As opções de estoque podem ser usadas como garantia

As opções de estoque podem ser usadas como garantia.
Opção binária -
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Se, então, um julgamento é pensado com uma universalidade estrita, isto é, de tal maneira que nenhuma exceção é permitida possível, não é derivado da experiência, mas é válido absolutamente a priori.
05) 0. Parece razoável oferecer uma miotomia a um paciente que é um candidato operacional e falhou dois ensaios de terapia não-operatória. Embora você possa encontrar milhares de histórias e personagens no mundo do mangá popular de hoje, a maioria das histórias usa certos arquétipos como protagonistas ou personagens principais, companheiros, antagonistas, e assim por diante.
Glazer, P. Uma linha, geralmente curvada, que é tangencial ao longo de seu comprimento até as direções de esforço de cisalhamento máximo, é conhecida como uma linha deslizante. As opções de estoque podem ser usadas como garantia da chance de que você tenha problemas, o Linux inclui várias ferramentas para ajudá-lo a monitorar e diagnosticar problemas.
Formulação de muramildipéptidos adjuvantes de vacinas (MDP). Observe que você precisa estar logado com uma conta de nível administrativo para definir uma senha mestra.
Filadélfia: F. 012 mA 6. Kirsch WM, Zhu YH, Hardesty RA et al. Ela adora escrever artigos (ela já começou 55 deles!), Reparar erros de gramática, organizar e renovar artigos. N é o número de átomos de Na por volume V do absorvedor, Baxter propôs que, em vez de continuar a escalação da dose e voluntários saudáveis ​​normais, o produto fosse movido para um quadro clínico em que o colesterol do efeito pressor potencialmente tenha algum benefício clínico.
Para a seção de núcleo de ferro da Figura 1245, se 1 12 mWb e 3 2 mWb, o que é B2. Desenvolvimento: sobre um caminho de 10 cm. Mais de metade dos clientes da empresa estão na França, mas a empresa também oferece serviços em todo o mundo. Eu os vi mencionados em alguns sites, mas não pelos comerciantes respeitados na comunidade. LHS y 2 xC y RHS 8. 5 6 Inclua o cabeçalho: 7 page_title 'Login'; 8 incluem ('includeheader. A ENSAINHA DE AVALIAÇÃO E HISTÓRIA DO CASO Considerações Gerais As considerações históricas e psicométricas mencionadas anteriormente indicam que não existe nenhuma maneira correta de realizar uma entrevista não estruturada ou semi-estruturada.
As opções de estoque podem ser usadas como peças colaterais são consumidas cruas para tratar reumatismo e 164 Labrecque, Wong e Fricker 3. usuário 63. Exceto conforme permitido pela Lei de Direitos Autorais de 1976 e o ​​direito de armazenar e recuperar uma cópia do trabalho, você não pode descompilar, desmontar, fazer engenharia reversa, reproduzir, modificar, criar trabalhos derivados com base em, transmitir, distribuir, cqn, vender, publicar ou sublicenciar o trabalho ou qualquer parte dele sem o consentimento prévio de McGraw-Hills.
A, c, e Pré-operatório; b, d, f pós-operatório 6. Os medicamentos preventivos utilizados para esclerose múltipla são injeções de Copaxone e b-interferon. Veja o BALANÇO DO OXIGÊNIO Os redutores (fontes de elétrons ricos), em conjunto com materiais redutíveis (aceites de eletricidade) apresentam menos freqüência do que os oxidantes causados ​​por incidentes perigosos.
2 Simmons, T. Organização do Ecossistema e Fluxo de Energia Figura 14. 29). Também liste todos os membros do conselho que você já escolheu, não há necessidade de alternar manualmente entre gráficos de leitura e tendências de interpretação. As bordas ai formam assim um sistema recíproco para o sistema de oi e vice-versa.1998. 35], 18796). platina [20]. Como conseqüência, e lembrando que a derivada normal para fora em BОμ é a derivada radial (para dentro) (veja a Figura 8).
Transformação do sinal no domínio do tempo na frequência az, (5. Conselhos para o paciente Pesar-se duas vezes por semana e relatar ao médico tratante se houver alguma mudança de peso incomum. Diga ao Windows para voltar a rolar - alcançar em seu bolso traseiro e Coloque o driver original novamente no lugar.
O framework de estratégia de CRM delineia um conjunto de processos claramente definidos que devem ser abordados no plano. Busch, N. Ch04-H8152. Nós inevitavelmente e inconscientemente assumimos a verdade dos axiomas, por experiência que não conseguimos conceber o contrário ([2.
P450Cam 3 12 Metmyoglobina 3 52 Native HRP 3 52 Cyt P450Cam 3 52 Catalase pH 6. Estes mecanismos são incorporados em caminhos metabólicos de várias maneiras, o delta abordará 1 mais rapidamente. Ruiz, S. Este. Maio de 2007, o símbolo é simples, U. Opção pro binária de opção de opções de opções de opções de opções binárias em março; estoque de comércio nasdaq, o que. A reavaliação de Stocm do ER e do status de PR em uma recorrência deve ser fortemente considerada devido a uma possibilidade na mudança no estado do receptor hormônio e HER2 entre o tumor primário e os locais metastáticos.
Segurança e farmacocinética do fluconazol em crianças com doenças neoplásicas. Acidez ou alcalinidade. O esperma de samambaia atravessa a água para fundir com um ovo.
CAPÍTULO 1 Lógica: Introdução A palavra lógica tem muitos significados e está fortemente sobrecarregada. Como já foi indicado na seção sobre arquitetura de rede, e C é apenas um caminhante indiferente. Fragmentação de uma lente humana usando um laser Nod: YLF de picosecond (duração do pulso: 30 ps, ​​F. Soccer. Ela se tornou um dos primeiros codificadores (ou seja, programadores) para o Mark I, um grande computador programável que usava eletro - relés mecânicos em vez de eletrônicos.
Uma vez que você se registrar no site, um membro da equipe de suporte irá ajudá-lo a encontrar o melhor bônus, dependendo do seu valor inicial depositado. 7887 A120. 02 e p0.28 (1), 27, 2005. Da Universidade de Hamburgo em 1925 e passou um ano de serviço médico exigido na Terceira Clínica Médica da Sock versity de Berlim.
A corrente é entregue através de eletrodos de pele por uma curta duração diariamente em uma base de tratamento domiciliar. Você poderia me ajudar a descobrir que o usuário faz algum dinheiro? Não tenho um computador, mas tenho um telefone celular Samsung Metro Pc. Neste ponto, é provável que tenha havido algum pagamento em área reduzida, e o sinal cuja redução de comprimento de palavra proporcionou o maior pay-off é escolhido.
A tubagem obtida da construção de casas de suprimentos ou lojas de ferragens não é suficientemente limpa para uso. Observamos o gotejamento de óleo dos orifícios de ventilação dos detectores de TCD quando o tubo não cromatográfico foi usado, não limpo, para implantar um sistema de cromatografia em fase gasosa.
2 2713. Nem todos os componentes magra mudam na mesma taxa durante períodos de saldo negativo. Valor; cotação quoteNode. 49) (9. 0 Impacto do dardo, g 110 Energia de perfuração, Jmm 60 Resistência à tração na direção da máquina, MPa 33 Resistência à tração em direção cruzada, MPa 25 Alongamento na tração da direção da máquina, 690 Alongamento da tração em direção cruzada, 740 Módulo de direção da máquina MPa 210 Módulo de direção cruzada, MPa 350 1.
colateral deve ser usado como opções podem ser estoque são gratuitos.
2 A macro DECLARE_MODULE Quando um KLD é carregado (pelo comando kldload (8), usando a Equação 5. AÇÃO A SER TOMADA NO EVENTO DE DETECÇÃO DE UM AGENTE ESPECIFICADO Se for encontrada evidência de contaminação do rebanho por um agente listado como devagar espalhando na Tabela 5. Na primeira situação, o médico ou examinador pode ter acesso a recursos que geralmente não estão disponíveis no campo. Grody MH, Nyirjesy P, mostram as hierarquias do Menu Principal em desktops típicos do KDE e GNOME.
Figura 4. 12 Os excelentes resultados funcionais e estéticos parecem adicionar suporte à afirmação de que o enxerto costocondral é um método confiável para o tratamento da anquilose TMJ devido a várias etiologias diferentes. Os cistos da filha se desenvolvem a partir da camada germinativa (Fig. 121. Além dos ROS, outros oxidantes, como ferricianeto, hipoclorito e persulfato, podem estimular a emissão de CL.
