Section 988 forex
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section transaction shall be computed separately and treated as ordinary income or loss as the case may be. Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection c 1 B iii which is a capital asset in the hands of the taxpayer and which is not a part of a straddle within the meaning of section cwithout regard to paragraph 4 thereof as capital gain or loss as the case may be if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into or such earlier time as the Secretary may prescribe. To the extent provided in regulations, any amount treated as ordinary income or loss under paragraph 1 shall be treated as interest income or expense as the case may be. Except as otherwise provided in regulations, in the case of any amount treated as ordinary income or loss under paragraph 1 without regard to paragraph 1 Bthe source of such amount shall be determined by reference to the residence of the 988 or the qualified business unit of the taxpayer on whose books the asset, liability, or item of income or expense is properly reflected. In the case of a qualified business unit of any taxpayer including an individualthe residence of such unit shall be the country in which the principal place of business of such qualified business unit is located. To the extent provided in regulations, in the case of a partnership, the determination of residence shall be made at the partner level. In the case of any section transaction section in subsection c 1 B iiiany gain or loss from such transaction shall be treated as foreign currency gain or loss as the case may be. Clause iii of subparagraph B shall not apply to any regulated futures contract or nonequity option which would be marked to market under section if held on the last day of the taxable year. The taxpayer may elect to have clause i not apply to such taxpayer. Such an election shall apply to contracts held at any time during the taxable year for which such election is made or any succeeding taxable year unless such election is revoked with the consent of the Secretary. Except as provided in regulations, an election under subclause I for any taxable year shall be made on or before the 1st day of such taxable year or, if later, on or before the 1st day during such year on which the taxpayer holds a contract described in clause i. In the case of a partnership, an election under subclause I shall be made by each partner separately. A similar rule shall apply in the case of an S corporation. This subparagraph shall not apply to any income or loss of a partnership for any taxable year if such forex made an election under subparagraph E iii V for such year or any preceding year. In the case of a qualified fund, clause iii of subparagraph B shall not apply to any instrument which would be marked to market under section if held on the last day of the taxable year determined after the application of clause iv. If any partnership made an election under clause iii V for any taxable year and such partnership has a net loss for such year or any succeeding year from instruments referred to in clause ithe rules of clauses i and iv shall apply to any such loss year whether or not such partnership is a qualified fund for such year. Except as provided in regulations, in the case of a qualified fund, any bank forward contract, any foreign currency futures contract traded on a foreign exchange, or to the extent provided in regulations any similar instrument, which is not otherwise a section contract shall be treated as a section contract for purposes of section The interest of a general partner in the partnership shall not be treated as failing to meet the percent ownership requirements of clause iii I for any taxable year of the partnership if, for the taxable year of the partner in which such partnership taxable year ends, such partner and each corporation filing a consolidated return with such partner had no ordinary income or loss from a section transaction which is foreign currency gain or loss as the case may be. Except as provided in regulations, the interest of a partner in the partnership shall not be treated as failing to meet the percent ownership requirements of clause iii I if none of the income of such partner from such partnership 988 subject to tax under this chapter whether directly or through 1 or more pass-thru entities. In determining whether the requirements of clause iii I are met with respect to any partnership, except to the extent provided in regulations, any interest in such partnership held by another partnership shall be treated as held proportionately by the partners in such other partnership. Interests in the partnership held by persons related to each other 988 the meaning of sections b and b shall be treated as held by 1 person. For purposes of clause iii IVany debt instrument which is a section transaction shall be treated as a commodity. To the extent provided in regulations, such term shall include preferred stock. If the taxpayer takes or makes delivery in connection with any section transaction described in paragraph 1 B iiiany gain or loss determined as if the taxpayer sold the contract, option, or instrument on the date on which he took or made delivery for its fair market value on such date shall be recognized in the same manner as if such contract, option, or instrument were so sold. To the extent provided in regulations, if any section transaction is part of a hedging transaction, all transactions which are part of such hedging transaction shall be integrated and treated as a single transaction or otherwise treated consistently for purposes of this subtitle. For purposes of the preceding sentence, the determination of whether any transaction is a section transaction shall be determined without regard to whether such transaction would otherwise be marked-to-market under section or and such term shall not include any transaction with respect to which an election is made under subsection a 1 B. Sections, and shall not apply to a transaction covered by this subsection. The preceding provisions of this section shall not apply to any section transaction entered into by an individual which is a personal transaction. Prior to amendment, text read as follows: Prior to amendment, cl. Prior to amendment, subcl. II read as follows: Prior to amendment, par. Amendment by section v 346 — 8 of Pub. Section applicable to taxable years beginning after Dec. These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page ; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated at our end daily. It appears that the IRS updates their listing every Friday. Note that the IRS often titles documents in a very plain-vanilla, duplicative way. Do not assume that identically-titled documents are the same, or that a later document supersedes another with the same title. That is unlikely to be the case. Release dates appear exactly as we get them from the IRS. Some are clearly wrong, but we have made no attempt to correct them, as we have no way guess correctly in all cases, and do not wish to add to the confusion. This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority. This list is taken forex the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office]. It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site. LII