Beverly Gordon - Page 13

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          her counsel, posed to Mr. Gordon at trial.  In our view, those              
          questions and Mr. Gordon's responses to them did not elucidate              
          his testimony about the nature and extent of his alleged hedging            
          activities during 1986.  Ms. Gordon's counsel could have asked              
          Mr. Gordon, but did not, whether he was engaged in any hedging              
          activities in addition to the hedging activities about which he             
          testified.  If Mr. Gordon's response to that question had been in           
          the affirmative, Ms. Gordon's counsel could have further clari-             
          fied the record by asking Mr. Gordon to identify all the property           
          that he claimed he hedged and all the property that he claimed he           
          used as a hedge and to describe his activities relating to the              
          property that he claimed he hedged so that we could have made a             
          determination as to whether that property was property any loss             
          with respect to which would have been an ordinary loss in Mr.               
          Gordon's hands.  See sec. 1256(f)(3)(B).                                    
               It is also significant that although Ms. Gordon contends in            
          her motion that, based on the record presented to us, we could,             
          and should, have found in our Opinion that Mr. Gordon did not               
          hold the options that generated the 1986 net trading loss for the           
          purposes specified in section 1256(f)(3)(B), Ms. Gordon did not             
          propose that we find any facts relating to Mr. Gordon's alleged             
          hedging activities or otherwise relating to the requirements of             

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