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Publication 550
Investment Income and Expenses
Introduction, Useful Items and Important Changes
For use in Preparing 2015 Returns

Chapter 1
Investment Income

General Information

Interest Income

Taxable Interest — General
Below-Market Loans
U.S. Savings Bonds
U.S. Treasury Bills, Notes, and Bonds
Bonds Sold Between Interest Dates
State or Local Government Obligations

Discount on Debt Instruments

Original Issue Discount (OID)
Market Discount Bonds
Discount on Short-Term Obligations
Election To Report All Interest as OID

When To Report Interest Income

How To Report Interest Income

Dividends and Other Distributions

Ordinary Dividends
Capital Gain Distributions
Nondividend Distributions
Liquidating Distributions
Distributions of Stock and Stock Rights
Other Distributions

How To Report Dividend Income

Stripped Preferred Stock

REMICs, FASITs, and Other CDOs

Collateralized Debt Obligations (CDOs)

S Corporations

Investment Clubs

Tax Treatment of the Club

Chapter 2
Tax Shelters and Other Reportable Transactions

Abusive Tax Shelters

Rules To Curb Abusive Tax Shelters
Investor Reporting
Whether To Invest

Chapter 3
Investment Expenses

Limits on Deductions

Interest Expenses

Investment Interest
Limit on Deduction

Bond Premium Amortization

How To Figure Amortization
Choosing To Amortize
How To Report Amortization

Expenses of Producing Income

Nondeductible Expenses

How To Report Investment Expenses

When To Report Investment Expenses

Chapter 4
Sales and Trades of Investment Property

What Is a Sale or Trade?

Worthless Securities
Constructive Sales of Appreciated Financial Positions
Section 1256 Contracts Marked to Market

Basis of Investment Property

Cost Basis
Basis Other Than Cost
Adjusted Basis
Stocks and Bonds

How To Figure Gain or Loss

Special Rules for Mutual Funds

Nontaxable Trades

Like-Kind Exchanges
Corporate Stocks
Exchange of Shares In One Mutual Fund For Shares In Another Mutual Fund
Insurance Policies and Annuities
U.S. Treasury Notes or Bonds

Transfers Between Spouses

Related Party Transactions

Gain on Sale or Trade of Depreciable Property

Capital Gains and Losses

Capital or Ordinary Gain or Loss
Holding Period
Nonbusiness Bad Debts
Short Sales
Wash Sales
Sales of Stock to ESOPs or Certain Cooperatives
Rollover of Gain From Publicly Traded Securities
Gains on Qualified Small Business Stock
Exclusion of Gain From DC Zone Assets

Reporting Capital Gains and Losses

Capital Losses
Capital Gain Tax Rates

Special Rules for Traders in Securities

How To Report

Chapter 5
How To Get Tax Help

The Taxpayer Advocate Service Is Here To Help You

Low Income Taxpayer Clinics