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We conclude that the following determinations of certain
items relating to the purported contributions of the Euro options
in question to Evergreen Trading by its respective members can be
made from determinations that Evergreen Trading was required to
make for purposes of Evergreen Trading’s books and records or for
purposes of furnishing information to each member: The character
of any property that Evergreen Trading received from each member,
such as whether any such property received from each member was a
contribution or a loan16 and whether any such property should be
aggregated with other property received from each such member,
and the basis to Evergreen Trading of any property contributed to
it by each member, including necessary preliminary determina-
tions, such as the basis of each such member in such property.
See sec. 301.6231(a)(3)-1(a)(4), -1(c)(2), Proced. & Admin. Regs.
We further conclude that none of such determinations relating to
the purported contributions of the Euro options in question to
Evergreen Trading by its respective members required information
other than the information that Evergreen Trading was required to
use in making such determinations that it was required to make
for purposes of its books and records or for purposes of furnish-
ing information to a member. See id.
16In determining whether any property that Evergreen Trading
received from each member was a contribution or a liability,
Evergreen Trading was required to determine whether the so-called
obligation leg (i.e., the short position) of the Euro options in
question was a liability that Evergreen assumed.
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Last modified: November 10, 2007