	1940	NUM
ftr-458	1078	7	imposes	impose	VERB
ftr-458	1078	8	restrictions	restriction	NOUN
ftr-458	1078	9	,	,	PUNCT
ftr-458	1078	10	including	include	VERB
ftr-458	1078	11	leveraging	leverage	VERB
ftr-458	1078	12	and	and	CCONJ
ftr-458	1078	13	hedging	hedging	NOUN
ftr-458	1078	14	restrictions	restriction	NOUN
ftr-458	1078	15	,	,	PUNCT
ftr-458	1078	16	on	on	ADP
ftr-458	1078	17	funds	fund	NOUN
ftr-458	1078	18	with	with	ADP
ftr-458	1078	19	more	more	ADJ
ftr-458	1078	20	than	than	ADP
ftr-458	1078	21	100	100	NUM
ftr-458	1078	22	investors	investor	NOUN
ftr-458	1078	23	.	.	PUNCT
ftr-458	1079	1	the	the	DET
ftr-458	1079	2	organizational	organizational	ADJ
ftr-458	1079	3	documents	document	NOUN
ftr-458	1079	4	or	or	CCONJ
ftr-458	1079	5	investment	investment	NOUN
ftr-458	1079	6	policies	policy	NOUN
ftr-458	1079	7	of	of	ADP
ftr-458	1079	8	the	the	DET
ftr-458	1079	9	fund	fund	NOUN
ftr-458	1079	10	may	may	AUX
ftr-458	1079	11	impose	impose	VERB
ftr-458	1079	12	additional	additional	ADJ
ftr-458	1079	13	limitations	limitation	NOUN
ftr-458	1079	14	on	on	ADP
ftr-458	1079	15	hedging	hedging	NOUN
ftr-458	1079	16	.	.	PUNCT
ftr-458	1080	1	among	among	ADP
ftr-458	1080	2	such	such	ADJ
ftr-458	1080	3	investment	investment	NOUN
ftr-458	1080	4	companies	company	NOUN
ftr-458	1080	5	are	be	AUX
ftr-458	1080	6	"	"	PUNCT
ftr-458	1080	7	mutual	mutual	ADJ
ftr-458	1080	8	funds	fund	NOUN
ftr-458	1080	9	,	,	PUNCT
ftr-458	1080	10	"	"	PUNCT
ftr-458	1080	11	which	which	PRON
ftr-458	1080	12	typically	typically	ADV
ftr-458	1080	13	qualify	qualify	VERB
ftr-458	1080	14	as	as	ADP
ftr-458	1080	15	a	a	DET
ftr-458	1080	16	"	"	PUNCT
ftr-458	1080	17	regulated	regulated	ADJ
ftr-458	1080	18	investment	investment	NOUN
ftr-458	1080	19	company	company	NOUN
ftr-458	1080	20	"	"	PUNCT
ftr-458	1080	21	under	under	ADP
ftr-458	1080	22	§	§	PROPN
ftr-458	1080	23	85	85	NUM
ftr-458	1080	24	1	1	NUM
ftr-458	1080	25	,	,	PUNCT
ftr-458	1080	26	entitled	entitle	VERB
ftr-458	1080	27	generally	generally	ADV
ftr-458	1080	28	to	to	PART
ftr-458	1080	29	conduit	conduit	VERB
ftr-458	1080	30	treatment	treatment	NOUN
ftr-458	1080	31	.	.	PUNCT
ftr-458	1081	1	see	see	VERB
ftr-458	1081	2	3	3	NUM
ftr-458	1081	3	bittker	bittker	PROPN
ftr-458	1081	4	&	&	CCONJ
ftr-458	1081	5	lokken	lokken	PROPN
ftr-458	1081	6	,	,	PUNCT
ftr-458	1081	7	supra	supra	PROPN
ftr-458	1081	8	note	note	PROPN
ftr-458	1081	9	12	12	NUM
ftr-458	1081	10	,	,	PUNCT
ftr-458	1081	11	t	t	PROPN
ftr-458	1081	12	95.7.1	95.7.1	NOUN
ftr-458	1081	13	.	.	PUNCT
ftr-458	1082	1	alternatively	alternatively	ADV
ftr-458	1082	2	,	,	PUNCT
ftr-458	1082	3	u.s	u.s	PROPN
ftr-458	1082	4	.	.	PROPN
ftr-458	1082	5	investors	investor	NOUN
ftr-458	1082	6	may	may	AUX
ftr-458	1082	7	invest	invest	VERB
ftr-458	1082	8	in	in	ADP
ftr-458	1082	9	funds	fund	NOUN
ftr-458	1082	10	not	not	PART
ftr-458	1082	11	subject	subject	ADJ
ftr-458	1082	12	to	to	ADP
ftr-458	1082	13	the	the	DET
ftr-458	1082	14	investment	investment	NOUN
ftr-458	1082	15	company	company	NOUN
ftr-458	1082	16	act	act	NOUN
ftr-458	1082	17	of	of	ADP
ftr-458	1082	18	1940	1940	NUM
ftr-458	1082	19	.	.	PUNCT
ftr-458	1083	1	because	because	SCONJ
ftr-458	1083	2	of	of	ADP
ftr-458	1083	3	their	their	PRON
ftr-458	1083	4	relatively	relatively	ADV
ftr-458	1083	5	unregulated	unregulated	ADJ
ftr-458	1083	6	ability	ability	NOUN
ftr-458	1083	7	to	to	PART
ftr-458	1083	8	hedge	hedge	VERB
ftr-458	1083	9	.	.	PUNCT
ftr-458	1084	1	some	some	DET
ftr-458	1084	2	such	such	ADJ
ftr-458	1084	3	funds	fund	NOUN
ftr-458	1084	4	are	be	AUX
ftr-458	1084	5	called	call	VERB
ftr-458	1084	6	"	"	PUNCT
ftr-458	1084	7	hedge	hedge	ADJ
ftr-458	1084	8	funds	fund	NOUN
ftr-458	1084	9	.	.	PUNCT
ftr-458	1084	10	"	"	PUNCT
ftr-458	1085	1	for	for	ADP
ftr-458	1085	2	tax	tax	NOUN
ftr-458	1085	3	purposes	purpose	NOUN
ftr-458	1085	4	,	,	PUNCT
ftr-458	1085	5	these	these	DET
ftr-458	1085	6	funds	fund	NOUN
ftr-458	1085	7	are	be	AUX
ftr-458	1085	8	generally	generally	ADV
ftr-458	1085	9	organized	organize	VERB
ftr-458	1085	10	to	to	PART
ftr-458	1085	11	qualify	qualify	VERB
ftr-458	1085	12	for	for	ADP
ftr-458	1085	13	flow	flow	NOUN
ftr-458	1085	14	-	-	PUNCT
ftr-458	1085	15	through	through	ADP
ftr-458	1085	16	treatment	treatment	NOUN
ftr-458	1085	17	.	.	PUNCT
ftr-458	1086	1	pension	pension	NOUN
ftr-458	1086	2	funds	fund	NOUN
ftr-458	1086	3	are	be	AUX
ftr-458	1086	4	also	also	ADV
ftr-458	1086	5	important	important	ADJ
ftr-458	1086	6	hedgers	hedger	NOUN
ftr-458	1086	7	.	.	PUNCT
ftr-458	1087	1	see	see	VERB
ftr-458	1087	2	,	,	PUNCT
ftr-458	1087	3	e.g.	e.g.	ADV
ftr-458	1087	4	,	,	PUNCT
ftr-458	1087	5	calpers	calpers	PROPN
ftr-458	1087	6	chooses	choose	VERB
ftr-458	1087	7	dynamic	dynamic	ADJ
ftr-458	1087	8	hedging	hedging	NOUN
ftr-458	1087	9	strategies	strategy	NOUN
ftr-458	1087	10	:	:	PUNCT
ftr-458	1087	11	names	name	NOUN
ftr-458	1087	12	palomar	palomar	PROPN
ftr-458	1087	13	,	,	PUNCT
ftr-458	1087	14	bea	bea	PROPN
ftr-458	1087	15	to	to	PART
ftr-458	1087	16	manage	manage	VERB
ftr-458	1087	17	fx	fx	NOUN
ftr-458	1087	18	exposure	exposure	NOUN
ftr-458	1087	19	,	,	PUNCT
ftr-458	1087	20	fx	fx	ADP
ftr-458	1087	21	week	week	NOUN
ftr-458	1087	22	.	.	PUNCT
ftr-458	1088	1	march	march	PROPN
ftr-458	1088	2	13	13	NUM
ftr-458	1088	3	,	,	PUNCT
ftr-458	1088	4	1992	1992	NUM
ftr-458	1088	5	,	,	PUNCT
ftr-458	1088	6	at	at	ADP
ftr-458	1088	7	1	1	NUM
ftr-458	1088	8	.	.	PUNCT
ftr-458	1089	1	investment	investment	NOUN
ftr-458	1089	2	income	income	NOUN
ftr-458	1089	3	of	of	ADP
ftr-458	1089	4	pension	pension	NOUN
ftr-458	1089	5	funds	fund	NOUN
ftr-458	1089	6	is	be	AUX
ftr-458	1089	7	generally	generally	ADV
ftr-458	1089	8	excluded	exclude	VERB
ftr-458	1089	9	from	from	ADP
ftr-458	1089	10	unrelated	unrelated	ADJ
ftr-458	1089	11	business	business	NOUN
ftr-458	1089	12	taxable	taxable	ADJ
ftr-458	1089	13	income	income	NOUN
ftr-458	1089	14	under	under	ADP
ftr-458	1089	15	§	§	PROPN
ftr-458	1089	16	512(b	512(b	PROPN
ftr-458	1089	17	)	)	PUNCT
ftr-458	1089	18	.	.	PUNCT
ftr-458	1090	1	that	that	DET
ftr-458	1090	2	exclusion	exclusion	NOUN
ftr-458	1090	3	covers	cover	VERB
ftr-458	1090	4	income	income	NOUN
ftr-458	1090	5	and	and	CCONJ
ftr-458	1090	6	deductions	deduction	NOUN
ftr-458	1090	7	from	from	ADP
ftr-458	1090	8	notional	notional	ADJ
ftr-458	1090	9	principal	principal	ADJ
ftr-458	1090	10	contracts	contract	NOUN
ftr-458	1090	11	(	(	PUNCT
ftr-458	1090	12	including	include	VERB
ftr-458	1090	13	equity	equity	NOUN
ftr-458	1090	14	and	and	CCONJ
ftr-458	1090	15	equity	equity	NOUN
ftr-458	1090	16	index	index	NOUN
ftr-458	1090	17	swaps	swap	NOUN
ftr-458	1090	18	)	)	PUNCT
ftr-458	1090	19	,	,	PUNCT
ftr-458	1090	20	regs	reg	NOUN
ftr-458	1090	21	.	.	PUNCT
ftr-458	1091	1	§	§	PROPN
ftr-458	1091	2	§	§	PROPN
ftr-458	1091	3	1.512(b)-l(aj	1.512(b)-l(aj	NUM
ftr-458	1091	4	(	(	PUNCT
ftr-458	1091	5	l	l	NOUN
ftr-458	1091	6	)	)	PUNCT
ftr-458	1091	7	,	,	PUNCT
ftr-458	1091	8	1.4463(c)(1)(i	1.4463(c)(1)(i	NUM
ftr-458	1091	9	)	)	PUNCT
ftr-458	1091	10	,	,	PUNCT
ftr-458	1091	11	and	and	CCONJ
ftr-458	1091	12	gain	gain	NOUN
ftr-458	1091	13	or	or	CCONJ
ftr-458	1091	14	loss	loss	NOUN
ftr-458	1091	15	recognized	recognize	VERB
ftr-458	1091	16	in	in	ADP
ftr-458	1091	17	connection	connection	NOUN
ftr-458	1091	18	with	with	ADP
ftr-458	1091	19	the	the	DET
ftr-458	1091	20	pension	pension	NOUN
ftr-458	1091	21	fund	fund	NOUN
ftr-458	1091	22	's	's	PART
ftr-458	1091	23	investment	investment	NOUN
ftr-458	1091	24	activities	activity	NOUN
ftr-458	1091	25	from	from	ADP
ftr-458	1091	26	the	the	DET
ftr-458	1091	27	lapse	lapse	NOUN
ftr-458	1091	28	or	or	CCONJ
ftr-458	1091	29	termination	termination	NOUN
ftr-458	1091	30	of	of	ADP
ftr-458	1091	31	options	option	NOUN
ftr-458	1091	32	to	to	PART
ftr-458	1091	33	buy	buy	VERB
ftr-458	1091	34	or	or	CCONJ
ftr-458	1091	35	sell	sell	VERB
ftr-458	1091	36	securities	security	NOUN
ftr-458	1091	37	.	.	PUNCT
ftr-458	1092	1	irc	irc	PROPN
ftr-458	1092	2	§	§	PROPN
ftr-458	1092	3	512(bl(5	512(bl(5	NUM
ftr-458	1092	4	)	)	PUNCT
ftr-458	1092	5	;	;	PUNCT
ftr-458	1092	6	regs	reg	NOUN
ftr-458	1092	7	.	.	PUNCT
ftr-458	1093	1	§	§	PROPN
ftr-458	1093	2	1.512(b)-l(d)(2	1.512(b)-l(d)(2	NUM
ftr-458	1093	3	)	)	PUNCT
ftr-458	1093	4	.	.	PUNCT
ftr-458	1094	1	19961	19961	NUM
ftr-458	1094	2	florida	florida	PROPN
ftr-458	1094	3	tax	tax	NOUN
ftr-458	1094	4	review	review	NOUN
ftr-458	1094	5	strongly	strongly	ADV
ftr-458	1094	6	substitute	substitute	VERB
ftr-458	1094	7	for	for	ADP
ftr-458	1094	8	sales	sale	NOUN
ftr-458	1094	9	,	,	PUNCT
ftr-458	1094	10	the	the	DET
ftr-458	1094	11	system	system	NOUN
ftr-458	1094	12	's	's	PART
ftr-458	1094	13	formality	formality	NOUN
ftr-458	1094	14	may	may	AUX
ftr-458	1094	15	be	be	AUX
ftr-458	1094	16	less	less	ADV
ftr-458	1094	17	obvious	obvious	ADJ
ftr-458	1094	18	and	and	CCONJ
ftr-458	1094	19	therefore	therefore	ADV
ftr-458	1094	20	require	require	VERB
ftr-458	1094	21	more	more	ADV
ftr-458	1094	22	sophisticated	sophisticated	ADJ
ftr-458	1094	23	tax	tax	NOUN
ftr-458	1094	24	planning	planning	NOUN
ftr-458	1094	25	available	available	ADJ
ftr-458	1094	26	only	only	ADV
ftr-458	1094	27	to	to	ADP
ftr-458	1094	28	more	more	ADV
ftr-458	1094	29	affluent	affluent	ADJ
ftr-458	1094	30	investors	investor	NOUN
ftr-458	1094	31	.	.	PUNCT
ftr-458	1095	1	for	for	ADP
ftr-458	1095	2	example	example	NOUN
ftr-458	1095	3	,	,	PUNCT
ftr-458	1095	4	under	under	ADP
ftr-458	1095	5	the	the	DET
ftr-458	1095	6	treasury	treasury	NOUN
ftr-458	1095	7	proposal	proposal	NOUN
ftr-458	1095	8	,	,	PUNCT
ftr-458	1095	9	the	the	DET
ftr-458	1095	10	short	short	ADJ
ftr-458	1095	11	against	against	ADP
ftr-458	1095	12	the	the	DET
ftr-458	1095	13	box	box	NOUN
ftr-458	1095	14	transaction	transaction	NOUN
ftr-458	1095	15	would	would	AUX
ftr-458	1095	16	trigger	trigger	VERB
ftr-458	1095	17	realization	realization	NOUN
ftr-458	1095	18	,	,	PUNCT
ftr-458	1095	19	but	but	CCONJ
ftr-458	1095	20	certain	certain	ADJ
ftr-458	1095	21	collars	collar	NOUN
ftr-458	1095	22	would	would	AUX
ftr-458	1095	23	not	not	PART
ftr-458	1095	24	.	.	PUNCT
ftr-458	1095	25	'	'	PUNCT
ftr-458	1096	1	o	o	NOUN
ftr-458	1096	2	°	°	NOUN
ftr-458	1096	3	constructing	construct	VERB
ftr-458	1096	4	a	a	DET
ftr-458	1096	5	collar	collar	NOUN
ftr-458	1096	6	,	,	PUNCT
ftr-458	1096	7	and	and	CCONJ
ftr-458	1096	8	determining	determine	VERB
ftr-458	1096	9	whether	whether	SCONJ
ftr-458	1096	10	a	a	DET
ftr-458	1096	11	particular	particular	ADJ
ftr-458	1096	12	collar	collar	NOUN
ftr-458	1096	13	was	be	AUX
ftr-458	1096	14	covered	cover	VERB
ftr-458	1096	15	by	by	ADP
ftr-458	1096	16	the	the	DET
ftr-458	1096	17	proposal	proposal	NOUN
ftr-458	1096	18	,	,	PUNCT
ftr-458	1096	19	would	would	AUX
ftr-458	1096	20	require	require	VERB
ftr-458	1096	21	consultation	consultation	NOUN
ftr-458	1096	22	of	of	ADP
ftr-458	1096	23	a	a	DET
ftr-458	1096	24	tax	tax	NOUN
ftr-458	1096	25	expert	expert	NOUN
ftr-458	1096	26	and	and	CCONJ
ftr-458	1096	27	perhaps	perhaps	ADV
ftr-458	1096	28	also	also	ADV
ftr-458	1096	29	an	an	DET
ftr-458	1096	30	investment	investment	NOUN
ftr-458	1096	31	bank	bank	NOUN
ftr-458	1096	32	,	,	PUNCT
ftr-458	1096	33	expenses	expense	VERB
ftr-458	1096	34	that	that	SCONJ
ftr-458	1096	35	a	a	DET
ftr-458	1096	36	less	less	ADV
ftr-458	1096	37	affluent	affluent	ADJ
ftr-458	1096	38	investor	investor	NOUN
ftr-458	1096	39	may	may	AUX
ftr-458	1096	40	not	not	PART
ftr-458	1096	41	want	want	VERB
