Publication 550 |
2001 Tax Year |
Important Changes
8% capital gain rate.
Beginning in 2001, the 10% capital gain rate is lowered to 8% for qualified 5-year gain. For more information, see Capital Gain Tax Rates
in chapter 4.
18% capital gain rate.
Beginning in 2006, the 20% capital gain rate will be lowered to 18% for qualified 5-year gain from property with a holding period that begins after
2000.
You can give a new holding period to certain assets you already held on January 1, 2001, by treating them as sold and then reacquired on the same
date. You must pay tax for 2001 on any resulting gain. For more information, see Capital Gain Tax Rates in chapter 4.
Securities futures contracts.
A securities futures contract is a new financial product that is a contract of sale for future delivery of a single security or of a narrow-based
security index. Gain or loss from the sale or exchange of the contract will generally have the same character as gain or loss from transactions in the
property to which the contract relates. Any capital gain or loss on a sale or exchange of the contract will be considered short-term, regardless of
how long you hold the contract. For more information, see chapter 4.
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