Day Trading Tax Penalty
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Tax Considerations for Cryptocurrencies and Utility Tokens
A TOKEN GESTURE: TAX CONSIDERATIONS FOR CRYPTOCURRENCIES AND UTILITY TOKENS Presented By: John T. Lutz, Esq. , Panel Chair McDermott Will & Emery LLP New York City Karl T. Walli, Esq. Senior Counsel, Office of Tax Policy U.S. Department of the Treasury Washington, DC Edward E. Gonzalez, Esq. Skadden, Arps, Slate, Meagher & Flom LLP New York City Lisa M. Zarlenga, Esq. Steptoe & Johnson Washington, DC Section of Taxation Suite 400 1050 Connecticut Avenue, NW Washington, DC 20036 202-662-8670 FAX: 202-662-8682 E-mail: [email protected] OFFICERS Chair Karen L. Hawkins Yachats, OR March 19, 2018 Chair-Elect Eric Solomon Washington, DC The Honorable David Kautter Vice Chairs Administration Acting Commissioner Charles P. Rettig Beverly Hills, CA Internal Revenue Service Committee Operations Scott D. Michel 1111 Constitution Avenue, NW Washington, DC Continuing Legal Education Washington, DC 20024 Fred F. Murray Gainesville, FL Government Relations Julian Y. Kim Re: Tax Treatment of Cryptocurrency Hard Forks for Taxable Year 2017 Washington, DC Pro Bono and Outreach Bahar A. Schippel Dear Acting Commissioner Kautter: Phoenix, AZ Publications Julie A. Divola San Francisco, CA Enclosed please find comments regarding the federal income tax treatment of Secretary Katherine E. David cryptocurrency hard forks that have taken place in 2017 (“Comments”). These Comments San Antonio, TX Assistant Secretary are submitted on behalf of the American Bar Association Section of Taxation and have not Robb A. Longman Bethesda, MD been approved by the House of Delegates or the Board of Governors of the American Bar COUNCIL Association. Section Delegates to the House of Delegates Richard M. -
Present Law and Issues Related to the Taxation of Financial Instruments and Products
PRESENT LAW AND ISSUES RELATED TO THE TAXATION OF FINANCIAL INSTRUMENTS AND PRODUCTS A REPORT TO THE JOINT COMMITTEE ON TAXATION Prepared by the Staff of the JOINT COMMITTEE ON TAXATION December 2, 2011 JCX-56-11 CONTENTS Page INTRODUCTION AND SUMMARY ........................................................................................... 1 I. CONSIDERATIONS IN HOLDING, ISSUING, AND STRUCTURING FINANCIAL INSTRUMENTS....................................................................................................................... 6 A. Economic Considerations ................................................................................................... 7 B. Financial Accounting Considerations ................................................................................. 9 C. Regulatory Considerations ................................................................................................ 12 II. U.S. INCOME TAX PRINCIPLES ........................................................................................ 14 A. Timing of Income Rules ................................................................................................... 16 B. Character of Income Rules................................................................................................ 19 C. Source of Income Rules .................................................................................................... 22 III. INCOME TAX AND ACCOUNTING RULES AND ECONOMIC ANALYSIS RELATED TO FIVE FUNDAMENTAL FINANCIAL INSTRUMENTS .......................... -
Do Automated Trading Systems Dream of Manipulating the Price of Futures Contracts? Policing Markets for Improper Trading Practices by Algorithmic Robots
DO AUTOMATED TRADING SYSTEMS DREAM OF MANIPULATING THE PRICE OF FUTURES CONTRACTS? POLICING MARKETS FOR IMPROPER TRADING PRACTICES BY ALGORITHMIC ROBOTS Gregory Scopino* INTRODUCTION ..................................................................................... 222 I. BACKGROUND ........................................................................ 236 A. Regulatory Framework for Futures and Other Derivatives ........................................................... 236 B. Derivatives Markets Today: Algo Bots, Black Boxes, and HFT .................................................... 242 C. The CFTC’s Concept Release ........................................ 246 II. THE LAW OF MENTAL STATES ................................................ 250 A. Scienter for Business Entities ......................................... 250 B. Mental States and Conduct: From Accidental to Intentional .................................................................. 252 1. Strict Liability ......................................................... 253 2. Reasonableness (Negligence) .................................. 253 3. Recklessness ............................................................ 254 4. Intent ....................................................................... 255 5. Specific Intent ......................................................... 257 III. CAUSES OF ACTION THAT PROHIBIT IMPROPER TRADING PRACTICES .............................................................. 258 A. Market-Power Manipulation—Attack of the 800-Pound Gorilla -
Prohibited Floor Trading Activities Under the Commodity Exchange Act
Fordham Law Review Volume 58 Issue 1 Article 1 1989 Prohibited Floor Trading Activities Under the Commodity Exchange Act Jerry W. Markham Follow this and additional works at: https://ir.lawnet.fordham.edu/flr Part of the Law Commons Recommended Citation Jerry W. Markham, Prohibited Floor Trading Activities Under the Commodity Exchange Act, 58 Fordham L. Rev. 1 (1989). Available at: https://ir.lawnet.fordham.edu/flr/vol58/iss1/1 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Law Review by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. Prohibited Floor Trading Activities Under the Commodity Exchange Act Cover Page Footnote Partner, Rogers & Wells, Washington, D.C.; adjunct professor, Georgetown University Law Center. B.S. 1969, Western Kentucky University; J.D. 1971, University of Kentucky; L.L.M. 1974, Georgetown University. Mr. Markham has served as Chief Counsel of the Enforcement Division of the commodity Futures Trading Commission, as Secretary and Counsel of the Chicago Board Options Exchange, and as an attorney at the Securities and Exchange Commission. This article is available in Fordham Law Review: https://ir.lawnet.fordham.edu/flr/vol58/iss1/1 FORDHAM LAW REVIEW Volume 58 1989-1990 FORDHAM LAW REVIEW VOLUME LVIII OCTOBER 1989 NUMBER 1 CONTENTS ARTICLES PROHIBITED FLOOR TRADING ACTIVITIES UNDER THE COMMODITY EXCHANGE ACT ....................... Jerry W. Markham 1 GOVERNMENTAL AID TO RELIGIOUS ENTITIES: THE TOTAL SUBSIDY POSITION PREVAILS .................