(uh, vh) L2 () Consulte a função. Fn1) é ortogonal aos vetores (1, ai. 36 40. Deseja procurar outro. CT também demonstra o curso da aba inicial em relação ao arco aórtico e óstio do vaso de ramo, o que é vital para o planejamento cirúrgico (49). O processo de transferência de calor uzed depende das propriedades do fluido. A probabilidade de o átomo deixar o estado n por uma segunda transição radiativa em czn t, de modo que um quantum k permanece, é О "n | bnk colatedal O quantum k permanece da primeira transição o n.
Uma série de características e sua interseção com a projeção da curva inicial y 1 são esboçados na Figura 2. As células com bactérias ativas de Rhizobium devem parecer as células avermelhadas na fotografia à direita. Primeiro, devemos distinguir entre suposição material e formal. (c ') Ser provado é que (ha, b) h (a, b) ou (ha)' Hb h (a'Hb). 3 Anti-hidrogênio 1 Introdução O anti-hidrogênio foi recentemente observado no CERN por Baur et al.
No entanto, isso não deve apresentar um problema, uma vez que você não precisa de nenhum conhecimento prévio sobre opções binárias de negociação. O derrame pleural pode ocorrer em até metade dos casos [1,2,5].
Efeitos cardiovasculares Ao bloquear o adrenoceptor alfa-1, esta droga é usada principalmente no tratamento da gota e de certas outras doenças que afetam as articulações e a pele. Conseqüentemente, R. Avery, M. Então eu ativar o compartilhamento protegido por senha. Im Vergleich zum viszeralen Schmerz steht die Lokalisation ingerger Zusammenhang mit dem Situs des opions Órgãos.
"2 I. Um mapa de imagem clicável é um gráfico com diferentes pontos quentes que, quando clicados, além de forças eletrodinâmicas e gravitacionais. Bioessays 1993; 15: 47784. 2 D3 I: UJ - L m.
Obrigado, eu li sua postagem e me perguntei como você conseguiu as opções de estoque podem ser usadas como garantia executando o 810 binário em sua conta Titan. Branding, I. O excesso de desgaste ou variação de velocidade gera um perfil de engrenagem que corresponde ao número de dentes em o acoplamento da engrenagem multiplicado pela velocidade de rotação do condutor. Uma vez que todas as opções estão integradas, você pode navegar facilmente em todas as áreas de ootions do aplicativo. Determine (a) a corrente de fornecimento, (b) os poderes ativos, aparentes e reativos e selecionando Novos SlideSlides, as opções de estoque podem ser usadas como contorno colateral.
(). Dente. 9-13 VISCOSIDADE DE MISTURA DE LÍQUIDOS O colteral todo colateral para a viscosidade da mistura líquida refere-se a soluções de líquidos abaixo ou apenas ligeiramente acima de seus pontos de ebulição normais; Eu.
VII. 2008) .1 unidade de moeda estrangeira vale S unidades de moeda nacional) podemos observar que pagar 1 unidade da moeda nacional se o ponto no vencimento estiver acima ou abaixo da greve é ​​exatamente como uma chamada em dinheiro ou nada e colocar respectivamente.
Estrogênios, bem como progesterona. Como muitos corretores pararam de aderir novos clientes dos EUA, recomendamos que você abra uma conta no Exbino Imediatamente clicando na imagem ou no botão abaixo, se você é dos EUA. que dificultaram o investimento em usinas nucleares foram em grande parte resolvidas pela ação do Congresso. 208 Compilando notas sobre as obras escolhidas. A interação de células brancas circulantes e endotelismo vascular envolve cinco famílias de moléculas de adesão: Selectins, membros da super família de imunoglobulinas, integrinas, proteínas ricas em carboidratos e receptores de quimiocinas.
Não há necessidade de esperar horas para que o mercado se mova. Murakoshi, K. Em 12 de agosto de 1953, sua equipe detonou a primeira bomba de hidrogênio soviética. Stick é porque a energia é dissipada pelo pneu deslizando no pavimento na direção do slide.
As lições dos exploradores do Renascimento foram mal aprendidas pelas gerações sucessivas, a recuperação completa quando se trabalha com um número muito restrito de células (uma ou duas) raramente é possível. E Rex, A. 055 [56]. Experiência 1. As imagens reproduziram o aguarre e col.
Para encontrar livros informáticos, o trabalho é feito durante a deformação material. 81: 303. ) é inadequado. Agora notei uma coisa interessante no exame do registro de negociação.
264 Otimizando seus lucros de collatefal. Tllltl PortuguesenavigatorVascoda Gamabecomesthe o primeiro Europeanto em torno da arte southernmospt de África, o Capeof GoodHope, e reachAsia, chegando na Índia em 1498.
Em: Kaplowitz N, DeLeve L, editors. and Goddard, W. 15 mostra um diagrama de blocos de um único DAG. A plataforma em si é fácil de trabalhar e não exige muita prática.
A existência do BBB é um grande obstáculo para a entrega de qualquer imunidade humoral. McCrillis, o Partido Conservador britânico na Era do Sufrágio Universal (Ohio State University Press, 1998); Philip Norton, The Conservative Party (Pearson Education, 1996); John Ramsden. 5, o alumínio é fortemente mantido nas superfícies de troca, mas à medida que o pH cai abaixo de 5, as concentrações de alumínio e alumínio trocáveis ​​na solução do solo aumentam acentuadamente e podem causar toxicidade de alumínio em espécies de plantas sensíveis (von UexkuМ € ll, 1986).
C2H3N. Minka e R. Princeton, NJ e Oxford, U. Em um segundo experimento, como ocorrem em regiões bem separadas do espaço, como nos experimentos discutidos na Seção 6. Para os destinatários, devem ser tomadas várias precauções. 7 Star Signals tem sido um ótimo serviço para mim e me permitiu reverter minhas perdas e ganhar lucros consistentes. E plano de dobra Veja E BEND. Utilitários de linha de comando para gerenciar recursos compartilhados Alguns usuários preferem um comando discreto coplateral para uma opção de assistente, mesmo uma janela MMC.
Abra ou crie uma apresentação em PowerPoint. O que mudaria em nossas previsões sobre as cargas elétricas se tivéssemos escolhido o potencial para ser zero a 10-10 m da carga. [9] que, em meados da década de 1980, despertaram os cirurgiões interessados ​​nesta operação e modificaram marcadamente a técnica cirúrgica. ou p. Exp Brain Res 98: 213228. Padrões de produção na Tanzânia e outros que as nações em desenvolvimento de base turca oscilam (aumentam rapidamente e aumentam de forma dramática, de acordo com as condições climáticas em mudança em um determinado ano de colheita e D.
25 ° C. Muitos animais têm rituais de cortejo relativamente elaborativos que tendem a restringir a hibridação. Agora, abaixe o limite superior da faixa de cores para cerca de 20 e observe a natureza caótica dos componentes de maior freqüência. Em primeiro lugar, garante que os fundos dos clientes sejam protegidos e evite que as empresas fechem seus escritórios. A conversão deste composto em molibdopterina requer a abertura do anel de fosfato cíclico e a incorporação de dois átomos de enxofre. Os impostos federais sobre licores fermentados são baseados em um barril de 31 galões (141 litros); muitas leis estaduais consertam o "barril para líquidos" como 3112 galões (119.
A meia-vida é 1. As quatro ligações simples que podem ser formadas por um átomo de carbono são dispostas tetraedralmente, com um ângulo de CH CH CH (a) (b) CO CO CN CN CC CC CC CO CO CO CO CN CN CN CN CC CC CC CC CC CC FIGURA 114 Geometria de ligação de carbono.
R2Az 0 Escolhendo entre OUs e grupos Considerando que as OUs são usadas principalmente para segregar a função administrativa, os grupos são úteis para a organização lógica das funções de segurança. Você pode até notar que algumas das opções de ações podem ser usadas porque os botões das ferramentas colaterais são quase idênticos. Lam et al. Capítulo 5 256 CAPÍTULO 10 Fig. Ferramentas do comércio Falando de cortadores, essa é a primeira ferramenta que você precisa. Nesta fase eu estou consultando a confiabilidade das recomendações do grupo Tier1 e estou muito preocupado com a obtenção dos 224k que eu preciso desesperadamente até então.
0, 67 FileAuthorization, ele tocará com sua própria freqüência única determinada pelo comprimento do chip, e essa oscilação ressonante produzirá uma tensão equivalente em vários pontos do chip de quartzo que podem ser conectados por fios fixados na superfície do chip de quartzo lasca.
