Put Option - tax implications?

[value-is-what-you-get]

Let's not forget about the tax implications here too.  From "The Snowball" someone was quoted as saying that not only does WB know the tax laws inside out but he can play them like a fiddle!  When the puts are marked-to-market annually, the difference is a loss on the income statement.  A current expense for which we paid negative cash (received a premium).  This protects income generated from other sources from paying tax.  I think this put option is a real work of art.  In one fell swoop it highlights the voting vs weighing aspects of Mr Market (recent negative commentary linking it to a reduced stock price), the greed vs fear aspects regarding purchase motivations (someone bought it!) and a nod to the sometimes odd benefits of accounting rules and the tax man who "requires" Berkshire to shelter income from taxes by marking-to-market.  A University course could be taught on this one transaction.  I almost want to applaud!!