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[[s there any possible way to offset this short-term cap loss? I had a $2,000 gain from Treasuries I
held in the first half of '97; can these offset each other? Can I somehow carry-over this short-term
loss in '97 to offset my (hopefully) larger gains from sales of my UG5 stocks in '98???]]

The only way that you can offset capital losses is with capital gains. If you have no offsetting gains for 1997, it is certainly too late now to create some. But the good news is that you can deduct $3k of those net losses against your other "ordinary" income in 1997...and will be able to carry the remaining $3k over to tax year 1998 in order to offset 1998 tax gainers.

For additional information on how Stock gains and losses work, see IRS Publciation 550. Also review Schedule D and instructions.

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