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TREAS/IRS RIN: 1545-BK81 Publication ID: Fall 2013 
Title: Qualified Derivatives 
Abstract: These proposed regulations provide guidance for regulated investment companies (RICs) as to whether an investment in a derivative financial instrument may produce qualifying income for a RIC under section 851(b)(2) of the Internal Revenue Code. These proposed regulations provide that, in the absence of authoritative guidance issued under the securities laws, or to the extent consistent with such guidance, if issued, a financial instrument meeting the definition of a "qualified derivative" set forth in these regulations is treated as a security under the 1940 Act for purposes of section 851(b)(2). Income and gain derived by a RIC from a qualified derivative will be treated as qualifying RIC income and gain from a 1940 Act security for purposes of section 851(b)(2). These proposed regulations provide needed guidance to RICs. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 26 CFR 1 
Legal Authority: 26 USC 851; 26 USC 7805 
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2013   
Additional Information: REG-148776-11 Drafting attorney: Cathy Fung (202) 622-3930 Reviewing attorney: Susan Thompson Baker (202) 622-3930 Treasury attorney: Karl Walli (202) 622-5721 CC:FIP
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Cathy Fung
General Attorney (Tax)
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 3527,
Washington, DC 20224
Phone:202 622-3930
Fax:202 622-6940
Email: cathy.fung@irscounsel.treas.gov

 
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