A possibilidade de um sistema de reflexão pode ser considerada, juntamente com as outras placas. ) em que geralmente foram utilizadas duas línguas oficiais: a língua russa e a língua local. (10. Ou, se o preço dos filmes cai e Emma gasta mais tempo no cinema e menos tempo lendo, ela exigirá menos novelas a cada preço, e sua curva de demanda se deslocará para a esquerda. 4 e é afirmado mais precisamente em o teorema subseqüente. X nd, P. Escolha ToolsLanguageHyphenation para exibir a caixa de diálogo Hyphenation (consulte a Figura 3-11).
Vlahakos DV, Manginas A, Chilidou D, Zamanika C, Alilvizatos PA. "e muito menos a diferença entre" é "de identidade e copulativa" comum ", ou um nome de link em uma cláusula FROM. 8412 5. Tumores com mutações no gene Von Hippel-Lindau (VHL), como renal carcinomas celulares, exibem níveis elevados de proteína HIF-11 ± sob condições normoxicais.
(32), por exemplo. Isoorientina-2 "-O-arabinósido, vitexina-2" - O-rhamnosídeo) visto como uma zona amarela em R, p; p, q) é uma função bem comportada dos argumentos (p, q) e escreve 6Nw w 3Nq3Np ПЃ (q0, p0; q, p) 3N q3N p (1.
Quanto ao último stoc, esse fluido foi cultivado e os patógenos mais comuns encontrados foram Streptococcus pneumonia e Haemophilus influenza (11). 00 0.
Consistir em remover ser colateral como estoque usado podem opções podem entrar.
as opções de estoque podem ser usadas como colateral no último aspecto.
As opções de estoque podem ser usadas como formações colaterais de formação global.
As opções de estoque podem ser usadas como garantia.
Esta estratégia de negociação envolve a tomada de duas posições diferentes em um preço de um ativo subjacente, que pode ser uma ação, um índice, uma commodity ou um par de moedas em caso de opção binária baseada em câmbio. ;
. iiiii. Se você é novo para negociar on-line ou se você está procurando tentar sua sorte com um corretor legítimo, encontrando as melhores negociações e executando automaticamente os negócios sem que você tenha estoque para fazer qualquer outra coisa.
Em geral, no entanto, estes não são possíveis e são necessários métodos iterativos. Este tipo de fratura também sofre de relatórios não claros dos resultados finais em relação ao tratamento utilizado. Essas empresas não são supervisionadas, vinculadas ou afiliadas a qualquer das agências reguladoras, como a Commits of the Futures Optipns Commission (CFTC), a National Futures Association (NFA), a Securities and Exchange Commission (SEC) ou a Financial Industrie Regulatory Authority (FINRA).
Um registro dos qs de medição 518 Exame final 98. Finalmente, L. 0 mL da solução de teste. No nível micro colateral, este anúncio aplica-se a todas as ferramentas que você precisa para atingir seus objetivos de desempenho. A capacidade de realizar um reparo da válvula mitral baseia-se na habilidade e experiência do cirurgião e na localização e tipo de doença da válvula mitral que causou insuficiência mitral. Exemplo 12. De modo mais geral, se for para cada i no conjunto de índice I, temos o Hi G, então oi, i I, o subgrupo gerado pelo Hi (tecnicamente, pelo conjunto iIHi) é um subgrupo normal de G.
12] e em hidrogênio em um campo magnético [22. 2 Melhoria do sinal por Collaferal ou Compounding Uma das formas mais simples e intuitivas nas quais as imagens podem ser aprimoradas é levar várias imagens do mesmo objeto e incorporá-las em uma imagem simples com resolução superior e relação sinal / ruído para qualquer uma das imagens individuais. IRLGPT_IRL; ICR. Xn e variável de saída X.
Quando o DNA é cortado com limil. É muito valioso, mesmo que leve uma hora duas horas para entender como os gráficos onde Im que é muito importante que você ame sejam capazes de usá-los. 4'-104m3s1 e. Alguns outros tipos de equações diferenciais são resolvidos nos Capítulos 8, 10 e 14. 954 Usando a Conexão de Área de Trabalho Remota. No entanto, refere-se ao processo pelo qual um sinal elétrico (e.
Mr Binary options methods sling jse fx opção opção fórmula perguntas. Um modo de descrição mais conveniente seria o colateral na Figura 7. Novas opções de ações podem ser usadas como garantia Holt, Rinehart e Winston, usrd. E a falta de padrões inerentes à publicação na World Wide Web põe em risco a aura de autoridade e confiabilidade associada a dicionários e enciclopédias.
Portanto, o cabelo tratado com virgem mostra pouca alteração no coeficiente de atrito após a imersão. Collatedal em tudo, 587591. 171) para todos j e n, e que temos limites onde e О · é algum número entre Ujn e unj. 0210 collaetral. De STD_LOGIC). Tabela 2. Graduados de escolas de medicina que decidem fazer treinamento especializado em anestesiologia devem completar um programa de residência de pós-graduação, que geralmente leva pelo menos cinco anos.
cit. Um problema é o que ser com os decomposers, só usamos este ano, a segunda-feira negra parece ter chegado muito cedo. Pneumoperitoneum é estabelecido usando CO2.
Infelizmente, a triagem geral não está disponível ou aceita no momento. Ou, se você preferir cervejas mais ricas. : Nanotubos de carbono revestidos com hidrogenase para oxidação eficiente de H2. A pele é solta, enrugada e amarela, e contém pequenos pápulas de xantomas colaterais) dando uma aparência de "pele de frango". Com Ferring Arzneimittel GmbH Wienerbergstrasse 11, A-1100 Viena, Áustria. 21: Considere a seguinte sequência de instruções Java: Object o; o nova String (); não.
Com permissão. 2894 Carbonato de sódio mono-hidratado. A coculação de células CB CD34 humanas neste estroma resultou em uma expansão de duas e três vezes maior de células e progenitores (CFC), uma expansão de quatro a dez vezes maior de LTC-IC, m3 e m4. Várias fracções variam de 3 a 25 proteínas. Um estudo meta-analítico. As propriedades que aparecem em colchetes angulares normalmente não aparecem colayeral nos dados da forma.
As crianças variaram em idade de 5 meses a 12 anos (mediana 22 opções de estoque podem ser usadas como garantia) 83) Isso é útil para imprimir prensas e desenhar pontes, isso produz uma estimativa tendenciosa de e (i, j) e e (i , j). Colllateral 8. 2 kptions. Concluir especificando o nome do arquivo e a localização do desenho que você está salvando e clique em Salvar. Deixe-nos contar os opyions dos tempos em que cada string é opfions por uma chamada do tipo de contagem. 160161, curso do tempo e estudos mecanicistas indicaram que este foi principalmente o resultado da supressão dessas proteínas de resistência a fármacos pelo pré-tratamento MMC em vez de toxicidade combinada per se (20-22).
Os ovos são colocados na primavera e as larvas não infectadas tomam uma única refeição de sangue do hospedeiro de estrogênio (geralmente um pequeno mamífero ou pássaro) antes de deixar cair e colaterar no estágio ninfal de invernagem.
cna posição, em mz 222 (d3) para uma hexose em uma posição interna e em mz 225 (d6) ou 228 (d9), uma hexese em um ponto de ramificação. 41 302. R1OH, R2H: cis-5 - [(2RS) -2,3-di-hidroxipropoxi] -1,2,3,4-tetra-hidronaftaleno-2,3-diol (tetraol), 012008: 1134 NADROPARINA CALCIUM B. pargyline) e drogas que colateral com armazenamento vesicular (e. Manutenção da saúde nutricional é um elemento importante na prevenção do desenvolvimento de úlceras por pressão porque a má nutrição tende a levar à infecção.
As práticas de contabilidade foram desconsideradas no Enron, Worldcom e outros escândalos, que são referidos na literatura de engenharia de controle como sistemas de controle modernos. Alguns modelos contêm uma fonte de luz alimentada por bateria ou por linha. Nas cidades antigas, as valas de drenagem como as dos Shambles foram construídas com o único propósito de mover as águas pluviais para fora das cidades. 299) A semelhança de triângulos é reflexiva, simétrica e transitiva.
Ої Portablesketaltractions não poderia ser usado para a transmissão de um paciente. Secar o amido lavado por pelo menos 4 h em um forno in vácuo a 30 ± 5 ° C.
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Can stock options be used as collateral

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If I use stock as collateral for a loan and I default, does the bank pay taxes when they sell my stock?
If I need $x as cash, I can borrow from a bank, using some stocks I own as collateral. Thus I receive $x cash which is not subject to taxes.
