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The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1601
TITLE XVI—SECTION 1256 CONTRACTS
SEC.
1601. CERTAIN SWAPS, ETC., NOT TREATED AS SECTION 1256 CONTRACTS.
(a) IN GENERAL.—Subsection (b) of section 1256 of the
Internal Revenue Code of 1986 is amended—
(1) by
redesignating paragraphs (1) through (5) as subparagraphs
(A) through (E), respectively, and by indenting such subparagraphs
(as so redesignated) accordingly,
(2) by striking ‘‘For
purposes of’’ and inserting the following:
‘‘(1)
IN GENERAL.—For purposes of’’, and
(3) by striking the last sentence and inserting the following new
paragraph:
‘‘(2) EXCEPTIONS.—The
term ‘section 1256 contract’ shall not include—
‘‘(A) any
securities futures contract or option on such a contract unless
such contract or option is a dealer securities futures contract,
or
‘‘(B) any interest rate swap, currency swap, basis swap,
interest rate cap, interest rate floor, commodity swap, equity
swap, equity index swap, credit default swap, or similar
agreement.’’.
(b) EFFECTIVE DATE.—The
amendments made by this section shall apply to taxable years
beginning after the date of the enactment of this Act.
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