ftr-458	1096	42	to	to	PART
ftr-458	1096	43	incur	incur	VERB
ftr-458	1096	44	.	.	PUNCT
ftr-458	1097	1	further	far	ADV
ftr-458	1097	2	,	,	PUNCT
ftr-458	1097	3	to	to	ADP
ftr-458	1097	4	the	the	DET
ftr-458	1097	5	extent	extent	NOUN
ftr-458	1097	6	that	that	PRON
ftr-458	1097	7	taxpayers	taxpayer	NOUN
ftr-458	1097	8	choose	choose	VERB
ftr-458	1097	9	not	not	PART
ftr-458	1097	10	to	to	PART
ftr-458	1097	11	sell	sell	VERB
ftr-458	1097	12	(	(	PUNCT
ftr-458	1097	13	or	or	CCONJ
ftr-458	1097	14	choose	choose	VERB
ftr-458	1097	15	to	to	PART
ftr-458	1097	16	hedge	hedge	VERB
ftr-458	1097	17	in	in	ADP
ftr-458	1097	18	a	a	DET
ftr-458	1097	19	manner	manner	NOUN
ftr-458	1097	20	that	that	PRON
ftr-458	1097	21	is	be	AUX
ftr-458	1097	22	not	not	PART
ftr-458	1097	23	taxed	tax	VERB
ftr-458	1097	24	)	)	PUNCT
ftr-458	1097	25	,	,	PUNCT
ftr-458	1097	26	a	a	DET
ftr-458	1097	27	reformed	reform	VERB
ftr-458	1097	28	realization	realization	NOUN
ftr-458	1097	29	requirement	requirement	NOUN
ftr-458	1097	30	will	will	AUX
ftr-458	1097	31	not	not	PART
ftr-458	1097	32	raise	raise	VERB
ftr-458	1097	33	revenue	revenue	NOUN
ftr-458	1097	34	or	or	CCONJ
ftr-458	1097	35	improve	improve	VERB
ftr-458	1097	36	the	the	DET
ftr-458	1097	37	distribution	distribution	NOUN
ftr-458	1097	38	of	of	ADP
ftr-458	1097	39	the	the	DET
ftr-458	1097	40	tax	tax	NOUN
ftr-458	1097	41	burden	burden	NOUN
ftr-458	1097	42	.	.	PUNCT
ftr-458	1098	1	as	as	ADP
ftr-458	1098	2	to	to	ADP
ftr-458	1098	3	the	the	DET
ftr-458	1098	4	perceptual	perceptual	ADJ
ftr-458	1098	5	concern	concern	NOUN
ftr-458	1098	6	,	,	PUNCT
ftr-458	1098	7	it	it	PRON
ftr-458	1098	8	is	be	AUX
ftr-458	1098	9	unclear	unclear	ADJ
ftr-458	1098	10	what	what	DET
ftr-458	1098	11	signal	signal	NOUN
ftr-458	1098	12	would	would	AUX
ftr-458	1098	13	be	be	AUX
ftr-458	1098	14	sent	send	VERB
ftr-458	1098	15	to	to	ADP
ftr-458	1098	16	the	the	DET
ftr-458	1098	17	public	public	NOUN
ftr-458	1098	18	by	by	ADP
ftr-458	1098	19	reforming	reform	VERB
ftr-458	1098	20	the	the	DET
ftr-458	1098	21	realization	realization	NOUN
ftr-458	1098	22	requirement	requirement	NOUN
ftr-458	1098	23	to	to	PART
ftr-458	1098	24	apply	apply	VERB
ftr-458	1098	25	to	to	ADP
ftr-458	1098	26	hedging	hedging	NOUN
ftr-458	1098	27	.	.	PUNCT
ftr-458	1099	1	on	on	ADP
ftr-458	1099	2	the	the	DET
ftr-458	1099	3	one	one	NUM
ftr-458	1099	4	hand	hand	NOUN
ftr-458	1099	5	,	,	PUNCT
ftr-458	1099	6	perhaps	perhaps	ADV
ftr-458	1099	7	the	the	DET
ftr-458	1099	8	regime	regime	NOUN
ftr-458	1099	9	would	would	AUX
ftr-458	1099	10	be	be	AUX
ftr-458	1099	11	viewed	view	VERB
ftr-458	1099	12	as	as	ADP
ftr-458	1099	13	remedying	remedy	VERB
ftr-458	1099	14	an	an	DET
ftr-458	1099	15	unfairness	unfairness	NOUN
ftr-458	1099	16	.	.	PUNCT
ftr-458	1100	1	on	on	ADP
ftr-458	1100	2	the	the	DET
ftr-458	1100	3	other	other	ADJ
ftr-458	1100	4	hand	hand	NOUN
ftr-458	1100	5	,	,	PUNCT
ftr-458	1100	6	if	if	SCONJ
ftr-458	1100	7	the	the	DET
ftr-458	1100	8	rule	rule	NOUN
ftr-458	1100	9	is	be	AUX
ftr-458	1100	10	perceived	perceive	VERB
ftr-458	1100	11	as	as	ADP
ftr-458	1100	12	ineffective	ineffective	ADJ
ftr-458	1100	13	because	because	SCONJ
ftr-458	1100	14	some	some	DET
ftr-458	1100	15	taxpayers	taxpayer	NOUN
ftr-458	1100	16	are	be	AUX
ftr-458	1100	17	able	able	ADJ
ftr-458	1100	18	to	to	PART
ftr-458	1100	19	avoid	avoid	VERB
ftr-458	1100	20	paying	pay	VERB
ftr-458	1100	21	tax	tax	NOUN
ftr-458	1100	22	through	through	ADP
ftr-458	1100	23	more	more	ADV
ftr-458	1100	24	sophisticated	sophisticated	ADJ
ftr-458	1100	25	hedging	hedging	NOUN
ftr-458	1100	26	,	,	PUNCT
ftr-458	1100	27	the	the	DET
ftr-458	1100	28	public	public	ADJ
ftr-458	1100	29	perception	perception	NOUN
ftr-458	1100	30	of	of	ADP
ftr-458	1100	31	unfairness	unfairness	NOUN
ftr-458	1100	32	in	in	ADP
ftr-458	1100	33	the	the	DET
ftr-458	1100	34	system	system	NOUN
ftr-458	1100	35	might	might	AUX
ftr-458	1100	36	not	not	PART
ftr-458	1100	37	be	be	AUX
ftr-458	1100	38	counteracted	counteract	VERB
ftr-458	1100	39	.	.	PUNCT
ftr-458	1101	1	in	in	ADP
ftr-458	1101	2	sum	sum	NOUN
ftr-458	1101	3	,	,	PUNCT
ftr-458	1101	4	the	the	DET
ftr-458	1101	5	lock	lock	NOUN
ftr-458	1101	6	in	in	ADP
ftr-458	1101	7	and	and	CCONJ
ftr-458	1101	8	transaction	transaction	NOUN
ftr-458	1101	9	costs	cost	NOUN
ftr-458	1101	10	caused	cause	VERB
ftr-458	1101	11	(	(	PUNCT
ftr-458	1101	12	or	or	CCONJ
ftr-458	1101	13	aggravated	aggravate	VERB
ftr-458	1101	14	)	)	PUNCT
ftr-458	1101	15	by	by	ADP
ftr-458	1101	16	taxing	tax	VERB
ftr-458	1101	17	hedger	hedger	NOUN
ftr-458	1101	18	create	create	VERB
ftr-458	1101	19	second	second	ADJ
ftr-458	1101	20	best'0	best'0	NOUN
ftr-458	1101	21	5	5	NUM
ftr-458	1101	22	arguments	argument	NOUN
ftr-458	1101	23	that	that	PRON
ftr-458	1101	24	militate	militate	VERB
ftr-458	1101	25	against	against	ADP
ftr-458	1101	26	that	that	DET
ftr-458	1101	27	reform	reform	NOUN
ftr-458	1101	28	.	.	PUNCT
ftr-458	1102	1	distributional	distributional	ADJ
ftr-458	1102	2	concerns	concern	NOUN
ftr-458	1102	3	favor	favor	VERB
ftr-458	1102	4	taxing	tax	VERB
ftr-458	1102	5	all	all	DET
ftr-458	1102	6	appreciation	appreciation	NOUN
ftr-458	1102	7	,	,	PUNCT
ftr-458	1102	8	including	include	VERB
ftr-458	1102	9	appreciation	appreciation	NOUN
ftr-458	1102	10	accrued	accrue	VERB
ftr-458	1102	11	by	by	ADP
ftr-458	1102	12	hedger	hedger	NOUN
ftr-458	1102	13	.	.	PUNCT
ftr-458	1103	1	the	the	DET
ftr-458	1103	2	treasury	treasury	PROPN
ftr-458	1103	3	proposal	proposal	NOUN
ftr-458	1103	4	appears	appear	VERB
ftr-458	1103	5	to	to	PART
ftr-458	1103	6	strike	strike	VERB
ftr-458	1103	7	a	a	DET
ftr-458	1103	8	reasonable	reasonable	ADJ
ftr-458	1103	9	balance	balance	NOUN
ftr-458	1103	10	among	among	ADP
ftr-458	1103	11	those	those	DET
ftr-458	1103	12	competing	compete	VERB
ftr-458	1103	13	concerns	concern	NOUN
ftr-458	1103	14	.	.	PUNCT
ftr-458	1104	1	c.	c.	NOUN
ftr-458	1105	1	the	the	DET
ftr-458	1105	2	consumption	consumption	NOUN
ftr-458	1105	3	tax	tax	NOUN
ftr-458	1105	4	perspective	perspective	NOUN
ftr-458	1105	5	the	the	DET
ftr-458	1105	6	present	present	ADJ
ftr-458	1105	7	tax	tax	NOUN
ftr-458	1105	8	system	system	NOUN
ftr-458	1105	9	is	be	AUX
ftr-458	1105	10	a	a	DET
ftr-458	1105	11	hybrid	hybrid	ADJ
ftr-458	1105	12	income	income	NOUN
ftr-458	1105	13	-	-	PUNCT
ftr-458	1105	14	consumption	consumption	NOUN
ftr-458	1105	15	tax	tax	NOUN
ftr-458	1105	16	.	.	PUNCT
ftr-458	1106	1	1	1	NUM
ftr-458	1106	2	'	'	NUM
ftr-458	1106	3	6	6	NUM
ftr-458	1106	4	many	many	ADJ
ftr-458	1106	5	of	of	ADP
ftr-458	1106	6	its	its	PRON
ftr-458	1106	7	departures	departure	NOUN
ftr-458	1106	8	from	from	ADP
ftr-458	1106	9	a	a	DET
ftr-458	1106	10	pure	pure	ADJ
ftr-458	1106	11	income	income	NOUN
ftr-458	1106	12	tax	tax	NOUN
ftr-458	1106	13	move	move	NOUN
ftr-458	1106	14	the	the	DET
ftr-458	1106	15	system	system	NOUN
ftr-458	1106	16	structurally	structurally	ADV
ftr-458	1106	17	towards	towards	ADP
ftr-458	1106	18	a	a	DET
ftr-458	1106	19	consumption	consumption	NOUN
ftr-458	1106	20	tax	tax	NOUN
ftr-458	1106	21	.	.	PUNCT
ftr-458	1107	1	indeed	indeed	ADV
ftr-458	1107	2	,	,	PUNCT
ftr-458	1107	3	the	the	DET
ftr-458	1107	4	realization	realization	NOUN
ftr-458	1107	5	requirement	requirement	NOUN
ftr-458	1107	6	is	be	AUX
ftr-458	1107	7	sometimes	sometimes	ADV
ftr-458	1107	8	104	104	NUM
ftr-458	1107	9	.	.	PUNCT
ftr-458	1108	1	a	a	DET
ftr-458	1108	2	collar	collar	NOUN
ftr-458	1108	3	is	be	AUX
ftr-458	1108	4	a	a	DET
ftr-458	1108	5	combination	combination	NOUN
ftr-458	1108	6	of	of	ADP
ftr-458	1108	7	options	option	NOUN
ftr-458	1108	8	,	,	PUNCT
ftr-458	1108	9	or	or	CCONJ
ftr-458	1108	10	an	an	DET
ftr-458	1108	11	equity	equity	NOUN
ftr-458	1108	12	swap	swap	NOUN
ftr-458	1108	13	,	,	PUNCT
ftr-458	1108	14	that	that	PRON
ftr-458	1108	15	leaves	leave	VERB
ftr-458	1108	16	the	the	DET
ftr-458	1108	17	taxpayer	taxpayer	NOUN
ftr-458	1108	18	exposed	expose	VERB
ftr-458	1108	19	to	to	ADP
ftr-458	1108	20	price	price	NOUN
ftr-458	1108	21	variations	variation	NOUN
ftr-458	1108	22	in	in	ADP
ftr-458	1108	23	the	the	DET
ftr-458	1108	24	underlying	underlie	VERB
ftr-458	1108	25	asset	asset	NOUN
ftr-458	1108	26	within	within	ADP
ftr-458	1108	27	a	a	DET
ftr-458	1108	28	range	range	NOUN
ftr-458	1108	29	,	,	PUNCT
ftr-458	1108	30	but	but	CCONJ
ftr-458	1108	31	protects	protect	VERB
ftr-458	1108	32	the	the	DET
ftr-458	1108	33	taxpayer	taxpayer	NOUN
ftr-458	1108	34	outside	outside	ADP
ftr-458	1108	35	that	that	DET
ftr-458	1108	36	range	range	NOUN
ftr-458	1108	37	.	.	PUNCT
ftr-458	1109	1	105	105	NUM
ftr-458	1109	2	.	.	PUNCT
ftr-458	1110	1	the	the	DET
ftr-458	1110	2	theory	theory	NOUN
ftr-458	1110	3	of	of	ADP
ftr-458	1110	4	the	the	DET
ftr-458	1110	5	second	second	ADJ
ftr-458	1110	6	best	well	ADV
ftr-458	1110	7	begins	begin	VERB
ftr-458	1110	8	with	with	ADP
ftr-458	1110	9	the	the	DET
ftr-458	1110	10	observation	observation	NOUN
ftr-458	1110	11	that	that	SCONJ
ftr-458	1110	12	our	our	PRON
ftr-458	1110	13	income	income	NOUN
ftr-458	1110	14	tax	tax	NOUN
ftr-458	1110	15	regime	regime	NOUN
ftr-458	1110	16	retreats	retreat	VERB
ftr-458	1110	17	from	from	ADP
ftr-458	1110	18	an	an	DET
ftr-458	1110	19	ideal	ideal	ADJ
ftr-458	1110	20	income	income	NOUN
ftr-458	1110	21	tax	tax	NOUN
ftr-458	1110	22	system	system	NOUN
ftr-458	1110	23	in	in	ADP
ftr-458	1110	24	many	many	ADJ
ftr-458	1110	25	ways	way	NOUN
ftr-458	1110	26	.	.	PUNCT
ftr-458	1111	1	further	far	ADV
ftr-458	1111	2	,	,	PUNCT
ftr-458	1111	3	taxing	tax	VERB
ftr-458	1111	4	haig	haig	PROPN
ftr-458	1111	5	-	-	PUNCT
ftr-458	1111	6	simons	simon	NOUN
ftr-458	1111	7	income	income	NOUN
ftr-458	1111	8	is	be	AUX
ftr-458	1111	9	not	not	PART
ftr-458	1111	10	itself	itself	PRON
ftr-458	1111	11	the	the	DET
ftr-458	1111	12	aim	aim	NOUN
ftr-458	1111	13	of	of	ADP
ftr-458	1111	14	the	the	DET
ftr-458	1111	15	tax	tax	NOUN
ftr-458	1111	16	system	system	NOUN
ftr-458	1111	17	.	.	PUNCT
ftr-458	1112	1	rather	rather	ADV
ftr-458	1112	2	,	,	PUNCT
ftr-458	1112	3	the	the	DET
ftr-458	1112	4	goal	goal	NOUN
ftr-458	1112	5	is	be	AUX
ftr-458	1112	6	efficiency	efficiency	NOUN
ftr-458	1112	7	and	and	CCONJ
ftr-458	1112	8	a	a	DET
ftr-458	1112	9	fair	fair	ADJ
ftr-458	1112	10	distribution	distribution	NOUN
ftr-458	1112	11	of	of	ADP
ftr-458	1112	12	the	the	DET
ftr-458	1112	13	tax	tax	NOUN
ftr-458	1112	14	burden	burden	NOUN
ftr-458	1112	15	based	base	VERB
ftr-458	1112	16	on	on	ADP
ftr-458	1112	17	well	well	ADV
ftr-458	1112	18	-	-	PUNCT
ftr-458	1112	19	being	being	NOUN
ftr-458	1112	20	.	.	PUNCT
ftr-458	1113	1	as	as	ADP
ftr-458	1113	2	a	a	DET
ftr-458	1113	3	result	result	NOUN
ftr-458	1113	4	,	,	PUNCT
ftr-458	1113	5	individual	individual	ADJ
ftr-458	1113	6	proposals	proposal	NOUN
ftr-458	1113	7	,	,	PUNCT
ftr-458	1113	8	such	such	ADJ
ftr-458	1113	9	as	as	ADP
ftr-458	1113	10	a	a	DET
ftr-458	1113	11	proposal	proposal	NOUN
ftr-458	1113	12	to	to	PART
ftr-458	1113	13	treat	treat	VERB
ftr-458	1113	14	hedging	hedging	NOUN
ftr-458	1113	15	as	as	ADP
ftr-458	1113	16	a	a	DET
ftr-458	1113	17	realization	realization	NOUN
ftr-458	1113	18	event	event	NOUN
ftr-458	1113	19	,	,	PUNCT
ftr-458	1113	20	that	that	PRON
ftr-458	1113	21	move	move	VERB
ftr-458	1113	22	toward	toward	ADP
ftr-458	1113	23	an	an	DET
ftr-458	1113	24	accretion	accretion	NOUN
ftr-458	1113	25	system	system	NOUN
ftr-458	1113	26	are	be	AUX
ftr-458	1113	27	not	not	PART
ftr-458	1113	28	necessarily	necessarily	ADV
ftr-458	1113	29	steps	step	NOUN
