The IRS Identifies Certain Basket Derivatives as Reportable Transactions

17 July 2015
View Client Update

Key takeaways

  • IRS Notices 2015-47 and 2015-48 identify as reportable transactions certain derivative contracts that reference a basket of assets and give one of the parties the right to change the reference assets.
  • Parties to contracts covered by these Notices have reporting and document retention obligations under the U.S. Treasury Regulations.