Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1234B&num=0&edition=prelim
Timestamp: 2019-10-19 05:44:14
Document Index: 387091287

Matched Legal Cases: ['§ 1234', '§1234', '§1', '§401', '§412', '§405', '§1', '§401', '§412', '§412', '§412', '§405']

[USC02] 26 USC 1234B: Gains or losses from securities futures contracts
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26 USC 1234B: Gains or losses from securities futures contracts Text contains those laws in effect on October 18, 2019
§1234B. Gains or losses from securities futures contracts
(a) Treatment of gain or loss
(2) Nonapplication of subsection
(A) a contract which constitutes property described in paragraph (1) or (7) of section 1221(a), and
(B) any income derived in connection with a contract which, without regard to this subsection, is treated as other than gain from the sale or exchange of a capital asset.
(b) Short-term gains and losses
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)).
(d) Contracts not treated as commodity futures contracts
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.
(Added Pub. L. 106–554, §1(a)(7) [title IV, §401(a)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-648; amended Pub. L. 107–147, title IV, §412(d)(1)(B), (3)(B), Mar. 9, 2002, 116 Stat. 53 , 54; Pub. L. 108–311, title IV, §405(a)(1), Oct. 4, 2004, 118 Stat. 1188 .)
Section 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.
Pub. 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.
2004-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).
Pub. L. 108–311, title IV, §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]."