Taxpayer purchases (for investment) 2 regulated futures contracts described in IRC 1256 on 5/1/2021 for the following prices (A=100; B=10). Neither are related to foreign currency. As of 12/31/2021, Taxpayer still holds the contracts, and the values of the contracts are (A=90; B=12). What is the taxable income for Taxpayer for tax year ended 12/31/2021?

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Answer To calculate the taxable income for the taxpayer for the tax year ended 12312021 we need to d... View the full answer