Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_475
Timestamp: 2020-06-01 21:28:05
Document Index: 562286456

Matched Legal Cases: ['§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475', '§ 475']

Internal Revenue Code, § 475. Mark To Market Accounting Method For Dealers In Securities.
I.R.C. § 475(a) General Rule —
I.R.C. § 475(a)(1) —
I.R.C. § 475(a)(2) —
I.R.C. § 475(a)(2)(A) —
I.R.C. § 475(a)(2)(B) —
any gain or loss shall be taken into account for such taxable year. Proper adjustment shall be made in the amount of any gain or loss subsequently realized for gain or loss taken into account under the preceding sentence. The Secretary may provide by regulations for the application of this paragraph at times other than the times provided in this paragraph.
I.R.C. § 475(b) Exceptions
I.R.C. § 475(b)(1) In General —
I.R.C. § 475(b)(1)(A) —
I.R.C. § 475(b)(1)(B)
I.R.C. § 475(b)(1)(B)(i) —
any security described in subsection (c)(2)(C) which is acquired (including originated) by the taxpayer in the ordinary course of a trade or business of the taxpayer and which is not held for sale, and (ii) any obligation to acquire a security described in clause (i) if such obligation is entered into in the ordinary course of such trade or business and is not held for sale, and
I.R.C. § 475(b)(1)(C) —
I.R.C. § 475(b)(1)(C)(i) —
I.R.C. § 475(b)(1)(C)(ii) —
I.R.C. § 475(b)(2) Identification Required —
I.R.C. § 475(b)(3) Securities Subsequently Not Exempt —
I.R.C. § 475(b)(4) Special Rule For Property Held For Investment —
I.R.C. § 475(c) Definitions —
I.R.C. § 475(c)(1) Dealer In Securities Defined —
The term “dealer in securities” means a taxpayer who—
I.R.C. § 475(c)(1)(A) —
I.R.C. § 475(c)(1)(B) —
I.R.C. § 475(c)(2) Security Defined —
The term ”security” means any—
I.R.C. § 475(c)(2)(A) —
I.R.C. § 475(c)(2)(B) —
I.R.C. § 475(c)(2)(C) —
I.R.C. § 475(c)(2)(D) —
I.R.C. § 475(c)(2)(E) —
I.R.C. § 475(c)(2)(F) —
I.R.C. § 475(c)(2)(F)(i) —
I.R.C. § 475(c)(2)(F)(ii) —
I.R.C. § 475(c)(2)(F)(iii) —
is clearly identified in the dealer's records as being described in this subparagraph before the close of the day on which it was acquired or entered into (or such other time as the Secretary may by regulations prescribe).
I.R.C. § 475(c)(3) Hedge —
The term “hedge” means any position which manages the dealer's risk of interest rate or price changes or currency fluctuations, including any position which is reasonably expected to become a hedge within 60 days after the acquisition of the position.
I.R.C. § 475(c)(4) Special Rules For Certain Receivables
I.R.C. § 475(c)(4)(A) In General —
I.R.C. § 475(c)(4)(B) Nonfinancial Customer Paper —
For purposes of subparagraph (A), the term “nonfinancial customer paper” means any receivable which—
I.R.C. § 475(c)(4)(B)(i) —
I.R.C. § 475(c)(4)(B)(ii) —
I.R.C. § 475(c)(4)(B)(iii) —
is held by such person (or a person who bears a relationship to such person described in section 267(b) or 707(b)) at all times since issue.
I.R.C. § 475(d) Special Rules —
I.R.C. § 475(d)(1) Coordination With Certain Rules —
I.R.C. § 475(d)(2) Improper Identification —
I.R.C. § 475(d)(2)(A) —
I.R.C. § 475(d)(2)(B) —
I.R.C. § 475(d)(3) Character Of Gain Or Loss
I.R.C. § 475(d)(3)(A) In General —
I.R.C. § 475(d)(3)(A)(i) In General —
I.R.C. § 475(d)(3)(A)(ii) Special Rule For Dispositions —
I.R.C. § 475(d)(3)(A)(ii)(I) —
I.R.C. § 475(d)(3)(A)(ii)(II) —
subsection (a)(2) would have applied if the security were held as of the close of the taxable year, such gain or loss shall be treated as ordinary income or loss.
I.R.C. § 475(d)(3)(B) Exception —
I.R.C. § 475(d)(3)(B)(i) —
I.R.C. § 475(d)(3)(B)(ii) —
I.R.C. § 475(d)(3)(B)(iii) —
I.R.C. § 475(e) Election Of Mark To Market For Dealers In Commodities
I.R.C. § 475(e)(1) In General —
I.R.C. § 475(e)(2) Commodity —
For purposes of this subsection and subsection (f), the term “commodity” means—
I.R.C. § 475(e)(2)(A) —
any commodity which is actively traded (within the meaning of section 1092(d)(1));
I.R.C. § 475(e)(2)(B) —
I.R.C. § 475(e)(2)(C) —
I.R.C. § 475(e)(2)(D) —
I.R.C. § 475(e)(2)(D)(i) —
I.R.C. § 475(e)(2)(D)(ii) —
I.R.C. § 475(e)(2)(D)(iii) —
is clearly identified in the taxpayer's records as being described in this subparagraph before the close of the day on which it was acquired or entered into (or such other time as the Secretary may by regulations prescribe).
I.R.C. § 475(e)(3) Election —
I.R.C. § 475(f) Election Of Mark To Market For Traders In Securities Or Commodities
I.R.C. § 475(f)(1) Traders In Securities
I.R.C. § 475(f)(1)(A) In General —
I.R.C. § 475(f)(1)(A)(i) —
I.R.C. § 475(f)(1)(A)(ii) —
I.R.C. § 475(f)(1)(B) Exception —
I.R.C. § 475(f)(1)(B)(i) —
I.R.C. § 475(f)(1)(B)(ii) —
which is clearly identified in such person's records as being described in clause (i) before the close of the day on which it was acquired, originated, or entered into (or such other time as the Secretary may by regulations prescribe).