ftr-458	1113	30	in	in	ADP
ftr-458	1113	31	the	the	DET
ftr-458	1113	32	right	right	ADJ
ftr-458	1113	33	direction	direction	NOUN
ftr-458	1113	34	.	.	PUNCT
ftr-458	1114	1	particular	particular	ADJ
ftr-458	1114	2	proposals	proposal	NOUN
ftr-458	1114	3	must	must	AUX
ftr-458	1114	4	be	be	AUX
ftr-458	1114	5	assessed	assess	VERB
ftr-458	1114	6	in	in	ADP
ftr-458	1114	7	the	the	DET
ftr-458	1114	8	context	context	NOUN
ftr-458	1114	9	of	of	ADP
ftr-458	1114	10	whether	whether	SCONJ
ftr-458	1114	11	they	they	PRON
ftr-458	1114	12	move	move	VERB
ftr-458	1114	13	the	the	DET
ftr-458	1114	14	system	system	NOUN
ftr-458	1114	15	as	as	ADP
ftr-458	1114	16	a	a	DET
ftr-458	1114	17	whole	whole	ADV
ftr-458	1114	18	closer	close	ADV
ftr-458	1114	19	to	to	ADP
ftr-458	1114	20	achieving	achieve	VERB
ftr-458	1114	21	the	the	DET
ftr-458	1114	22	desired	desire	VERB
ftr-458	1114	23	allocation	allocation	NOUN
ftr-458	1114	24	of	of	ADP
ftr-458	1114	25	tax	tax	NOUN
ftr-458	1114	26	burden	burden	NOUN
ftr-458	1114	27	.	.	PUNCT
ftr-458	1115	1	a	a	DET
ftr-458	1115	2	particular	particular	ADJ
ftr-458	1115	3	proposal	proposal	NOUN
ftr-458	1115	4	that	that	PRON
ftr-458	1115	5	moves	move	VERB
ftr-458	1115	6	away	away	ADV
ftr-458	1115	7	from	from	ADP
ftr-458	1115	8	taxing	tax	VERB
ftr-458	1115	9	economic	economic	ADJ
ftr-458	1115	10	income	income	NOUN
ftr-458	1115	11	may	may	AUX
ftr-458	1115	12	be	be	AUX
ftr-458	1115	13	desirable	desirable	ADJ
ftr-458	1115	14	if	if	SCONJ
ftr-458	1115	15	it	it	PRON
ftr-458	1115	16	offsets	offset	VERB
ftr-458	1115	17	other	other	ADJ
ftr-458	1115	18	departures	departure	NOUN
ftr-458	1115	19	from	from	ADP
ftr-458	1115	20	the	the	DET
ftr-458	1115	21	ideal	ideal	NOUN
ftr-458	1115	22	.	.	PUNCT
ftr-458	1116	1	boris	boris	PROPN
ftr-458	1116	2	i.	i.	PROPN
ftr-458	1116	3	bittker	bittker	PROPN
ftr-458	1116	4	,	,	PUNCT
ftr-458	1116	5	a	a	DET
ftr-458	1116	6	"	"	PUNCT
ftr-458	1116	7	comprehensive	comprehensive	ADJ
ftr-458	1116	8	tax	tax	NOUN
ftr-458	1116	9	base	base	NOUN
ftr-458	1116	10	"	"	PUNCT
ftr-458	1116	11	as	as	ADP
ftr-458	1116	12	a	a	DET
ftr-458	1116	13	goal	goal	NOUN
ftr-458	1116	14	of	of	ADP
ftr-458	1116	15	income	income	NOUN
ftr-458	1116	16	tax	tax	NOUN
ftr-458	1116	17	reform	reform	NOUN
ftr-458	1116	18	,	,	PUNCT
ftr-458	1116	19	80	80	NUM
ftr-458	1116	20	harv	harv	NOUN
ftr-458	1116	21	.	.	PUNCT
ftr-458	1117	1	l.	l.	PROPN
ftr-458	1117	2	rev	rev	PROPN
ftr-458	1117	3	.	.	PROPN
ftr-458	1117	4	925	925	NUM
ftr-458	1117	5	,	,	PUNCT
ftr-458	1117	6	982	982	NUM
ftr-458	1117	7	-	-	SYM
ftr-458	1117	8	84	84	NUM
ftr-458	1117	9	(	(	PUNCT
ftr-458	1117	10	1967	1967	NUM
ftr-458	1117	11	)	)	PUNCT
ftr-458	1117	12	.	.	PUNCT
ftr-458	1118	1	106	106	NUM
ftr-458	1118	2	.	.	PUNCT
ftr-458	1119	1	william	william	PROPN
ftr-458	1119	2	d.	d.	PROPN
ftr-458	1119	3	andrews	andrews	PROPN
ftr-458	1119	4	,	,	PUNCT
ftr-458	1119	5	a	a	DET
ftr-458	1119	6	consumption	consumption	NOUN
ftr-458	1119	7	-	-	PUNCT
ftr-458	1119	8	type	type	NOUN
ftr-458	1119	9	or	or	CCONJ
ftr-458	1119	10	cash	cash	NOUN
ftr-458	1119	11	flow	flow	NOUN
ftr-458	1119	12	personal	personal	ADJ
ftr-458	1119	13	income	income	NOUN
ftr-458	1119	14	tax	tax	NOUN
ftr-458	1119	15	,	,	PUNCT
ftr-458	1119	16	87	87	NUM
ftr-458	1119	17	harv	harv	NOUN
ftr-458	1119	18	.	.	PUNCT
ftr-458	1120	1	l.	l.	PROPN
ftr-458	1120	2	rev	rev	PROPN
ftr-458	1120	3	.	.	PROPN
ftr-458	1120	4	1113	1113	NUM
ftr-458	1120	5	,	,	PUNCT
ftr-458	1120	6	1117	1117	NUM
ftr-458	1120	7	-	-	SYM
ftr-458	1120	8	18	18	NUM
ftr-458	1120	9	(	(	PUNCT
ftr-458	1120	10	1974	1974	NUM
ftr-458	1120	11	)	)	PUNCT
ftr-458	1120	12	.	.	PUNCT
ftr-458	1121	1	i[vol	i[vol	NOUN
ftr-458	1121	2	3:1	3:1	NUM
ftr-458	1121	3	anotier	anotier	NOUN
ftr-458	1121	4	uneasy	uneasy	ADJ
ftr-458	1121	5	'	'	PUNCT
ftr-458	1121	6	compromise	compromise	NOUN
ftr-458	1121	7	viewed	view	VERB
ftr-458	1121	8	as	as	ADP
ftr-458	1121	9	a	a	DET
ftr-458	1121	10	consumption	consumption	NOUN
ftr-458	1121	11	tax	tax	NOUN
ftr-458	1121	12	feature	feature	NOUN
ftr-458	1121	13	of	of	ADP
ftr-458	1121	14	present	present	ADJ
ftr-458	1121	15	law	law	NOUN
ftr-458	1121	16	because	because	SCONJ
ftr-458	1121	17	,	,	PUNCT
ftr-458	1121	18	under	under	ADP
ftr-458	1121	19	that	that	DET
ftr-458	1121	20	requirement	requirement	NOUN
ftr-458	1121	21	,	,	PUNCT
ftr-458	1121	22	no	no	DET
ftr-458	1121	23	tax	tax	NOUN
ftr-458	1121	24	is	be	AUX
ftr-458	1121	25	imposed	impose	VERB
ftr-458	1121	26	if	if	SCONJ
ftr-458	1121	27	the	the	DET
ftr-458	1121	28	taxpayer	taxpayer	NOUN
ftr-458	1121	29	remains	remain	VERB
ftr-458	1121	30	invested	invest	VERB
ftr-458	1121	31	in	in	ADP
ftr-458	1121	32	the	the	DET
ftr-458	1121	33	same	same	ADJ
ftr-458	1121	34	asset	asset	NOUN
ftr-458	1121	35	.	.	PUNCT
ftr-458	1122	1	"7	"7	ADJ
ftr-458	1122	2	consumption	consumption	NOUN
ftr-458	1122	3	tax	tax	NOUN
ftr-458	1122	4	proposals	proposal	NOUN
ftr-458	1122	5	have	have	AUX
ftr-458	1122	6	been	be	AUX
ftr-458	1122	7	popular	popular	ADJ
ftr-458	1122	8	recently	recently	ADV
ftr-458	1122	9	.	.	PUNCT
ftr-458	1123	1	and	and	CCONJ
ftr-458	1123	2	,	,	PUNCT
ftr-458	1123	3	the	the	DET
ftr-458	1123	4	advantages	advantage	NOUN
ftr-458	1123	5	and	and	CCONJ
ftr-458	1123	6	disadvantages	disadvantage	NOUN
ftr-458	1123	7	of	of	ADP
ftr-458	1123	8	a	a	DET
ftr-458	1123	9	consumption	consumption	NOUN
ftr-458	1123	10	tax	tax	NOUN
ftr-458	1123	11	as	as	ADP
ftr-458	1123	12	compared	compare	VERB
ftr-458	1123	13	with	with	ADP
ftr-458	1123	14	an	an	DET
ftr-458	1123	15	income	income	NOUN
ftr-458	1123	16	tax	tax	NOUN
ftr-458	1123	17	have	have	AUX
ftr-458	1123	18	been	be	AUX
ftr-458	1123	19	debated	debate	VERB
ftr-458	1123	20	for	for	ADP
ftr-458	1123	21	many	many	ADJ
ftr-458	1123	22	years	year	NOUN
ftr-458	1123	23	.	.	PUNCT
ftr-458	1124	1	"es	"es	NOUN
ftr-458	1124	2	a	a	DET
ftr-458	1124	3	consumption	consumption	NOUN
ftr-458	1124	4	tax	tax	NOUN
ftr-458	1124	5	ideally	ideally	ADV
ftr-458	1124	6	is	be	AUX
ftr-458	1124	7	neutral	neutral	ADJ
ftr-458	1124	8	between	between	ADP
ftr-458	1124	9	current	current	ADJ
ftr-458	1124	10	and	and	CCONJ
ftr-458	1124	11	future	future	ADJ
ftr-458	1124	12	consumption	consumption	NOUN
ftr-458	1124	13	,	,	PUNCT
ftr-458	1124	14	while	while	SCONJ
ftr-458	1124	15	an	an	DET
ftr-458	1124	16	income	income	NOUN
ftr-458	1124	17	tax	tax	NOUN
ftr-458	1124	18	favors	favor	VERB
ftr-458	1124	19	current	current	ADJ
ftr-458	1124	20	consumption	consumption	NOUN
ftr-458	1124	21	.	.	PUNCT
ftr-458	1124	22	"	"	PUNCT
ftr-458	1125	1	9	9	NUM
ftr-458	1125	2	but	but	CCONJ
ftr-458	1125	3	,	,	PUNCT
ftr-458	1125	4	a	a	DET
ftr-458	1125	5	consumption	consumption	NOUN
ftr-458	1125	6	tax	tax	NOUN
ftr-458	1125	7	could	could	AUX
ftr-458	1125	8	be	be	AUX
ftr-458	1125	9	regressive	regressive	ADJ
ftr-458	1125	10	.	.	PUNCT
ftr-458	1125	11	"	"	PUNCT
ftr-458	1126	1	an	an	DET
ftr-458	1126	2	advocate	advocate	NOUN
ftr-458	1126	3	of	of	ADP
ftr-458	1126	4	a	a	DET
ftr-458	1126	5	consumption	consumption	NOUN
ftr-458	1126	6	tax	tax	NOUN
ftr-458	1126	7	might	might	AUX
ftr-458	1126	8	believe	believe	VERB
ftr-458	1126	9	that	that	SCONJ
ftr-458	1126	10	even	even	ADV
ftr-458	1126	11	absent	absent	ADJ
ftr-458	1126	12	wholesale	wholesale	ADJ
ftr-458	1126	13	adoption	adoption	NOUN
ftr-458	1126	14	of	of	ADP
ftr-458	1126	15	a	a	DET
ftr-458	1126	16	consumption	consumption	NOUN
ftr-458	1126	17	tax	tax	NOUN
ftr-458	1126	18	,	,	PUNCT
ftr-458	1126	19	the	the	DET
ftr-458	1126	20	more	more	ADJ
ftr-458	1126	21	consumption	consumption	NOUN
ftr-458	1126	22	tax	tax	NOUN
ftr-458	1126	23	treatment	treatment	NOUN
ftr-458	1126	24	contained	contain	VERB
ftr-458	1126	25	within	within	ADP
ftr-458	1126	26	the	the	DET
ftr-458	1126	27	income	income	NOUN
ftr-458	1126	28	tax	tax	NOUN
ftr-458	1126	29	system	system	NOUN
ftr-458	1126	30	the	the	PRON
ftr-458	1126	31	better	well	ADJ
ftr-458	1126	32	.	.	PUNCT
ftr-458	1127	1	since	since	SCONJ
ftr-458	1127	2	income	income	NOUN
ftr-458	1127	3	equals	equal	VERB
ftr-458	1127	4	consumption	consumption	NOUN
ftr-458	1127	5	plus	plus	CCONJ
ftr-458	1127	6	changes	change	NOUN
ftr-458	1127	7	in	in	ADP
ftr-458	1127	8	wealth	wealth	NOUN
ftr-458	1127	9	,	,	PUNCT
ftr-458	1127	10	reducing	reduce	VERB
ftr-458	1127	11	tax	tax	NOUN
ftr-458	1127	12	on	on	ADP
ftr-458	1127	13	changes	change	NOUN
ftr-458	1127	14	in	in	ADP
ftr-458	1127	15	wealth	wealth	NOUN
ftr-458	1127	16	is	be	AUX
ftr-458	1127	17	desirable	desirable	ADJ
ftr-458	1127	18	because	because	SCONJ
ftr-458	1127	19	it	it	PRON
ftr-458	1127	20	shifts	shift	VERB
ftr-458	1127	21	the	the	DET
ftr-458	1127	22	system	system	NOUN
ftr-458	1127	23	towards	towards	ADP
ftr-458	1127	24	taxing	tax	VERB
ftr-458	1127	25	consumption	consumption	NOUN
ftr-458	1127	26	only	only	ADV
ftr-458	1127	27	.	.	PUNCT
ftr-458	1128	1	on	on	ADP
ftr-458	1128	2	that	that	DET
ftr-458	1128	3	view	view	NOUN
ftr-458	1128	4	,	,	PUNCT
ftr-458	1128	5	the	the	DET
ftr-458	1128	6	realization	realization	NOUN
ftr-458	1128	7	requirement	requirement	NOUN
ftr-458	1128	8	appropriately	appropriately	ADV
ftr-458	1128	9	defers	defer	VERB
ftr-458	1128	10	tax	tax	NOUN
ftr-458	1128	11	on	on	ADP
ftr-458	1128	12	savings	saving	NOUN
ftr-458	1128	13	and	and	CCONJ
ftr-458	1128	14	therefore	therefore	ADV
ftr-458	1128	15	offsets	offset	VERB
ftr-458	1128	16	the	the	DET
ftr-458	1128	17	income	income	NOUN
ftr-458	1128	18	tax	tax	NOUN
ftr-458	1128	19	system	system	NOUN
ftr-458	1128	20	's	's	PART
ftr-458	1128	21	overall	overall	ADJ
ftr-458	1128	22	disincentives	disincentive	NOUN
ftr-458	1128	23	for	for	ADP
ftr-458	1128	24	savings	saving	NOUN
ftr-458	1128	25	.	.	PUNCT
ftr-458	1129	1	further	far	ADV
ftr-458	1129	2	,	,	PUNCT
ftr-458	1129	3	taxpayers	taxpayer	NOUN
ftr-458	1129	4	'	'	PART
ftr-458	1129	5	efforts	effort	NOUN
ftr-458	1129	6	to	to	PART
ftr-458	1129	7	avoid	avoid	VERB
ftr-458	1129	8	realization	realization	NOUN
ftr-458	1129	9	through	through	ADP
ftr-458	1129	10	hedging	hedging	NOUN
ftr-458	1129	11	should	should	AUX
ftr-458	1129	12	be	be	AUX
ftr-458	1129	13	encouraged	encourage	VERB
ftr-458	1129	14	because	because	SCONJ
ftr-458	1129	15	they	they	PRON
ftr-458	1129	16	advance	advance	VERB
ftr-458	1129	17	a	a	DET
ftr-458	1129	18	self	self	NOUN
ftr-458	1129	19	-	-	PUNCT
ftr-458	1129	20	help	help	NOUN
ftr-458	1129	21	consumption	consumption	NOUN
ftr-458	1129	22	tax	tax	NOUN
ftr-458	1129	23	.	.	PUNCT
ftr-458	1130	1	under	under	ADP
ftr-458	1130	2	a	a	DET
ftr-458	1130	3	more	more	ADV
ftr-458	1130	4	extreme	extreme	ADJ
ftr-458	1130	5	version	version	NOUN
ftr-458	1130	6	,	,	PUNCT
ftr-458	1130	7	achieving	achieve	VERB
ftr-458	1130	8	realization	realization	NOUN
ftr-458	1130	9	could	could	AUX
ftr-458	1130	10	be	be	AUX
ftr-458	1130	11	made	make	VERB
ftr-458	1130	12	more	more	ADV
ftr-458	1130	13	difficult	difficult	ADJ
ftr-458	1130	14	by	by	ADP
ftr-458	1130	15	,	,	PUNCT
ftr-458	1130	16	for	for	ADP
ftr-458	1130	17	example	example	NOUN
ftr-458	1130	18	,	,	PUNCT
ftr-458	1130	19	repealing	repeal	VERB
ftr-458	1130	20	the	the	DET
ftr-458	1130	21	rule	rule	NOUN
ftr-458	1130	22	that	that	SCONJ
ftr-458	1130	23	property	property	NOUN
ftr-458	1130	24	-	-	PUNCT
ftr-458	1130	25	for	for	ADP
ftr-458	1130	26	-	-	PUNCT
ftr-458	1130	27	property	property	NOUN
ftr-458	1130	28	exchanges	exchange	NOUN
ftr-458	1130	29	are	be	AUX
ftr-458	1130	30	realization	realization	NOUN
ftr-458	1130	31	events	event	NOUN
ftr-458	1130	32	.	.	PUNCT
