26 U.S.C. § 1234B
Gain or loss attributable to the sale, exchange, or termination of a securities futures contract shall be considered gain or loss from the sale or exchange of property which has the same character as the property to which the contract relates has in the hands of the taxpayer (or would have in the hands of the taxpayer if acquired by the taxpayer).
This subsection shall not apply to-
Except as provided in the regulations under section 1092(b) or this section, or in section 1233, if gain or loss on the sale, exchange, or termination of a securities futures contract to sell property is considered as gain or loss from the sale or exchange of a capital asset, such gain or loss shall be treated as short-term capital gain or loss.
For purposes of this section, the term "securities futures contract" means any security future (as defined in section 3(a)(55)(A) of the Securities Exchange Act of 1934, as in effect on the date of the enactment of this section). The Secretary may prescribe regulations regarding the status of contracts the values of which are determined directly or indirectly by reference to any index which becomes (or ceases to be) a narrow-based security index (as defined for purposes of section 1256(g)(6)).
For purposes of this title, a securities futures contract shall not be treated as a commodity futures contract.
The Secretary shall prescribe such regulations as may be appropriate to provide for the proper treatment of securities futures contracts under this title.
For special rules relating to dealer securities futures contracts, see section 1256.
26 U.S.C. § 1234B
EDITORIAL NOTES
REFERENCES IN TEXTSection 3(a)(55)(A) of the Securities Exchange Act of 1934, referred to in subsec. (c), is classified to section 78c(a)(55)(A) of Title 15, Commerce and Trade.The date of the enactment of this section, referred to in subsec. (c), is the date of enactment of Pub. L. 106-554, which was approved Dec. 21, 2000.
CODIFICATIONPub. L. 106-554, §1(a)(7) [title IV, §401(a)], which directed amendment of subpart IV of subchapter P of chapter 1 by adding this section after section 1234A, was executed by adding this section after 1234A of this part which is part IV of subchapter P of chapter 1, to reflect the probable intent of Congress.
AMENDMENTS2004-Subsec. (c). Pub. L. 108-311 inserted at end "The Secretary may prescribe regulations regarding the status of contracts the values of which are determined directly or indirectly by reference to any index which becomes (or ceases to be) a narrow-based security index (as defined for purposes of section 1256(g)(6))."2002-Subsec. (a)(1). Pub. L. 107-147, §412(d)(1)(B)(i), substituted "sale, exchange, or termination of a securities futures contract" for "sale or exchange of a securities futures contract".Subsec. (b). Pub. L. 107-147, §412(d)(1)(B)(i), (3)(B), inserted "or in section 1233," after "or this section," and substituted "sale, exchange, or termination of a securities futures contract" for "sale or exchange of a securities futures contract".Subsec. (f). Pub. L. 107-147, §412(d)(1)(B) (ii), added subsec. (f).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2004 AMENDMENT Pub. L. 108-311, §405(b), Oct. 4, 2004, 118 Stat. 1189, provided that: "The amendments made by subsection (a) [amending this section and section 1256 of this title] shall take effect as if included in section 401 of the Community Renewal Tax Relief Act of 2000 [H.R. 5662, as enacted by section 1(a)(7) of Pub. L. 106-554, Dec. 21, 2000, 114 Stat. 2763, 2763A-587]."
EFFECTIVE DATE OF 2002 AMENDMENT Amendment by Pub. L. 107-147 effective as if included in the provisions of the Community Renewal Tax Relief Act of 2000 [H.R. 5662, as enacted by Pub. L. 106-554], to which such amendment relates, see section 412(e) of Pub. L. 107-147, set out as a note under section 151 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- taxpayer
- The term "taxpayer" means any person subject to any internal revenue tax.