Nor is it the size of the paper loss in the stock market over the last 13 months.

Right off the bat, the investor would have had a paper loss.

The paper loss on those purchases now exceeds $1 billion.

They continue to be a problem, and the Street is taking lots of paper losses."

For the moment, at least, they are looking at large paper losses.

Investors had paper losses of more than $3.4 billion.

They are willing to take paper losses to increase their income of badly needed hard currency.

But given the long-term perspective of these increasingly global investors, their paper losses seem less important.

Under old law, investors in real estate could write off paper losses against income earned from working.

It is the rare portfolio that never holds stocks at a paper loss.

It is true that he suffered some paper losses in liquidation.

The declines, to be sure, remain paper losses unless the securities are sold.

Congress would be obliged to appropriate funds to cover the paper loss, adding to the budget deficit.

The corporation gets a lot of paper losses that can be deducted from real income.

The shelters involved creating paper losses to offset real gains.

They suffered nearly $1 billion in paper losses from the drop in the stock last week.

People who bought in the building at outsider prices are not happy right now, but it's a paper loss until you have a sale."

But those were worth only one percent of what he had paid, and he couldn't bring himself to convert that 99% paper loss to cash.

Coniston faces paper losses of more than $150 million.

For example, one common decision in year-end tax planning is whether to recognize paper losses to offset other income.

That leaves them with a paper loss of about $1 billion, valuing the convertible securities at face value.

So they looked for a way to shelter some of that income - paper losses from partnerships could offset it.

Yesterday's sharply lower stock price created a paper loss of about $11 a share, or at least $82.5 million, on those shares held by arbitragers.

He had also long protested the madness of tax shelters whose sole purpose was to create paper losses.

But those would be paper losses as long as the futures contracts were rolled over.