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References in periodicals archive ?
A notional principal contract is one involving two parties who agree contractually to pay each other amounts at specified times, based on the underlying notional amount.
The term offsetting notional principal contract means, with respect to any property, an agreement that includes (1) a requirement to pay (or provide credit for) all or substantially all of the investment yield (including appreciation) on such property for a specified period and (2) a right to be reimbursed for (or receive credit for) all or substantially all of any decline in the value of such property.
(12) In fact, the only mention of these two provisions in the same sentence was in a 1993 statement in the preamble to the NPC regulations indicating that "[t]he IRS is considering whether notional principal contracts involving ...
[section] 1.863-7 regarding the allocation of income attributable to certain notional principal contracts under the broad regulatory authority afforded the IRS.
(3) Furthermore, it was the intent of Congress that offsetting notional principal contracts (see Q 1089) also be included in the definition of "appreciated financial position," and such a definition is supported by the language of IRC Section 1259(c)(1)(D).
They are recognized over the term of a notional principal contract in a manner reflecting the economic substance of the contract.
As mentioned previously, notional principal contract income accounts for almost 20 percent of U.S.-source income paid to foreign persons; however, it is not generally subject to withholding tax.
The increase was fueled primarily by growth in notional principal contract income, which rose by 59.7 percent in 2008.
Bullet swaps: Under existing law, as noted above, arguably at least one side of a contract must provide for a series of two or more payments before it can be treated as a notional principal contract. Thus, a bullet swap over an equity, which provides for one net payment at the end based on interest rates at various dates, dividends paid from time to time, and the net appreciation or depreciation of the reference equity, was not a notional principal contract under Sec.
Investment assets include (1) cash; (2) stock or securities; (3) interest in a partnership; (4) any debt instrument or other evidence of debt; (5) any option, forward or futures contract, notional principal contract or derivative; (6) foreign currency; or (7) any similar asset.
32 "The rules of [sections] 1.446-3 govern the timing of income and deductions with respect to a notional principal contract unless, because the notional principal contract is used as a hedge, the application of those rules would not result in the matching that is needed to satisfy the clear reflection standard of [sections] 1.446-4(b) of this section." Prop.
must be recognized over the term of a notional principal contract in a manner that reflects the economic substance of the contract." The proposed regulations establish broad guidelines with respect to how this general standard should be met.