Source: https://www.charitableplanning.com/library/documents/498314
Timestamp: 2019-04-19 20:12:56+00:00

Document:
(8) supplies of a type regularly used or consumed by the taxpayer in the ordinary course of a trade or business of the taxpayer.
The term "commodities derivatives dealer" means a person which 1 regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business.
The term "commodities derivative financial instrument" means any contract or financial instrument with respect to commodities (other than a share of stock in a corporation, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract (as defined in section 1256(b))), the value or settlement price of which is calculated by or determined by reference to a specified index.
which is based on any current, objectively determinable financial or economic information with respect to commodities which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties&apos; circumstances.
(iii) to manage such other risks as the Secretary may prescribe in regulations.
(ii) which was so identified but is not a hedging transaction.
At the election of the taxpayer, paragraphs (1) and (3) of subsection (a) shall not apply to musical compositions or copyrights in musical works sold or exchanged by a taxpayer described in subsection (a)(3).
The Secretary shall prescribe such regulations as are appropriate to carry out the purposes of paragraph (6) and (7) of subsection (a) in the case of transactions involving related parties.
2017—Subsec. (a)(3). Pub. L. 115–97 inserted "a patent, invention, model or design (whether or not patented), a secret formula or process," before "a copyright" in introductory provisions.
2010—Subsec. (a)(3)(C). Pub. L. 111–312 amended subsec. (a)(3)(C) to read as if amendment by Pub. L. 107–16, §542(e)(2)(A), had never been enacted. See 2001 Amendment note below.
2006—Subsec. (b)(3). Pub. L. 109–432 struck out "before January 1, 2011," after "exchanged".
Pub. L. 109–222 added par. (3). Former par. (3) redesignated (4).
Subsec. (b)(4). Pub. L. 109–222 redesignated par. (3) as (4).
2002—Subsec. (b)(1)(B)(i). Pub. L. 107–147 substituted "1256(b)))" for "1256(b))".
2001—Subsec. (a)(3)(C). Pub. L. 107–16, §542(e)(2)(A), inserted "(other than by reason of section 1022)" after "is determined".
1999—Pub. L. 106–170 designated existing provisions as subsec. (a), inserted heading, and added pars. (6) to (8) and subsec. (b).
1981—Pars. (5), (6). Pub. L. 97–34 redesignated par. (6) as (5) and struck out former par. (5), which excluded from definition of "capital asset" an obligation of the United States or any of its possessions, or of a State or any political subdivision thereof, or of the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from the date of issue, and is covered by section 1232(a)(4)(B) of this title.
1976—Par. (5). Pub. L. 94–455, §1901(c)(9), struck out "or Territory," after "State".
Par. (6). Pub. L. 94–455, §2132(a), added par. (6).
1969—Par. (3). Pub. L. 91–172 inserted reference to a letter or memorandum, added subpar. (B) dealing with a letter or memorandum, and redesignated former subpar. (B) as (C).
Pub. L. 115–97, title I, §13314(c), Dec. 22, 2017, 131 Stat. 2133, provided that: "The amendments made by this section [amending this section and section 1231 of this title] shall apply to dispositions after December 31, 2017."
Pub. L. 109–432, div. A, title IV, §412(b), Dec. 20, 2006, 120 Stat. 2963, provided that: "The amendment made by this section [amending this section] shall take effect as if included in section 204 of the Tax Increase Prevention and Reconciliation Act of 2005 [Pub. L. 109–222]."
Amendment by Pub. L. 109–222 applicable to sales and exchanges in taxable years beginning after May 17, 2006, see section 204(c) of Pub. L. 109–222, set out as a note under section 170 of this title.
Pub. L. 94–455, title XXI, §2132(b), Oct. 4, 1976, 90 Stat. 1925, provided that: "The amendment made by subsection (a) [amending this section] shall apply to sales, exchanges, and contributions made after the date of enactment of this Act [Oct. 4, 1976]."
Pub. L. 91–172, title V, §514(c), Dec. 30, 1969, 83 Stat. 643, provided that: "The amendments made by this section [amending this section and sections 341 and 1231 of this title] shall apply to sales and other dispositions occurring after July 25, 1969."
1 So in original. Probably should be "who".

References: §542
 §542
 §1901
 §2132
 §13314
 §412
 §2132
 §514