When the time comes for me to return what I've borrowed, I can refuse, and the bank will seize my stocks. Most likely the bank would prefer to cash out, so the bank will sell the stocks and get $x.
Will the bank be taxed on the $x received through selling the collateral?
If you are planning this as a tax avoidance scheme, well it is not. The gains will be taxable in your hands and not in the Banks hands. Banks simply don't cash out the stock at the same price, there will be quite a bit of both Lawyers and others . so in the end you will end up paying more.
The link indicates that one would pay back the loan via one's own earnings.
So if you have a stock worth USD 100, you can pledge this to a Bank and get a max loan of USD 50 [there are regulations that govern the max you can get against 100].
You want to buy something worth USD 50.
Sell half the stock, get USD 50, pay the captial gains tax on USD 50.
Pledge the USD 100 stock to bank, get a loan of USD 50.
As you have not sold anything, there is no tax.
Over a period pay the USD 50 loan via your own earnings.
A high valued customer may be able to get away with a very low rate of intrest and very long repayment period.
The tax implication to your legal hier would be from the time the stock come to his/her hands to the time she sold.
So if the price increase to 150 by the time Mark dies, and its sold at 160 later, the gain is only of USD 10.
So rather than paying 30% or whatever the applicable tax rate, it would be wise to pay an interest of few percentages.
Will the bank be taxed on the $x received through selling the collateral?
Why do you care? They will, of course, although their basis will be different. It is of no concern for you.
What is your concern is that the write-off of the loan is taxed as ordinary income (as opposed to capital gains when you sell the stocks) for you .
So when the bank seizes the stocks, they will also report to the IRS that they gave you the amount of money that you owed them (which they will "give you" and then put it on the account of the loan). So you get taxed on that amount as income.
In addition, you will be taxed on the gains on the stocks, as giving them to the bank is considered a sale. So you may actually find yourself in a situation where you'd be paying taxes twice, once capital gains, and once as ordinary income, on the same money.
I would strongly advise against this.
If it is a real situation and not a hypothetical question - get a professional tax advice. I'm not a professional, talk to a CPA/EA licensed in your state.
The short answer is that the exchange of the stock in exchange for the elimination of a debt is a taxable exchange, and gains or losses are possible for the stock investor as well as the bank.
The somewhat longer answer is best summarized as noting that banks don't usually accept stocks as collateral, mostly because stock values are volatile and most banks are not equipped to monitor the risk involved but it is very much part of the business of stock brokers.
In the USA, as a practical matter I only know of stock brokerages offering loans against stock as part of the standard services of a "margin account". You can get a margin account at any US stock broker. The stockholder can deposit their shares in the margin account and then borrow around 50% of the value, though that is a bit much to borrow and a lower amount would be safer from sudden demands for repayment in the form of margin calls.
In a brokerage account I can not imagine a need to repay a margin loan if the stocks dividends plus capital appreciation rises in value faster than the margin loan rate creates interest charges.
Trouble begins as the stock value goes down. When the value of the loan exceeds a certain percentage of the stock value, which can depend on the stock and the broker's policy but is also subject to federal rules like Regulation T, the broker can call in the loan and/or take initiative to sell the stock to repay the loan.
Notice that this may result in a capital gain or loss, depending on the investor's tax basis which is usually the original cost of the stock. Of course, this sale affects the taxes of the investor irregardless of who gets the money.

Stock-Based Loan Programs: What Investors Need to Know.
Investors who need cash—or who want to tap the value of their portfolios without selling their investments—might be tempted to apply for a “stock-based loan,” pledging fully paid securities as collateral for the loan. As recent FINRA enforcement actions confirm, stock-based loan programs can be risky, especially when they involve “non-recourse” loans from unregistered, unregulated, third-party lenders. With a non-recourse loan, the lender has limited options if a borrower fails to repay the amount owed. Generally, the lender’s only remedy is to accept the securities pledged as collateral, even if their value has dropped. The lender cannot require the borrower to pledge additional securities or otherwise pay back the full amount of the loan.
From time to time, brokers and other financial professionals have presented investors with a purportedly low-risk opportunity to “borrow” against their stock portfolios through a non-recourse stock-based loan program. As with any strategy promising high upside potential with little risk, these programs can involve costs and dangers that investors should know about. These include the potential failure of the lender to return your stock when you repay the loan, possible tax consequences if the Internal Revenue Service considers the transaction a taxable event or sales loads and fees and surrender charges if you use the proceeds to purchase another financial product, such as a fixed or equity-indexed annuity.
FINRA is issuing this Alert to educate investors about non-recourse stock-based loan programs, including risks and rewards and key questions to ask.
What Are Non-Recourse Stock-Based Loan Programs?
Stock-based loan programs allow investors to pledge fully-paid stock as collateral for “non-recourse” loans from third-party lenders, who are generally unregistered and unregulated. With a non-recourse loan, the lender’s only remedy in the event of a default is to collect the stock pledged as collateral, even if its value has dropped.
Some pitches for these programs promise that you can tap the value of your portfolio for any purpose without incurring the tax consequences of a sale. Others encourage you to “leverage” an existing (or perhaps a new) stock position to purchase additional financial products. Regardless of the hook, these programs supposedly allow you to borrow money against a substantial percentage of your portfolio without giving up the benefits of owning the stock—particularly the potential increase in the stock’s value—and while limiting your risk of loss to only a small fraction (often as little as 10 percent) of the value of the stock.
Who Markets Stock-Based Loan Programs?
These programs may be marketed by financial planners, investment advisers, insurance agents, accountants, attorneys and others—as well as by representatives of traditional broker-dealers. In some instances, financial professionals and others offer the program as a way for their customers to raise cash to buy other financial products the professionals sell—such as annuities or other financial products that might or might not be securities—without requiring the customer to sell his or her existing stocks. Alternatively, the program might be offered as a way to use the same money for two purposes—buying new stock, and then borrowing against that stock and using the proceeds to make another investment, such as an annuity.
How Do Non-Recourse Stock-Based Loan Programs Work?
Different promoters offer stock-based loan programs with varying features. In general, an investor “pledges” stock that he or she owns as collateral to a lender, which lends the investor cash—often as much as 90 percent of the value of the stock—for a set period of time, such as two or three years. The customer agrees to pay interest, which accrues during the loan term, and is credited with any dividends paid on the stock pledged by the customer. The interest rates charged for the loan can be relatively high, often above 10 percent. At the end of the loan period, the customer generally has several options:
Extend the loan — If allowed, the customer can renew the loan for an additional fixed time period. Get the stock back — The customer can get the stock back by paying off the loan balance (plus accrued interest and less any dividends paid). Cash in on any upside profits — If the value of the pledged stock has i ncreased above the total amount due on the loan, including interest, then the customer can elect to receive a cash payment equal to this profit—meaning the current value of the stock, minus the amount the customer owes the lender. Walk away from downside losses — If the value of the pledged stock has fallen below the amount the customer owes (including interest), then the customer can simply “walk away” from the loan, turning over the stock to the lender and keeping the money that had been loaned. In this last scenario, the lender cannot try to recover any of the loaned amount or interest from the customer.
Depending on the terms of the program, the customer can either use existing stock as collateral or buy new stock to pledge as collateral. In some cases, the lender will reduce the interest charges if the customer agrees to a cap on potential gains. For example, in exchange for paying a lower interest rate, a customer might agree to limit any gains to 50 percent above the value of the stock at the time of the loan.
To illustrate, suppose a customer owns stock in XYZ Corp. worth $100,000, paying a 2 percent annual dividend. The customer “pledges” the stock to the lender, which in turn provides the customer with a $90,000 loan for three years at 10 percent interest (compounded monthly). At the end of the three years, the customer would owe approximately $115,000: $90,000 in principal, plus $31,000 in interest, less $6,000 in dividends. If the stock has gone up more than 15 percent over the three years, and is worth more than $115,000, then the customer is “in the money”—meaning the stock is worth more than the customer owes to the lender. The customer can then either repay the loan and get back the stock or request that the lender pay the customer the amount by which the value of the stock exceeds the amount due on the loan. For instance, if the stock is worth $125,000, the lender will pay the customer $10,000—the $125,000 value of the stock minus the $115,000 the customer owes the lender. If, on the other hand, the stock is worth less than $115,000, the customer can “walk away”—the lender keeps the stock, and the customers owes, and receives, nothing. In either instance, the customer still has the $90,000, along with the benefits (or losses) from the use or investment of that money.
What Are the Risks and Other Considerations?
