§ 475(e)(2)(D)

a commodity

UNDECIDED

0 of 2 settled

  1. 1

    § 475(e)(2)(D)

    ALL OF

    any position which—

    “any position” Opening words
    “is not a commodity described in subparagraph (A), (B), or (C),” § 475(e)(2)(D)(i)
    “is a hedge with respect to such a commodity, and” § 475(e)(2)(D)(ii) needs Step 2 Is a hedge UNDECIDED
    “is clearly identified in the taxpayer’s records as being described in this subparagraph before the close of the day on which it was acquired or entered into (or such other time as the Secretary may by regulations prescribe).” § 475(e)(2)(D)(iii)

    “As the Secretary may by regulations prescribe” leaves this to Treasury. No regulation cites this provision (eCFR, Oct 19, 2026)

  2. 2

    § 475(c)(3)

    Is a hedge

    ALL OF
    “any position which manages the dealer’s risk of interest rate or price changes or currency fluctuations, including any position which is reasonably expected to become a hedge within 60 days after the acquisition of the position.”

    “Reasonably” implies facts and circumstances. No regulation cites this provision (eCFR, Oct 19, 2026)

    Research 1