Page:United States Statutes at Large Volume 95.djvu/349

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 323

"(1) GENERAL RULE.—Returns made under section 6019 (relating to gift taxes) shall be filed on or before the 15th day of April following the close of the calendar year. "(2)

EXTENSION WHERE TAXPAYER GRANTED EXTENSION FOR

FILING INCOME TAX RETURN.—Any extension of time granted the taxpayer for filing the return of income taxes imposed by subtitle A for any taxable year which is a calendar year shall be deemed to be also an extension of time granted the taxpayer for filing the return under section 6019 for such calendar year. "(3) COORDINATION WITH DUE DATE FOR ESTATE TAX RETURN.—

Notwithstanding paragraphs (1) and (2), the time for filing the return made under section 6019 for the calendar year which includes the date of death of the donor shall not be later than the time (including extensions) for filing the return made under section 6018 (relating to estate tax returns) with respect to such donor." (4) Paragraph (1) of section 6212(c) (relating to notice of 26 USC 6212. deficiency) is amended by striking out "calendar quarter" and inserting in lieu thereof "calendar year", (e) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 2501 note. apply with respect to gifts made after December 31, 1981.

TITLE V—TAX STRADDLES SEC. 501. POSTPONEMENT OF RECOGNITION OF LOSSES, ETC.

(a) GENERAL RULE.—Part VII of subchapter O of chapter 1 (relating to wash sales of stock or securities) is amended by adding at the end thereof the following new section: "SEC. 1092. STRADDLES. "(a) RECOGNITION OF LOSS IN CASE OF STRADDLES, ETC.— "(1) LIMITATION ON RECOGNITION OF LOSS.—

"(A) IN GENERAL.—Any loss with respect to 1 or more positions shall be taken into account for any taxable year only to the extent that the amount of such loss exceeds the unrealized gain (if any) with respect to 1 or more positions which— "(i) were acquired by the taxpayer before the disposition giving rise to such loss, "(ii) were offsetting positions with respect to the 1 or more positions from which the loss arose, and "(iii) were not part of an identified straddle as of the close of the taxable year. "(B) CARRYOVER OF LOSS.—Any loss which may not be taken into account under subparagraph (A) for any taxable year shall, subject to the limitations under subparagraph (A), be treated as sustained in the succeeding taxable year. "(2) SPECIAL RULE FOR IDENTIFIED STRADDLES.—

"(A) IN GENERAL.—In the case of any straddle which is an identified straddle as of the close of any taxable year— "(i) paragraph (1) shall not apply for such taxable year, and "(ii) any loss with respect to such straddle shall be treated as sustained not earlier than the day on which all of the positions making up the straddle are disposed of.

26 USC 1092.

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