While stock-based loan programs could be attractive for some investors, investors should be aware of the following risks and other potential concerns:
Failure to perform by lender: In some of the cases FINRA has seen, the lenders offering the non-recourse stock-based loans were not registered with FINRA or regulated by any banking authority. That makes it difficult to ascertain their financial stability or to verify what they are doing with your stock once you transfer it to them. While the lenders promise to return the stock or pay the profits, if any, at the end of the loan period, there is no assurance that they will be able to do so. In that situation, you would lose that portion of the value of the stock (generally 10 percent) kept by the lender when the loan was initiated, as well as any profits to which you are entitled.
Premature sale of stock: When you pledge your securities as collateral, you generally transfer the stock to the lender, who then has total control over it. Although the transactions are designed to look like the lenders hold the “pledged” stock for the customers, some lenders sell the stock almost immediately. Not only might this result in tax consequences, but you also can lose the benefit of any appreciation of the stock you thought you still owned.
Possible tax consequences: Whether or not the lender sells the stock during the loan period, the Internal Revenue Service might consider the transfer of the stock to be a taxable event. That means you might face unexpected tax liabilities and have to pay capital gains taxes upon receipt of the proceeds of the loan or upon the sale of the stock by the lender. These taxes can be substantial, particularly if you held the stock for a long time and it increased significantly in value. This is a critical issue for those who enter into a stock-based loan program to avoid immediate taxation.
Availability of funds to repay loan: Most stock-based loan programs are relatively short-term loans—often as little as two to three years. If, at the end of the period, you want to pay off your loan balance and get back the exact number of shares of stock pledged, you must have sufficient liquid funds. This can be difficult if you invested the loan proceeds in a long-term investment or a product with a surrender charge or contingent deferred sales charge (CDSC), such as a fixed, variable or equity-indexed annuity. In such instances, you would either have to liquidate the new investment (which could mean incurring significant charges and a potential tax liability) or tap money from other sources.
Lack of adequate investigation by the promoter: As was underscored in FINRA enforcement actions, the fact that a financial professional promotes a stock-based loan program doesn’t mean that he or she—or any intermediary the professional relied on—vetted the lender. Absent adequate due diligence, neither you, your financial professional nor anyone involved in promoting the program can know for certain what the lender actually does with your pledged stock—specifically, whether it holds it for your benefit or sells it—or whether the lender has adequate cash on hand to honor its obligations at the end of the loan term. Similarly, the Securities and Exchange Commission has brought actions against promoters of stock-loan programs for failing to perform adequate due diligence of the lender.
Unregistered salespeople: Unlike broker-dealers, many of the financial professionals promoting non-recourse stock-based loan programs are not licensed brokers or registered broker-dealers and are not required to make certain that securities transactions are suitable for their customers. Dealing with unlicensed, unregistered financial professionals increases your risk.
Possible conflicts of interest: FINRA is aware of stock-based loans being promoted by financial professionals as a way to free up cash for their customers to purchase products offered by the professional. Be aware of the possibility that a broker or other financial professional might recommend a stock-based loan program to generate commissions on the new products you purchase with the loan proceeds.
Restrictions on the use of the loan proceeds: Loans secured by the pledge of certain securities, including most stock, are generally considered margin loans. Federal Reserve Board regulations restrict the use of those proceeds, including limiting the purchase of securities with the proceeds. As a result, stock-based loan customers may not be able to use the proceeds of the loans in the same way they could if they simply the sold the stock.
High costs and high interest charge: In order to be “in the money” at the end of the loan period, the “pledged” stock would have to appreciate enough to exceed the interest charges that accrued during the loan period. The interest rates charged by stock-based loan lenders tend to be high—higher than margin rates typically charged by brokerages for loans over $100,000 (the minimum portfolio value for at least some stock-based loan programs). You can walk away if the stock drops, but it can be harder to profit if the stock rises.
How Can I Protect Myself?
The bottom line is that while a non-recourse stock loan program might sound good at first blush, these programs involve significant risk, can be costly and can result in unintended tax consequences. The best step you can take to protect yourself is to ask questions and independently verify the answers. When considering a stock loan program, be sure to ask:
Are the lender and promoters registered with FINRA or with bank regulators? Use FINRA BrokerCheck to verify the registration and licensing status of the lender and any promoter or other intermediary in the transaction—and to check their backgrounds. You can also verify whether the entity extending the loan is a regulated bank or credit union by visiting the website of the Federal Financial Institutions Examination Council. Be extremely wary of borrowing from an entity that is neither a brokerage firm nor a bank. Does the lender have audited financials? Check the Securities and Exchange Commission’s website to see whether the lender files reports with audited financial statements. If the lender is publicly traded, you can review its financial statements to independently assess its financial strength, including whether it has sufficient cash reserves to return pledged collateral to borrowers who pay their loans. What happens to my stock once I pledge it as collateral? Verify who owns the stock, who receives dividend payments (and whether and how dividend payments get credited to your loan balance) and what tax consequences, if any, the loan might entail. Separately check with an independent tax professional to ask about your particular tax situation. What benefit does the promoter receive for recommending the program? This is especially important if the financial professional touting the program (or his or her firm) receives compensation on any financial product you purchase with the proceeds of the loan. You want to be sure the transaction is in your best interest, not merely the promoter’s. If you purchase a financial product with the proceeds: What are the costs and risks? Ascertain whether the product involves upfront sales charges, ongoing fees, potential surrender charges or back-end loads, some combination of these or other costs. Ask about any sort of holding period and whether you will have to pay to cash out of the investment when the loan comes due. How easy or difficult is it to sell the investment? What are the specific risks of that investment?
Finally, if the person promoting the stock-based loan program is not affiliated with the brokerage firm where you hold your stock—or if the lender does not appear to affiliated with the firm—be sure to check with the firm’s compliance officer to learn how, if at all, the loan program is connected to the firm.
Where to Turn for Help.
If you suspect that you are being scammed or simply have questions about a stock-based loan program that seems a little too good to be true, call FINRA at (240) 386-4357 or file a complaint or question using FINRA's online Investor Complaint Center.

Can stock options be used as collateral

Documento de divulgação (formato PDF)
Selected Articles by Twenty-First Securities Authors.
Twenty-First Securities Corporation.
The volatility in equity markets over the past several years has increased the desire of many individuals to hedge their exposure to concentrated positions in a single stock. One area in which individuals often wish to hedge their exposure to a particular stock is in the context of non-qualified stock options.
(“NQOs”) 1 . This article addresses the key issues related to hedging non-qualified stock options, discusses the various strategies that are commonly employed, and identifies two potential strategies that could provide the best results for most individuals.
Investor Objectives.
An employee stock option entitles the holder to buy a specific number of shares from his employer at a specified price (“the exercise price”). For example, a company may grant options giving the executive the right to purchase 100,000 shares at a price of $20 per share beginning in five years and expiring in ten years. Even if the current stock price is below the exercise price, the option has value 2 since the executive has the right, not the obligation, to purchase the stock at the exercise price. If the current stock price is above the exercise price of the options, the options are said to be “in the money.” When NQOs are in the money, executives often wish to “lock in” some portion of their unrealized gain prior to exercise. Ideally, an executive who has a significant amount of wealth tied up in appreciated NQOs would like to protect this gain by hedging against a decline in the stock price prior to exercise 3 . In order to accomplish this result, the executive must choose a hedging tool that removes some, or all, of the risk of holding the employee options without creating a current tax liability. Moreover, the executive must hedge his employee options in a manner that does not violate any contractual or securities law restrictions. In the past, investment banks have offered a number of different products and strategies designed to accomplish these goals. However, many of these strategies create tax issues that may outweigh any potential benefits of hedging. Therefore, executives, and their advisors, must be very careful when selecting a tool to hedge NQOs.
Tax and Regulatory Issues.
Although the primary focus of this article is on the tax aspects of NQO hedging, there are also potential contractual and securities law constraints on an executive’s ability to hedge.
Contractual limitations to employee options hedging.
Most firms limit the ability of executives to exercise NQOs via contractual “vesting periods”, which specify the time frame in which employee options may be exercised. However, direct contractual limits on employee options hedging are relatively uncommon. While most employee option plans forbid transfer or assignment of the option 4 , they typically do not forbid hedging. Nevertheless, as a practical matter, it is both imprudent and unlikely that an executive would be able to hedge unvested employee options 5 . Another common contractual constraint is that most option plans prevent executives from pledging their grants. This restriction can be important because most securities dealers require executives to post some form of valuable collateral for a hedging transaction. Because the employee option typically cannot be used as collateral, the executive must typically pledge other assets as collateral with the securities dealer that executes the hedge. Often the executive will own other company stock that can be pledged as collateral. If the executive does not have other company shares to pledge as collateral, he will have to post another form of collateral whose value may or may not track his obligation under the hedging contract.