ftr-458	1131	1	"	"	PUNCT
ftr-458	1131	2	'	'	PUNCT
ftr-458	1131	3	107	107	NUM
ftr-458	1131	4	.	.	PUNCT
ftr-458	1132	1	see	see	VERB
ftr-458	1132	2	william	william	PROPN
ftr-458	1132	3	d.	d.	PROPN
ftr-458	1132	4	andrews	andrews	PROPN
ftr-458	1132	5	&	&	CCONJ
ftr-458	1132	6	david	david	PROPN
ftr-458	1132	7	f.	f.	PROPN
ftr-458	1132	8	bradford	bradford	PROPN
ftr-458	1132	9	,	,	PUNCT
ftr-458	1132	10	savings	saving	NOUN
ftr-458	1132	11	incentives	incentive	NOUN
ftr-458	1132	12	in	in	ADP
ftr-458	1132	13	a	a	DET
ftr-458	1132	14	hybrid	hybrid	ADJ
ftr-458	1132	15	income	income	NOUN
ftr-458	1132	16	tax	tax	NOUN
ftr-458	1132	17	,	,	PUNCT
ftr-458	1132	18	in	in	ADP
ftr-458	1132	19	uneasy	uneasy	ADJ
ftr-458	1132	20	compromise	compromise	NOUN
ftr-458	1132	21	:	:	PUNCT
ftr-458	1132	22	problems	problem	NOUN
ftr-458	1132	23	of	of	ADP
ftr-458	1132	24	a	a	DET
ftr-458	1132	25	hybrid	hybrid	ADJ
ftr-458	1132	26	income	income	NOUN
ftr-458	1132	27	-	-	PUNCT
ftr-458	1132	28	consumption	consumption	NOUN
ftr-458	1132	29	tax	tax	NOUN
ftr-458	1132	30	276	276	NUM
ftr-458	1132	31	(	(	PUNCT
ftr-458	1132	32	henry	henry	PROPN
ftr-458	1132	33	j.	j.	PROPN
ftr-458	1132	34	aaron	aaron	PROPN
ftr-458	1132	35	et	et	PROPN
ftr-458	1132	36	al	al	PROPN
ftr-458	1132	37	.	.	PUNCT
ftr-458	1132	38	eds	eds	PROPN
ftr-458	1132	39	.	.	PROPN
ftr-458	1132	40	,	,	PUNCT
ftr-458	1132	41	1988	1988	NUM
ftr-458	1132	42	)	)	PUNCT
ftr-458	1132	43	(	(	PUNCT
ftr-458	1132	44	stating	state	VERB
ftr-458	1132	45	that	that	SCONJ
ftr-458	1132	46	capital	capital	NOUN
ftr-458	1132	47	gain	gain	NOUN
ftr-458	1132	48	treatment	treatment	NOUN
ftr-458	1132	49	may	may	AUX
ftr-458	1132	50	be	be	AUX
ftr-458	1132	51	closer	close	ADJ
ftr-458	1132	52	to	to	AUX
ftr-458	1132	53	consumption	consumption	NOUN
ftr-458	1132	54	tax	tax	NOUN
ftr-458	1132	55	model	model	NOUN
ftr-458	1132	56	than	than	ADP
ftr-458	1132	57	accretion	accretion	NOUN
ftr-458	1132	58	tax	tax	NOUN
ftr-458	1132	59	model	model	NOUN
ftr-458	1132	60	)	)	PUNCT
ftr-458	1132	61	.	.	PUNCT
ftr-458	1133	1	108	108	NUM
ftr-458	1133	2	.	.	PUNCT
ftr-458	1134	1	see	see	PROPN
ftr-458	1134	2	andrews	andrews	PROPN
ftr-458	1134	3	,	,	PUNCT
ftr-458	1134	4	supra	supra	PROPN
ftr-458	1134	5	note	note	NOUN
ftr-458	1134	6	106	106	NUM
ftr-458	1134	7	:	:	PUNCT
ftr-458	1134	8	david	david	PROPN
ftr-458	1134	9	f.	f.	PROPN
ftr-458	1134	10	bradford	bradford	PROPN
ftr-458	1134	11	.	.	PUNCT
ftr-458	1135	1	the	the	DET
ftr-458	1135	2	case	case	NOUN
ftr-458	1135	3	for	for	ADP
ftr-458	1135	4	a	a	DET
ftr-458	1135	5	personal	personal	ADJ
ftr-458	1135	6	consumption	consumption	NOUN
ftr-458	1135	7	tax	tax	NOUN
ftr-458	1135	8	,	,	PUNCT
ftr-458	1135	9	in	in	ADP
ftr-458	1135	10	what	what	PRON
ftr-458	1135	11	should	should	AUX
ftr-458	1135	12	be	be	AUX
ftr-458	1135	13	taxed	tax	VERB
ftr-458	1135	14	:	:	PUNCT
ftr-458	1135	15	income	income	NOUN
ftr-458	1135	16	or	or	CCONJ
ftr-458	1135	17	expenditure	expenditure	NOUN
ftr-458	1135	18	?	?	PUNCT
ftr-458	1136	1	75	75	NUM
ftr-458	1136	2	(	(	PUNCT
ftr-458	1136	3	joseph	joseph	PROPN
ftr-458	1136	4	a.	a.	PROPN
ftr-458	1136	5	pechman	pechman	PROPN
ftr-458	1136	6	ed	ed	PROPN
ftr-458	1136	7	.	.	PROPN
ftr-458	1136	8	,	,	PUNCT
ftr-458	1136	9	1980	1980	NUM
ftr-458	1136	10	)	)	PUNCT
ftr-458	1136	11	;	;	PUNCT
ftr-458	1136	12	barbara	barbara	PROPN
ftr-458	1136	13	h.	h.	PROPN
ftr-458	1136	14	fried	fried	PROPN
ftr-458	1136	15	,	,	PUNCT
ftr-458	1136	16	fairness	fairness	NOUN
ftr-458	1136	17	and	and	CCONJ
ftr-458	1136	18	the	the	DET
ftr-458	1136	19	consumption	consumption	NOUN
ftr-458	1136	20	tax	tax	NOUN
ftr-458	1136	21	,	,	PUNCT
ftr-458	1136	22	44	44	NUM
ftr-458	1136	23	stan	stan	NOUN
ftr-458	1136	24	.	.	PUNCT
ftr-458	1137	1	l.	l.	PROPN
ftr-458	1137	2	rev	rev	PROPN
ftr-458	1137	3	.	.	PROPN
ftr-458	1138	1	961	961	NUM
ftr-458	1138	2	(	(	PUNCT
ftr-458	1138	3	1992	1992	NUM
ftr-458	1138	4	)	)	PUNCT
ftr-458	1138	5	(	(	PUNCT
ftr-458	1138	6	traditional	traditional	ADJ
ftr-458	1138	7	arguments	argument	NOUN
ftr-458	1138	8	for	for	ADP
ftr-458	1138	9	fairness	fairness	NOUN
ftr-458	1138	10	of	of	ADP
ftr-458	1138	11	consumption	consumption	NOUN
ftr-458	1138	12	tax	tax	NOUN
ftr-458	1138	13	not	not	PART
ftr-458	1138	14	persuasive	persuasive	ADJ
ftr-458	1138	15	)	)	PUNCT
ftr-458	1138	16	;	;	PUNCT
ftr-458	1138	17	richard	richard	PROPN
ftr-458	1138	18	goode	goode	PROPN
ftr-458	1138	19	,	,	PUNCT
ftr-458	1138	20	the	the	DET
ftr-458	1138	21	superiority	superiority	NOUN
ftr-458	1138	22	of	of	ADP
ftr-458	1138	23	the	the	DET
ftr-458	1138	24	income	income	NOUN
ftr-458	1138	25	tax	tax	NOUN
ftr-458	1138	26	,	,	PUNCT
ftr-458	1138	27	in	in	ADP
ftr-458	1138	28	what	what	PRON
ftr-458	1138	29	should	should	AUX
ftr-458	1138	30	be	be	AUX
ftr-458	1138	31	taxed	tax	VERB
ftr-458	1138	32	?	?	PUNCT
ftr-458	1138	33	,	,	PUNCT
ftr-458	1138	34	supra	supra	PROPN
ftr-458	1138	35	.	.	PUNCT
ftr-458	1139	1	at	at	ADP
ftr-458	1139	2	49	49	NUM
ftr-458	1139	3	:	:	PUNCT
ftr-458	1139	4	alan	alan	PROPN
ftr-458	1139	5	gunn	gunn	PROPN
ftr-458	1139	6	,	,	PUNCT
ftr-458	1139	7	the	the	DET
ftr-458	1139	8	case	case	NOUN
ftr-458	1139	9	for	for	ADP
ftr-458	1139	10	an	an	DET
ftr-458	1139	11	income	income	NOUN
ftr-458	1139	12	tax	tax	NOUN
ftr-458	1139	13	,	,	PUNCT
ftr-458	1139	14	46	46	NUM
ftr-458	1139	15	u.	u.	PROPN
ftr-458	1139	16	chi	chi	PROPN
ftr-458	1139	17	.	.	PUNCT
ftr-458	1140	1	l.	l.	PROPN
ftr-458	1140	2	rev	rev	PROPN
ftr-458	1140	3	.	.	PROPN
ftr-458	1140	4	370	370	NUM
ftr-458	1140	5	(	(	PUNCT
ftr-458	1140	6	1979	1979	NUM
ftr-458	1140	7	)	)	PUNCT
ftr-458	1140	8	(	(	PUNCT
ftr-458	1140	9	claim	claim	VERB
ftr-458	1140	10	that	that	SCONJ
ftr-458	1140	11	income	income	NOUN
ftr-458	1140	12	tax	tax	NOUN
ftr-458	1140	13	imposes	impose	VERB
ftr-458	1140	14	double	double	ADJ
ftr-458	1140	15	tax	tax	NOUN
ftr-458	1140	16	on	on	ADP
ftr-458	1140	17	savings	saving	NOUN
ftr-458	1140	18	is	be	AUX
ftr-458	1140	19	dubious	dubious	ADJ
ftr-458	1140	20	)	)	PUNCT
ftr-458	1140	21	;	;	PUNCT
ftr-458	1140	22	alvin	alvin	PROPN
ftr-458	1140	23	c.	c.	PROPN
ftr-458	1140	24	warren	warren	PROPN
ftr-458	1140	25	,	,	PUNCT
ftr-458	1140	26	jr	jr	PROPN
ftr-458	1140	27	.	.	PROPN
ftr-458	1140	28	,	,	PUNCT
ftr-458	1140	29	fairness	fairness	NOUN
ftr-458	1140	30	and	and	CCONJ
ftr-458	1140	31	a	a	DET
ftr-458	1140	32	consumption	consumption	NOUN
ftr-458	1140	33	-	-	PUNCT
ftr-458	1140	34	type	type	NOUN
ftr-458	1140	35	or	or	CCONJ
ftr-458	1140	36	cash	cash	NOUN
ftr-458	1140	37	flow	flow	NOUN
ftr-458	1140	38	personal	personal	ADJ
ftr-458	1140	39	income	income	NOUN
ftr-458	1140	40	tax	tax	NOUN
ftr-458	1140	41	,	,	PUNCT
ftr-458	1140	42	88	88	NUM
ftr-458	1140	43	harv	harv	NOUN
ftr-458	1140	44	.	.	PUNCT
ftr-458	1141	1	l.	l.	PROPN
ftr-458	1141	2	rev	rev	PROPN
ftr-458	1141	3	.	.	PROPN
ftr-458	1142	1	931	931	NUM
ftr-458	1142	2	(	(	PUNCT
ftr-458	1142	3	1975	1975	NUM
ftr-458	1142	4	)	)	PUNCT
ftr-458	1142	5	;	;	PUNCT
ftr-458	1142	6	william	william	PROPN
ftr-458	1142	7	d.	d.	PROPN
ftr-458	1142	8	andrews	andrews	PROPN
ftr-458	1142	9	.	.	PROPN
ftr-458	1142	10	fairness	fairness	NOUN
ftr-458	1142	11	and	and	CCONJ
ftr-458	1142	12	the	the	DET
ftr-458	1142	13	personal	personal	ADJ
ftr-458	1142	14	income	income	NOUN
ftr-458	1142	15	tax	tax	NOUN
ftr-458	1142	16	:	:	PUNCT
ftr-458	1142	17	a	a	DET
ftr-458	1142	18	reply	reply	NOUN
ftr-458	1142	19	to	to	ADP
ftr-458	1142	20	professor	professor	NOUN
ftr-458	1142	21	warren	warren	PROPN
ftr-458	1142	22	.	.	PUNCT
ftr-458	1143	1	88	88	NUM
ftr-458	1143	2	harv	harv	NOUN
ftr-458	1143	3	.	.	PUNCT
ftr-458	1144	1	l.	l.	PROPN
ftr-458	1144	2	rev	rev	PROPN
ftr-458	1144	3	.	.	PROPN
ftr-458	1145	1	947	947	NUM
ftr-458	1145	2	(	(	PUNCT
ftr-458	1145	3	1975	1975	NUM
ftr-458	1145	4	)	)	PUNCT
ftr-458	1145	5	.	.	PUNCT
ftr-458	1146	1	109	109	NUM
ftr-458	1146	2	.	.	PUNCT
ftr-458	1146	3	see	see	VERB
ftr-458	1146	4	,	,	PUNCT
ftr-458	1146	5	e.g.	e.g.	ADV
ftr-458	1146	6	,	,	PUNCT
ftr-458	1146	7	andrews	andrews	PROPN
ftr-458	1146	8	,	,	PUNCT
ftr-458	1146	9	supra	supra	PROPN
ftr-458	1146	10	note	note	PROPN
ftr-458	1146	11	106	106	NUM
ftr-458	1146	12	,	,	PUNCT
ftr-458	1146	13	at	at	ADP
ftr-458	1146	14	1168	1168	NUM
ftr-458	1146	15	.	.	PUNCT
ftr-458	1147	1	110	110	NUM
ftr-458	1147	2	.	.	PUNCT
ftr-458	1148	1	see	see	VERB
ftr-458	1148	2	u.s	u.s	PROPN
ftr-458	1148	3	.	.	PROPN
ftr-458	1148	4	dep't	dep't	NOUN
ftr-458	1148	5	of	of	ADP
ftr-458	1148	6	the	the	DET
ftr-458	1148	7	treasury	treasury	NOUN
ftr-458	1148	8	,	,	PUNCT
ftr-458	1148	9	blueprints	blueprint	NOUN
ftr-458	1148	10	for	for	ADP
ftr-458	1148	11	basic	basic	ADJ
ftr-458	1148	12	tax	tax	NOUN
ftr-458	1148	13	reform	reform	NOUN
ftr-458	1148	14	136	136	NUM
ftr-458	1148	15	(	(	PUNCT
ftr-458	1148	16	1977	1977	NUM
ftr-458	1148	17	)	)	PUNCT
ftr-458	1148	18	(	(	PUNCT
ftr-458	1148	19	arguing	argue	VERB
ftr-458	1148	20	that	that	SCONJ
ftr-458	1148	21	apparent	apparent	ADJ
ftr-458	1148	22	regressivity	regressivity	NOUN
ftr-458	1148	23	of	of	ADP
ftr-458	1148	24	cash	cash	NOUN
ftr-458	1148	25	flow	flow	NOUN
ftr-458	1148	26	consumption	consumption	NOUN
ftr-458	1148	27	tax	tax	NOUN
ftr-458	1148	28	is	be	AUX
ftr-458	1148	29	misleading	misleading	ADJ
ftr-458	1148	30	)	)	PUNCT
ftr-458	1148	31	;	;	PUNCT
ftr-458	1148	32	michael	michael	PROPN
ftr-458	1148	33	j.	j.	PROPN
ftr-458	1148	34	graetz	graetz	PROPN
ftr-458	1148	35	,	,	PUNCT
ftr-458	1148	36	implementing	implement	VERB
ftr-458	1148	37	a	a	DET
ftr-458	1148	38	progressive	progressive	ADJ
ftr-458	1148	39	consumption	consumption	NOUN
ftr-458	1148	40	tax	tax	NOUN
ftr-458	1148	41	.	.	PUNCT
ftr-458	1149	1	92	92	NUM
ftr-458	1149	2	harv	harv	NOUN
ftr-458	1149	3	.	.	PUNCT
ftr-458	1150	1	l.	l.	PROPN
ftr-458	1150	2	rev	rev	PROPN
ftr-458	1150	3	.	.	PROPN
ftr-458	1151	1	1575	1575	NUM
ftr-458	1151	2	(	(	PUNCT
ftr-458	1151	3	1979	1979	NUM
ftr-458	1151	4	)	)	PUNCT
ftr-458	1151	5	(	(	PUNCT
ftr-458	1151	6	describing	describe	VERB
ftr-458	1151	7	serious	serious	ADJ
ftr-458	1151	8	implementation	implementation	NOUN
ftr-458	1151	9	problems	problem	NOUN
ftr-458	1151	10	)	)	PUNCT
ftr-458	1151	11	.	.	PUNCT
ftr-458	1152	1	111	111	NUM
ftr-458	1152	2	.	.	PUNCT
ftr-458	1153	1	nonrecognition	nonrecognition	NOUN
ftr-458	1153	2	rules	rule	NOUN
ftr-458	1153	3	already	already	ADV
ftr-458	1153	4	provide	provide	VERB
ftr-458	1153	5	that	that	SCONJ
ftr-458	1153	6	certain	certain	ADJ
ftr-458	1153	7	exchanges	exchange	NOUN
ftr-458	1153	8	are	be	AUX
ftr-458	1153	9	not	not	PART
ftr-458	1153	10	currently	currently	ADV
ftr-458	1153	11	taxed	tax	VERB
ftr-458	1153	12	.	.	PUNCT
ftr-458	1154	1	e.g.	e.g.	ADV
ftr-458	1154	2	,	,	PUNCT
ftr-458	1154	3	irc	irc	PROPN
ftr-458	1154	4	§	§	PROPN
ftr-458	1154	5	§	§	PROPN
ftr-458	1154	6	351	351	NUM
ftr-458	1154	7	(	(	PUNCT
ftr-458	1154	8	nonrecognition	nonrecognition	NOUN
ftr-458	1154	9	on	on	ADP
ftr-458	1154	10	contribution	contribution	NOUN
ftr-458	1154	11	of	of	ADP
ftr-458	1154	12	property	property	NOUN
ftr-458	1154	13	to	to	ADP
ftr-458	1154	14	controlled	control	VERB
ftr-458	1154	15	corporation	corporation	NOUN
ftr-458	1154	16	in	in	ADP
ftr-458	1154	17	exchange	exchange	NOUN
ftr-458	1154	18	for	for	ADP
ftr-458	1154	19	stock	stock	NOUN
ftr-458	1154	20	)	)	PUNCT
ftr-458	1154	21	;	;	PUNCT
ftr-458	1154	22	354	354	NUM
ftr-458	1154	23	(	(	PUNCT
ftr-458	1154	24	nonrecognition	nonrecognition	NOUN
ftr-458	1154	25	on	on	ADP
ftr-458	1154	26	exchange	exchange	NOUN
