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TLS, have you I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING


transmitted all R Action Date Signature
text files for this INSTRUCTIONS TO PRINTERS
cycle update? FORM 6781, PAGE 1 of 4
MARGINS: TOP 13 mm (1⁄2 ") CENTER SIDES. PRINTS: HEAD TO HEAD O.K. to print
PAPER: WHITE, WRITING, SUB. 20 INK: BLACK
FLAT SIZE: 216 mm (81⁄2 ") x 279 mm (11")
Date PERFORATE: NONE Revised proofs
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6781
OMB No. 1545-0644
Gains and Losses From Section 1256
Form

Department of the Treasury


Contracts and Straddles
䊳 Attach to your tax return.
2004
Attachment
Internal Revenue Service Sequence No. 82
Name(s) shown on tax return Identifying number

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

2 Add the amounts on line 1 in columns (b) and (c) 2 ( )


3 Net gain or (loss). Combine line 2, columns (b) and (c) 3
4 Form 1099-B adjustments. See instructions and attach schedule 4
5 Combine lines 3 and 4 5
Note: If line 5 shows a net gain, skip line 6 and enter the gain on line 7. Partnerships and S corporations, see
instructions.
6 If you have a net section 1256 contracts loss and you checked box D above, enter the amount of that loss
to be carried back, as a positive number 6

7 Combine lines 5 and 6 7


8 Short-term capital gain or (loss). Multiply line 7 by 40% (.40). Enter here and include on the appropriate line
of Schedule D (see instructions) 8
9 Long-term capital gain or (loss). Multiply line 7 by 60% (.60). Enter here and include on the appropriate line
of Schedule D (see instructions) 9
Part II Gains and Losses From Straddles. Attach a separate schedule listing each straddle and its components.
Section A—Losses From Straddles
(f) Loss. (h) Recognized
(e) Cost or If column (e) (g) loss. If column (f)
(b) Date
(c) Date other basis is more than Unrecognized is more than (g),
entered (d) Gross
(a) Description of property closed out plus (d), enter gain on enter difference.
into or sales price difference.
or sold expense of offsetting Otherwise, enter
acquired Otherwise,
sale positions -0-
enter -0-

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 expense of
into or sales price enter difference.
or sold 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 (2004)
4
I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 6781, PAGE 2 of 4
MARGINS: TOP 13 mm (1⁄2 "), CENTER SIDES.PRINTS: HEAD to HEAD
PAPER: WHITE, WRITING, SUB. 20 INK: BLACK
FLAT SIZE: 216 mm (81⁄2 ") x 279 mm (11")
PERFORATE: (NONE)
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Form 6781 (2004) Page 2

