For all the five-year holding periods over those 195 years, this proportion is 26.7 percent.

For assets acquired after 1987, the long-term holding period went up to more than one year.

In particular, they said, the three-year holding period was too long.

The Government could lengthen the long-term holding period, which is now one year.

The long holding periods give him an edge, he added.

The notes will be noncallable for life after 1993, the end of the first holding period.

For their study, the analysts assumed what they consider more realistic holding periods of 3, 5 and 10 years.

And in 1994, the required holding period would rise to three years.

Of course, a new holding period also starts when the deemed sale is made.

The mandatory holding period for most options is less than four years and often only a single year.