ftr-458	1154	27	in	in	ADP
ftr-458	1154	28	pursuance	pursuance	NOUN
ftr-458	1154	29	of	of	ADP
ftr-458	1154	30	plan	plan	NOUN
ftr-458	1154	31	of	of	ADP
ftr-458	1154	32	reorganization	reorganization	NOUN
ftr-458	1154	33	of	of	ADP
ftr-458	1154	34	stock	stock	NOUN
ftr-458	1154	35	or	or	CCONJ
ftr-458	1154	36	securities	security	NOUN
ftr-458	1154	37	solely	solely	ADV
ftr-458	1154	38	for	for	ADP
ftr-458	1154	39	stock	stock	NOUN
ftr-458	1154	40	or	or	CCONJ
ftr-458	1154	41	securities	security	NOUN
ftr-458	1154	42	of	of	ADP
ftr-458	1154	43	party	party	NOUN
ftr-458	1154	44	to	to	ADP
ftr-458	1154	45	reorganization	reorganization	NOUN
ftr-458	1154	46	)	)	PUNCT
ftr-458	1154	47	,	,	PUNCT
ftr-458	1154	48	721	721	NUM
ftr-458	1154	49	(	(	PUNCT
ftr-458	1154	50	nonrecognition	nonrecognition	NOUN
ftr-458	1154	51	on	on	ADP
ftr-458	1154	52	exchange	exchange	NOUN
ftr-458	1154	53	of	of	ADP
ftr-458	1154	54	property	property	NOUN
ftr-458	1154	55	for	for	ADP
ftr-458	1154	56	partnership	partnership	NOUN
ftr-458	1154	57	interest	interest	NOUN
ftr-458	1154	58	)	)	PUNCT
ftr-458	1154	59	.	.	PUNCT
ftr-458	1155	1	if	if	SCONJ
ftr-458	1155	2	property	property	NOUN
ftr-458	1155	3	-	-	PUNCT
ftr-458	1155	4	for	for	ADP
ftr-458	1155	5	-	-	PUNCT
ftr-458	1155	6	property	property	NOUN
ftr-458	1155	7	exchanges	exchange	NOUN
ftr-458	1155	8	were	be	AUX
ftr-458	1155	9	generally	generally	ADV
ftr-458	1155	10	tax	tax	NOUN
ftr-458	1155	11	-	-	PUNCT
ftr-458	1155	12	free	free	ADJ
ftr-458	1155	13	,	,	PUNCT
ftr-458	1155	14	sales	sale	NOUN
ftr-458	1155	15	for	for	ADP
ftr-458	1155	16	cash	cash	NOUN
ftr-458	1155	17	should	should	AUX
ftr-458	1155	18	be	be	AUX
ftr-458	1155	19	19961	19961	NUM
ftr-458	1155	20	florida	florida	PROPN
ftr-458	1155	21	tax	tax	NOUN
ftr-458	1155	22	review	review	NOUN
ftr-458	1155	23	the	the	DET
ftr-458	1155	24	argument	argument	NOUN
ftr-458	1155	25	that	that	SCONJ
ftr-458	1155	26	incremental	incremental	ADJ
ftr-458	1155	27	steps	step	NOUN
ftr-458	1155	28	towards	towards	ADP
ftr-458	1155	29	a	a	DET
ftr-458	1155	30	consumption	consumption	NOUN
ftr-458	1155	31	tax	tax	NOUN
ftr-458	1155	32	are	be	AUX
ftr-458	1155	33	desirable	desirable	ADJ
ftr-458	1155	34	is	be	AUX
ftr-458	1155	35	not	not	PART
ftr-458	1155	36	clear	clear	ADJ
ftr-458	1155	37	,	,	PUNCT
ftr-458	1155	38	however	however	ADV
ftr-458	1155	39	,	,	PUNCT
ftr-458	1155	40	even	even	ADV
ftr-458	1155	41	assuming	assume	VERB
ftr-458	1155	42	that	that	SCONJ
ftr-458	1155	43	a	a	DET
ftr-458	1155	44	consumption	consumption	NOUN
ftr-458	1155	45	tax	tax	NOUN
ftr-458	1155	46	would	would	AUX
ftr-458	1155	47	be	be	AUX
ftr-458	1155	48	better	well	ADJ
ftr-458	1155	49	than	than	ADP
ftr-458	1155	50	an	an	DET
ftr-458	1155	51	income	income	NOUN
ftr-458	1155	52	tax	tax	NOUN
ftr-458	1155	53	.	.	PUNCT
ftr-458	1156	1	whatever	whatever	PRON
ftr-458	1156	2	the	the	DET
ftr-458	1156	3	merits	merit	NOUN
ftr-458	1156	4	of	of	ADP
ftr-458	1156	5	a	a	DET
ftr-458	1156	6	consumption	consumption	NOUN
ftr-458	1156	7	tax	tax	NOUN
ftr-458	1156	8	,	,	PUNCT
ftr-458	1156	9	incremental	incremental	ADJ
ftr-458	1156	10	shifts	shift	NOUN
ftr-458	1156	11	toward	toward	ADP
ftr-458	1156	12	it	it	PRON
ftr-458	1156	13	in	in	ADP
ftr-458	1156	14	the	the	DET
ftr-458	1156	15	context	context	NOUN
ftr-458	1156	16	of	of	ADP
ftr-458	1156	17	an	an	DET
ftr-458	1156	18	income	income	NOUN
ftr-458	1156	19	tax	tax	NOUN
ftr-458	1156	20	might	might	AUX
ftr-458	1156	21	not	not	PART
ftr-458	1156	22	be	be	AUX
ftr-458	1156	23	wise	wise	ADJ
ftr-458	1156	24	.	.	PUNCT
ftr-458	1157	1	steps	step	NOUN
ftr-458	1157	2	toward	toward	ADP
ftr-458	1157	3	a	a	DET
ftr-458	1157	4	consumption	consumption	NOUN
ftr-458	1157	5	tax	tax	NOUN
ftr-458	1157	6	could	could	AUX
ftr-458	1157	7	produce	produce	VERB
ftr-458	1157	8	some	some	PRON
ftr-458	1157	9	of	of	ADP
ftr-458	1157	10	the	the	DET
ftr-458	1157	11	possible	possible	ADJ
ftr-458	1157	12	regressivity	regressivity	NOUN
ftr-458	1157	13	of	of	ADP
ftr-458	1157	14	a	a	DET
ftr-458	1157	15	consumption	consumption	NOUN
ftr-458	1157	16	tax	tax	NOUN
ftr-458	1157	17	.	.	PUNCT
ftr-458	1158	1	arguments	argument	NOUN
ftr-458	1158	2	for	for	ADP
ftr-458	1158	3	inching	inch	VERB
ftr-458	1158	4	toward	toward	ADP
ftr-458	1158	5	a	a	DET
ftr-458	1158	6	consumption	consumption	NOUN
ftr-458	1158	7	tax	tax	NOUN
ftr-458	1158	8	should	should	AUX
ftr-458	1158	9	do	do	VERB
ftr-458	1158	10	more	more	ADJ
ftr-458	1158	11	than	than	SCONJ
ftr-458	1158	12	point	point	VERB
ftr-458	1158	13	out	out	ADP
ftr-458	1158	14	the	the	DET
ftr-458	1158	15	merits	merit	NOUN
ftr-458	1158	16	of	of	ADP
ftr-458	1158	17	a	a	DET
ftr-458	1158	18	consumption	consumption	NOUN
ftr-458	1158	19	tax	tax	NOUN
ftr-458	1158	20	.	.	PUNCT
ftr-458	1159	1	"12	"12	PROPN
ftr-458	1159	2	vi	vi	PROPN
ftr-458	1159	3	.	.	PUNCT
ftr-458	1160	1	the	the	DET
ftr-458	1160	2	future	future	NOUN
ftr-458	1160	3	of	of	ADP
ftr-458	1160	4	the	the	DET
ftr-458	1160	5	realization	realization	NOUN
ftr-458	1160	6	requirement	requirement	NOUN
ftr-458	1160	7	a	a	DET
ftr-458	1160	8	reform	reform	NOUN
ftr-458	1160	9	of	of	ADP
ftr-458	1160	10	the	the	DET
ftr-458	1160	11	realization	realization	NOUN
ftr-458	1160	12	requirement	requirement	NOUN
ftr-458	1160	13	to	to	PART
ftr-458	1160	14	apply	apply	VERB
ftr-458	1160	15	to	to	ADP
ftr-458	1160	16	hedging	hedging	NOUN
ftr-458	1160	17	would	would	AUX
ftr-458	1160	18	be	be	AUX
ftr-458	1160	19	formal	formal	ADJ
ftr-458	1160	20	because	because	SCONJ
ftr-458	1160	21	the	the	DET
ftr-458	1160	22	realization	realization	NOUN
ftr-458	1160	23	requirement	requirement	NOUN
ftr-458	1160	24	's	's	PART
ftr-458	1160	25	distinction	distinction	NOUN
ftr-458	1160	26	between	between	ADP
ftr-458	1160	27	holding	hold	VERB
ftr-458	1160	28	and	and	CCONJ
ftr-458	1160	29	disposing	dispose	VERB
ftr-458	1160	30	is	be	AUX
ftr-458	1160	31	formal	formal	ADJ
ftr-458	1160	32	.	.	PUNCT
ftr-458	1161	1	such	such	DET
ftr-458	1161	2	a	a	DET
ftr-458	1161	3	reform	reform	NOUN
ftr-458	1161	4	aims	aim	VERB
ftr-458	1161	5	to	to	PART
ftr-458	1161	6	maintain	maintain	VERB
ftr-458	1161	7	the	the	DET
ftr-458	1161	8	integrity	integrity	NOUN
ftr-458	1161	9	of	of	ADP
ftr-458	1161	10	the	the	DET
ftr-458	1161	11	categories	category	NOUN
ftr-458	1161	12	,	,	PUNCT
ftr-458	1161	13	but	but	CCONJ
ftr-458	1161	14	the	the	DET
ftr-458	1161	15	categories	category	NOUN
ftr-458	1161	16	are	be	AUX
ftr-458	1161	17	themselves	themselves	PRON
ftr-458	1161	18	normatively	normatively	ADV
ftr-458	1161	19	irrelevant	irrelevant	ADJ
ftr-458	1161	20	and	and	CCONJ
ftr-458	1161	21	conceptually	conceptually	ADV
ftr-458	1161	22	unclear	unclear	ADJ
ftr-458	1161	23	.	.	PUNCT
ftr-458	1162	1	the	the	DET
ftr-458	1162	2	advantages	advantage	NOUN
ftr-458	1162	3	of	of	ADP
ftr-458	1162	4	distinguishing	distinguish	VERB
ftr-458	1162	5	between	between	ADP
ftr-458	1162	6	holding	hold	VERB
ftr-458	1162	7	and	and	CCONJ
ftr-458	1162	8	disposing	dispose	VERB
ftr-458	1162	9	are	be	AUX
ftr-458	1162	10	undermined	undermine	VERB
ftr-458	1162	11	by	by	ADP
ftr-458	1162	12	the	the	DET
ftr-458	1162	13	inefficiencies	inefficiency	NOUN
ftr-458	1162	14	needed	need	VERB
ftr-458	1162	15	to	to	PART
ftr-458	1162	16	maintain	maintain	VERB
ftr-458	1162	17	the	the	DET
ftr-458	1162	18	distinction	distinction	NOUN
ftr-458	1162	19	.	.	PUNCT
ftr-458	1163	1	consideration	consideration	NOUN
ftr-458	1163	2	should	should	AUX
ftr-458	1163	3	be	be	AUX
ftr-458	1163	4	given	give	VERB
ftr-458	1163	5	to	to	ADP
ftr-458	1163	6	placing	place	VERB
ftr-458	1163	7	more	more	ADJ
ftr-458	1163	8	assets	asset	NOUN
ftr-458	1163	9	(	(	PUNCT
ftr-458	1163	10	and	and	CCONJ
ftr-458	1163	11	liabilities	liability	NOUN
ftr-458	1163	12	)	)	PUNCT
ftr-458	1163	13	"	"	PUNCT
ftr-458	1163	14	3	3	NUM
ftr-458	1163	15	on	on	ADP
ftr-458	1163	16	an	an	DET
ftr-458	1163	17	accrual	accrual	ADJ
ftr-458	1163	18	system	system	NOUN
ftr-458	1163	19	.	.	PUNCT
ftr-458	1163	20	'	'	PUNCT
ftr-458	1164	1	4	4	NUM
ftr-458	1164	2	tax	tax	NOUN
ftr-458	1164	3	-	-	PUNCT
ftr-458	1164	4	free	free	ADJ
ftr-458	1164	5	if	if	SCONJ
ftr-458	1164	6	the	the	DET
ftr-458	1164	7	funds	fund	NOUN
ftr-458	1164	8	are	be	AUX
ftr-458	1164	9	reinvested	reinveste	VERB
ftr-458	1164	10	.	.	PUNCT
ftr-458	1165	1	cf	cf	X
ftr-458	1165	2	.	.	PUNCT
ftr-458	1166	1	irc	irc	PROPN
ftr-458	1166	2	§	§	PROPN
ftr-458	1166	3	§	§	PROPN
ftr-458	1166	4	1034	1034	NUM
ftr-458	1166	5	(	(	PUNCT
ftr-458	1166	6	rollover	rollover	NOUN
ftr-458	1166	7	of	of	ADP
ftr-458	1166	8	gain	gain	NOUN
ftr-458	1166	9	on	on	ADP
ftr-458	1166	10	sale	sale	NOUN
ftr-458	1166	11	of	of	ADP
ftr-458	1166	12	principal	principal	ADJ
ftr-458	1166	13	residence	residence	NOUN
ftr-458	1166	14	if	if	SCONJ
ftr-458	1166	15	new	new	ADJ
ftr-458	1166	16	principal	principal	ADJ
ftr-458	1166	17	residence	residence	NOUN
ftr-458	1166	18	is	be	AUX
ftr-458	1166	19	purchased	purchase	VERB
ftr-458	1166	20	within	within	ADP
ftr-458	1166	21	two	two	NUM
ftr-458	1166	22	years	year	NOUN
ftr-458	1166	23	of	of	ADP
ftr-458	1166	24	sale	sale	NOUN
ftr-458	1166	25	)	)	PUNCT
ftr-458	1166	26	;	;	PUNCT
ftr-458	1166	27	1042	1042	NUM
ftr-458	1166	28	(	(	PUNCT
ftr-458	1166	29	nonrecognition	nonrecognition	NOUN
ftr-458	1166	30	of	of	ADP
ftr-458	1166	31	gain	gain	NOUN
ftr-458	1166	32	on	on	ADP
ftr-458	1166	33	sale	sale	NOUN
ftr-458	1166	34	of	of	ADP
ftr-458	1166	35	securities	security	NOUN
ftr-458	1166	36	to	to	ADP
ftr-458	1166	37	employee	employee	NOUN
ftr-458	1166	38	stock	stock	NOUN
ftr-458	1166	39	ownership	ownership	NOUN
ftr-458	1166	40	plan	plan	NOUN
ftr-458	1166	41	if	if	SCONJ
ftr-458	1166	42	"	"	PUNCT
ftr-458	1166	43	qualified	qualified	ADJ
ftr-458	1166	44	replacement	replacement	NOUN
ftr-458	1166	45	property	property	NOUN
ftr-458	1166	46	"	"	PUNCT
ftr-458	1166	47	purchased	purchase	VERB
ftr-458	1166	48	within	within	ADP
ftr-458	1166	49	specified	specified	ADJ
ftr-458	1166	50	period	period	NOUN
ftr-458	1166	51	)	)	PUNCT
ftr-458	1166	52	.	.	PUNCT
ftr-458	1167	1	112	112	NUM
ftr-458	1167	2	.	.	PUNCT
ftr-458	1168	1	a	a	DET
ftr-458	1168	2	potentially	potentially	ADV
ftr-458	1168	3	promising	promising	ADJ
ftr-458	1168	4	route	route	NOUN
ftr-458	1168	5	is	be	AUX
ftr-458	1168	6	systematic	systematic	ADJ
ftr-458	1168	7	construction	construction	NOUN
ftr-458	1168	8	of	of	ADP
ftr-458	1168	9	a	a	DET
ftr-458	1168	10	better	well	ADJ
ftr-458	1168	11	hybrid	hybrid	ADJ
ftr-458	1168	12	income	income	NOUN
ftr-458	1168	13	-	-	PUNCT
ftr-458	1168	14	consumption	consumption	NOUN
ftr-458	1168	15	tax	tax	NOUN
ftr-458	1168	16	.	.	PUNCT
ftr-458	1169	1	by	by	ADP
ftr-458	1169	2	distinguishing	distinguish	VERB
ftr-458	1169	3	among	among	ADP
ftr-458	1169	4	savings	saving	NOUN
ftr-458	1169	5	for	for	ADP
ftr-458	1169	6	life	life	NOUN
ftr-458	1169	7	cycle	cycle	NOUN
ftr-458	1169	8	,	,	PUNCT
ftr-458	1169	9	precautionary	precautionary	NOUN
ftr-458	1169	10	,	,	PUNCT
ftr-458	1169	11	and	and	CCONJ
ftr-458	1169	12	bequest	bequest	NOUN
ftr-458	1169	13	purposes	purpose	NOUN
ftr-458	1169	14	,	,	PUNCT
ftr-458	1169	15	edward	edward	NOUN
ftr-458	1169	16	mccaffery	mccaffery	NOUN
ftr-458	1169	17	,	,	PUNCT
ftr-458	1169	18	for	for	ADP
ftr-458	1169	19	example	example	NOUN
ftr-458	1169	20	,	,	PUNCT
ftr-458	1169	21	has	have	AUX
ftr-458	1169	22	evaluated	evaluate	VERB
ftr-458	1169	23	regimes	regime	NOUN
ftr-458	1169	24	that	that	PRON
ftr-458	1169	25	would	would	AUX