General Instructions Straddle Box C. Mixed Straddle


Section references are to the Internal A straddle means offsetting positions Account Election
Revenue Code unless otherwise noted. with respect to personal property of a Make this election according to
type that is actively traded. Temporary Regulations section
What’s New 1.1092(b)-4T(f) to establish one or more
New rules apply to positions established Offsetting Positions mixed straddle accounts for 2005, by
in an identified straddle after October If there is a substantial decrease in risk the due date (without extensions) of your
21, 2004. See the instructions for Part II. of loss to a taxpayer holding a position 2004 tax return. To make this election,
because that taxpayer or a related party check box C and attach to your return
Purpose of Form also holds one or more other positions, the statement required by the
Use Form 6781 to report: then those positions are offsetting and regulations. Report the annual account
may be part of a straddle. However, if an net gain or loss from a mixed straddle
● Any gain or loss on section 1256 account in Part II and identify the
identified straddle is properly
contracts under the mark-to-market election. See Temporary Regulations
established, other positions held by the
rules, and section 1.1092(b)-4T(c)(4) for limits on
taxpayer will not be treated as offsetting
● Gains and losses under section 1092 with respect to any position which is the total annual account net gain or loss.
from straddle positions. part of the identified straddle. Note. If you did not make any of the
For details on section 1256 contracts above elections and you have a loss on
and straddles, see Pub. 550, Investment Box A. Mixed Straddle the section 1256 component, use Part II
Income and Expenses. Election to reduce the loss by any unrecognized
Under section 1256(d), you may elect to gain on the non-section 1256
Section 1256 Contract have the mark-to-market rules not apply component before making an entry in
A section 1256 contract is any: to section 1256 contracts that are part Part I. You also must reduce the loss
from any section 1256 component of a
● Regulated futures contract, of a mixed straddle. A mixed straddle is
any straddle in which at least one but straddle that would be a mixed straddle
● Foreign currency contract, if the positions had been properly
not all of the positions is a section 1256
● Nonequity option, contract. On the day the first section identified as such.
● Dealer equity option, or 1256 contract forming part of the
straddle is acquired, each position Box D. Net Section 1256
● Dealer securities futures contract.
forming part of the straddle must be Contracts Loss Election
For definitions of these terms and clearly identified as being part of such If you have a net section 1256 contracts
more details, see section 1256(g) and straddle. If you make this election, it will loss for 2004, you may elect to carry it
Pub. 550. apply for all later years and cannot be back 3 years. Corporations,
Special rules apply to certain foreign revoked without IRS consent. If you are partnerships, estates, and trusts are not
currency contracts. See section 988 and making or have previously made this eligible to make this election. Your net
Regulations sections 1.988-1(a)(7) and election, check box A and report the section 1256 contracts loss is the
1.988-3. If an election is made under section 1256 component in Part II smaller of:
section 988(a)(1)(B) or 988(c)(1)(D), attach instead of Part I.
● The excess of your losses from
to your return a list of the contracts
section 1256 contracts over the total of
covered by the election(s), showing the Box B. Straddle-By-Straddle (a) your gains from section 1256
net gain or loss reported from those Identification Election contracts plus (b) $3,000 ($1,500 if
contracts and identifying where the gain
Make this election for mixed straddles married filing separately), or
or loss is reported on the return. If an
according to Temporary Regulations ● The total you would figure as your
election is made under section
section 1.1092(b)-3T(d) by clearly short-term and long-term capital loss
988(a)(1)(B), report on Form 6781 the
identifying each position by the earlier of carryovers to 2005 if line 6 of Form 6781
gains and losses from section 1256
(a) the close of the day the identified were zero. Use a separate Schedule D
contracts that are also section 988
mixed straddle is established or (b) the (Form 1040) and Capital Loss Carryover
transactions.
time the position is disposed of. No Worksheet (in Pub. 550) to figure this
Options and commodities dealers straddle-by-straddle identification amount.
must take any gain or loss from the election may be made for any straddle
trading of section 1256 contracts into for which a mixed straddle election was The amount you may carry back to
account in figuring net earnings subject made or if one or more positions are any prior year is limited to the smaller of:
to self-employment tax. See section includible in a mixed straddle account. If ● The gain, if any, that you would report
1402(i). you are making or have previously made on line 17 of Schedule D for that
Gains or losses on section 1256 this election, check box B. carryback year (line 17a if the carryback
contracts open at the end of the year, or If the net gain or loss is attributable to year is 2003) if only gains and losses
terminated during the year, are treated a net non-section 1256 position, then from section 1256 contracts were taken
as 60% long term and 40% short term, the net gain or loss is treated as a into account, or
regardless of how long the contracts short-term capital gain or loss. Enter it ● The gain, if any, reported on line 17 of
were held. directly on Schedule D and identify the Schedule D for that carryback year (line
election. If the net gain or loss is 17a if the carryback year is 2003).
Mark-To-Market Rules attributable to a section 1256 position,
Under these rules, each section 1256 enter the gain or loss in Part I of
contract held at year end is treated as if Form 6781 and identify the election.
it were sold at fair market value (FMV)
on the last business day of the tax year.
The wash-sale rules do not apply.
4
I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 6781, PAGE 3 of 4
MARGINS: TOP 13 mm (1⁄2 "), CENTER SIDES.PRINTS: HEAD to HEAD
PAPER: WHITE, WRITING, SUB. 20 INK: BLACK
FLAT SIZE: 216 mm (81⁄2 ") x 279 mm (11")
PERFORATE: (NONE)
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Form 6781 (2004) Page 3

