On 12/26/01, Bob sells short the same, as yet undelivered, securities in account B at brokerage B.On 1/5/02, A finally complies & transfers the securities to B & Bob calls brokerage B and requests that that the securities just delivered be used to close the open short positions.Just off the top of my head, wouldn't the short be a constructive sale of the stocks still held at the old brokerage? The taxpayer has no economic risk while the offsetting short and long positions are still open. I think the fact that the short and long positions are at different brokerages is immaterial.--Peter
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