2002—Subsec. (g)(3). Pub. L. 107–147 substituted “described in section” for “described in sections”.
2000—Subsec. (g)(3). Pub. L. 106–554 substituted “267(b) or” for “267(b) of”.
1999—Subsec. (c)(3). Pub. L. 106–170 substituted “manages” for “reduces”.
1998—Subsec. (c)(4). Pub. L. 105–206, § 7003(a), added par. (4).
Subsec. (f)(1)(D). Pub. L. 105–206, § 6010(a)(3), inserted at end “Subsection (d)(3) shall not apply under the preceding sentence for purposes of applying sections 1402 and 7704.”
Subsec. (g)(3). Pub. L. 105–206, § 7003(b), added par. (3).
1997—Subsecs. (e) to (g). Pub. L. 105–34 added subsecs. (e) and (f) and redesignated former subsec. (e) as (g).
Amendment by Pub. L. 106–170 applicable to any instrument held, acquired, or entered into, any transaction entered into, and supplies held or acquired on or after
Amendment by section 6010(a)(3) of Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.
Pub. L. 105–206, title VII, § 7003(c), “(1) The amendments made by this section [amending this section] shall apply to taxable years ending after the date of the enactment of this Act [“(2) In the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year ending after the date of the enactment of this Act—“(A) such change shall be treated as initiated by the taxpayer;“(B) such change shall be treated as made with the consent of the Secretary of the Treasury; and“(C) the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the Internal Revenue Code of 1986 shall be taken into account ratably over the 4-taxable-year period beginning with such first taxable year.”
Pub. L. 105–34, title X, § 1001(d), “(1) Except as otherwise provided in this subsection, the amendments made by this section [enacting section 1259 of this title and amending this section] shall apply to any constructive sale after “(2) If—“(A) before “(B) before the close of the 30-day period beginning on the date of the enactment of this Act [such transaction and position shall not be taken into account in determining whether any other constructive sale after “(3) In the case of a decedent dying after “(A) there was a constructive sale on or before such date of any appreciated financial position,“(B) the transaction resulting in such constructive sale of such position remains open (with respect to the decedent or any related person)—“(i) for not less than 2 years after the date of such transaction (whether such period is before or after “(ii) at any time during the 3-year period ending on the date of the decedent’s death, and“(C) such transaction is not closed before the close of the 30th day after the date of the enactment of this Act,then, for purposes of such Code [probably means the Internal Revenue Code of 1986], such position (and the transaction resulting in such constructive sale) shall be treated as property constituting rights to receive an item of income in respect of a decedent under section 691 of such Code. Section 1014(c) of such Code shall not apply to so much of such position’s or property’s value (as included in the decedent’s estate for purposes of chapter 11 of such Code) as exceeds its fair market value as of the date such transaction is closed.“(4) “(A) The amendments made by subsection (b) [amending this section] shall apply to taxable years ending after the date of the enactment of this Act.“(B) 4-In the case of a taxpayer who elects under subsection (e) or (f) of section 475 of the Internal Revenue Code of 1986 (as added by this section) to change its method of accounting for the taxable year which includes the date of the enactment of this Act—“(i) any identification required under such subsection with respect to securities and commodities held on the date of the enactment of this Act shall be treated as timely made if made on or before the 30th day after such date of enactment, and“(ii) the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of such Code shall be taken into account ratably over the 4-taxable year period beginning with such first taxable year.”
Pub. L. 103–66, title XIII, § 13223(c), “(1) The amendments made by this section [enacting this section and amending section 988 of this title] shall apply to all taxable years ending on or after “(2) In the case of any taxpayer required by this section to change its method of accounting for any taxable year—“(A) such change shall be treated as initiated by the taxpayer,“(B) such change shall be treated as made with the consent of the Secretary, and“(C) except as provided in paragraph (3), the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the Internal Revenue Code of 1986 shall be taken into account ratably over the 5-taxable year period beginning with the first taxable year ending on or after “(3) “(A) If—“(i) a taxpayer (or any predecessor) used the last-in first-out (LIFO) method of accounting with respect to any qualified securities for the 5-taxable year period ending with its last taxable year ending before “(ii) any portion of the net amount described in paragraph (2)(C) is attributable to the use of such method of accounting,then paragraph (2)(C) shall be applied by taking such portion into account ratably over the 15-taxable year period beginning with the first taxable year ending on or after “(B) For purposes of this paragraph, the term ‘qualified security’ means any security acquired—“(i) by a floor specialist (as defined in section 1236(d)(2) of the Internal Revenue Code of 1986) in connection with the specialist’s duties as a specialist on an exchange, but only if the security is one in which the specialist is registered with the exchange, or“(ii) by a taxpayer who is a market maker in connection with the taxpayer’s duties as a market maker, but only if—“(I) the security is included on the National Association of Security Dealers Automated Quotation System,“(II) the taxpayer is registered as a market maker in such security with the National Association of Security Dealers, and“(III) as of the last day of the taxable year preceding the taxpayer’s first taxable year ending on or after