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Congressional tax reformers propose far-reaching tax changes for derivatives and other financial products
Copies of the official (1) overview, (2) summary (including comparison to current law), (3) detailed technical explanation, and (4) legislative language of the Financial Products Discussion Draft are attached for reference.
New mark-to-market regime for derivatives
As Chairman Camp’s Summary points out, under current law the tax treatment of gains and losses on derivatives is highly dependent upon the particular type of derivative, the profile of the taxpayer, and other factors. Thus, derivatives with virtually identical economic results can produce very different tax and book consequences in terms of character of the instrument and timing and character of income. Those planning opportunities for disparate tax results would be replaced by a single, uniform tax rule under Chairman Camp’s proposal.
Under applicable U.S. Treasury Regulations we are required to inform you that any advice contained in this email or any attachment hereto is not intended or written to be used, and cannot be used, either (i) to avoid penalties imposed under the Internal Revenue Code, or (ii) for promoting, marketing, or recommending to another party any tax-related matter addressed herein.
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