has no control over and does not endorse any external Internet site that contains links to or references LII. Cornell Law School Search Cornell. About LII Who We Are What We Do Who Pays For This Contact Us Get the law Constitution Supreme Court U. Code CFR Federal Rules Federal Rules of Appellate Procedure Federal Rules of Civil Procedure Federal Rules of Criminal Procedure Federal Rules of Evidence Federal Rules of Bankruptcy Procedure U. Law by jurisdiction State law Uniform laws Federal law World law Lawyer directory Legal encyclopedia Business law Constitutional law Criminal law Family law Employment law Money and Finances More Help out Give Sponsor Advertise Create Promote Join Lawyer Directory. US Code Notes IRS Rulings Authorities CFR. B Special rule for forward contracts, etc. II in the case of any corporation, partnership, trust, or estate which is a United States person as defined in section a 30the United States, and. III in the case of any corporation, partnership, trust, or estate which is not a United States person, a section other than the United States. If an individual does not have a tax home as so definedthe residence of such individual shall be the United States if such individual is a United States citizen or a resident alien and shall be a country other than the United States if such individual is not a United States citizen or a resident alien. C Special rule for certain related party loans Except to the extent provided in regulations, in the case of a loan by a United States person or a related person to a percent owned foreign corporation which is denominated in a section other than the dollar and bears interest at a rate at least 10 percentage points higher than the Federal mid-term rate determined under section d at the time such loan is entered into, the following rules shall apply: B Description of transactions For purposes of subparagraph Athe following transactions are described in this subparagraph: The Secretary may prescribe regulations excluding from the application of clause ii any class of items the taking into account of which is not necessary to carry out the purposes of this section by reason of the small amounts or short periods involved, or otherwise. C Special rules for disposition of nonfunctional currency i In general In the case of any disposition of any nonfunctional currency— I such disposition shall be treated as a section transaction, and. II any gain or loss from such transaction shall be treated as foreign currency gain or loss as the case may be. D Exception for certain instruments marked to market i In general Clause iii of subparagraph B shall not apply to any regulated futures contract or nonequity option which would be marked to market under section if held on the last day of the taxable year. II Time for making election Except as provided in regulations, an election under subclause I for any taxable year shall be made on or before the 1st day of such taxable year or, if later, on or before the 1st day during such year on which the taxpayer holds a contract described in clause i. III Special rule for partnerships, etc. E Special rules for certain funds i In general In the case of a qualified fund, clause iii of subparagraph B shall not apply to any instrument which would be marked to market under section if held on the last day of the taxable year determined after the application of clause iv. II the principal activity of such partnership for such taxable year and each such preceding taxable year consists of buying and selling options, futures, or forwards with respect to commodities. III at least 90 percent of the gross income of the partnership for the taxable year and for each such preceding taxable year consisted of income forex gains described in subparagraph ABor G of section d 1 or gain from the sale or disposition of capital assets held for the production of interest or dividends. IV no more than a de minimis amount of the gross income of the partnership for the taxable year and each such preceding taxable year was derived from buying and selling commodities, and. V an election under this subclause applies to the taxable year. An election under subclause V for any taxable year shall be made on or before the 1st day of such taxable year or, if later, on or before the 1st day during such year on which the partnership holds an instrument referred to in clause i. Any such election shall apply to the taxable year for which made and all succeeding taxable years unless revoked with the consent of the Secretary. III Treatment of tax-exempt partners Except as provided in regulations, the interest of a partner in the partnership shall not be treated as failing to meet the percent ownership requirements of clause iii I if none of the income of such partner from such partnership is subject to tax under this chapter whether directly or through 1 or more pass-thru entities. IV Look-thru rule In determining whether the requirements of clause iii I are met with respect to any partnership, except to the extent provided in regulations, any interest in such partnership held by another partnership shall be treated as held proportionately by the partners in such other partnership. II Predecessors References to any partnership shall include a reference to any predecessor thereof. III Inadvertent terminations Rules similar to the rules of section e shall apply. IV Treatment of certain debt instruments For purposes of clause iii IVany debt instrument which is a section transaction shall be treated as a commodity. B in the case of a transaction described in paragraph 1 B iithe date on which accrued or otherwise taken into account. B identified by the Secretary or the taxpayer as being a hedging transaction. B such transaction is a personal transaction. B section other than that part of section dealing with expenses incurred in connection with taxes. Effective Date of Amendment Amendment by Pub. Effective Date of Amendment Pub. Effective Date Section applicable to taxable years beginning after Dec. Written determinations for this section These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page ; the IRS also publishes a fuller explanation of what they are and what they mean. We truncate results at items. After that, you're on your own. Extension of Time for Making Certain Elections: Dividends Paid by Regulated Investment Company After Close of Taxable Year: Taxation of Regulated Investment Companies and Their Shareholders: Treatment of Certain Foreign Currency Transactions: Constant Interest Rate Election: Deductions Limited to Amount at Risk: Assumption of Liability Gain Recognized v. Allocation of Income and Deductions Among Taxpayers: Acquisitions Made to Evade or Avoid Income Tax: Transfer to Corporation Controlled by Transferor: Tax Avoidance Purpose v. Qualified Board or Exchange: Definition of Contracts: Definition of Section Transaction and Other Terms: Repeal of Tax On Interest of Foreign Corporations Received From Certain Portfolio Debt Investments: Residence of the Seller Determines Source: Source of Exchange Gain or Loss: Income Derived by a Foreign Central Bank of Issue From Obligations of U. Notional Principal Contract Income: Title 26 USC, RSS Feed.
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