IRS Seeks Public Comment on Mark-to-Market Accounting Rules

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The Internal Revenue Service is asking for public comment on proposed and temporary rules (REG-104924-98) on mark-to-market accounting for commodities dealers, according to a notice in the Jan. 6 Federal Register.
The IRS said it requires information collection for the rules to determine whether exemptions from mark-to-market treatment are properly claimed. Securities traders have previously sought exemptions from the rules in transactions in which they apply tax code Sections 864 and 988, saying gains and losses in such transactions should qualify as gains or losses from capital assets (105 DTR G-5, 6/2/99).
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