The above amounts are figured prior ● The amount of the loss, if you did not of any offsetting position(s) in the
to any carryback from the loss year. make any of the mixed straddle identified straddle that has unrecognized
Also, the carryback is allowed only to elections or the straddle was not gain is increased by the amount of the
the extent it does not increase or identified as a mixed straddle and you unallowed loss.
produce a net operating loss for the had a loss on the regulated futures part Use Section B for gains from positions
carryback year. The loss is carried to the that was less than the unrecognized gain that are part of a straddle.
earliest year first. on the nonregulated futures part. If the
Do not include in Part II a disposition
Make the election by checking box D unrecognized gain is less than the loss,
of any of the following.
and entering the amount to be carried enter the unrecognized gain. Use Part I
for a loss on the disposition of one or ● A position that is part of a hedging
back on line 6. To carry your loss back, transaction.
file Form 1045, Application for Tentative more positions that are part of a mixed
Refund, or an amended return. Attach an straddle and that are non-section 1256 ● A loss position included in an identified
amended Form 6781 and an amended positions if no disposition of a straddle established before October
Schedule D for the applicable years. non-section 1256 position in the straddle 22, 2004, unless you disposed of all of
would be a long-term capital gain or the positions making up the straddle.
On the amended Forms 6781 for the loss, and the disposition of one or more ● A loss position included in an identified
years to which the loss is carried back, section 1256 positions in the straddle straddle established after October 21,
report the carryback on line 1 of that would be a capital gain or loss. 2004.
year’s amended Form 6781. Enter “Net
section 1256 contracts loss carried back ● The regulated futures part of a ● A position that is part of a straddle if
from” and the tax year in column (a), and hedging transaction. The gain or loss on all of the positions of the straddle are
enter the amount of the loss carried a hedging transaction is treated as section 1256 contracts.
back in column (b). ordinary income or loss. See Pub. 550
for details. Column (a)
Line 5 Enter the property and delivery date,
Specific Instructions and indicate whether the property is a
Partnerships enter the amount from line long or short position.
Part I 5 on Form 1065, Schedule K, line 11.
Electing large partnerships enter the Column (d)
Line 1
amount from line 5 on Form 1065-B,
Include on line 1 all gains and losses Part II, line 5. S corporations enter the For positions closed out or sold, enter
from section 1256 contracts open at the amount from line 5 on Form 1120S, the closing price or sales price.
end of your tax year or closed out during Schedule K, line 10. Lines 6 through 9 in
the year. If you received a Form 1099-B, Column (e)
Part I do not apply to partnerships or S
Proceeds From Broker and Barter corporations and are left blank. For positions closed out or sold, enter
Exchange Transactions, or equivalent the cost or other basis plus
statement, include on line 1 the amount
Line 6 commissions paid. Include
from box 11 of each form. In column (a), See the instructions for Box D. nondeductible interest and carrying
write “Form 1099-B” and the broker’s Line 8 charges allocable to personal property
name. List separately each transaction that is part of a straddle. If any part of
for which you did not receive a Form Include this amount on Schedule D an unallowed loss from an offsetting
1099-B or equivalent statement, or (Form 1040), line 4; or on Schedule D position established in an identified
received a Form 1099-B that is not for (Form 1041), line 2; or enter it as a straddle after October 21, 2004,
your tax year. short-term capital gain or (loss) on the increased your basis in the position, also
Schedule D for your return, and enter include that amount. See Pub. 550 for
If you are completing an amended “Form 6781, Part I” in column (a) of that
2004 Form 6781 to carry back a net details.
Schedule D.
section 1256 contracts loss from 2005 or Line 10, Column (f)
a later year, report the carryback on line Line 9 Include in this column any loss not
1. Enter “Net section 1256 contracts loss Include this amount on Schedule D allowed in the prior year to the extent of
carried back from” and the tax year in (Form 1040), line 11; or on Schedule D the unrecognized gain.
column (a), and enter the amount of the (Form 1041), line 7; or enter it as a
loss carried back to 2004 in column (b). long-term capital gain or (loss) on the Line 10, Column (g)
See the instructions for Box D for Schedule D for your return, and enter Enter the unrecognized gain on positions
details. “Form 6781, Part I” in column (a) of that offsetting those in columns (a) through
Schedule D. (f). Figure the amount to enter in this
Line 4
Part II column by subtracting the cost or other
If the Form 1099-B you received basis of the offsetting position from the
includes a straddle or hedging Use Section A for losses from positions settlement price of that position as of
transaction (as defined in section that are part of a straddle. Generally, a the close of the last business day of
1256(e)(2)), you may need to make loss is allowed to the extent it exceeds your 2004 tax year.
certain adjustments listed below. Attach the unrecognized gain on offsetting
a schedule listing each of these positions. The part of the loss not
adjustments and enter the total(s) on allowed is treated as if incurred in the
line 4. following year and is allowed to the
● The regulated futures part of a mixed same extent. However, a loss from an
straddle, if you made any of the mixed identified position established in an
straddle elections. identified straddle after October 21,
2004, is not allowed. Instead, the basis
4
I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 6781, PAGE 4 of 4
MARGINS: TOP 13 mm (1⁄2 "), CENTER SIDES.PRINTS: HEAD to HEAD
PAPER: WHITE, WRITING, SUB. 20 INK: BLACK
FLAT SIZE: 216 mm (81⁄2 ") x 279 mm (11")
PERFORATE: (NONE)
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Form 6781 (2004) Page 4

