ĐĎŕĄ��>� Z\���Y������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ěĽ�'` ��Wbjbj{P{P �::I �������ZZZZZZZ4�T���hT `o.€€€€€[�?d�4�������$�h�Z�[[��ZZ€€�)����|Z€Z€������zZZ�€t �üśĘ�S|��?0o�,������Z�(���������d���o���� � ������ZZZZZZ���� Part I Section 1256.—Section 1256 Contracts Marked to Market (Also: §§ 446, 481, 7805; 1.446-1, 301.7805-1) Rev. Rul. 2010-3 ISSUE Is London International Financial Futures and Options Exchange (“LIFFE�), which is a regulated exchange of the United Kingdom, a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Internal Revenue Code? LAW AND ANALYSIS Section 1256(g)(7) provides that the term “qualified board or exchange� means: a national securities exchange which is registered with the Securities and Exchange Commission, a domestic board of trade designated as a contract market by the Commodity Futures Trading Commission, or any other exchange, board of trade, or other market which the Secretary determines has rules adequate to carry out the purposes of section 1256. HOLDING The Internal Revenue Service determines that LIFFE, which is a regulated exchange of the United Kingdom, is a qualified board or exchange within the meaning of section 1256(g)(7)(C). EFFECTIVE DATE Under the authority of section 7805(b)(8) of the Code, this revenue ruling is effective for LIFFE Contracts (futures contracts and futures contract options) entered into on or after January 1, 2010. CHANGE IN METHOD OF ACCOUNTING A change in the treatment of LIFFE Contracts to comply with this revenue ruling is a change in method of accounting within the meaning of sections 446 and 481 and the regulations thereunder. The Commissioner grants consent to taxpayers to change to the section 1256 mark to market method for the first taxable year during which the taxpayer holds a LIFFE Contract that was entered into on or after January 1, 2010. Such a taxpayer need not file a Form 3115, Application for Change in Accounting Method, and LIFFE Contracts that were entered into before January 1, 2010 will not be covered by the change in method for which consent is granted. Because the change is being made on a “cut-off� basis, there is no potential omission or duplication of income or deductions, and therefore no adjustment under section 481 is required. DRAFTING INFORMATION The principal author of this revenue ruling is Andrea Hoffenson of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue ruling, contact Andrea Hoffenson at (202) 622-3930 (not a toll-free call).     Mp~��'(l|��  .IJLMOPRSVWüôüôďüćüôüôüôüôüŢÚŢÚŢÚŢÚ�h> Fˆ‡@ŃE@w L�'�3P �T8? h�Fˆ‡@ŃE@? 