I.R.C. § 475(f)(1)(C) Coordination With Section 1259 —
I.R.C. § 475(f)(1)(D) Other Rules To Apply —
I.R.C. § 475(f)(2) Traders In Commodities —
I.R.C. § 475(f)(3) Election —
I.R.C. § 475(g) Regulatory Authority —
I.R.C. § 475(g)(1) —
I.R.C. § 475(g)(2) —
I.R.C. § 475(g)(3) —
to prevent the use by taxpayers of subsection (c)(4) to avoid the application of this section to a receivable that is inventory in the hands of the taxpayer (or a person who bears a relationship to the taxpayer described in section 267(b) or 707(b)).
(Added by Pub. L. 103-66, title XIII, Sec. 13223(a), Aug. 10, 1993, 107 Stat. 312; amended by Pub. L. 105-34, title X, Sec. 1001(b), Aug. 5, 1997, 111 Stat 788; Pub. L. 105-206, title VI, Sec. 6010(a), title VII, Sec. 7003, July 22, 1998, 112 Stat. 685; Pub. L. 106-170, title V, Sec. 532(b), Dec. 17, 1999, 113 Stat. 1860; Pub. L. 106-554, Sec. 319, Dec. 21, 2000, 114 Stat. 2763; Pub. L. 107-147, title IV, Sec. 417(10), Mar. 9, 2002, 116 Stat. 21.)
2002 - Subsec. (g)(3). Pub. L. 107-147, Sec. 417(10), amended par. (3) by substituting “section” for “sections”.
2000 - Subsec. (g)(3). Pub. L. 106-554, Sec. 319(4), substituted “267(b) or” for “267(b) of”.
1999 - Subsec. (c)(3). Pub. L. 106-170, Sec. 532(b), substituted “manages” for “reduces” in par. (3).
1998 - Subsec. (c)(4). Pub. L. 105-206, Sec. 7003(a), added par. (4).
Subsec.(f)(1)(D). Pub. L. 105-206, Sec. 6010(a)(3), amended subpar. (D) by adding the sentence at the end.
Subsec. (g). Pub. L. 105-206, Sec. 7003(b), amended subsec. (g) by striking “and” at the end of par. (1); by substituting “, and” for “.” at the end of par. (2); and by adding par. (3).
1997 - Subsec. (e). Pub. L. 105-34, Sec. 1001(b), redesignated subsec. (e) as subsec. (g) and added new subsecs. (e) and (f).
Amendment by Sec. 417(10) of Pub. L. 107-147 applicable on the date of the enactment of this Act [enacted: Mar. 9, 2002].
Amendment by Sec. 532(b) of Pub. L. 106-170 applicable to any instrument held, acquired, or entered into, any transaction entered into, and supplies held or acquired on or after the date of the enactment of this Act [Enacted: Dec. 17, 1999].
Amendment by Sec. 6010(a)(3) of Pub. L. 105-206 applicable as if included in the provisions of the Taxpayer Relief Act of 1997 to which it relates [Effective Date of Pub. L. 105-34, Sec. 1001: Any constructive sale after June 8, 1997, but see the special rules and exceptions set forth below].
Amendment by Sec. 7003 of Pub. L. 105-206 applicable to taxable years ending after the date of the enactment of this Act [Enactment Date: July 22, 1998].
Amendment by Sec. 1001(b) of Pub. L. 105-34, as amended by Pub. L. 105-206, Sec. 6010(a)(4), applicable to any constructive sale after June 8, 1997. Sec. 1001(d) provided the following special rules and exceptions:
“(2) Exception for sales of positions, etc. held before June 9, 1997.--If--
(A) before June 9, 1997, the taxpayer entered into any transaction which is a constructive sale of any appreciated financial position, and
(B) before the close of the 30-day period beginning on the date of the enactment of this Act or before such later date as may be specified by the Secretary of the Treasury, such transaction and position are clearly identified in the taxpayer's records as offsetting,
(3) Special rule.--In the case of a decedent dying after June 8, 1997, if--
(A) there was a constructive sale on or before such date of any appreciated financial position,
(B) the transaction resulting in such constructive sale of such position remains open (with respect to the decedent or any related person)--
(i) for not less than 2 years after the date of such transaction (whether such period is before or after June 8, 1997), and
(ii) at any time during the 3-year period ending on the date of the decedent's death, and
(C) such transaction is not closed before the close of the 30th day after the date of the enactment of this Act,
then, for purposes of such Code, such position (and the transaction resulting in such constructive sale) shall be treated as property constituting rights to receive an item of income in respect of a decedent under section 691 of such Code. Section 1014(c) of such Code shall not apply to so much of such position's or property's value (as included in the decedent's estate for purposes of chapter 11 of such Code) as exceeds its fair market value as of the date such transaction is closed.
(4) Election of mark to market by securities traders and traders and dealers in commodities.--
(A) In general.--The amendments made by subsection (b) shall apply to taxable years ending after the date of the enactment of this Act.
(B) 4-year spread of adjustments.--In the case of a taxpayer who elects under subsection (e) or (f) of section 475 of the Internal Revenue Code of 1986 (as added by this section) to change its method of accounting for the taxable year which includes the date of the enactment of this Act--
(i) any identification required under such subsection with respect to securities and commodities held on the date of the enactment of this Act shall be treated as timely made if made on or before the 30th day after such date of enactment, and
(ii) the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of such Code shall be taken into account ratably over the 4-taxable year period beginning with such first taxable year.”