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Post details: London International Financial Futures and Options Exchange Recognized as Qualified Board or Exchange (Rev. Rul. 2010-3)
12/29/09
London International Financial Futures and Options Exchange Recognized as Qualified Board or Exchange (Rev. Rul. 2010-3)
CCH (cch.taxgroup.com) reports:
 The London International Financial Futures and Options Exchange (LIFFE), a regulated exchange of the United Kingdom, has been recognized by the IRS as a qualified board or exchange within the meaning of
Code Sec. 1256(g)(7)(C). A taxpayer may change to the Code Sec. 1256 mark-to-market accounting method for the first tax year during which the taxpayer holds LIFFE contract that was entered into on or after January 1, 2010. Although the change in treatment of LIFFE contracts is a change in method of accounting, taxpayers do not need to file Form 3115, Application for Change in Accounting Method, to make this change. The change is made on a cut-off basis and no Code Sec. 481(a) adjustment is required.
Rev. Rul. 2010-3, 2010FED ¶46,221
Other References:
Â
Code Sec. 1256
 CCH Reference - 2009FED ¶31,107.021
 CCH Reference - 2009FED ¶31,107.70
 Tax Research Consultant
 CCH Reference - TRC SALES: 48,100
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