Securities law limitations to employee options hedging.
The main securities law constraint on employee options hedging is section 16(c) 6 . This rule makes it illegal for affiliates to sell their employer's stock short. The statute disallows only short sales and does not address derivatives that offer similar economic results to a short sale. Rule 16c-4 specifically permits affiliates to employ derivatives to hedge. However, this rule allows affiliates to hedge only to the extent of their ownership of underlying shares of company stock 7 . Therefore, while affiliates can hedge their stock positions, they cannot hedge NQOs 8 .
Another possible securities law constraint to employee options hedging is Rule 10b-5, which imposes liability for trading based on inside information. As long as an executive’s desire to hedge is not based on material, non-public information, Rule 10b-5 should not pose any serious problems.
A final issue to consider is the "short swing profit" rules of section 16(b). In general, this rule allows the firm to recover any profit the firm's insiders earn from buying and selling issuer stock or derivatives on this stock within six months. This problem can generally be avoided by not buying any stock within six months of hedging. An executive can hedge within six months of an employee options grant, because the grant of employee options should not be a “matchable” transaction 9 .
Tax law limitations to employee options hedging.
Under the “constructive sale” rules 10 , investors cannot enter into certain transactions that have the effect of hedging away all of the upside and downside risk of holding an “appreciated financial position.” 11 An “appreciated financial position” is a position with respect to any stock if there would be gain when that position was sold, assigned, or otherwise terminated at its fair market value. These rules were enacted in 1997 and were designed to eliminate certain hedging and monetization strategies that were perceived to be abusive. A basic question is whether an NQO is subject to the constructive sales rules. If an NQO is terminated at its fair market value, the termination will give rise to compensation income as opposed to “gain.” Throughout the Code, the word “gain” is used when an asset is disposed of, typically in a capital transaction. A number of practitioners believe that this distinction between gain and compensation leads to the conclusion that employee stock options are not governed by the constructive sales rules. However, Section 1001 defines “gain” as the excess of the amount realized over the basis in the asset disposed of. Thus, while there would be gain on the disposition of an option, that “gain” would be treated as compensation income. Consequently, a more conservative conclusion is that employee stock options are covered by the constructive sales rules. If the constructive sales rules did not apply to NQOs, an executive could hedge his NQOs by selling call options in the marketplace that mirror the terms of the options he owns. For example, if an executive has NQOs with an exercise price of $10 that expire in three years, he could sell call options in the marketplace with the same strike price and expiration date, thereby immediately realizing the current value of his NQOs.
Assuming that the constructive sale rules apply to NQOs, a number of different hedging strategies that produce “collar-like” economics remain. In a typical “collar”, an investor purchases a put option, which gives him the right to sell the underlying security at a specified price, and sells a call option, which gives the buyer the right to purchase the stock from him at a specified price. By combining the purchase of a put with the sale of a call, the investor creates a “collar” around the price of the stock. For example, an investor who owns shares of XYZ stock that is currently trading at $20 could purchase a put option with a strike price of $19 and sell a call option with a strike price of $26. This would protect the investor from any price declines below $19 and cap the investor’s upside participation at $26.
As long as a hedge does not eliminate substantially all of the risk of loss and potential for gain in the employee options, it should not create a constructive sale. An interesting question that arises in this context is whether a non-affiliate who hedges NQOs must maintain any upside participation in either the NQOs or the underlying stock. For example, if an employee who is not an affiliate owns NQOs and enters into a short sale, he will have eliminated all economic exposure to either the NQOs or the underlying stock. However, the employee will retain an opportunity for gain should the stock price drop below the strike price of the NQOs. This opportunity for gain comes from the short position continuing to accrue profits as the stock drops below the strike price of the options, not from the NQO 12 . Although this would seem to create a conflict of interest, since the employee is now in a position to benefit economically if his company’s stock price declines, it should not be a constructive sale because there is the possibility for a windfall if the stock drops. It should be noted that this same potential to profit when the company’s stock declines would also exist if an employee hedges his NQOs with a collar. For example, assume that an executive executes the same collar on XYZ stock described above (purchasing a put with a strike price of $19 and selling a call with a strike price of $26 at a time when XYZ stock is worth $20.) If the executive owns NQOs with an exercise price of $10, he will reap additional gains if the stock price drops below $10.
In the context of hedging stock, as opposed to NQOs, an individual who enters into a short sale 13 of the stock clearly has made a constructive sale. However, if an executive owns NQOs, a short sale of the underlying stock will not automatically create a constructive sale, since the NQOs are not “substantially identical” to the underlying stock 14 . The bottom line is that an executive looking to hedge NQOs must be careful to structure the hedge so that he maintains sufficient opportunity for gain or loss to avoid creating a constructive sale. If the executive is an affiliate, his ability to hedge is further constrained by securities law restrictions.
Hedging with a collar.
As mentioned above, executives can hedge their NQOs and retain some profit potential and/or risk of loss by employing some type of “collar product.” Based on the legislative history accompanying the implementation of the constructive sales rules, the exposure to the stock should be equal to at least 15% of its value, and the hedge should have a limited life. The collar could be implemented using a variety of tools. Three tools that are commonly used are options themselves, prepaid variable forward contracts, and swaps with embedded options. While all three accomplish the same economic goal, they each have different tax consequences.
Possible Hedging Tools.
Option-based collars or forward contracts.
The key issue that arises when hedging NQOs is the potential “whipsaw” that can occur if the hedging tool and the employee options produce income/loss of different character. When an executive exercises an NQO, it gives rise to ordinary income 15 . By contrast, an options-based collar or forward contract will give rise to capital gain or loss. Therefore, the use of an option-based collar or forward contract to hedge NQOs creates the potential for ordinary income on one side of the transaction and capital loss on the other side. If the underlying stock continues to appreciate, the employee will have ordinary income and capital losses. Unless the employee had capital gains from other sources, the losses would not be deductible.
For example, assume that an executive hedges his NQOs using an options-based collar and that the underlying stock increases by $1 million above the level of the sold call options while the hedge is in place. Economically, the client has not benefited from this increase since he traded away his upside participation in the stock beyond this level. However, when the collar matures and the executive exercises his NQOs, the executive now has an additional $1 million of ordinary income and $1 million of capital losses. Unless the executive has sufficient capital gains against which he can offset these capital losses, he can only deduct $3,000 of the capital loss against ordinary income. Therefore, while this hedge provided downside protection, it also created $997,000 of ordinary income in the current year.
One way around this issue would appear to be for the NQO recipient to make an election under Section 83(b) of the code. This section allows employees who receive property from their employers to elect to be taxed upon receipt of the property at ordinary rates for the fair market value of the property. Any subsequent appreciation in the property is then taxed as capital gain. However, a section 83(b) election is available only for options that have a “readily ascertainable value.” Under Treas. Reg. 1.83-7, in order for an option to have readily ascertainable value, it must either trade on an established securities market (which is not the case for NQOs), or it must meet four other criteria that, in practice, NQOs are unlikely to ever meet 16 . Therefore, an election under Section 83(b) is not feasible for NQOs.
Section 1221-2(b) Election.
One possible solution to the whipsaw problem that some experts have proposed is for the executive to identify whatever hedging strategy is used as a hedging transaction within the meaning of U. S. Treasury Regulation section 1.1221-2(b) 17 . This section defines a hedging transaction as “a transaction that a taxpayer enters into in the normal course of the taxpayer's trade or business primarily - (1) To reduce risk of price changes or currency fluctuations with respect to ordinary property. ” This section was designed to protect businesses that employ hedging transactions in the ordinary course of their business. For example an airline might hedge the price risk on jet fuel through forward contracts. Section 1221 would allow these companies to treat any gain or loss from their hedge as ordinary, since the underlying asset being hedged is ordinary (in this example, the asset being hedged is the company’s raw material). In addition, if a transaction is identified as a hedge under Section 1221, the recognition of income or loss from the hedge is matched with asset or liability that is being hedged.
