英文标题：
《How Short Sales Circumvent the Capital Gains Tax System》
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作者：
Russell Stanley Q. Geronimo
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最新提交年份：
2017
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英文摘要：
Through a short sale, a person borrows a share of stock from a lender, sells the borrowed share to a third person at the current price, and purchases an identical share in the market at a future date and at a future price to replace the borrowed share of stock. This only makes sense if the short seller anticipates a downward trend in share price. The short seller incurs a gain if share price decreases because the cost of replacing the borrowed share falls below the selling price. The reverse is true in an ordinary sale, where a person owning a share of stock incurs a loss if price decreases because the selling price falls below the basis or acquisition cost. Therefore, when a taxpayer simultaneously owns a share of stock and short sells an identical stock, any gain in an ordinary sale of the owned stock is offset by a corresponding loss in the short sale of the borrowed identical stock, vice versa. This offsetting effect, in turn, creates an unexpected tax deferral opportunity abused in other jurisdictions and which remains unregulated in the Philippine tax system.
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中文摘要：
通过卖空，一个人从贷款人处借入一股股票，以当前价格将借入的股票出售给第三方，并在未来日期以未来价格在市场上购买相同的股票，以取代借入的股票。只有当卖空者预计股价会出现下跌趋势时，这才有意义。如果股价下跌，卖空者将获得收益，因为替换借入股份的成本低于售价。在普通销售中，情况正好相反，如果由于销售价格低于基准或收购成本而导致价格下跌，持有股票的人就会蒙受损失。因此，当纳税人同时拥有一份股票并卖空一份相同的股票时，所拥有股票的普通出售中的任何收益都会被借入的相同股票的卖空中的相应损失所抵消，反之亦然。这种抵消效应反过来又创造了一个意外的税收延期机会，在其他司法管辖区被滥用，在菲律宾税收体系中仍然不受监管。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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