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Check all applicable boxes (see instructions). A Mixed straddle election C Mixed straddle account election
B Straddle-by-straddle identification election D Net section 1256 contracts loss election
Part I Section 1256 Contracts Marked to Market
(a) Identification of account (b) (Loss) (c) Gain
1
10
11a Enter the short-term portion of losses from line 10, column (h), here and include on the appropriate line of
Schedule D (see instructions) 11a ( )
b Enter the long-term portion of losses from line 10, column (h), here and include on the appropriate line of
Schedule D (see instructions) 11b ( )
Section B—Gains From Straddles
(b) Date (f) Gain. If column
(c) Date (e) Cost or other
entered (d) Gross (d) is more than (e),
(a) Description of property closed out basis plus
into or sales price enter difference.
or sold expense of sale
acquired Otherwise, enter -0-
12
13a Enter the short-term portion of gains from line 12, column (f), here and include on the appropriate line of
Schedule D (see instructions) 13a
b Enter the long-term portion of gains from line 12, column (f), here and include on the appropriate line of
Schedule D (see instructions) 13b
Part III Unrecognized Gains From Positions Held on Last Day of Tax Year. Memo Entry Only (see instructions)
(e) Unrecognized gain.
(b) Date (c) Fair market value on last (d) Cost or other basis If column (c) is more
(a) Description of property
acquired business day of tax year as adjusted than (d), enter difference.
Otherwise, enter -0-
14
For Paperwork Reduction Act Notice, see page 4. Cat. No. 13715G Form 6781 (2007)
Form 6781 (2007) Page 2
On the amended Forms 6781 for the ● The regulated futures part of a ● A position that is part of a straddle if
years to which the loss is carried back, hedging transaction. The gain or loss on all of the positions of the straddle are
report the carryback on line 1 of that a hedging transaction is treated as section 1256 contracts.
year’s amended Form 6781. Enter “Net ordinary income or loss. See Pub. 550
section 1256 contracts loss carried back for details. Column (a)
from” and the tax year in column (a), and Line 5 Enter the property and delivery date,
enter the amount of the loss carried and indicate whether the property is a
back in column (b). Partnerships enter the amount from line 5
on Form 1065, Schedule K, line 11. long or short position.
Electing large partnerships enter the
Specific Instructions amount from line 5 on Form 1065-B, Part Column (d)
II, line 5. S corporations enter the amount For positions closed out or sold, enter
Part I from line 5 on Form 1120S, Schedule K, the closing price or sales price.
Line 1 line 10. Lines 6 through 9 in Part I of
Form 6781 do not apply to partnerships Column (e)
Include on line 1 all gains and losses
or S corporations and are left blank. For positions closed out or sold, enter
from section 1256 contracts open at the
the cost or other basis plus
end of your tax year or closed out during Line 6
commissions paid. Include
the year. If you received a Form 1099-B, See the instructions for Box D. nondeductible interest and carrying
Proceeds From Broker and Barter
Line 8 charges allocable to personal property
Exchange Transactions, or equivalent
that is part of a straddle. If any part of
statement, include on line 1 the amount Include this amount on Schedule D an unallowed loss from an offsetting
from box 11 of each form. In column (a), (Form 1040), line 4; or on Schedule D position established in an identified
write “Form 1099-B” and the broker’s (Form 1041), line 2; or enter it as a straddle after October 21, 2004,
name. List separately each transaction short-term capital gain or (loss) on the increased your basis in the position, also
for which you did not receive a Form Schedule D for your return, and enter include that amount. See Pub. 550 for
1099-B or equivalent statement, or “Form 6781, Part I” in column (a) of that details.
received a Form 1099-B that is not for Schedule D.
your tax year. Line 10, Column (f)
Line 9 Include in this column any loss not
If you are completing an amended
2007 Form 6781 to carry back a net Include this amount on Schedule D allowed in the prior year to the extent of
section 1256 contracts loss from 2008 or (Form 1040), line 11; or on Schedule D the unrecognized gain.
a later year, report the carryback on line (Form 1041), line 7; or enter it as a
1. Enter “Net section 1256 contracts loss long-term capital gain or (loss) on the Line 10, Column (g)
carried back from” and the tax year in Schedule D for your return, and enter
Enter the unrecognized gain on positions
column (a), and enter the amount of the “Form 6781, Part I” in column (a) of that
offsetting those in columns (a) through
loss carried back to 2007 in column (b). Schedule D.