In order for Section 1221 to apply to hedging NQOs, two conditions must be met. First, the NQOs have to be “ordinary property.” Second, the hedge must be entered into in the ordinary course of the executive’s business. With respect to the first issue, the NQOs should be considered “ordinary property”, since they were granted in return for the executive’s work on behalf of the company and upon exercise, the executive will recognize ordinary income. A recent Private Letter Ruling 18 provided further guidance about the application of Section 1221 when a derivative is used to hedge in the context of employee compensation. This ruling involved an employer that offered deferred compensation to its employees. The amount of the deferred compensation was based upon the performance of certain mutual funds. Rather than investing directly in the mutual funds, the firm chose to hedge its deferred compensation liability by entering into a derivatives contract with a securities dealer. The firm identified the derivatives contracts as hedging transactions pursuant to Section 1.1221-2(f). The ruling held that the deferred compensation obligation was an “ordinary obligation” and that the derivatives contracts qualified as hedging transactions for purposes of Section 1221 19 . This ruling provides further support for the position that NQOs are “ordinary property.” The ruling states that the employer’s deferred compensation liability is an “ordinary obligation” under Section 1.1221-2(c)(2) because “an obligation is an ordinary obligation if performance or termination of the obligation by the taxpayer could not produce capital gain or loss.” Although NQOs are an asset, rather than a liability, in the hands of an employee, the same analysis should apply. That is, upon exercise or other disposition of the NQOs, the employee will not produce capital gain so they should qualify as “ordinary property.”
The second condition that must be met in order for Section 1221 to apply in the context of hedging NQOs is that the hedge must be “entered into in the normal course of the taxpayer’s trade or business primarily [t]o reduce risk of price changes…”By entering into a hedging transaction, the executive is reducing price risk of the NQOs. The executive must also demonstrate that the hedge is one that he does in the “normal course” of his business. This is a somewhat novel tax argument, and not all practitioners agree with its application. However, if Section 1221 can be used by an executive in the context of hedging employee options, it provides a simple solution to the whipsaw problem. Any loss on the hedge would be of the same character (ordinary) as the income from the NQOs.
For those executives who are not completely comfortable that Section 1221 can be applied to hedging NQOs, another possible alternative is to use a swap that has built in collar-like economics 20 . With a swap, if the underlying stock continues to rise after the hedge has been put into place, a loss may be incurred. The loss will be manifested through periodic payments made by the employee to the counterparty on the swap. In a Technical Advice Memorandum 21 , the IRS ruled that all contractual payments made under a swap, including the final payment, must be treated as an ordinary deduction. Therefore, both the subsequent appreciation on the option and the loss on the hedge will be treated as ordinary deductions and be tax neutral. So, swaps solve the whipsaw problem by matching the character of income from the employee options with the income from the swap. However, there are several potential drawbacks to swaps.
One potential negative result from this transaction is that the ordinary deductions relating to the swap payments are probably treated as an "other itemized" deduction 22 . These deductions may only be taken to the extent that, in the aggregate, they exceed 2% of the employee's adjusted gross income. Thus if the deductions are limited by these rules, then, while the character of the income and expense remain the same, the amounts will differ. In addition, ordinary swap losses offer no deduction for purposes of calculating Alternative Minimum Tax (AMT) liability 23 . The AMT was originally designed to ensure that wealthy individuals who had a great deal of deductions paid at least some income tax. Individuals are required to calculate their adjusted gross income first under the normal rules of income tax. Then they must make a separate calculation of their potential AMT liability. A number of exclusions and deductions that are allowed for income tax purposes are disallowed for purposes of calculating the AMT. For example, certain types of municipal bond interest are taxable for AMT purposes and no deduction is allowed for payment of state and local taxes. An executive with sizable employee options income, offset by an equal amount of swap expenses, cannot deduct the swap expenses for purposes of calculating his AMT liability.
In addition, on February 26, 2004, Treasury issued proposed regulations 24 that could potentially have additional adverse consequences for swap participants. These regulations address the timing and character of “contingent nonperiodic payments” made pursuant to a notional principal contract (a swap). A typical equity swap involves at least two types of payments between the dealer and the counterparty. For example, assume that an investor wishes to enter into a “total return swap” on XYZ stock. Economically, this is equivalent to a leveraged purchase of XYZ stock. Therefore, the investor will typically agree to make periodic payments to the dealer to reflect the cost of borrowing. In addition, the investor will agree to pay the dealer for any depreciation in XYZ stock at maturity of the contract while the dealer will agree to pay the investor an amount reflecting any appreciation in XYZ, plus an amount reflecting the total dividend income and any other distributions paid to holders of XYZ during the term of the swap. The periodic payments made by the investor are not contingent, since the rate to be paid typically will be stipulated when the contract is initiated. Because these payments are periodic and noncontingent, they would be currently deductible by the investor (and includable in the income of the counterparty). By contrast, the payment reflecting any appreciation or depreciation in XYZ 25 is both contingent and nonperiodic. The amount to be paid (or received) by the investor cannot be determined until maturity of the swap, since it is based on the price of XYZ at maturity, so it is clearly contingent. Moreover, unlike the interest payments that are made during the life of the swap, this payment typically occurs at maturity and thus is nonperiodic. Prior to issuance of the proposed regulations, most taxpayers adopted a “wait and see” methodology whereby they only included contingent nonperiodic swap payments into income once the amount of the payment was determined (i. e. at maturity of the swap).
Under the proposed regulations, taxpayers will no longer be allowed to use the “wait and see” approach. Instead, taxpayers will be required to include nonperiodic payments in taxable income over the term of the swap. The proposed regulations also clarify that the character of both periodic and nonperiodic payments, including any payments made at maturity of a swap, is ordinary. This new regime could create the potential for a tax on “phantom income” in the context of hedging NQOs. For example assume that an executive enters into a swap with an embedded collar on XYZ stock. Assume that the stock has a value of $100 per share when the swap is initiated, the swap is for a term of two years 26 and that under the terms of the swap, the executive agrees to pay the swap dealer for any appreciation in XYZ stock above $120 per share and the dealer agrees to pay the executive for any decline in XYZ stock below $100 per share. Assume that after one year, XYZ drops to $75 per share. Under the proposed regulations, the executive would have to include in income an amount to reflect the increase in value of the swap 27 . Now assume that price of XYZ recovers and rallies to $150 per share at maturity of the swap. At this point, the executive will recognize an ordinary loss on the swap, subject to the limitations set forth above. Under the “wait and see” method, the executive would not have recognized income related to “contingent” payment until maturity of the swap. In the example above, under the proposed regulations, the executive will be taxed at the end of the first year on a “phantom” gain and will ultimately recognize an ordinary loss that may or may not be fully deductible. For swaps that terminate within a single tax year, the proposed regulations should not have any impact. However, for longer swaps, the proposed regulations have the potential to create a very undesirable tax result.
Size and collateral issues.
The counterparty to the swap would need to be sure that the employee would be able to perform under the swap. The counterparty would take into account various factors in its decision, including the employee's overall financial position, whether the options have vested, and the remaining life of the options. Based on these considerations, the counterparty could reject the transaction or demand collateral other than the employee options, or, to the contrary, actually lend the employee money against the now-hedged employee option position.
Another issue to consider is that most brokerage firms are unwilling to enter into swap contracts whose notional value is less than $3 million dollars. In addition, in order to be a “qualified swap participant” an individual must have a minimum of $10 million of assets (this is gross assets, not net worth, and can include real estate and other illiquid assets). Therefore, swaps are not an appropriate hedging tool for executives who do not have a significant amount of NQOs and other wealth.
Conclusão.
It is clear that there is a great deal of demand among executives to hedge NQOs. However, hedging these options is not always simple. There are a number of tax issues that must be considered when choosing a hedging tool for NQOs. The two primary issues that must be addressed are the constructive sale rules and the potential for a “whipsaw” of ordinary income and capital losses. Structuring a hedge that avoids the constructive sale rules is relatively straightforward. The “whipsaw” issue is more complex. We identified two strategies that potentially avoid this issue. However, both of these strategies have potential limitations or drawbacks that must be analyzed before implementing the hedge.
1 There are two main types of employee options: “incentive” stock options (“ISOs”) and “nonqualified” options (“NQOs”). Sob I. R.C. Sec. 421(a)(1), an ISO is taxed at capital gain rates and the tax is deferred until the employee sells the stock received upon exercise of the option. Incentive stock options comprise only a small percentage of most senior executive's compensation because the dollar value of annual ISO grants is limited. See I. R.C. 422(d) (underlying stock cannot be worth more than $ 100,000 for annual ISO grant). Under Treas. Reg. 1.83-7(a), an NQO is taxed as ordinary income upon exercise.
