2022 Standard Federal Tax Reporter (CCH) Joint Committee Summary of P.L. 107-147 (Job Creation and Worker Assistance Act of 2002), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Joint Committee Summary of P.L. 107-147 (Job Creation and Worker Assistance Act of 2002)

  .14 Amendment to the Technical and Miscellaneous Revenue Act of 1988.-

   Coordination of wash sale rules and section 1256 contracts .-The bill clarifies that the wash sale rules do not apply to any loss arising from a section 1256 contract. This rule is similar to the rule in present-law section 475 applicable to securities that are marked to market under that section. The provision is effective as if included in section 5075 of the Technical and Miscellaneous Revenue Act of 1988. Technical Explanation of the   "Job Creation and worker Assistance Act of 2002,"   March 6, 2002 (JCX-12-02).