Financial Products: Taxation, Regulation and Design (2023)

Product ID: 10086796-0003
ISBN: 9780808057666
A road map to work one’s way through the tax and regulatory maze of financial products.

Now in its fourth edition, this two-volume bound book provides a road map to work one’s way through the tax and regulatory maze of financial products. It details the policies, rules, and interpretations that govern the federal regulation and taxation of securities, crypto currencies, commodities, options, derivatives, and hybrid products. It provides reliable answers to questions about financial markets, financial products, and market participants, and it will help with planning transactions and defending challenged tax positions.

Part One: Overview of the Markets
Part Two: Major Market Users
Part Three: Tax Classifications of Financial Market Participants
Part Four: Taxation of Capital Transactions
Part Five: Ordinary Income Transactions
Part Six: Anti-Abuse Considerations
Part Seven: Terminations of Contract Rights and Obligations
Part Eight: Dividends, Interest, Security Loans, and Repurchase Transactions
Part Nine: Equity Securities, Options, Partnerships, and Publicly Traded Trust Interests
Part Ten: Debt Securities and Options on Debt Securities
Part Eleven: Asset-Backed Securities
Part Twelve: Commodities, Options on Commodities, and Bitcoin and Virtual Currencies
Part Thirteen: Section 1256 Contracts
Part Fourteen: Straddles
Part Fifteen: Foreign Currency and International Operations
Part Sixteen: Notional Principal Contracts

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Contributors Andrea S. Kramer, Nicholas Mowbray
ISBN 9780808057666
Andrea S.  Kramer
Andrea S. Kramer
ANDREA S. KRAMER is the founding member of ASKramer Law LLC, a boutique law firm in Chicago. A member of the Illinois Bar, she provides legal counsel to public and private companies, family offices, and private clients. Previously, she was a partner at McDermott Will & Emery LLP, and at Ungaretti & Harris LLP where she began her career. She is a graduate of the University of Illinois at Urbana-Champaign (B.A., history and political science, summa cum laude) and of Northwestern University Pritzker School of Law (J.D., cum laude); later, serving as an adjunct professor at Northwestern for two decades. Ms. Kramer manages a sophisticated, unique, and multi-disciplinary legal practice, which falls roughly into five broad areas: taxation and regulation of financial products, derivatives, digital assets, and nonfungible tokens (NFTs); trading operations with respect to securities, commodities, derivatives, and digital assets; taxation of energy production and transmission; corporate governance; and tax controversy. Ms. Kramer is a leading commentator on financial products, derivatives, and digital assets, frequently contributing to trade and professional journals. She has written more than 200 articles and publications on derivatives, digital assets, operational and reputational risk in trading operations, and SEC and CFTC compliance issues. The National Law Review recognized Ms. Kramer as a “Go To Thought Leader” in 2022 (Crypto/Blockchain), and in 2020 (Financial Law [Virtual Currencies]); and JD Supra readers voted her a “Top Author” in cryptocurrency taxation in 2021 (Readers’ Choice Awards). A frequent speaker at conferences and workshops, Ms. Kramer has presented more than 400 speeches and full-day workshops on derivative financial products and digital assets. She has developed and conducts full-day training courses on the documentation and negotiation of swap transactions and over-the-counter derivatives, financial products, foreign currency, and digital assets. She has conducted educational courses for the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS), including workshops and training for their financial product specialists on a wide range of tax issues for more than 20 years. Ms. Kramer is the author of the first three editions of Financial Products: Taxation, Regulation, and Design, published by Wolters Kluwer, and is co-author of the fourth edition with Nicholas C. Mowbray. As co-editor-in-chief of CCH’s Journal of Taxation of Financial Products for its first six years of publication, Ms. Kramer solicited, edited, and wrote articles for each issue. She was co-editor and a contributing author of Energy and Environmental Trading: U.S. Law and Taxation (Cameron May, July 2008) and co-editor and a contributing author of Energy and Environmental Project Finance Law and Taxation: New Investment Techniques (Oxford University Press, 2010). Ms. Kramer has lobbied the U.S. Congress and worked with the Treasury and the IRS to address the taxation of financial products, hedging transactions, the purchase and sale of derivatives, mark-to-market rules, and notional principal contracts. She testified before the Senate Finance Committee and the House Ways and Means Committee on “Tax Reform and the Tax Treatment of Financial Products.” Ms. Kramer was recognized by the National Law Journal as one of the 50 Most Influential Women Lawyers in America because of her “demonstrated power to change the legal landscape, shape public affairs, launch industries and do big things.” Chambers USA notes her “expert opinions on the taxation of financial products”; her “expertise in the treatment of financial instruments and derivatives”; her “very acute mind when it comes to securities and financial instruments taxation”; and “her considerable expertise in energy matters, including the field of renewable energy sources.” The Legal 500 named Ms. Kramer to its Inaugural Hall of Fame for six consecutive years as a leading lawyer, recognizing her as a person who “takes a deep and active interest in tax policy development” and as “one of our nation’s most important voices in financial market tax policy.” Ms. Kramer is also well-known for her long-standing commitment to dismantling workplace gender discrimination. She served as a member of the Diversity & Inclusion Advisory Board for the Illinois Supreme Court Commission on Professionalism, and she has garnered numerous professional awards for her related writing, speaking, and mentoring efforts over the past 35 years. She is the co-author of three related books: It’s Not You, It’s the Workplace: Women’s Conflict at Work and the Bias that Built It (Nicholas Brealey, 2019); Breaking Through Bias: Communication Techniques for Women to Succeed at Work (Second Edition, Nicholas Brealey, 2020); and Beyond Bias: the PATH to Ending Gender Inequality at Work (Nicholas Brealey, 2023).

Nicholas Mowbray
NICHOLAS C. MOWBRAY is an associate resident in the Washington D.C. office of Baker & Hostetler LLP. His practice focuses on international tax and financial products tax matters, where he advises funds, investment managers, multinationals across various industries, and individuals on financial products matters, including issues associated with debt, commodities, derivatives, and cryptocurrencies, rules affecting market participants (that is, investors, traders, dealers, and hedgers), and international tax matters such as transfer pricing, treaty applicability, the anti-hybrid rules, GILTI, subpart F income, FDII, and foreign tax credit planning. Mr. Mowbray is a graduate of the University of Michigan (B.A.), Chicago-Kent College of Law (J.D.), and Northwestern University (LL.M). He is a member of the Illinois and Washington D.C. Bars. He has worked with Andie Kramer on updates to Financial Products: Taxation, Regulation, and Design since 2011.