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Clarification of reporting instructions for the 2016 Form 1099-B, Box 2 -- 13-Oct-2016

The 2 paragraphs immediately following the bulleted list in the instructions for Box 2, Type or Gain or Loss, are deleted and replaced with the following to clarify the reporting instructions for this box.

Except as provided below, in addition to checking the applicable short-term or long-term box, you are required to check the "Ordinary" check box if all or a portion of the gain or loss may be ordinary. You may not report both short-term and long-term gain or loss on the same Form 1099-B.

For section 988 transactions brokers may, but are not required to check the "Ordinary" check box. Brokers are not required to check the "Ordinary" check box if the security is a market discount bond or passive foreign investment company stock. Brokers are required to check the "Ordinary" check box if the security is a contingent payment debt instrument subject to the noncontingent bond method.