(f). Figure the amount to enter in this
See the instructions for Box D for Part II column by subtracting the cost or other
details. basis of the offsetting position from the
Use Section A for losses from positions
settlement price of that position as of
Line 4 that are part of a straddle. Generally, a
the close of the last business day of
loss is allowed to the extent it exceeds
If the Form 1099-B you received your 2007 tax year.
the unrecognized gain on offsetting
includes a straddle or hedging positions. The part of the loss not Lines 11 and 13
transaction (as defined in section allowed is treated as if incurred in the
1256(e)(2)), you may need to make Separate recognized gains and losses
following year and is allowed to the into short-term and long-term. Attach a
certain adjustments listed below. Attach same extent. However, a loss from an
a schedule listing each of these separate schedule. For information about
identified position established in an holding periods for straddle positions,
adjustments and enter the total(s) on identified straddle after October 21,
line 4. see Pub. 550 and Temporary
2004, is not allowed. Instead, the basis Regulations section 1.1092(b)-2T. Attach
● The regulated futures part of a mixed of any offsetting position(s) in the separate schedules for (a) section 988
straddle, if you made any of the mixed identified straddle that has unrecognized contracts that are part of a mixed
straddle elections. gain is increased by the amount of the straddle and (b) any gain on the
● The amount of the loss, if you did not unallowed loss. disposition or other termination of any
make any of the mixed straddle Use Section B for gains from positions position held as part of a conversion
elections or the straddle was not that are part of a straddle. transaction (as defined in section
identified as a mixed straddle and you 1258(c)). Identify the net gain or loss and
Do not include in Part II a disposition
had a loss on the regulated futures part report it on Form 4797, line 10.
of any of the following.
that was less than the unrecognized gain
on the nonregulated futures part. If the ● A position that is part of a hedging Line 11a
unrecognized gain is less than the loss, transaction. Include this amount on Schedule D
enter the unrecognized gain. Use Part I ● A loss position included in an (Form 1040), line 4; or on Schedule D
for a loss on the disposition of one or identified straddle established before (Form 1041), line 2; or enter it as a
more positions that are part of a mixed October 22, 2004, unless you disposed short-term capital loss on the Schedule
straddle and that are non-section 1256 of all of the positions making up the D for your return, and enter “Form 6781,
positions if no disposition of a straddle. Part II” in column (a) of that Schedule D.
non-section 1256 position in the straddle ● A loss position included in an
would be a long-term capital gain or identified straddle established after
loss, and the disposition of one or more October 21, 2004.
section 1256 positions in the straddle
would be a capital gain or loss.
Form 6781 (2007) Page 4
Line 11b Form 1040. If you checked “Yes” on You are not required to provide the
line 17 of Schedule D (Form 1040), information requested on a form that is
Include this amount on Schedule D subject to the Paperwork Reduction Act
(Form 1040), line 11; or on Schedule D include the collectibles gain or (loss)
from Part II on line 3 of the 28% Rate unless the form displays a valid OMB
(Form 1041), line 7; or enter it as a control number. Books or records
long-term capital loss on the Schedule D Gain Worksheet in the Instructions for
Schedule D (Form 1040). relating to a form or its instructions must
for your return, and enter “Form 6781, be retained as long as their contents
Part II” in column (a) of that Schedule D. Form 1041. If you must complete the
28% Rate Gain Worksheet in the may become material in the
Line 13a Instructions for Form 1041 and administration of any Internal Revenue
Include this amount on Schedule D Schedules A, B, D, G, I, J, and K-1, law. Generally, tax returns and return
(Form 1040), line 4; or on Schedule D include the collectibles gain or (loss) information are confidential, as required
(Form 1041), line 2; or enter it as a from Part II on line 3 of that worksheet. by section 6103.
short-term capital gain on the Schedule The time needed to complete and file
D for your return, and enter “Form 6781, Part III this form will vary depending on
Part II” in column (a) of that Schedule D. individual circumstances. The estimated
Complete Part III by listing each position burden for individual taxpayers filing this
Line 13b (whether or not part of a straddle) that form is approved under OMB control
Include this amount on Schedule D you held at the end of the tax year number 1545-0074 and is included in
(Form 1040), line 11; or on Schedule D (including any position you are treated the estimates shown in the instructions
(Form 1041), line 7; or enter it as a as holding because it is held by a for their individual income tax return. The
long-term capital gain on the Schedule related party) if the FMV of the position estimated burden for all other taxpayers
D for your return and enter “Form 6781, at such time exceeds your cost or other who file this form is shown below.
Part II” in column (a) of that Schedule D. basis as adjusted.
Recordkeeping 10 hr., 31 min.
Collectibles gain or (loss). A Do not include positions that are part
of an identified straddle or hedging Learning about the
collectibles gain or (loss) is any
transaction, property that is stock in law or the form 1 hr., 57 min.
long-term gain or deductible long-term
loss from the sale or exchange of a trade or inventory, or property subject to Preparing the form 3 hr., 9 min.
collectible that is a capital asset. depreciation used in a trade or business.
Copying, assembling,
Collectibles include works of art, rugs, Do not complete Part III if you do not and sending the form
antiques, metals (such as gold, silver, have a recognized loss on any position to the IRS 16 min.
and platinum bullion), gems, stamps, (including regulated futures contracts).
coins, alcoholic beverages, and certain If you have comments concerning the
other tangible property. Paperwork Reduction Act Notice. We accuracy of these time estimates or
ask for the information on this form to suggestions for making this form
If any of the gain or loss you reported
carry out the Internal Revenue laws of simpler, we would be happy to hear
in Part II is a collectibles gain or (loss)
the United States. You are required to from you. See the instructions for the tax
and you are filing Form 1040 or Form
give us the information. We need it to return with which this form is filed.
1041, follow the instructions below for
the form you file. ensure that you are complying with
these laws and to allow us to figure and
collect the right amount of tax.