Form 6781 - Gains And Losses From Section 1256 Contracts And Straddles - 2012 Page 3
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Form 6781 (2012)
Page
Part II
• The gain, if any, reported on line 16 of
• The regulated futures part of a mixed
Schedule D (Form 1040) for that
straddle, if you made any of the mixed
Use Section A for losses from positions
carryback year.
straddle elections.
that are part of a straddle. Generally, a
The amounts just described are
• The amount of the loss, if you did not
loss is allowed to the extent it exceeds
figured prior to any carryback from the
make any of the mixed straddle
the unrecognized gain on offsetting
loss year. Also, the carryback is allowed
elections or the straddle was not
positions. The part of the loss not
only to the extent it does not increase or
identified as a mixed straddle and you
allowed is treated as if incurred in the
produce a net operating loss for the
had a loss on the regulated futures part
following year and is allowed to the
carryback year. The loss is carried to the
that was less than the unrecognized gain
same extent. However, a loss from a
earliest year first.
on the nonregulated futures part. If the
position established in an identified
unrecognized gain is less than the loss,
straddle after October 21, 2004, is not
Make the election by checking box D
enter the unrecognized gain. Use Part I
allowed. Instead, the basis of each
and entering the amount to be carried
for a loss on the disposition of one or
offsetting position in the identified
back on line 6. To carry your loss back,
more positions that are part of a mixed
straddle that has unrecognized gain is
file Form 1045, Application for Tentative
straddle and that are non-section 1256
increased by the amount of the
Refund, or an amended return. Attach an
positions if no disposition of a non-
unallowed loss multiplied by the
amended Form 6781 and an amended
section 1256 position in the straddle
following fraction:
Schedule D (Form 1040) for the
would be a long-term capital gain or
applicable years.
The unrecognized gain (if any) on the
loss, and the disposition of one or more
offsetting position
section 1256 positions in the straddle
On the amended Forms 6781 for the
would be a capital gain or loss.
years to which the loss is carried back,
The total unrecognized gain on all positions
report the carryback on line 1 of that
that offset the loss position in the identified
• The regulated futures part of a hedging
straddle.
year’s amended Form 6781. Enter “Net
transaction. The gain or loss on a
section 1256 contracts loss carried back
hedging transaction is treated as
For more details, see Pub. 550,
from” and the tax year in column (a), and
ordinary income or loss. See Pub. 550
chapter 4.
enter the amount of the loss carried
for details.
Use Section B for gains from positions
back in column (b).
Line 5
that are part of a straddle.
Specific Instructions
Do not include in Part II a disposition
Partnerships enter the amount from line
of any of the following.
5 on Form 1065, Schedule K, line 11.
Part I
Electing large partnerships enter the
• A position that is part of a hedging
amount from line 5 on Form 1065-B, Part
Line 1
transaction.
II, line 5. S corporations enter the
• A loss position included in an identified
Include on line 1 all gains and losses
amount from line 5 on Form 1120S,
straddle established before October 22,
from section 1256 contracts open at the
Schedule K, line 10. Lines 6 through 9 in
2004, unless you disposed of all of the
end of your tax year or closed out during
Part I of Form 6781 do not apply to
positions making up the straddle.
the year. If you received a Form 1099-B,
partnerships or S corporations and are
Proceeds From Broker and Barter
left blank.
• A loss position included in an identified
Exchange Transactions, or substitute
straddle established after October 21,
Line 6
statement, include on line 1 the amount
2004.
from box 12 of each form. In column (a),
See the instructions for box D.
• A position that is part of a straddle if all
write “Form 1099-B” and the broker’s
Line 8
of the positions of the straddle are
name. List separately each transaction
section 1256 contracts.
for which you did not receive a Form
Include this amount on Schedule D
1099-B or substitute statement, or
Column (a)
(Form 1040), line 4; or on Schedule D
received a Form 1099-B that is not for
(Form 1041), line 2.
Enter the property and delivery date,
your tax year.
For other returns, enter it in Part I of a
and indicate whether the property is a
If you are completing an amended
Form 8949 with Box B checked (if you
long or short position.
2012 Form 6781 to carry back a net
received a Form 1099-B or substitute
Column (d)
section 1256 contracts loss from 2013 or
statement for every transaction included
a later year, report the carryback on line
on line 1) or Box C checked (if you
For positions closed out or sold, enter
1. Enter “Net section 1256 contracts loss
cannot check Box B). Enter “Form 6781,
the closing price or sales price.
carried back from” and the tax year in
Part I” on line 1 in column (a). Enter the
Column (e)
column (a), and enter the amount of the
gain or (loss) in column (h). Leave all
loss carried back to 2012 in column (b).
other columns blank.
For positions closed out or sold, enter
See the instructions for box D for
the cost or other basis plus
Line 9
details.
commissions paid. Include
Include this amount on Schedule D
nondeductible interest and carrying
Line 4
(Form 1040), line 11; or on Schedule D
charges allocable to personal property
If the Form 1099-B you received
(Form 1041), line 7.
that is part of a straddle. If any part of
includes a straddle or hedging
an unallowed loss from an offsetting
For other returns, enter it in Part II of a
transaction (as defined in section
position established in an identified
Form 8949 with Box B checked (if you
1256(e)(2)), you may need to make
straddle after October 21, 2004,
received a Form 1099-B or substitute
certain adjustments listed below. Attach
increased your basis in the position, also
statement for every transaction included
a statement listing each of these
include that amount. See Pub. 550 for
on line 1) or Box C checked (if you
adjustments and enter the total(s) on
details.
cannot check Box B). Enter “Form 6781,
line 4.
Part I” on line 3 in column (a). Enter the
gain or (loss) in column (h). Leave all
other columns blank.
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