H.R. 4912, To amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts

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H.R. 4912 would amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts.

Detailed Summary

Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index.

Status of the Legislation

Latest Major Action: 12/19/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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