Source: http://taxtv.com/code/00410-USCODE-2011-title26-subtitleA-chap1-subchapE-partII-subpartD-sec475/
Timestamp: 2017-06-27 17:09:32
Document Index: 130904762

Matched Legal Cases: ['§475', '§475', '§475', '§6010', '§6010', '§475']

IRC §475. Mark to market accounting method for dealers in securities - TaxTV.com
IRC §475. Mark to market accounting method for dealers in securities
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A security shall not be treated as described in subparagraph (A), (B), or (C) of paragraph (1), as the case may be, unless such security is clearly identified in the dealer’s records as being described in such subparagraph 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).
The term “security” means any—
(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).
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.
(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).
(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).
Any security to which subparagraph (A) applies and which was acquired in the normal course of the taxpayer’s activities as a trader in securities shall not be taken into account in applying section 1259 to any position to which subparagraph (A) does not apply.
2002—Subsec. (g)(3). Pub. L. 107–147 substituted “described in section” for “described in sections”.
2000—Subsec. (g)(3). Pub. L. 106–554 substituted “267(b) or” for “267(b) of”.
1999—Subsec. (c)(3). Pub. L. 106–170 substituted “manages” for “reduces”.
Subsec. (f)(1)(D). Pub. L. 105–206, §6010(a)(3), inserted at end “Subsection (d)(3) shall not apply under the preceding sentence for purposes of applying sections 1402 and 7704.”
Section 1001(d) of Pub. L. 105–34, as amended by Pub. L. 105–206, title VI, §6010(a)(4), July 22, 1998, 112 Stat. 813, provided that:
“(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—
Section 13223(c) of Pub. L. 103–66 provided that:
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