ftr-458	1169	26	provide	provide	VERB
ftr-458	1169	27	different	different	ADJ
ftr-458	1169	28	treatment	treatment	NOUN
ftr-458	1169	29	for	for	ADP
ftr-458	1169	30	different	different	ADJ
ftr-458	1169	31	kinds	kind	NOUN
ftr-458	1169	32	of	of	ADP
ftr-458	1169	33	savings	saving	NOUN
ftr-458	1169	34	.	.	PUNCT
ftr-458	1170	1	edward	edward	PROPN
ftr-458	1170	2	j.	j.	PROPN
ftr-458	1170	3	mccaffery	mccaffery	PROPN
ftr-458	1170	4	,	,	PUNCT
ftr-458	1170	5	tax	tax	NOUN
ftr-458	1170	6	policy	policy	NOUN
ftr-458	1170	7	under	under	ADP
ftr-458	1170	8	a	a	DET
ftr-458	1170	9	hybrid	hybrid	ADJ
ftr-458	1170	10	income	income	NOUN
ftr-458	1170	11	-	-	PUNCT
ftr-458	1170	12	consumption	consumption	NOUN
ftr-458	1170	13	tax	tax	NOUN
ftr-458	1170	14	,	,	PUNCT
ftr-458	1170	15	70	70	NUM
ftr-458	1170	16	tex	tex	PROPN
ftr-458	1170	17	.	.	PROPN
ftr-458	1170	18	l.	l.	PROPN
ftr-458	1170	19	rev	rev	PROPN
ftr-458	1170	20	.	.	PROPN
ftr-458	1170	21	1145	1145	NUM
ftr-458	1170	22	(	(	PUNCT
ftr-458	1170	23	1992	1992	NUM
ftr-458	1170	24	)	)	PUNCT
ftr-458	1170	25	.	.	PUNCT
ftr-458	1171	1	michael	michael	PROPN
ftr-458	1171	2	knoll	knoll	PROPN
ftr-458	1171	3	has	have	AUX
ftr-458	1171	4	evaluated	evaluate	VERB
ftr-458	1171	5	three	three	NUM
ftr-458	1171	6	hybrids	hybrid	NOUN
ftr-458	1171	7	:	:	PUNCT
ftr-458	1171	8	a	a	DET
ftr-458	1171	9	blended	blend	VERB
ftr-458	1171	10	hybrid	hybrid	NOUN
ftr-458	1171	11	under	under	ADP
ftr-458	1171	12	which	which	PRON
ftr-458	1171	13	earnings	earning	NOUN
ftr-458	1171	14	are	be	AUX
ftr-458	1171	15	taxed	tax	VERB
ftr-458	1171	16	at	at	ADP
ftr-458	1171	17	full	full	ADJ
ftr-458	1171	18	marginal	marginal	ADJ
ftr-458	1171	19	rates	rate	NOUN
ftr-458	1171	20	and	and	CCONJ
ftr-458	1171	21	savings	saving	NOUN
ftr-458	1171	22	at	at	ADP
ftr-458	1171	23	reduced	reduce	VERB
ftr-458	1171	24	marginal	marginal	ADJ
ftr-458	1171	25	rates	rate	NOUN
ftr-458	1171	26	,	,	PUNCT
ftr-458	1171	27	a	a	DET
ftr-458	1171	28	simple	simple	ADJ
ftr-458	1171	29	hybrid	hybrid	NOUN
ftr-458	1171	30	that	that	PRON
ftr-458	1171	31	would	would	AUX
ftr-458	1171	32	provide	provide	VERB
ftr-458	1171	33	immediate	immediate	ADJ
ftr-458	1171	34	expensing	expensing	NOUN
ftr-458	1171	35	of	of	ADP
ftr-458	1171	36	a	a	DET
ftr-458	1171	37	portion	portion	NOUN
ftr-458	1171	38	of	of	ADP
ftr-458	1171	39	basis	basis	NOUN
ftr-458	1171	40	and	and	CCONJ
ftr-458	1171	41	economic	economic	ADJ
ftr-458	1171	42	depreciation	depreciation	NOUN
ftr-458	1171	43	for	for	ADP
ftr-458	1171	44	the	the	DET
ftr-458	1171	45	remainder	remainder	NOUN
ftr-458	1171	46	,	,	PUNCT
ftr-458	1171	47	and	and	CCONJ
ftr-458	1171	48	a	a	DET
ftr-458	1171	49	system	system	NOUN
ftr-458	1171	50	that	that	PRON
ftr-458	1171	51	would	would	AUX
ftr-458	1171	52	provide	provide	VERB
ftr-458	1171	53	a	a	DET
ftr-458	1171	54	deduction	deduction	NOUN
ftr-458	1171	55	for	for	ADP
ftr-458	1171	56	a	a	DET
ftr-458	1171	57	fraction	fraction	NOUN
ftr-458	1171	58	of	of	ADP
ftr-458	1171	59	the	the	DET
ftr-458	1171	60	undepreciated	undepreciated	ADJ
ftr-458	1171	61	portion	portion	NOUN
ftr-458	1171	62	of	of	ADP
ftr-458	1171	63	every	every	DET
ftr-458	1171	64	asset	asset	NOUN
ftr-458	1171	65	at	at	ADP
ftr-458	1171	66	a	a	DET
ftr-458	1171	67	statutorily	statutorily	ADV
ftr-458	1171	68	defined	define	VERB
ftr-458	1171	69	cost	cost	NOUN
ftr-458	1171	70	of	of	ADP
ftr-458	1171	71	capital	capital	NOUN
ftr-458	1171	72	.	.	PUNCT
ftr-458	1172	1	michael	michael	PROPN
ftr-458	1172	2	s.	s.	PROPN
ftr-458	1172	3	knoll	knoll	PROPN
ftr-458	1172	4	,	,	PUNCT
ftr-458	1172	5	designing	design	VERB
ftr-458	1172	6	a	a	DET
ftr-458	1172	7	hybrid	hybrid	ADJ
ftr-458	1172	8	income	income	NOUN
ftr-458	1172	9	-	-	PUNCT
ftr-458	1172	10	consumption	consumption	NOUN
ftr-458	1172	11	tax	tax	NOUN
ftr-458	1172	12	,	,	PUNCT
ftr-458	1172	13	41	41	NUM
ftr-458	1172	14	ucla	ucla	PROPN
ftr-458	1172	15	l.	l.	PROPN
ftr-458	1172	16	rev	rev	PROPN
ftr-458	1172	17	.	.	PROPN
ftr-458	1172	18	1791	1791	NUM
ftr-458	1172	19	(	(	PUNCT
ftr-458	1172	20	1994	1994	NUM
ftr-458	1172	21	)	)	PUNCT
ftr-458	1172	22	.	.	PUNCT
ftr-458	1173	1	those	those	DET
ftr-458	1173	2	reforms	reform	NOUN
ftr-458	1173	3	tend	tend	VERB
ftr-458	1173	4	to	to	PART
ftr-458	1173	5	reduce	reduce	VERB
ftr-458	1173	6	the	the	DET
ftr-458	1173	7	significance	significance	NOUN
ftr-458	1173	8	of	of	ADP
ftr-458	1173	9	the	the	DET
ftr-458	1173	10	realization	realization	NOUN
ftr-458	1173	11	requirement	requirement	NOUN
ftr-458	1173	12	by	by	ADP
ftr-458	1173	13	placing	place	VERB
ftr-458	1173	14	significant	significant	ADJ
ftr-458	1173	15	savings	saving	NOUN
ftr-458	1173	16	on	on	ADP
ftr-458	1173	17	a	a	DET
ftr-458	1173	18	consumption	consumption	NOUN
ftr-458	1173	19	tax	tax	NOUN
ftr-458	1173	20	model	model	NOUN
ftr-458	1173	21	.	.	PUNCT
ftr-458	1174	1	hedging	hedging	NOUN
ftr-458	1174	2	would	would	AUX
ftr-458	1174	3	therefore	therefore	ADV
ftr-458	1174	4	pose	pose	VERB
ftr-458	1174	5	less	less	ADJ
ftr-458	1174	6	of	of	ADP
ftr-458	1174	7	a	a	DET
ftr-458	1174	8	problem	problem	NOUN
ftr-458	1174	9	for	for	ADP
ftr-458	1174	10	those	those	DET
ftr-458	1174	11	regimes	regime	NOUN
ftr-458	1174	12	than	than	ADP
ftr-458	1174	13	for	for	ADP
ftr-458	1174	14	the	the	DET
ftr-458	1174	15	current	current	ADJ
ftr-458	1174	16	system	system	NOUN
ftr-458	1174	17	.	.	PUNCT
ftr-458	1175	1	113	113	NUM
ftr-458	1175	2	.	.	PUNCT
ftr-458	1176	1	although	although	SCONJ
ftr-458	1176	2	this	this	DET
ftr-458	1176	3	article	article	NOUN
ftr-458	1176	4	focuses	focus	VERB
ftr-458	1176	5	on	on	ADP
ftr-458	1176	6	realization	realization	NOUN
ftr-458	1176	7	with	with	ADP
ftr-458	1176	8	respect	respect	NOUN
ftr-458	1176	9	to	to	ADP
ftr-458	1176	10	assets	asset	NOUN
ftr-458	1176	11	,	,	PUNCT
ftr-458	1176	12	realization	realization	NOUN
ftr-458	1176	13	is	be	AUX
ftr-458	1176	14	also	also	ADV
ftr-458	1176	15	a	a	DET
ftr-458	1176	16	key	key	ADJ
ftr-458	1176	17	issue	issue	NOUN
ftr-458	1176	18	for	for	ADP
ftr-458	1176	19	liabilities	liability	NOUN
ftr-458	1176	20	.	.	PUNCT
ftr-458	1177	1	a	a	DET
ftr-458	1177	2	borrower	borrower	NOUN
ftr-458	1177	3	can	can	AUX
ftr-458	1177	4	realize	realize	VERB
ftr-458	1177	5	cancellation	cancellation	NOUN
ftr-458	1177	6	of	of	ADP
ftr-458	1177	7	indebtedness	indebtedness	NOUN
ftr-458	1177	8	income	income	NOUN
ftr-458	1177	9	or	or	CCONJ
ftr-458	1177	10	bond	bond	NOUN
ftr-458	1177	11	repurchase	repurchase	VERB
ftr-458	1177	12	premium	premium	NOUN
ftr-458	1177	13	if	if	SCONJ
ftr-458	1177	14	the	the	DET
ftr-458	1177	15	borrower	borrower	NOUN
ftr-458	1177	16	is	be	AUX
ftr-458	1177	17	treated	treat	VERB
ftr-458	1177	18	as	as	ADP
ftr-458	1177	19	extinguishing	extinguish	VERB
ftr-458	1177	20	the	the	DET
ftr-458	1177	21	liability	liability	NOUN
ftr-458	1177	22	for	for	ADP
ftr-458	1177	23	less	less	ADJ
ftr-458	1177	24	or	or	CCONJ
ftr-458	1177	25	more	more	ADJ
ftr-458	1177	26	,	,	PUNCT
ftr-458	1177	27	respectively	respectively	ADV
ftr-458	1177	28	,	,	PUNCT
ftr-458	1177	29	than	than	ADP
ftr-458	1177	30	the	the	DET
ftr-458	1177	31	principal	principal	ADJ
ftr-458	1177	32	amount	amount	NOUN
ftr-458	1177	33	of	of	ADP
ftr-458	1177	34	the	the	DET
ftr-458	1177	35	borrowing	borrowing	NOUN
ftr-458	1177	36	.	.	PUNCT
ftr-458	1178	1	114	114	NUM
ftr-458	1178	2	.	.	PUNCT
ftr-458	1179	1	it	it	PRON
ftr-458	1179	2	has	have	AUX
ftr-458	1179	3	been	be	AUX
ftr-458	1179	4	argued	argue	VERB
ftr-458	1179	5	that	that	SCONJ
ftr-458	1179	6	the	the	DET
ftr-458	1179	7	law	law	NOUN
ftr-458	1179	8	is	be	AUX
ftr-458	1179	9	heading	head	VERB
ftr-458	1179	10	in	in	ADP
ftr-458	1179	11	this	this	DET
ftr-458	1179	12	direction	direction	NOUN
ftr-458	1179	13	.	.	PUNCT
ftr-458	1180	1	see	see	VERB
ftr-458	1180	2	thomas	thomas	PROPN
ftr-458	1180	3	l.	l.	PROPN
ftr-458	1180	4	evans	evans	PROPN
ftr-458	1180	5	,	,	PUNCT
ftr-458	1180	6	the	the	DET
ftr-458	1180	7	evolution	evolution	NOUN
ftr-458	1180	8	of	of	ADP
ftr-458	1180	9	federal	federal	ADJ
ftr-458	1180	10	income	income	NOUN
ftr-458	1180	11	tax	tax	NOUN
ftr-458	1180	12	accounting	accounting	NOUN
ftr-458	1180	13	-	-	PUNCT
ftr-458	1180	14	a	a	DET
ftr-458	1180	15	growing	grow	VERB
ftr-458	1180	16	trend	trend	NOUN
ftr-458	1180	17	towards	towards	ADP
ftr-458	1180	18	markto	markto	NOUN
ftr-458	1180	19	-	-	PUNCT
ftr-458	1180	20	market	market	NOUN
ftr-458	1180	21	?	?	PUNCT
ftr-458	1181	1	67	67	NUM
ftr-458	1181	2	taxes	taxis	NOUN
ftr-458	1181	3	824	824	NUM
ftr-458	1181	4	(	(	PUNCT
ftr-458	1181	5	1989	1989	NUM
ftr-458	1181	6	)	)	PUNCT
ftr-458	1181	7	(	(	PUNCT
ftr-458	1181	8	stating	state	VERB
ftr-458	1181	9	that	that	DET
ftr-458	1181	10	uniform	uniform	ADJ
ftr-458	1181	11	capitalization	capitalization	NOUN
ftr-458	1181	12	rules	rule	NOUN
ftr-458	1181	13	,	,	PUNCT
ftr-458	1181	14	percentage	percentage	NOUN
ftr-458	1181	15	of	of	ADP
ftr-458	1181	16	completion	completion	NOUN
ftr-458	1181	17	method	method	NOUN
ftr-458	1181	18	for	for	ADP
ftr-458	1181	19	long	long	ADJ
ftr-458	1181	20	-	-	PUNCT
ftr-458	1181	21	term	term	NOUN
ftr-458	1181	22	contracts	contract	NOUN
ftr-458	1181	23	,	,	PUNCT
ftr-458	1181	24	limitations	limitation	NOUN
ftr-458	1181	25	on	on	ADP
ftr-458	1181	26	availability	availability	NOUN
ftr-458	1181	27	of	of	ADP
ftr-458	1181	28	cash	cash	NOUN
ftr-458	1181	29	method	method	NOUN
ftr-458	1181	30	of	of	ADP
ftr-458	1181	31	accounting	accounting	NOUN
ftr-458	1181	32	,	,	PUNCT
ftr-458	1181	33	repeal	repeal	NOUN
ftr-458	1181	34	of	of	ADP
ftr-458	1181	35	reserve	reserve	NOUN
ftr-458	1181	36	method	method	NOUN
ftr-458	1181	37	for	for	ADP
ftr-458	1181	38	bad	bad	ADJ
ftr-458	1181	39	debts	debt	NOUN
ftr-458	1181	40	,	,	PUNCT
ftr-458	1181	41	and	and	CCONJ
ftr-458	1181	42	curtailment	curtailment	ADJ
ftr-458	1181	43	of	of	ADP
ftr-458	1181	44	installment	installment	NOUN
ftr-458	1181	45	method	method	NOUN
ftr-458	1181	46	in	in	ADP
ftr-458	1181	47	tax	tax	NOUN
ftr-458	1181	48	reform	reform	NOUN
ftr-458	1181	49	act	act	NOUN
ftr-458	1181	50	of	of	ADP
ftr-458	1181	51	1986	1986	NUM
ftr-458	1181	52	and	and	CCONJ
ftr-458	1181	53	revenue	revenue	NOUN
ftr-458	1181	54	act	act	NOUN
ftr-458	1181	55	of	of	ADP
ftr-458	1181	56	1987	1987	NUM
ftr-458	1181	57	reflect	reflect	VERB
ftr-458	1181	58	trend	trend	NOUN
ftr-458	1181	59	toward	toward	ADP
ftr-458	1181	60	mark	mark	NOUN
ftr-458	1181	61	-	-	PUNCT
ftr-458	1181	62	to	to	ADP
ftr-458	1181	63	-	-	PUNCT
ftr-458	1181	64	market	market	NOUN
ftr-458	1181	65	)	)	PUNCT
ftr-458	1181	66	.	.	PUNCT
ftr-458	1182	1	see	see	VERB
ftr-458	1182	2	also	also	ADV
ftr-458	1182	3	scott	scott	PROPN
ftr-458	1182	4	m.	m.	NOUN
ftr-458	1182	5	kolbrenner	kolbrenner	NOUN
ftr-458	1182	6	,	,	PUNCT
ftr-458	1182	7	derivatives	derivative	NOUN
ftr-458	1182	8	,	,	PUNCT
ftr-458	1182	9	design	design	NOUN
ftr-458	1182	10	and	and	CCONJ
ftr-458	1182	11	taxation	taxation	NOUN
ftr-458	1182	12	,	,	PUNCT
ftr-458	1182	13	15	15	NUM
ftr-458	1182	14	va	va	NOUN
ftr-458	1182	15	.	.	PUNCT
ftr-458	1183	1	tax	tax	PROPN
ftr-458	1183	2	rev	rev	PROPN
ftr-458	1183	3	.	.	PROPN
ftr-458	1183	4	211	211	NUM
ftr-458	1183	5	,	,	PUNCT
ftr-458	1183	6	274	274	NUM
ftr-458	1183	7	-	-	SYM
ftr-458	1183	8	75	75	NUM
ftr-458	1184	1	[	[	X
ftr-458	1184	2	vol	vol	NOUN
ftr-458	1184	3	3:1	3:1	NUM
ftr-458	1184	4	another	another	DET
ftr-458	1184	5	uneasy	uneasy	ADJ
ftr-458	1184	6	compromise	compromise	NOUN
ftr-458	1184	7	comprehensive	comprehensive	ADJ
ftr-458	1184	8	accrual	accrual	ADJ
