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Screen 6781 - Contracts and Straddles (1120)
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Overview
In the Unrecognized Gain on Last Business Day section, report information as a memo for positions held at the end of the tax year if the settlement price of the position at that time exceeds the cost or other basis as adjusted.
Section 1256 Contracts Marked to Market
Loss / Gain for entire year
In the statement, enter a description, which identifies an account or contract transaction. Enter the amount of the gain or loss for the entire year without regard to any Form 1099-B adjustment that may be required.
Form 1099-B adjustments
Enter the positive or negative adjustments that may be required when the Form 1099-B received includes a straddle or hedging transaction as defined in section 1256(e)(2).
Gains and Losses From Straddles
Gross sales price / … / 28% rate loss (S Corp)
Enter the closing price or the sale price for each position closed out or sold and the cost or other basis for each position closed out or sold and the unrecognized gain from offsetting positions as of the last business day of the tax year. Include in the cost nondeductible interest and carrying charges allocable to property that is part of a straddle. The unrecognized gain is determined by subtracting the cost or other basis of the offsetting position from the settlement price of that position as of the last business day of the tax year.
Unrecognized Gain on Last Business Day
Fair market value on last business day / Cost or other basis as adjusted
In the statement, enter a description of each position held at the end of the tax year if the settlement price of the position at the end of the tax year exceeds the cost or other basis as adjusted. Do not include positions that are part of an identified straddle or hedging transaction, property that is stock in trade or inventory, or property used in a trade or business that is subject to depreciation.