The Resource Modification of non-debt financial instruments

Modification of non-debt financial instruments

Label
Modification of non-debt financial instruments
Title
Modification of non-debt financial instruments
Creator
Subject
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
Instantiates
Publication
Label
Modification of non-debt financial instruments
Publication

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.37366609999999 4.9336932
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