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Yes, it's a taxable event. You have 2 transactions (actually 3).

1)You bought x SDLI for $ which converted into 1000 JSDU.

2)You sold 1000 JDSU.

The price for JDSU on the day you return the shares becomes the sale price for the SDLI trade and the cost of the JDSU trade.

3)The "extra" 200 JDSU that you still hold have a basis of 1/6 of your original SDLI purchase.

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