“Aggressive Advice and Useful Warnings at Hedge Fund Meetings”
Tax Analysts, January 12, 2011
Andrea Kramer discussed the uncertainty that has arisen in the taxation of derivatives, because the Dodd-Frank Act has defined 21 types of swap contracts compared to the seven defined in Section 1256 of the Internal Revenue Code. These additional swaps may or may not become futures contracts when they are cleared on exchanges. Ms. Kramer noted that regulators and interested parties are having a vigorous debate in Washington about defining what kinds of operations can perform clearing.