Under these rules each section 1256 contract held at year end is treated as if it were sold at fair market value FMV on the last business day of the tax year. The wash sale rules dont apply.
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If you are a general partner reduce this amount before entering it on Schedule SE Form 1040 by any section 179 expense deduction claimed unreimbursed partnership expenses claimed and depletion claimed on oil and gas properties.
. Do not reduce net earnings from self-employment by any. If your section 1256 contracts produce capital gain or loss gains or losses on. Net earnings loss from self-employment.
Account in figuring net earnings subject to self-employment tax.
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