Correction to 2011 Publication 550, Investment Income and Expenses -- 26-JAN-2012
If you downloaded 2011 Publication 550 before January 22, 2012, please note the following 2 changes.
On page 64, How To Report Gains and Losses (Form 6781) has been revised. The section should read:
“As a general rule, report each position (whether or not it is part of a straddle) on which you have unrecognized gain at the end of the tax year and the amount of this unrecognized gain in Part III of Form 6781. Use Part II of Form 6781 to figure your gains and losses on straddles. See the Form 6781 instructions for how to report these gains and losses.”
On page 65, under Straddle-by-straddle identification election, the last sentence in the 4th paragraph has been replaced. The sentence should read:
"See the Form 6781 instructions for how to report the net gain or loss."
The corrected version of 2011 Publication 550 is now available for download.
