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United States - IRS Designates LIFFE a Qualified Board or Exchange

United States
P. Carman
Derivatives & Financial Instruments, 2010 (Volume 12), No 2
11 March 2010
The US Internal Revenue Service determined that the London International Financial Futures and Options Exchange is a qualified board or exchange for the purposes of Sec. 1256(g)(7)(C) of the Internal Revenue Code of 1986. For taxpayers not subject to the US tax system, the most significant aspect of the designation of LIFFE as a qualified board or exchange may be the extension of the IRS subpoena powers to LIFFE transactions. For taxpayers subject to the US tax system, the designation may result in a change in the timing of recognition of income and loss from contracts traded on LIFFE.
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