-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 anyPage: Previous 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 Next
Last modified: May 25, 2011