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SIFMA asks Treasury to Resolve FATCA “Self-certification” FAQ 10 Confusion

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March 31, 2015
SIFMA asks Treasury to Resolve FATCA “Self-certification” FAQ 10 Confusion

The Securities Industry and Financial Markets Association (“SIFMA”) recently sent a comment to the U.S. Department of the Treasury asking for clarification regarding the following issue: Can FFIs residing in IGA 1 or 2 countries open an account as a U.S. reportable account for an investor who does not provide FATCA self-certification to the...
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Regulation 1.1092(d)-1(d) in Action: Per CCA 20151201F a Contingent Payment Debt is a Straddle “Position.”

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March 23, 2015
Regulation 1.1092(d)-1(d) in Action: Per CCA 20151201F a Contingent Payment Debt is a Straddle “Position.”

This CCA 20151201F was just released and it reiterates the IRS’ longstanding position that a debt could be a “position” with respect to personal property, and therefore can be a part of a straddle, with the ultimate result of disallowing any interest deduction on the debt under IRC §263(g)(1). This is not a new...
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Senate Committee on Finance: Use of Collars, Forwards, Swaps and Other Derivatives Decrease Taxpayer Equity

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March 5, 2015
Senate Committee on Finance: Use of Collars, Forwards, Swaps and Other Derivatives Decrease Taxpayer Equity

The Senate Committee on Finance came out with a report a few days ago titled “How Tax Pros Make the Code Less Fair and Efficient: Several New Strategies and Solutions.” In the report, the Committee outlines various uses of derivatives that according to the Committee make the Code unfair to the average Joe. The...
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Pilgrim’s Pride is Reversed in the 5th Circuit

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February 26, 2015
Pilgrim’s Pride is Reversed in the 5th Circuit

Over a year ago, Pilgrim’s Pride litigated a Section 1234A issue in the Tax Court. The issue was whether the taxpayer could claim an ordinary business loss on the abandonment of securities, and more importantly, whether  Section 1234A applies to the direct abandonment of securities as compared to the abandonment of “rights with respect of” securities....
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CCA 201507019 – Sec. 7701(g) Nonrecourse Debt Relevant for Sec. 475 Mark-to-Market, IRS Says

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February 18, 2015
CCA 201507019 – Sec. 7701(g) Nonrecourse Debt Relevant for Sec. 475 Mark-to-Market, IRS Says

Here we have what appears to be a novel issue that could potentially resolve some confusion that various securitization financial players might have had in the past. The question CCA 201507019 answers is whether financial institutions who mark-to-market their portfolios under Sec. 475 must factor in their fair market value calculations any Sec. 7701(g)...
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