Bank One Corporation - Page 182

                                        -256-                                         
                    (1) shall not apply to any security described                     
                    in subparagraph (D) or (E) of subsection                          
                    (c)(2) which is held by a dealer in such                          
                    securities.                                                       
                    (c) Definitions.--For purposes of this section-–                  
                         (1) Dealer in securities defined.--The                       
                    term “dealer in securities” means a taxpayer                      
                    who--                                                             
                              (A) regularly purchases                                 
                         securities from or sells securities                          
                         to customers in the ordinary course                          
                         of a trade or business; or                                   
                              (B) regularly offers to enter                           
                         into, assume, offset, assign or                              
                         otherwise terminate positions in                             
                         securities with customers in the                             
                         ordinary course of a trade or                                
                         business.                                                    
                         (2) Security defined.--The term                              
                    “security” means any--                                            
                              (A) share of stock in a                                 
                         corporation;                                                 
                              (B) partnership or beneficial                           
                         ownership interest in a widely held                          
                         or publicly traded partnership or                            
                         trust;                                                       
                              (C) note, bond, debenture, or                           
                         other evidence of indebtedness;                              
                              (D) interest rate, currency,                            
                         or equity notional principal                                 
                         contract;                                                    
                              (E) evidence of an interest                             
                         in, or a derivative financial                                
                         instrument in, any security                                  
                         described in subparagraph (A), (B),                          
                         (C), or (D), or any currency,                                
                         including any option, forward                                
                         contract, short position, and any                            





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Last modified: May 25, 2011