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Hope this helps
From: Langben <Langben@xxxxxxx>
Return-path: <Langben@xxxxxxx>
To: yankee93@xxxxxxxxxxxxxxxx
Subject: Re: Trader tax laws...what are they?
Date: Wed, 18 Mar 1998 12:17:05 EST
Organization: AOL (http://www.aol.com)
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It is my understanding that:
1. Profit & Losses on Regulated Futures Contracts which covers most of the
futures contracts traded are treated as 60% Long Term & 40% Short Term and are
reported on Federal form 6781
See Internal Revenue Code Section1256
2. Profits and losses from trading stocks and options for active traders who
qualify as such are short term Captial Gains & Losses as they are held less
than a year.
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