Page:United States Statutes at Large Volume 95.djvu/359

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 333

"(2) FLOOR SPECIALIST.—The term 'floor specialist' means a person who is— "(A) a member of a national securities exchange, "(B) is registered as a specialist with the exchange, and "(C) meets the requirements for specialists established by the Securities and Exchange Commission." SEC. 507. TREATMENT OF GAIN OR LOSS FROM CERTAIN TERMINATIONS. (a) GENERAL RULE.—Part IV of subchapter P of chapter 1 (relating to special rules for determining capital gains and losses) is amended by inserting after section 1234 the following new section: "SEC. 1234A. GAINS OR LOSSES FROM CERTAIN TERMINATIONS. 26 USC 1234A. "Gain or loss attributable to the cancellation, lapse, expiration, or other termination of a right or obligation with respect to personal property (as defined in section 1092(d)(1)) which is (or on acquisition Ante, p. 323. would be) a capital asset in the hands of the taxpayer shall be treated as gain or loss from the sale of a capital asset." (b) CLERICAL AMENDMENT.—The table of sections for part IV of subchapter P of chapter 1 is amended by inserting after the item relating to section 1234 the following new item: "Sec. 1234A. Gains or losses from certain terminations." SEC. 508. EFFECTIVE DATES.

26 USC 1092

(a) IN GENERAL.—Except as otherwise provided in this section, the amendments made by this title shall apply to property acquired and positions established by the taxpayer after June 23, 1981, in taxable years ending after such date. (b) IDENTIFICATION REQUIREMENTS.— (1) UNDER SECTION 1236 OF CODE.—The

amendments made by section 506 shall apply to property acquired by the taxpayer after the date of the enactment of tms Act in taxable years ending after such date. (2) UNDER SECTION I256(e)(2)(0 OF CODE.—Section 1256(e)(2)(C) of Ante, p. 327. the Internal Revenue Code of 1954 (as added by this title) shall apply to property acquired and positions established by the taxpayer after December 31, 1981, in taxable years ending after such date. (c) ELECTION WITH RESPECT TO PROPERTY HELD ON JUNE 23, 1981.— If the taxpayer so elects (at such time and in such manner as the Secretary of the Treasury or his delegate shall prescribe) with respect to all regulated futures contracts or positions held by the taxpayer on June 23, 1981, the amendments made by this title shall apply to all such contracts and positions, effective for periods after such date in taxable years ending after such date. For purposes of the preceding sentence, the term "regulated futures contract" has the meaning given to such term by section 1256(b) of the Internal Revenue Code of 1954, and the term "position" has the meaning given to such term by section 1092(d)(2) of such Code. SEC. 509. ELECTION FOR EXTENSION OF TIME FOR PAYMENT AND APPLICATION OF SECTION 1256 FOR THE TAXABLE YEAR INCLUDING JUNE 23, 1981. (a) ELECTION.— 26 USC i256 (1) IN GENERAL.—In the case of any taxable year beginning ^°^^before June 23, 1981, and ending after June 22, 1981, the taxpayer may elect, in lieu of any election under section 508(c), to

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