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I am new to this board and have a quick question.

I have bought and sold some shares in an Employee Stock Purchase plan with my employer. Essentially, I took possession of the shares and immediately sold them for a quick 15% gain.

I did this twice in 2001 (Feb 1 and Aug 1).

Obviously, I will have to pay tax on the 15% gain... and I ASSUME that this is a short-term capital gain.

I also have some other stocks (not through ESPP), that I will take a loss on if I sell. I have had these stocks for approximately 18 months.

Question: Can I sell the long-term stocks thus taking a loss AND use that to offset the gains of my ESPP transactions?

Basically, the gain is a "short-term capital gain" and the loss is a "long term capital loss"...if that even makes sense.

Thanks for any advice on this.

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