I'll start out with strangles before moving to more complex positions. Opportunity gains on the synthetic while holding the strangle. It can be done with any position, but baby steps to start. Obviously the naked strangle is less than ideal WRT haircut. You're short the outside strangle in say Jan 2021 -> hold on synthetic vol or neutrality (delta gains) -> you buy the inside strangle at a future date -> opportunity gains on the inside strangle (guts) -> both straddles "decay" at the same rate (constrained by boxarb) -> deferred offset to Jan21 -> you're long the box at a large arb gain deferred to the following tax year. Yes, you can simply cover your outside combo but why not edge-into a large inventory of long boxes at a large discount while legally deferring your taxes to the follow year? We'll stick with Euro convention (index) markets for now. The assignment risk is on the American short combo.
THIS is the baby steps? I was going to ask you to post this in a form lower IQ people like me can read it, as well as post an English language version of it.
maybe a keyword hotlink to investopedia's glossary? Where the bubble pops up as you glean over the term?