Page:United States Statutes at Large Volume 96 Part 2.djvu/1022

 96 STAT. 2384

95 Stat. 318. 26 USC 2518.

95 Stat. 323. 26 USC 1092.

PUBLIC LAW 97-448—JAN. 12, 1983 (B) An election under subparagraph (A) shall be made at such time and in such manner as the Secretary of the Treasury or his delegate shall prescribe. (C) An election under subparagraph (A), once made, shall be irrevocable. (e) AMENDMENT RELATED TO SECTION 426.—Paragraph (3) of section 2518(c) (relating to disclaimers) is amended by striking out "For purposes of subsection (a), a" and inserting in lieu thereof "A". SEC. 105. AMENDMENTS RELATED TO TITLE V OF THE ACT. (a) AMENDMENTS RELATED TO SECTION 501.— (1) Loss COMPUTED WITH RESPECT TO UNRECOGNIZED GAIN.— (A) IN GENERAL.—Subparagraph (A) of section 1092(a)(1) (relating to recognition of loss in case of straddles, etc.) is amended by striking out "unrealized gain" and inserting in lieu thereof "unrecognized gain". (B) UNRECOGNIZED GAIN DEFINED.—So much of paragraph (8) of section 1092(a) as precedes subparagraph (B) thereof is amended to read as follows: "(3) UNRECOGNIZED GAIN.—For purposes of this subsection— "(A) IN GENERAL.—The term 'unrecognized gain' means— "(i) in the case of any position held by the taxpayer as of the close of the teixable year, the amount of gain which would be taken into account with respect to such position if such position were sold on the last business day of such taxable year at its fair market value, and "(ii) in the case of any position with respect to which, as of the close of the taxable year, gain has been realized but not recognized, the amount of gain so realized." (C) REPORTING OF GAIN.—Subclauses (I) and (II) of section 1092(a)(3)(B)(i) (relating to reporting of gain) are amended to read as follows: "(I) each position (whether or not part of a straddle) with respect to which, as of the close of the taxable year, there is unrecognized gain, and "(II) the amount of such unrecognized gain." (D) CLERICAL AMENDMENTS.—

26 USC 6653.

(i) Section 6653 (relating to failure to pay tax) is amended by redesignating subsection (g) as subsection (f). (ii) The subsection heading of subsection (f) of section 6653 (as redesignated by clause (i)) is amended by striking out "UNREAUZED" and inserting in lieu thereof "UNRECOGNIZED". (2) CLARIFICATION OF GENERAL RULE LIMITING RECOGNITION OF

LOSS.—Subparagraph (A) of section 1092(a)(l) is amended by striking out "which—" and all that follows and inserting in lieu thereof the following: "which were offsetting positions with respect to 1 or more positions from which the loss arose." (3) COORDINATION WITH SECTION 1256.—Paragraph (4) of section 1092(d) (relating to special rule for regulated futures contracts) is amended to read as follows: "(4) SPECIAL RULE FOR REGULATED FUTURES CONTRACTS.—In the

case of a straddle at least 1 0)ut not all) of the positions of which are regulated futures contracts, the provisions of this section

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