Lines 11 and 13 Collectibles gain or (loss). A Paperwork Reduction Act Notice. We


Separate recognized gains and losses collectibles gain or (loss) is any ask for the information on this form to
into short-term and long-term. Attach a long-term gain or deductible long-term carry out the Internal Revenue laws of
separate schedule. For information about loss from the sale or exchange of a the United States. You are required to
holding periods for straddle positions, collectible that is a capital asset. give us the information. We need it to
see Pub. 550 and Temporary Collectibles include works of art, rugs, ensure that you are complying with
Regulations section 1.1092(b)-2T. Attach antiques, metals (such as gold, silver, these laws and to allow us to figure and
separate schedules for (a) section 988 and platinum bullion), gems, stamps, collect the right amount of tax.
contracts that are part of a mixed coins, alcoholic beverages, and certain You are not required to provide the
straddle and (b) any gain on the other tangible property. information requested on a form that is
disposition or other termination of any If any of the gain or loss you reported subject to the Paperwork Reduction Act
position held as part of a conversion in Part II is a collectibles gain or (loss) unless the form displays a valid OMB
transaction (as defined in section and you are filing Form 1040 or Form control number. Books or records
1258(c)). Identify the net gain or loss and 1041, follow the instructions below for relating to a form or its instructions must
report it on Form 4797, line 10. the form you file. be retained as long as their contents
Form 1040. If you checked “Yes” on may become material in the
Line 11a line 17 of Schedule D (Form 1040), administration of any Internal Revenue
Include this amount on Schedule D include the collectibles gain or (loss) law. Generally, tax returns and return
(Form 1040), line 4; or on Schedule D from Part II on line 3 of the 28% Rate information are confidential, as required
(Form 1041), line 2; or enter it as a Gain Worksheet in the Instructions for by section 6103.
short-term capital loss on the Schedule Schedule D (Form 1040). The time needed to complete and file
D for your return, and enter “Form 6781, Form 1041. If you must complete the this form will vary depending on
Part II” in column (a) of that Schedule D. 28% Rate Gain Worksheet in the individual circumstances. The estimated
Instructions for Form 1041 and average time is:
Line 11b Schedules A, B, D, G, I, J, and K-1, Recordkeeping 10 hr., 31 min.
Include this amount on Schedule D include the collectibles gain or (loss)
Learning about the
(Form 1040), line 11; or on Schedule D from Part II on line 3 of that worksheet.
law or the form 1 hr., 57 min.
(Form 1041), line 7; or enter it as a
long-term capital loss on the Schedule D Part III Preparing the form 3 hr., 9 min.
for your return, and enter “Form 6781, Complete Part III by listing each position Copying, assembling,
Part II” in column (a) of that Schedule D. (whether or not part of a straddle) that and sending the form
you held at the end of the tax year to the IRS 16 min.
Line 13a (including any position you are treated If you have comments concerning the
Include this amount on Schedule D as holding because it is held by a accuracy of these time estimates or
(Form 1040), line 4; or on Schedule D related party) if the FMV of the position suggestions for making this form
(Form 1041), line 2; or enter it as a at such time exceeds your cost or other simpler, we would be happy to hear
short-term capital gain on the Schedule basis as adjusted. from you. See the instructions for the tax
D for your return, and enter “Form 6781, Do not include positions that are part return with which this form is filed.
Part II” in column (a) of that Schedule D. of an identified straddle or hedging
transaction, property that is stock in
Line 13b trade or inventory, or property subject to
Include this amount on Schedule D depreciation used in a trade or business.
(Form 1040), line 11; or on Schedule D Do not complete Part III if you do not
(Form 1041), line 7; or enter it as a have a recognized loss on any position
long-term capital gain on the Schedule (including regulated futures contracts).
D for your return and enter “Form 6781,
Part II” in column (a) of that Schedule D.