PUBLIC LAW 110–172—DEC. 29, 2007
121 STAT. 2483
‘‘(I) is reasonable, consistent with the purposes of this paragraph, and consistently applied by the taxpayer, and ‘‘(II) results in an aggregate increase in the basis of such offsetting positions which is equal to the loss described in clause (ii), and’’. (2)(A) Subparagraph (B) of section 1092(a)(2) is amended by adding at the end the following flush sentence: ‘‘A straddle shall be treated as clearly identified for purposes of clause (i) only if such identification includes an identification of the positions in the straddle which are offsetting with respect other positions in the straddle.’’. (B) Subparagraph (A) of section 1092(a)(2) is amended— (i) by striking ‘‘identified positions’’ in clause (i) and inserting ‘‘positions’’, (ii) by striking ‘‘identified position’’ in clause (ii) and inserting ‘‘position’’, and (iii) by striking ‘‘identified offsetting positions’’ in clause (ii) and inserting ‘‘offsetting positions’’. (C) Subparagraph (B) of section 1092(a)(3) is amended by striking ‘‘identified offsetting position’’ and inserting ‘‘offsetting position’’. (3) Paragraph (2) of section 1092(a) is amended by redesignating subparagraph (C) as subparagraph (D) and inserting after subparagraph (B) the following new subparagraph: ‘‘(C) APPLICATION TO LIABILITIES AND OBLIGATIONS.— Except as otherwise provided by the Secretary, rules similar to the rules of clauses (ii) and (iii) of subparagraph (A) shall apply for purposes of this paragraph with respect to any position which is, or has been, a liability or obligation.’’. (4) Subparagraph (D) of section 1092(a)(2), as redesignated by paragraph (3), is amended by inserting ‘‘the rules for the application of this section to a position which is or has been a liability or obligation, methods of loss allocation which satisfy the requirements of subparagraph (A)(iii),’’ before ‘‘and the ordering rules’’. (e) EFFECTIVE DATE.— (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall take effect as if included in the provisions of the American Jobs Creation Act of 2004 to which they relate. (2) IDENTIFICATION REQUIREMENT OF AMENDMENT RELATED TO SECTION 888 OF THE AMERICAN JOBS CREATION ACT OF 2004.— The amendment made by subsection (d)(2)(A) shall apply to straddles acquired after the date of the enactment of this Act.
26 USC 1092.
26 USC 1092 note.
Applicability.
SEC. 8. AMENDMENTS RELATED TO THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001.
dkrause on GSDDPC44 with PUBLAW
(a) AMENDMENTS RELATED TO SECTION 617 OF THE ACT.— (1) Subclause (II) of section 402(g)(7)(A)(ii) is amended by striking ‘‘for prior taxable years’’ and inserting ‘‘permitted for prior taxable years by reason of this paragraph’’. (2) Subparagraph (A) of section 3121(v)(1) is amended by inserting ‘‘or consisting of designated Roth contributions (as defined in section 402A(c))’’ before the comma at the end.
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