The Resource Modification of non-debt financial instruments
Modification of non-debt financial instruments
Resource Information
The item Modification of non-debt financial instruments represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item Modification of non-debt financial instruments represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- Summary
- Although it has long been recognized in US tax analysis that a modification of a contract may be so significant that the contract originally held is deemed exchanged for a new right, a recent US court decision has indicated that one first must decide whether the contract constitutes a right or an obligation. In the Estate of McKelvey v. Commissioner case, the US Tax Court held that the modification of a variable prepaid forward contract did not result in a deemed exchange of property, because, from the taxpayer's perspective, only obligations under the contract remained. This article summarizes the McKelvey decision and reviews other US cases and rulings regarding the modification of contractual rights. The focus of the article is on non-debt financial instruments. However, the cases and rulings relating to debt modifications will be reviewed briefly
- Language
- eng
- Label
- Modification of non-debt financial instruments
- Title
- Modification of non-debt financial instruments
- Language
- eng
- Summary
- Although it has long been recognized in US tax analysis that a modification of a contract may be so significant that the contract originally held is deemed exchanged for a new right, a recent US court decision has indicated that one first must decide whether the contract constitutes a right or an obligation. In the Estate of McKelvey v. Commissioner case, the US Tax Court held that the modification of a variable prepaid forward contract did not result in a deemed exchange of property, because, from the taxpayer's perspective, only obligations under the contract remained. This article summarizes the McKelvey decision and reviews other US cases and rulings regarding the modification of contractual rights. The focus of the article is on non-debt financial instruments. However, the cases and rulings relating to debt modifications will be reviewed briefly
- Citation source
- In: Derivatives and financial instruments. - Amsterdam. - Vol. 19 (2017), no. 4 ; 8 p
- http://library.link/vocab/creatorName
- Carman, P
- Geographic coverage
- North America
- Language note
- English
- http://library.link/vocab/subjectName
-
- financial instrument
- case law
- bond
- insurance
- option
- leasing
- severance payment
- securities
- Label
- Modification of non-debt financial instruments
- Label
- Modification of non-debt financial instruments
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Modification-of-non-debt-financial/xMDI4z3mTQg/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Modification-of-non-debt-financial/xMDI4z3mTQg/">Modification of non-debt financial instruments</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Modification-of-non-debt-financial/xMDI4z3mTQg/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Modification-of-non-debt-financial/xMDI4z3mTQg/">Modification of non-debt financial instruments</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
