11:45 am – 1:00 pm CDT
To view the archived webcast, please click here.
On February 26, 2014, the U.S. House Committee on Ways and Means Chairman Dave Camp released a discussion draft of comprehensive tax reform, with a number of proposals aimed at the financial markets. The 2014 reform proposals include many of the items affecting the taxation of derivatives that were contained in Chairman Camp’s stand-alone 2013 discussion draft, with some noteworthy additions and revisions.
These derivative reform proposals would, if enacted, dramatically alter the tax character and/or timing of income for derivative products entered into by many taxpayers, including individuals, trading firms and businesses. Similar to Chairman Camp’s 2013 proposal, the Tax Reform Act of 2014 would provide uniformity in the tax treatment of derivative transactions by requiring all non-exempt derivative positions to be accounted for on a mark-to-market basis, with resulting gains or losses uniformly treated as ordinary.
McDermott Will & Emery is pleased to invite you to a complimentary webcast focused on the implications of the derivative reform proposals included as part of the discussion draft of the Tax Reform Act of 2014. Topics to be discussed include:
- Consequences of mark-to-market accounting, including proposed valuation methods
- The repeal of the 60/40 rules for Section 1256 contracts
- The proposed definition of a derivative, including the treatment of certain “embedded derivatives”
- Mark-to-market exceptions, including qualifying business hedging transactions and changes to the tax hedge identification requirements
- The proposed “mixed straddle” rules that would force taxpayers engaging in certain risk management transactions to adopt mark-to-market accounting and ordinary tax character for certain offsetting non-derivative positions
We will also discuss other miscellaneous financial product proposals, including the cost basis rules for securities and extension of the wash sales rules to certain related party transactions.
Andrea S. Kramer, Partner
William R. Pomierski, Partner
CLE credit is pending in California, Illinois, New York and Texas. Participants requesting CLE in other states will receive a Uniform Certificate of Attendance. CPE credit is pending for this program.
For more information, please contact McDermott Events.
For a broader discussion of the proposals, click here.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with more than 1,100 lawyers worldwide. Our lawyers and practices are recognized as leaders in their areas of law. In 2013, McDermott was named “Law Firm of the Year” in Tax Controversy by U.S. News–Best Lawyers and “North American Tax Firm of the Year” by International Tax Review, and we are nationally and internationally ranked in Chambers and Legal 500.
CLE credit for the live presentation of this program is pending in the following states: California, Illinois, New York and Texas. CPE credit is pending for this program. Please be advised that credit will not be approved for on-demand/recorded viewings of this program in the states listed above. Attendees seeking CLE or CPE credit in other states should consult their state accrediting agency to determine whether self-study credit can be earned for on-demand/recorded viewing of this program.