'L�'�3�Section 1256 Contracts Marked to Market�od8-oo8oooo8�oo8Cod8d8�oCdoo88o8�oCdo8TT�hFˆ‡@ŃE@�L�'�3P k TT�N, ˆ‡@ŃE@� L�'�3P k TT�4  ˆ‡@ŃE@�� L�'�3P k TT� � ˆ‡@ŃE@�� L�'�3P k T�� �� ˆ‡@ŃE@�� L�'�3`(Also: �� C�,do88oo8T�� �� ˆ‡@ŃE@�� L�'�3x446, 481, 7805; 1.446ooo88ooo88oooo88o8oooTT� �� ˆ‡@ŃE@�� L�'�3P-CT�� �� ˆ‡@ŃE@�� L�'�3d1, 301.7805o88ooo8ooooTT� <� ˆ‡@ŃE@�� L�'�3P-CTT= �� ˆ‡@ŃE@=� L�'�3P1oTT� �� ˆ‡@ŃE@�� L�'�3P)CTT� Y� ˆ‡@ŃE@�� L�'�3P k TT�� � ˆ‡@ŃE@�� L�'�3P k T��� U� ˆ‡@ŃE@� L�'�3dRev. Rul. �od88�o,888TdV�  � ˆ‡@ŃE@V L�'�3T2010ooooTT � T � ˆ‡@ŃE@  L�'�3P-CTTU � � � ˆ‡@ŃE@U  L�'�3P3oTT� � / � ˆ‡@ŃE@�  L�'�3P l TT�� �ˆ‡@ŃE@�eL�'�3P k TT��vˆ‡@ŃE@�KL�'�3P k Tl�~\ˆ‡@ŃE@�1L�'�3XISSUE8����TT~r\ˆ‡@ŃE@1L�'�3P l T,JX#(ˆ‡@ŃE@�PL�'�3�Is London International Financial Futures and Options Exchange ( LIFFE ), which 8d8oooooo88o8oCoo8,oop,8z,oooe,o,9zo8oCod8ooo8�o8,ood8�ceooopo8CCo8zz�CC78�o,do8 T�]�ˆ‡@ŃE@��!L�'�3�is a regulated exchange of the Un,d8o8Cooo,o8oo8ocdpopoo8o888oo8�oT€^"�ˆ‡@ŃE@^�3L�'�3�ited Kingdom, a qualified board or exchange within ,8oo8�,popo�88o8ooo,,8,oo8oooCo8oC8ocdooppo8�,8o,o9 T���[�ˆ‡@ŃE@��BL�'�3�the meaning of section 1256(g)(7)(C) of the Internal Revenue Code?8oo8�ooo,po8o88dod8,oo8ooooCoCCoBC�C8o878oo87o8oCoo,8�oeoooo8�oppoTT\���ˆ‡@ŃE@\�L�'�3P k T���H �ˆ‡@ŃE@�aL�'�3lLAW AND ANALYSISo��8���9���p��8�TTI �� �ˆ‡@ŃE@I aL�'�3P k T zn"Xˆ‡@ŃE@-NL�'�3�Section 1256(g)(7) provides that the term  qualified board or exchange means:�od8,oo8opooCoCCoC8oBod,ood88oo888oo88oC�8Cnoo,,8-oo8oopCo8oC8ocdoooooC8�oood8TTo"z�"Xˆ‡@ŃE@o"-L�'�3P k T`F$ˆ‡@ŃE@�L�'�3T(A)C�CTTF@$ˆ‡@ŃE@�L�'�3P .THAF�$ˆ‡@ŃE@A�*L�'�3�a national securities exchange which is reo8oo8,ooo,8eodoC,8,od8oddooooo8�p-do8,d8CoT�F�!$ˆ‡@ŃE@��!L�'�3�gistered with the Securities and o,d8oCoo8�,8o88oo8�odoC,8-od8ooo8!�'�3" ���� T�Au�ˆ‡@ŃE@A�L�'�3tExchange Commission,�ceooopo8�o��,dd,po8TTv��ˆ‡@ŃE@v�L�'�3P k!�'�3" ���� T`��ˆ‡@ŃE@�L�'�3T(B)C�CTT�@�ˆ‡@ŃE@�L�'�3P .TA�,#�ˆ‡@ŃE@A�KL�'�3�a domestic board of trade designated as a contract market by the Commodity o8oo�od8,d8oooCo� & WMFC��:8o888Cnoo8ood,opp8oo8od8o8dno8Cod87�oCco88od88oo8�o��oo,8d7!�'�3" ���� TA��� ˆ‡@ŃE@A\ L�'�3�Futures Trading Commission, or zo8oCod8zBoo,oo8�o��,dd,oo88oC7TT�� � ˆ‡@ŃE@�\ L�'�3P k!�'�3" ���� T`u!S"ˆ‡@ŃE@("L�'�3T(C)C�CTTu!@S"ˆ‡@ŃE@("L�'�3P #T�Au!p!S"ˆ‡@ŃE@A("HL�'�3�any other exchange, board of trade, or other market which the Secretary ood8o8ooC8ocdopooo88oooCo8o887Cooo88oC8o8ooB7�oCdo88�o,do88oo8�odCo8oCd7!�'�3" ���� T�AA#�$ˆ‡@ŃE@A�#L�'�3|determines has rules adoo8oC�,ood8ood8Co,od8ooTt�A#�!$ˆ‡@ŃE@��#1L�'�3�equate to carry out the purposes of section 1256.oooo8o88o8doCCd8oo778oo8ooCoodod8o88dod8,oo8oooo8TT�!A#�!$ˆ‡@ŃE@�!�#L�'�3P k!�'�3" ���� Tx� %>�%ˆ‡@ŃE@��%L�'�3\HOLDING��o�8��TT? %��%ˆ‡@ŃE@?