For how long may a short position be maintained? 1 As long as desired, provided that adequate margin is maintained in the account. Il As long as the asset sold short can be borrowed. III Until the next dividend payment date. IV Maximum 3 months. Stephen sold short 1,000 shares of SMT Inc. at $45 a share. He closed the position when SMT was trading at $35 a share. While he held the short position, a dividend was paid by SMT of $1.50 per share. What was Stephen's total pre-tax profit or loss