Abstract
The US Internal Revenue Service determined that the London International Financial Futures and Options Exchange is a qualified board or exchange for the purposes of Sec. 1256(g)(7)(C) of the Internal Revenue Code of 1986. For taxpayers not subject to the US tax system, the most significant aspect of the designation of LIFFE as a qualified board or exchange may be the extension of the IRS subpoena powers to LIFFE transactions. For taxpayers subject to the US tax system, the designation may result in a change in the timing of recognition of income and loss from contracts traded on LIFFE.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Finance and Capital Markets (formerly Derivatives & Financial Instruments)
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