�%L�'�3P k T�&� �'ˆ‡@ŃE@�'IL�'�3�The Internal Revenue Service determines that LIFFE, which is a regulated zoo88o8oCoo,8�odoopo8�oCd,do8oo8oC�,ood88oo88o8zz�88�o,do8,d8o8Cooo,o8oo9 TX��(Y#�)ˆ‡@ŃE@�X)WL�'�3�exchange of the United Kingdom, is a qualified board or exchange within the meaning of ocdpoooo9o888oo8�o,8oo8�,oopo�88,d8o8ooo,,8-oo8oooCo8oC8ocdoopoo8�,8o,o88oo8�ooo,oo8o98 T��q*S O+ˆ‡@ŃE@�$+L�'�3xsection 1256(g)(7)(C).dod8,oo8oopoCoCCoCC�B7TTT q*� O+ˆ‡@ŃE@T $+L�'�3P k% €6�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'66�36�'�36�'6 6 �36�'�36�' 6  6 �36�'�36�' 6  6 �36�'�36�' 6  6 �36�'�36�' 6  6 �36�'�36�' 6 6�36�'�36�'66�36�'�36�'66€36�'€36�'6636�'36�'66~36�'~36�'66}36�'}36�'66|36�'|36�'66{36�'{36�'66z36�'z36�'66y36�'y36�'66x36�'x36�'66w36�'w36�'66v36�'v36�'66u36�'u36�'66t36�'t36�'66s36�'s36�'66r36�'r36�'66q36�'q36�'6 6 p36�'p36�' 6 !!6!o36�'o36�'!6!!""6"n36�'n36�'"6""##6#m36�'m36�'#6##$$6$l36�'l36�'$6$$%%6%k36�'k36�'%6%%  f.��"System-���@"Arial- 2 SHfPart I  2 Shf ) 2 aHf ) 2 oHf )2 }H fSection 1256. 2 }�f�) F2 }�'fSection 1256 Contracts Marked to Market   2 }|f ) 2 �Hf ) 2 �Hf ) 2 �Hf )2 �H f(Also: §§ +2 �{f446, 481, 7805; 1.446. 2 ��f-)2 �� f1, 301.7805 2 �4f-) 2 �8f1) 2 �?f)) 2 �Cf ) 2 �Hf )2 �H fRev. Rul.  2 ��f2010 2 ��f-) 2 ��f3) 2 ��f ) 2 �Hf ) 2 �Hf )2 �HfISSUEI 2 �lf )�2 lPfIs London International Financial Futures and Options Exchange (“LIFFE�), which   =2 1H!fis a regulated exchange of the Un X2 1�3fited Kingdom, a qualified board or exchange within E n2 LHBfthe meaning of section 1256(g)(7)(C) of the Internal Revenue Code?    2 L�f )#2 hHfLAW AND ANALYSIS   2 h�f )€2 �lNfSection 1256(g)(7) provides that the term “qualified board or exchange� means:   2 �f )2 �lf(A) 2 �}f )J2 �*fa national securities exchange which is re=2 �^!fgistered with the Securities and ,f'��)2 �fExchange Commission,   2 ��f ),f'��2 �lf(B) 2 �}f )|2 �Kfa domestic board of trade designated as a contract market by the Commodity n    ,f'��:2 �fFutures Trading Commission, or   2 �/f ),f'��2 lf(C)  2 }f )w2 Hfany other exchange, board of trade, or other market which the Secretary  ,f'��.2 )fdetermines has rules ad U2 )1fequate to carry out the purposes of section 1256.n 2 )f ),f'��2 EHfHOLDING   2 Ef )y2 alIfThe Internal Revenue Service determines that LIFFE, which is a regulated y   �2 |HWfexchange of the United Kingdom, is a qualified board or exchange within the meaning of     ,2 �Hfsection 1256(g)(7)(C).  2 ��f )-ffffffffffffffffffffffffffffffeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeedddddddddddd�ŐÍ՜.“—+,ůŽDŐÍ՜.“—+,ůŽ�€�������� ���� � ���E ' Part I ISSUELAW AND ANALYSISHOLDINGEFFECTIVE DATECHANGE IN METHOD OF ACCOUNTINGDRAFTING INFORMATION Title Headings�8�����_PID_LINKBASEDocTypeOrgCodeVersion�Arevrul department1.1.4 ������ !"#$���&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOP���RSTUVWX������[�������������������������������������������������������������������������������������������������������������������������������������������������Root Entry�������� �FŕţśĘ]€Data ������������1Table�����WordDocument�����SummaryInformation(������������%WDocumentSummaryInformation8��������QCompObj������������q���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� ���� �FMicrosoft Office Word Document MSWordDocWord.Document.8�9˛q