Synthetic short vs. Short sale against the box

Synthetic short, for example, long put + short call.

In terms of risk, tax…any difference vs. real short sale against the box?

There are no capital gains liabilities with the synthetic but there will be with the short sale.

I mean short sale against the box, revised the subject.

Short sale against the box, you wont pay capital gains on it, and there will be no CG on the synthetic short either as you don’t own the underlying.

so only transcaction cost is different?

Synthetic short is buying put and selling call ATM so I think there is a net credit when it comes transactions costs.

A short sale against the box there is no net credit but you are potentially borrowing the stock and have to pay away dividends…

short sale against the box means you have underlying as well. Why you need to pay away dividends…?

Because you own the stock, but you’ve also shorted some, so the dividends on the short needs to be paid away to the lender…

Sorry dude, this is getting too much for me. Hopefully CPK or S2000 can chime with their knowledge.