Ask your accountant - there used to be a no-action letter on SPX boxes against capital losses. If that is still the treatment the SPX box gains would be tax-free.
%% Yes; find something better than Argentina banking[ great country], oil + gas stocks ............................[50% in those is asking for even more trouble/flawed].I like some dividend stuff also; but not so much, in an early bull market or as way to avoid downtrends. ''Value'' stuff in stock market tends to get less valuable. Great country to visit=Argentina................................................................................................Hope this helps; it helps me.
Forget what I said/suggested. Professionals who trade for institutions are in a better position to advise you. I am just an amateur retail trader, not a tax accountant so it is very difficult for me to understand what you are trying to do let alone advising you. I am in the minor league, I trade to make money, to make a living, not to avoid tax. My wife has a general requirement regarding my trading career: Make sure you pay tax, the more the better, I don't like tax losses. Best wishes to you.