ftr-458	1184	9	taxation	taxation	NOUN
ftr-458	1184	10	is	be	AUX
ftr-458	1184	11	impractical	impractical	ADJ
ftr-458	1184	12	,	,	PUNCT
ftr-458	1184	13	but	but	CCONJ
ftr-458	1184	14	limited	limited	ADJ
ftr-458	1184	15	mark	mark	NOUN
ftr-458	1184	16	-	-	PUNCT
ftr-458	1184	17	tomarket	tomarket	NOUN
ftr-458	1184	18	regimes	regime	NOUN
ftr-458	1184	19	may	may	AUX
ftr-458	1184	20	be	be	AUX
ftr-458	1184	21	workable	workable	ADJ
ftr-458	1184	22	.	.	PUNCT
ftr-458	1185	1	the	the	DET
ftr-458	1185	2	valuation	valuation	NOUN
ftr-458	1185	3	and	and	CCONJ
ftr-458	1185	4	liquidity	liquidity	NOUN
ftr-458	1185	5	concerns	concern	NOUN
ftr-458	1185	6	underlying	underlie	VERB
ftr-458	1185	7	the	the	DET
ftr-458	1185	8	realization	realization	NOUN
ftr-458	1185	9	requirement	requirement	NOUN
ftr-458	1185	10	are	be	AUX
ftr-458	1185	11	less	less	ADV
ftr-458	1185	12	problematic	problematic	ADJ
ftr-458	1185	13	in	in	ADP
ftr-458	1185	14	the	the	DET
ftr-458	1185	15	context	context	NOUN
ftr-458	1185	16	of	of	ADP
ftr-458	1185	17	marketable	marketable	ADJ
ftr-458	1185	18	securities	security	NOUN
ftr-458	1185	19	,	,	PUNCT
ftr-458	1185	20	and	and	CCONJ
ftr-458	1185	21	,	,	PUNCT
ftr-458	1185	22	accordingly	accordingly	ADV
ftr-458	1185	23	,	,	PUNCT
ftr-458	1185	24	such	such	ADJ
ftr-458	1185	25	securities	security	NOUN
ftr-458	1185	26	could	could	AUX
ftr-458	1185	27	be	be	AUX
ftr-458	1185	28	subject	subject	ADJ
ftr-458	1185	29	to	to	ADP
ftr-458	1185	30	a	a	DET
ftr-458	1185	31	mark	mark	NOUN
ftr-458	1185	32	-	-	PUNCT
ftr-458	1185	33	to	to	ADP
ftr-458	1185	34	-	-	PUNCT
ftr-458	1185	35	market	market	NOUN
ftr-458	1185	36	regime	regime	NOUN
ftr-458	1185	37	.	.	PUNCT
ftr-458	1186	1	on	on	ADP
ftr-458	1186	2	the	the	DET
ftr-458	1186	3	other	other	ADJ
ftr-458	1186	4	hand	hand	NOUN
ftr-458	1186	5	,	,	PUNCT
ftr-458	1186	6	a	a	DET
ftr-458	1186	7	limited	limited	ADJ
ftr-458	1186	8	mark	mark	NOUN
ftr-458	1186	9	-	-	PUNCT
ftr-458	1186	10	to	to	ADP
ftr-458	1186	11	-	-	PUNCT
ftr-458	1186	12	market	market	NOUN
ftr-458	1186	13	regime	regime	NOUN
ftr-458	1186	14	raises	raise	VERB
ftr-458	1186	15	efficiency	efficiency	NOUN
ftr-458	1186	16	problems	problem	NOUN
ftr-458	1186	17	of	of	ADP
ftr-458	1186	18	its	its	PRON
ftr-458	1186	19	own	own	ADJ
ftr-458	1186	20	by	by	ADP
ftr-458	1186	21	encouraging	encourage	VERB
ftr-458	1186	22	taxpayers	taxpayer	NOUN
ftr-458	1186	23	to	to	PART
ftr-458	1186	24	invest	invest	VERB
ftr-458	1186	25	in	in	ADP
ftr-458	1186	26	assets	asset	NOUN
ftr-458	1186	27	not	not	PART
ftr-458	1186	28	subject	subject	ADJ
ftr-458	1186	29	to	to	ADP
ftr-458	1186	30	the	the	DET
ftr-458	1186	31	regime	regime	NOUN
ftr-458	1186	32	.	.	PUNCT
ftr-458	1187	1	in	in	ADP
ftr-458	1187	2	general	general	ADJ
ftr-458	1187	3	,	,	PUNCT
ftr-458	1187	4	assets	asset	NOUN
ftr-458	1187	5	outside	outside	ADP
ftr-458	1187	6	the	the	DET
ftr-458	1187	7	mark	mark	NOUN
ftr-458	1187	8	-	-	PUNCT
ftr-458	1187	9	to	to	ADP
ftr-458	1187	10	-	-	PUNCT
ftr-458	1187	11	market	market	NOUN
ftr-458	1187	12	regime	regime	NOUN
ftr-458	1187	13	would	would	AUX
ftr-458	1187	14	be	be	AUX
ftr-458	1187	15	favored	favor	VERB
ftr-458	1187	16	from	from	ADP
ftr-458	1187	17	a	a	DET
ftr-458	1187	18	tax	tax	NOUN
ftr-458	1187	19	point	point	NOUN
ftr-458	1187	20	of	of	ADP
ftr-458	1187	21	view	view	NOUN
ftr-458	1187	22	because	because	SCONJ
ftr-458	1187	23	marking	mark	VERB
ftr-458	1187	24	to	to	ADP
ftr-458	1187	25	market	market	NOUN
ftr-458	1187	26	eliminates	eliminate	VERB
ftr-458	1187	27	the	the	DET
ftr-458	1187	28	deferral	deferral	ADJ
ftr-458	1187	29	benefit	benefit	NOUN
ftr-458	1187	30	of	of	ADP
ftr-458	1187	31	the	the	DET
ftr-458	1187	32	realization	realization	NOUN
ftr-458	1187	33	requirement	requirement	NOUN
ftr-458	1187	34	.	.	PUNCT
ftr-458	1188	1	in	in	ADP
ftr-458	1188	2	addition	addition	NOUN
ftr-458	1188	3	,	,	PUNCT
ftr-458	1188	4	for	for	ADP
ftr-458	1188	5	individuals	individual	NOUN
ftr-458	1188	6	,	,	PUNCT
ftr-458	1188	7	marking	mark	VERB
ftr-458	1188	8	to	to	ADP
ftr-458	1188	9	market	market	NOUN
ftr-458	1188	10	eliminates	eliminate	VERB
ftr-458	1188	11	the	the	DET
ftr-458	1188	12	possibility	possibility	NOUN
ftr-458	1188	13	of	of	ADP
ftr-458	1188	14	a	a	DET
ftr-458	1188	15	basis	basis	NOUN
ftr-458	1188	16	step	step	NOUN
ftr-458	1188	17	-	-	PUNCT
ftr-458	1188	18	up	up	NOUN
ftr-458	1188	19	at	at	ADP
ftr-458	1188	20	death	death	NOUN
ftr-458	1188	21	under	under	ADP
ftr-458	1188	22	section	section	NOUN
ftr-458	1188	23	1014	1014	NUM
ftr-458	1188	24	.	.	PUNCT
ftr-458	1189	1	for	for	ADP
ftr-458	1189	2	example	example	NOUN
ftr-458	1189	3	,	,	PUNCT
ftr-458	1189	4	if	if	SCONJ
ftr-458	1189	5	marketable	marketable	ADJ
ftr-458	1189	6	securities	security	NOUN
ftr-458	1189	7	were	be	AUX
ftr-458	1189	8	subject	subject	ADJ
ftr-458	1189	9	to	to	ADP
ftr-458	1189	10	an	an	DET
ftr-458	1189	11	accrual	accrual	ADJ
ftr-458	1189	12	regime	regime	NOUN
ftr-458	1189	13	and	and	CCONJ
ftr-458	1189	14	real	real	ADJ
ftr-458	1189	15	estate	estate	NOUN
ftr-458	1189	16	were	be	AUX
ftr-458	1189	17	not	not	PART
ftr-458	1189	18	,	,	PUNCT
ftr-458	1189	19	tax	tax	NOUN
ftr-458	1189	20	considerations	consideration	NOUN
ftr-458	1189	21	would	would	AUX
ftr-458	1189	22	encourage	encourage	VERB
ftr-458	1189	23	investment	investment	NOUN
ftr-458	1189	24	in	in	ADP
ftr-458	1189	25	real	real	ADJ
ftr-458	1189	26	estate	estate	NOUN
ftr-458	1189	27	or	or	CCONJ
ftr-458	1189	28	nonpublicly	nonpublicly	ADV
ftr-458	1189	29	-	-	PUNCT
ftr-458	1189	30	traded	trade	VERB
ftr-458	1189	31	stock	stock	NOUN
ftr-458	1189	32	.	.	PUNCT
ftr-458	1190	1	"15	"15	PUNCT
ftr-458	1191	1	an	an	DET
ftr-458	1191	2	additional	additional	ADJ
ftr-458	1191	3	difficulty	difficulty	NOUN
ftr-458	1191	4	for	for	ADP
ftr-458	1191	5	a	a	DET
ftr-458	1191	6	limited	limited	ADJ
ftr-458	1191	7	mark	mark	NOUN
ftr-458	1191	8	-	-	PUNCT
ftr-458	1191	9	to	to	ADP
ftr-458	1191	10	-	-	PUNCT
ftr-458	1191	11	market	market	NOUN
ftr-458	1191	12	regime	regime	NOUN
ftr-458	1191	13	would	would	AUX
ftr-458	1191	14	be	be	AUX
ftr-458	1191	15	valuing	value	VERB
ftr-458	1191	16	hedges	hedge	NOUN
ftr-458	1191	17	.	.	PUNCT
ftr-458	1192	1	for	for	ADP
ftr-458	1192	2	example	example	NOUN
ftr-458	1192	3	,	,	PUNCT
ftr-458	1192	4	if	if	SCONJ
ftr-458	1192	5	a	a	DET
ftr-458	1192	6	taxpayer	taxpayer	NOUN
ftr-458	1192	7	owns	own	VERB
ftr-458	1192	8	stock	stock	NOUN
ftr-458	1192	9	and	and	CCONJ
ftr-458	1192	10	purchases	purchase	NOUN
ftr-458	1192	11	a	a	DET
ftr-458	1192	12	put	put	NOUN
ftr-458	1192	13	,	,	PUNCT
ftr-458	1192	14	valuing	value	VERB
ftr-458	1192	15	the	the	DET
ftr-458	1192	16	stock	stock	NOUN
ftr-458	1192	17	may	may	AUX
ftr-458	1192	18	be	be	AUX
ftr-458	1192	19	simple	simple	ADJ
ftr-458	1192	20	,	,	PUNCT
ftr-458	1192	21	but	but	CCONJ
ftr-458	1192	22	valuing	value	VERB
ftr-458	1192	23	the	the	DET
ftr-458	1192	24	put	put	NOUN
ftr-458	1192	25	would	would	AUX
ftr-458	1192	26	not	not	PART
ftr-458	1192	27	be	be	AUX
ftr-458	1192	28	simple	simple	ADJ
ftr-458	1192	29	if	if	SCONJ
ftr-458	1192	30	the	the	DET
ftr-458	1192	31	put	put	NOUN
ftr-458	1192	32	were	be	AUX
ftr-458	1192	33	not	not	PART
ftr-458	1192	34	itself	itself	PRON
ftr-458	1192	35	traded	trade	VERB
ftr-458	1192	36	.	.	PUNCT
ftr-458	1193	1	substantial	substantial	ADJ
ftr-458	1193	2	examination	examination	NOUN
ftr-458	1193	3	is	be	AUX
ftr-458	1193	4	required	require	VERB
ftr-458	1193	5	before	before	ADP
ftr-458	1193	6	significantly	significantly	ADV
ftr-458	1193	7	expanding	expand	VERB
ftr-458	1193	8	mark	mark	NOUN
ftr-458	1193	9	-	-	PUNCT
ftr-458	1193	10	to	to	ADP
ftr-458	1193	11	-	-	PUNCT
ftr-458	1193	12	market	market	NOUN
ftr-458	1193	13	treatment	treatment	NOUN
ftr-458	1193	14	.	.	PUNCT
ftr-458	1194	1	the	the	DET
ftr-458	1194	2	general	general	ADJ
ftr-458	1194	3	parameters	parameter	NOUN
ftr-458	1194	4	for	for	ADP
ftr-458	1194	5	such	such	ADJ
ftr-458	1194	6	examination	examination	NOUN
ftr-458	1194	7	are	be	AUX
ftr-458	1194	8	that	that	SCONJ
ftr-458	1194	9	assets	asset	NOUN
ftr-458	1194	10	(	(	PUNCT
ftr-458	1194	11	and	and	CCONJ
ftr-458	1194	12	liabilities	liability	NOUN
ftr-458	1194	13	)	)	PUNCT
ftr-458	1194	14	subject	subject	NOUN
ftr-458	1194	15	to	to	ADP
ftr-458	1194	16	mark	mark	NOUN
ftr-458	1194	17	-	-	PUNCT
ftr-458	1194	18	to	to	ADP
ftr-458	1194	19	-	-	PUNCT
ftr-458	1194	20	market	market	NOUN
ftr-458	1194	21	should	should	AUX
ftr-458	1194	22	be	be	AUX
ftr-458	1194	23	susceptible	susceptible	ADJ
ftr-458	1194	24	of	of	ADP
ftr-458	1194	25	valuation	valuation	NOUN
ftr-458	1194	26	with	with	ADP
ftr-458	1194	27	relative	relative	ADJ
ftr-458	1194	28	ease	ease	NOUN
ftr-458	1194	29	and	and	CCONJ
ftr-458	1194	30	should	should	AUX
ftr-458	1194	31	be	be	AUX
ftr-458	1194	32	liquid	liquid	ADJ
ftr-458	1194	33	,	,	PUNCT
ftr-458	1194	34	in	in	ADP
ftr-458	1194	35	order	order	NOUN
ftr-458	1194	36	that	that	SCONJ
ftr-458	1194	37	the	the	DET
ftr-458	1194	38	system	system	NOUN
ftr-458	1194	39	be	be	AUX
ftr-458	1194	40	administrable	administrable	ADJ
ftr-458	1194	41	and	and	CCONJ
ftr-458	1194	42	not	not	PART
ftr-458	1194	43	unfair	unfair	ADJ
ftr-458	1194	44	to	to	ADP
ftr-458	1194	45	taxpayers	taxpayer	NOUN
ftr-458	1194	46	with	with	ADP
ftr-458	1194	47	limited	limited	ADJ
ftr-458	1194	48	cash	cash	NOUN
ftr-458	1194	49	resources	resource	NOUN
ftr-458	1194	50	.	.	PUNCT
ftr-458	1195	1	also	also	ADV
ftr-458	1195	2	,	,	PUNCT
ftr-458	1195	3	in	in	ADP
ftr-458	1195	4	view	view	NOUN
ftr-458	1195	5	of	of	ADP
ftr-458	1195	6	the	the	DET
ftr-458	1195	7	efficiency	efficiency	NOUN
ftr-458	1195	8	concern	concern	NOUN
ftr-458	1195	9	described	describe	VERB
ftr-458	1195	10	in	in	ADP
ftr-458	1195	11	the	the	DET
ftr-458	1195	12	previous	previous	ADJ
ftr-458	1195	13	paragraph	paragraph	NOUN
ftr-458	1195	14	,	,	PUNCT
ftr-458	1195	15	demand	demand	NOUN
ftr-458	1195	16	for	for	ADP
ftr-458	1195	17	such	such	ADJ
ftr-458	1195	18	assets	asset	NOUN
ftr-458	1195	19	(	(	PUNCT
ftr-458	1195	20	and	and	CCONJ
ftr-458	1195	21	liabilities	liability	NOUN
ftr-458	1195	22	)	)	PUNCT
ftr-458	1195	23	must	must	AUX
ftr-458	1195	24	be	be	AUX
ftr-458	1195	25	relatively	relatively	ADV
ftr-458	1195	26	inelastic	inelastic	ADJ
ftr-458	1195	27	to	to	ADP
ftr-458	1195	28	tax	tax	NOUN
ftr-458	1195	29	results	result	NOUN
ftr-458	1195	30	.	.	PUNCT
ftr-458	1196	1	"	"	PUNCT
ftr-458	1196	2	16	16	NUM
ftr-458	1196	3	vii	vii	PROPN
ftr-458	1196	4	.	.	PUNCT
ftr-458	1197	1	conclusion	conclusion	VERB
ftr-458	1197	2	derivative	derivative	ADJ
ftr-458	1197	3	financial	financial	ADJ
ftr-458	1197	4	instruments	instrument	NOUN
ftr-458	1197	5	enable	enable	VERB
ftr-458	1197	6	taxpayers	taxpayer	NOUN
ftr-458	1197	7	to	to	PART
ftr-458	1197	8	dispose	dispose	VERB
ftr-458	1197	9	of	of	ADP
ftr-458	1197	10	risk	risk	NOUN
ftr-458	1197	11	in	in	ADP
ftr-458	1197	12	an	an	DET
ftr-458	1197	13	asset	asset	NOUN
ftr-458	1197	14	without	without	ADP
ftr-458	1197	15	disposing	dispose	VERB
ftr-458	1197	16	of	of	ADP
ftr-458	1197	17	the	the	DET
ftr-458	1197	18	asset	asset	NOUN
ftr-458	1197	19	itself	itself	PRON
ftr-458	1197	20	.	.	PUNCT
ftr-458	1198	1	the	the	DET
ftr-458	1198	2	resemblance	resemblance	NOUN
ftr-458	1198	3	of	of	ADP
ftr-458	1198	4	hedging	hedge	VERB
ftr-458	1198	5	to	to	ADP
ftr-458	1198	6	disposing	dispose	VERB
ftr-458	1198	7	raises	raise	VERB
ftr-458	1198	8	the	the	DET
ftr-458	1198	9	question	question	NOUN
ftr-458	1198	10	whether	whether	SCONJ
