A bill to amend section 1234 of the Internal Revenue Code of 1954 (relating to options to buy and sell) to provide that gain or loss on closing transactions shall be treated as capital gain or loss.

Summary

Amends the Internal Revenue Code to treat gain or loss from any closing transaction as a gain or loss from the sale or exchange of a capital asset held for not more than six months. Defines the term "closing transaction" to mean the purchase of a put or call in stock or securities, or commodities, to terminate the taxpayer's obligation under an existing put or call in substantially identical stock or securities.

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Documents

2 official files

• Reported to House with amendment(s)

  summary · EN · 26 May 1976

  Open at official source

• Introduced in House

  summary · EN · 2 March 1976

  Open at official source

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