EYUS IRS rules gains and losses arising from commodity hedges may be sourced by reference to the underlying hedged inventory property
|Tax Alerts, National/Federal Taxation, A ...|United States
The United States (US) Internal Revenue Service (IRS) ruled in PLR 202140016 that a taxpayer (Taxpayer) can source gains or losses arising from certain commodity derivative hedging transactions (Commodity Derivatives) by reference to the source of gains or losses derived from the sale of the underlying inventory property being hedged. The IRS made its ruling by analogy to the inventory s…
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