ftr-458	1198	11	hedging	hedging	NOUN
ftr-458	1198	12	should	should	AUX
ftr-458	1198	13	be	be	AUX
ftr-458	1198	14	a	a	DET
ftr-458	1198	15	realization	realization	NOUN
ftr-458	1198	16	(	(	PUNCT
ftr-458	1198	17	1995	1995	NUM
ftr-458	1198	18	)	)	PUNCT
ftr-458	1198	19	(	(	PUNCT
ftr-458	1198	20	advocating	advocate	VERB
ftr-458	1198	21	mark	mark	NOUN
ftr-458	1198	22	-	-	PUNCT
ftr-458	1198	23	to	to	ADP
ftr-458	1198	24	-	-	PUNCT
ftr-458	1198	25	market	market	NOUN
ftr-458	1198	26	regime	regime	NOUN
ftr-458	1198	27	for	for	ADP
ftr-458	1198	28	contingent	contingent	ADJ
ftr-458	1198	29	payment	payment	NOUN
ftr-458	1198	30	debt	debt	NOUN
ftr-458	1198	31	instruments	instrument	NOUN
ftr-458	1198	32	)	)	PUNCT
ftr-458	1198	33	.	.	PUNCT
ftr-458	1199	1	115	115	NUM
ftr-458	1199	2	.	.	PUNCT
ftr-458	1200	1	see	see	VERB
ftr-458	1200	2	shaviro	shaviro	NOUN
ftr-458	1200	3	,	,	PUNCT
ftr-458	1200	4	supra	supra	PROPN
ftr-458	1200	5	note	note	PROPN
ftr-458	1200	6	87	87	NUM
ftr-458	1200	7	,	,	PUNCT
ftr-458	1200	8	at	at	ADP
ftr-458	1200	9	38	38	NUM
ftr-458	1200	10	(	(	PUNCT
ftr-458	1200	11	arguing	argue	VERB
ftr-458	1200	12	that	that	SCONJ
ftr-458	1200	13	taxing	tax	VERB
ftr-458	1200	14	unrealized	unrealized	ADJ
ftr-458	1200	15	appreciation	appreciation	NOUN
ftr-458	1200	16	in	in	ADP
ftr-458	1200	17	publicly	publicly	ADV
ftr-458	1200	18	traded	trade	VERB
ftr-458	1200	19	stock	stock	NOUN
ftr-458	1200	20	may	may	AUX
ftr-458	1200	21	cause	cause	VERB
ftr-458	1200	22	taxpayers	taxpayer	NOUN
ftr-458	1200	23	to	to	PART
ftr-458	1200	24	invest	invest	VERB
ftr-458	1200	25	in	in	ADP
ftr-458	1200	26	other	other	ADJ
ftr-458	1200	27	stocks	stock	NOUN
ftr-458	1200	28	):	):	PUNCT
ftr-458	1200	29	edward	edward	PROPN
ftr-458	1200	30	a.	a.	NOUN
ftr-458	1200	31	zelinsky	zelinsky	PROPN
ftr-458	1200	32	,	,	PUNCT
ftr-458	1200	33	for	for	ADP
ftr-458	1200	34	realization	realization	NOUN
ftr-458	1200	35	:	:	PUNCT
ftr-458	1200	36	income	income	NOUN
ftr-458	1200	37	taxation	taxation	NOUN
ftr-458	1200	38	,	,	PUNCT
ftr-458	1200	39	sectoral	sectoral	ADJ
ftr-458	1200	40	accretionism	accretionism	NOUN
ftr-458	1200	41	and	and	CCONJ
ftr-458	1200	42	the	the	DET
ftr-458	1200	43	virtue	virtue	NOUN
ftr-458	1200	44	of	of	ADP
ftr-458	1200	45	attainable	attainable	ADJ
ftr-458	1200	46	virtues	virtue	NOUN
ftr-458	1200	47	(	(	PUNCT
ftr-458	1200	48	forthcoming	forthcoming	ADJ
ftr-458	1200	49	)	)	PUNCT
ftr-458	1200	50	(	(	PUNCT
ftr-458	1200	51	stating	state	VERB
ftr-458	1200	52	that	that	SCONJ
ftr-458	1200	53	limited	limited	ADJ
ftr-458	1200	54	mark	mark	NOUN
ftr-458	1200	55	-	-	PUNCT
ftr-458	1200	56	to	to	ADP
ftr-458	1200	57	-	-	PUNCT
ftr-458	1200	58	market	market	NOUN
ftr-458	1200	59	regime	regime	NOUN
ftr-458	1200	60	would	would	AUX
ftr-458	1200	61	distort	distort	VERB
ftr-458	1200	62	investment	investment	NOUN
ftr-458	1200	63	decisions	decision	NOUN
ftr-458	1200	64	)	)	PUNCT
ftr-458	1200	65	.	.	PUNCT
ftr-458	1201	1	116	116	X
ftr-458	1201	2	.	.	PUNCT
ftr-458	1202	1	see	see	VERB
ftr-458	1202	2	shaviro	shaviro	NOUN
ftr-458	1202	3	,	,	PUNCT
ftr-458	1202	4	supra	supra	PROPN
ftr-458	1202	5	note	note	PROPN
ftr-458	1202	6	87	87	NUM
ftr-458	1202	7	,	,	PUNCT
ftr-458	1202	8	at	at	ADP
ftr-458	1202	9	30	30	NUM
ftr-458	1202	10	-	-	SYM
ftr-458	1202	11	35	35	NUM
ftr-458	1202	12	(	(	PUNCT
ftr-458	1202	13	stating	state	VERB
ftr-458	1202	14	that	that	SCONJ
ftr-458	1202	15	it	it	PRON
ftr-458	1202	16	is	be	AUX
ftr-458	1202	17	generally	generally	ADV
ftr-458	1202	18	best	good	ADJ
ftr-458	1202	19	to	to	PART
ftr-458	1202	20	tax	tax	VERB
ftr-458	1202	21	taxinelastic	taxinelastic	ADJ
ftr-458	1202	22	events	event	NOUN
ftr-458	1202	23	)	)	PUNCT
ftr-458	1202	24	.	.	PUNCT
ftr-458	1203	1	limited	limited	ADJ
ftr-458	1203	2	accrual	accrual	ADJ
ftr-458	1203	3	taxation	taxation	NOUN
ftr-458	1203	4	would	would	AUX
ftr-458	1203	5	appear	appear	VERB
ftr-458	1203	6	to	to	PART
ftr-458	1203	7	enhance	enhance	VERB
ftr-458	1203	8	equity	equity	NOUN
ftr-458	1203	9	.	.	PUNCT
ftr-458	1204	1	the	the	DET
ftr-458	1204	2	realization	realization	NOUN
ftr-458	1204	3	requirement	requirement	NOUN
ftr-458	1204	4	presumably	presumably	ADV
ftr-458	1204	5	favors	favor	VERB
ftr-458	1204	6	high	high	ADJ
ftr-458	1204	7	-	-	PUNCT
ftr-458	1204	8	bracket	bracket	NOUN
ftr-458	1204	9	taxpayers	taxpayer	NOUN
ftr-458	1204	10	most	most	ADV
ftr-458	1204	11	and	and	CCONJ
ftr-458	1204	12	therefore	therefore	ADV
ftr-458	1204	13	reduces	reduce	VERB
ftr-458	1204	14	progressivity	progressivity	NOUN
ftr-458	1204	15	.	.	PUNCT
ftr-458	1205	1	although	although	SCONJ
ftr-458	1205	2	taxpayers	taxpayer	NOUN
ftr-458	1205	3	with	with	ADP
ftr-458	1205	4	investment	investment	NOUN
ftr-458	1205	5	income	income	NOUN
ftr-458	1205	6	exist	exist	VERB
ftr-458	1205	7	in	in	ADP
ftr-458	1205	8	all	all	DET
ftr-458	1205	9	brackets	bracket	NOUN
ftr-458	1205	10	,	,	PUNCT
ftr-458	1205	11	limited	limited	ADJ
ftr-458	1205	12	accrual	accrual	ADJ
ftr-458	1205	13	taxation	taxation	NOUN
ftr-458	1205	14	would	would	AUX
ftr-458	1205	15	appear	appear	VERB
ftr-458	1205	16	to	to	PART
ftr-458	1205	17	enhance	enhance	VERB
ftr-458	1205	18	the	the	DET
ftr-458	1205	19	overall	overall	ADJ
ftr-458	1205	20	system	system	NOUN
ftr-458	1205	21	's	's	PART
ftr-458	1205	22	allocation	allocation	NOUN
ftr-458	1205	23	of	of	ADP
ftr-458	1205	24	tax	tax	NOUN
ftr-458	1205	25	burden	burden	NOUN
ftr-458	1205	26	according	accord	VERB
ftr-458	1205	27	to	to	ADP
ftr-458	1205	28	ability	ability	NOUN
ftr-458	1205	29	to	to	PART
ftr-458	1205	30	pay	pay	VERB
ftr-458	1205	31	.	.	PUNCT
ftr-458	1206	1	19961	19961	NUM
ftr-458	1206	2	50	50	NUM
ftr-458	1206	3	florida	florida	PROPN
ftr-458	1206	4	tax	tax	NOUN
ftr-458	1206	5	review	review	NOUN
ftr-458	1206	6	[	[	X
ftr-458	1206	7	vol	vol	NOUN
ftr-458	1206	8	.	.	PUNCT
ftr-458	1206	9	3:1	3:1	NUM
ftr-458	1206	10	event	event	NOUN
ftr-458	1206	11	.	.	PUNCT
ftr-458	1207	1	but	but	CCONJ
ftr-458	1207	2	,	,	PUNCT
ftr-458	1207	3	on	on	ADP
ftr-458	1207	4	closer	close	ADJ
ftr-458	1207	5	examination	examination	NOUN
ftr-458	1207	6	,	,	PUNCT
ftr-458	1207	7	the	the	DET
ftr-458	1207	8	connection	connection	NOUN
ftr-458	1207	9	between	between	ADP
ftr-458	1207	10	dispositions	disposition	NOUN
ftr-458	1207	11	and	and	CCONJ
ftr-458	1207	12	risk	risk	NOUN
ftr-458	1207	13	is	be	AUX
ftr-458	1207	14	tenuous	tenuous	ADJ
ftr-458	1207	15	and	and	CCONJ
ftr-458	1207	16	,	,	PUNCT
ftr-458	1207	17	at	at	ADP
ftr-458	1207	18	best	good	ADJ
ftr-458	1207	19	,	,	PUNCT
ftr-458	1207	20	dependent	dependent	ADJ
ftr-458	1207	21	upon	upon	SCONJ
ftr-458	1207	22	many	many	ADJ
ftr-458	1207	23	formal	formal	ADJ
ftr-458	1207	24	assumptions	assumption	NOUN
ftr-458	1207	25	about	about	ADP
ftr-458	1207	26	which	which	PRON
ftr-458	1207	27	risks	risk	VERB
ftr-458	1207	28	matter	matter	VERB
ftr-458	1207	29	and	and	CCONJ
ftr-458	1207	30	what	what	PRON
ftr-458	1207	31	constitutes	constitute	VERB
ftr-458	1207	32	a	a	DET
ftr-458	1207	33	single	single	ADJ
ftr-458	1207	34	asset	asset	NOUN
ftr-458	1207	35	.	.	PUNCT
ftr-458	1208	1	conceptually	conceptually	ADV
ftr-458	1208	2	,	,	PUNCT
ftr-458	1208	3	the	the	DET
ftr-458	1208	4	resemblance	resemblance	NOUN
ftr-458	1208	5	between	between	ADP
ftr-458	1208	6	a	a	DET
ftr-458	1208	7	hedge	hedge	NOUN
ftr-458	1208	8	and	and	CCONJ
ftr-458	1208	9	a	a	DET
ftr-458	1208	10	disposition	disposition	NOUN
ftr-458	1208	11	is	be	AUX
ftr-458	1208	12	dependent	dependent	ADJ
ftr-458	1208	13	upon	upon	SCONJ
ftr-458	1208	14	such	such	ADJ
ftr-458	1208	15	assumptions	assumption	NOUN
ftr-458	1208	16	.	.	PUNCT
ftr-458	1209	1	because	because	SCONJ
ftr-458	1209	2	the	the	DET
ftr-458	1209	3	distinction	distinction	NOUN
ftr-458	1209	4	between	between	ADP
ftr-458	1209	5	holding	hold	VERB
ftr-458	1209	6	and	and	CCONJ
ftr-458	1209	7	disposing	dispose	VERB
ftr-458	1209	8	is	be	AUX
ftr-458	1209	9	formal	formal	ADJ
ftr-458	1209	10	,	,	PUNCT
ftr-458	1209	11	whether	whether	SCONJ
ftr-458	1209	12	hedging	hedging	NOUN
ftr-458	1209	13	should	should	AUX
ftr-458	1209	14	be	be	AUX
ftr-458	1209	15	treated	treat	VERB
ftr-458	1209	16	as	as	ADP
ftr-458	1209	17	a	a	DET
ftr-458	1209	18	disposition	disposition	NOUN
ftr-458	1209	19	can	can	AUX
ftr-458	1209	20	only	only	ADV
ftr-458	1209	21	be	be	AUX
ftr-458	1209	22	made	make	VERB
ftr-458	1209	23	based	base	VERB
ftr-458	1209	24	on	on	ADP
ftr-458	1209	25	second	second	ADV
ftr-458	1209	26	-	-	PUNCT
ftr-458	1209	27	best	good	ADJ
ftr-458	1209	28	efficiency	efficiency	NOUN
ftr-458	1209	29	and	and	CCONJ
ftr-458	1209	30	equity	equity	NOUN
ftr-458	1209	31	arguments	argument	NOUN
ftr-458	1209	32	addressing	address	VERB
ftr-458	1209	33	the	the	DET
ftr-458	1209	34	ability	ability	NOUN
ftr-458	1209	35	of	of	ADP
ftr-458	1209	36	taxpayers	taxpayer	NOUN
ftr-458	1209	37	to	to	PART
ftr-458	1209	38	substitute	substitute	VERB
ftr-458	1209	39	hedging	hedging	NOUN
ftr-458	1209	40	for	for	ADP
ftr-458	1209	41	disposing	dispose	VERB
ftr-458	1209	42	.	.	PUNCT
ftr-458	1210	1	the	the	DET
ftr-458	1210	2	treasury	treasury	PROPN
ftr-458	1210	3	proposal	proposal	NOUN
ftr-458	1210	4	strikes	strike	VERB
ftr-458	1210	5	a	a	DET
ftr-458	1210	6	reasonable	reasonable	ADJ
ftr-458	1210	7	compromise	compromise	NOUN
ftr-458	1210	8	among	among	ADP
ftr-458	1210	9	competing	compete	VERB
ftr-458	1210	10	concerns	concern	NOUN
ftr-458	1210	11	,	,	PUNCT
ftr-458	1210	12	but	but	CCONJ
ftr-458	1210	13	,	,	PUNCT
ftr-458	1210	14	in	in	ADP
ftr-458	1210	15	the	the	DET
ftr-458	1210	16	end	end	NOUN
ftr-458	1210	17	,	,	PUNCT
ftr-458	1210	18	a	a	DET
ftr-458	1210	19	realization	realization	NOUN
ftr-458	1210	20	requirement	requirement	NOUN
ftr-458	1210	21	that	that	PRON
ftr-458	1210	22	applies	apply	VERB
ftr-458	1210	23	to	to	ADP
ftr-458	1210	24	hedging	hedging	NOUN
ftr-458	1210	25	introduces	introduce	NOUN
ftr-458	1210	26	marginal	marginal	ADJ
ftr-458	1210	27	efficiency	efficiency	NOUN
ftr-458	1210	28	and	and	CCONJ
ftr-458	1210	29	equity	equity	NOUN
ftr-458	1210	30	advantages	advantage	NOUN
ftr-458	1210	31	in	in	ADP
ftr-458	1210	32	exchange	exchange	NOUN
ftr-458	1210	33	for	for	ADP
ftr-458	1210	34	significant	significant	ADJ
ftr-458	1210	35	complexity	complexity	NOUN
ftr-458	1210	36	defending	defend	VERB
ftr-458	1210	37	a	a	DET
ftr-458	1210	38	meaningless	meaningless	ADJ
ftr-458	1210	39	distinction	distinction	NOUN
ftr-458	1210	40	.	.	PUNCT
ftr-458	1211	1	a	a	DET
ftr-458	1211	2	better	well	ADJ
ftr-458	1211	3	approach	approach	NOUN
ftr-458	1211	4	to	to	ADP
ftr-458	1211	5	overcoming	overcome	VERB
ftr-458	1211	6	the	the	DET
ftr-458	1211	7	difficulties	difficulty	NOUN
ftr-458	1211	8	posed	pose	VERB
ftr-458	1211	9	by	by	ADP
ftr-458	1211	10	the	the	DET
ftr-458	1211	11	realization	realization	NOUN
ftr-458	1211	12	requirement	requirement	NOUN
ftr-458	1211	13	might	might	AUX
ftr-458	1211	14	be	be	AUX
ftr-458	1211	15	to	to	PART
ftr-458	1211	16	limit	limit	VERB
ftr-458	1211	17	its	its	PRON
ftr-458	1211	18	scope	scope	NOUN
ftr-458	1211	19	by	by	ADP
ftr-458	1211	20	imposing	impose	VERB
ftr-458	1211	21	a	a	DET
ftr-458	1211	22	broader	broad	ADJ
ftr-458	1211	23	mark	mark	NOUN
ftr-458	1211	24	-	-	PUNCT
ftr-458	1211	25	to	to	ADP
ftr-458	1211	26	-	-	PUNCT
ftr-458	1211	27	market	market	NOUN
ftr-458	1211	28	regime	regime	NOUN
ftr-458	1211	29	than	than	SCONJ
ftr-458	1211	30	currently	currently	ADV
ftr-458	1211	31	applies	apply	VERB
ftr-458	1211	32	.	.	PUNCT