Modification of non-debt financial instruments
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The work Modification of non-debt financial instruments represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
The Resource
Modification of non-debt financial instruments
Resource Information
The work Modification of non-debt financial instruments represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- 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
- Geographic coverage
- North America
- Language note
- English
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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/resource/0gHNHWFOSwA/" typeof="CreativeWork http://bibfra.me/vocab/lite/Work"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/resource/0gHNHWFOSwA/">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>
