FTCs

Question 1

901(l)

Answer 1

FTCs will be disallowed on income or gain w respect to any property if:
1. such property is held for 15 days or less during the 31day period beginning on the date which is 15 days before the date on which the right to receive payment of such item arises, or

2. the recipient of the item is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.