### Comment:
IANAL, but generally for tax purposes, IIRC, when you hedge is when you're considered selling. So if you buy a put before your underlying is a year old, you owe ST capital gains, even if expires or you actually exercise after the one year is up. I'd imagine it's something similar and this is for 'non-insiders'. If you're on the board or upper management, regardless of the law, I wouldn't want to trade options, just the image of possible impropriety would be worse than any possible gains.

### REPLY:
That's why you blink morse code to your friends to sell the calls

### END.