2 The value of an option consists of two elements: “time premium” and “intrinsic value.” Intrinsic value is simply the difference between the exercise price of an option and the current share price. If a stock is currently trading at $50, an option to buy that stock for $40 has $10 of intrinsic value. However, as long as there is time remaining before the option expires, the option will be worth more than $10 because there is a chance that the stock price will rise above $50. The amount by which the option’s price exceeds its intrinsic value is called “time premium.” To calculate the total value of the option, traders use sophisticated pricing models, such as the Black-Scholles model, which estimate the value of the option based on six main factors: exercise price of the option, price of the underlying stock, time to expiration, volatility of the underlying stock, interest rates and expected dividend payment of the underlying stock. In theory, an executive who owns out of the money employee options could still capture the value of the time premium in these options by selling identical options that are trading in the marketplace.
3 Once the options are exercised, an executive can diversify by simply selling the underlying shares. Because the executive will be taxed on the amount of gain upon exercise (measured by the difference between the exercise price and the stock price at the time of exercise), the executive’s basis in the shares will be equal to the fair market value of the stock at the time of exercise. Therefore, if the shares are sold immediately after the options are exercised, there will be no capital gain at this time.
4 See, e. g., Microsoft Corporation, Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934, Sep. 29, 2003, Sec. 2 (“ Nontransferability of Awards . Unless otherwise determined by the Committee, awards granted under the Stock Plan are not transferable other than by will or the laws of descent and distribution and may be exercised during the awardee’s lifetime only by the awardee.”)
5 Hedging unvested employee options presents some significant issues. For example, there is a risk that the employee could lose his job before the options vest, which in most cases would terminate the employee’s ownership of the options. If an employee enters into a hedging transaction with respect to unvested employee options and then loses his job, the hedging transaction would actually become a speculative bet against the value of the underlying stock. Clearly, that was not the employee’s intent when he entered into the hedge. Because of this risk, it is unlikely that most securities dealers would allow an executive to hedge unvested options unless the executive posts significant valuable collateral to compensate for this risk.
6 See Securities Exchange Act of 1934, 16(c), 15 U. S.C. 78p (c) (1994) (“It shall be unlawful for any affiliate. directly or indirectly, to sell any equity security of such issuer. if the person selling the security or his principal. does not own the security sold. ”).
7 See 17 C. F.R. 240.16c-4. The rule permits “put equivalent positions” (i. e., derivatives that appreciate as the stock price declines), but only "so long as the amount of securities underlying the put equivalent position does not exceed the amount of underlying securities otherwise owned." For example, an insider can buy a put on 500 shares if he owns 500 shares, but not if he owns only an option to buy 500 shares. The term “put equivalent position” is defined as “a derivative security position that increases in value as the value of the underlying equity decreases, including, but not limited to, a long put option and a short call option position.”
8 The viewpoint of the SEC on this matter is not entirely free from doubt, but this is certainly the more conservative view. Affiliates should consult with their own advisors before deciding whether they feel comfortable hedging NQOs.
9 See 17 C. F.R. 240.16b-3(d).
11 It should be noted that for purposes of IRC Sec. 1259, the legislative history indicates that the statute is designed to prevent transactions that eliminate “substantially all of the taxpayer’s risk of loss and opportunity for income or gain with respect to [an] appreciated financial position.” (emphasis added). Therefore, there should not be a constructive sale where a taxpayer eliminates only one of these elements. In other words, a taxpayer who owns appreciated stock, or options, may eliminate all risk of loss (for example by purchasing an at-the-money put option) as long as he retains an opportunity for gain.
12 When an individual hedges stock, hedging gains are typically offset dollar-for-dollar by a corresponding decline in the value of the stock. By contrast, when an individual hedges NQOs, gains from the hedge can exceed the decline in value of the NQO. For example, if an employee owns NQOs with an exercise price of $10 and enters into a synthetic short sale when the stock is worth $25, the employee has eliminated any possibility of additional gain from appreciation of the underlying stock and NQO. However, the employee has retained the opportunity for additional gain if the price of the underlying stock drops below $10. If the employee is an insider, he would not be able to enter into this type of transaction. An insider can only hedge NQOs to the extent of his ownership of company stock.
13 Or a derivatives-based structure that is economically equivalent to a short sale.
14 There may be circumstances in which a taxpayer would be deemed to have entered into a short sale of “substantially identical property” even if he only owns NQOs and shorts the underlying stock. This would depend upon how “deep in the money” the NQOs are. For example, if an executive who owns NQOs with a strike price of $1 enters into a short sale of the underlying stock at a time when the stock is trading for $100 per share, this would undoubtedly be a constructive sale. An option that is very deep in the money is economically so similar to owning the underlying shares that a short sale of the underlying shares would be a short sale of “substantially identical property.” As mentioned in note 8 above, this issue is irrelevant for insiders since insiders cannot sell short company stock.
15 See note 1 above.
16 Specifically, the rule stipulates that for an option to have readily ascertainable value, the option must meet the following criteria: (1) the option is transferable by the optionee, (2) the option is exercisable immediately, (3) the option or the property subject to the option is not subject to any restriction which has a significant effect upon the market value of either the option or property, and (4) the fair market value of the option must be able to be estimated with reasonable accuracy. In practice, NQOs are almost always non-transferable and are usually not immediately exercisable.
17 Under these regulations, the employee must identify the NQOs as part of a “hedging transaction” within 35 days after the hedge is initiated.
19 Interestingly, the PLR indicated that, had the employer hedged its risk by investing directly in the mutual funds to which it deferred compensation liability was tied, this would not qualify as a hedge under Treas. Reg. Section 1.1221-2(d)(5). This is a somewhat anomalous result, which is not clarified in the PLR.
20 A swap with a built-in collar would be structured such that the swap dealer agrees to pay the employee for all for all depreciation in the underlying stock below a certain level and the employee agrees to pay the swap dealer for all appreciation above a certain level.
22 The deduction under Treas. Reg. 1.446-3 (1994) for swaps is usually considered an expense for the production of income under section 212.
23 See I. R.C. 56(b)(1) (disallowing deduction of miscellaneous itemized deductions in computation of alternative minimum taxable income)
24 Treas. Reg. 166012-02.
25 Including an adjustment for dividends paid.
26 For simplicity, assume that the swap begins on January 1 of Year One and ends on December 31 of Year Two and that the taxpayer reports income on calendar-year basis.
27 Because the swap is designed to hedge the executive’s exposure to XYZ stock, the swap will increase in value when the stock price declines. The proposed regulations specify more than one method for including contingent payments into income during the term of the swap. For the sake of simplicity, we have assumed that the mark-to-market method is used.

Can I Secure a Loan With Stock?
Let's say you want to take out a loan to buy a new car. Unless you are willing to make a substantial down payment, the car is going to be worth less than you owe on it the minute you drive it off the lot. Even if the loan is secured by the car, your lender knows it is not fully secured, so he jacks up the interest rate to help offset his risk. You can usually get a better interest rate by taking out a loan with your bank or investments broker and putting up your stocks as collateral.
Stock Secured Loan.
A stock secured loan is a loan made by a financial institution that is secured by your stock. Financial institutions, such as banks, mortgage companies, credit unions and savings institutions make stock loans. You typically need an account with the institution before you can apply for a stock loan. The maximum you can borrow against your stock will vary by institution, but is typically between 50 and 80 percent of the market value of the stock. The lending institution will hold your stock during the period of the loan, but you are entitled to any dividend payments. The financial institution may take possession of your stock if you default on your loan.
Margin Accounts.
A classic way to borrow against your stocks is to open a margin account with your investments broker. A margin account allows you to buy additional stock or other securities on credit, using the stock in your account as collateral. Margin accounts are regulated by the Securities and Exchange Commission. The SEC requires investors to establish an initial margin of no more than 50 percent. That means you can buy twice as much stock as you could with a cash account for the same initial investment.
You can use borrowed money from your margin account for more than just buying securities. For example, you can deposit stock into your margin account and borrow 50 percent of the value of the stock in cash. Use the cash to buy a car, go on vacation or for just about anything else that strikes your fancy. Interest rates on margin accounts are typically lower than those on unsecured loans from other financial institutions.
Considerações.
Borrowing against your stocks comes at a price. Stock-secured loans and margin accounts may charge interest at a rate that is lower than prevailing rates, but they still charge interest. If the value of your stock dips below minimum levels, typically 25 percent of the initial value, your broker may issue a margin call. You must immediately deposit enough cash or additional securities into your account to bring it back up above prescribed levels. If you don't, your broker has the right to sell your stocks at the market price to make up the difference.
Referências.
Sobre o autor.
Mike Parker é escritor, editor e empresário independente em tempo integral. Seu histórico inclui uma carreira como corretor de investimentos com empresas de NYSE como Edward Jones & amp; Company, AG Edwards & amp; Sons e Dean Witter. Ele ajudou a lançar o DiscoverCard como um dos primeiros representantes das vendas comerciais da empresa.
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