Determinations by account
(1) In general
(1)In general#
In the case of the sale, exchange, or other disposition of a specified security on or after the applicable date, the conventions prescribed by regulations under this section shall be applied on an account by account basis.
(2)Application to certain regulated investment companies#
(A) In general Except as provided in subparagraph (B), any stock for which an average basis method is permissible under this section which is acquired before January 1, 2012 , shall be treated as a separate account from any such stock acquired on or after such date.
(B) Election for treatment as single account If a regulated investment company described in subparagraph (A) elects to have this subparagraph apply with respect to one or more of its stockholders— (i) subparagraph (A) shall not apply with respect to any stock in such regulated investment company held by such stockholders, and (ii) all stock in such regulated investment company which is held by such stockholders shall be treated as covered securities described in section 6045(g)(3) without regard to the date of the acquisition of such stock. A rule similar to the rule of the preceding sentence shall apply with respect to a broker holding such stock as a nominee.
(2)(A)In general#
Except as provided in subparagraph (B), any stock for which an average basis method is permissible under this section which is acquired before January 1, 2012 , shall be treated as a separate account from any such stock acquired on or after such date.
(2)(B)Election for treatment as single account#
If a regulated investment company described in subparagraph (A) elects to have this subparagraph apply with respect to one or more of its stockholders—
(i) subparagraph (A) shall not apply with respect to any stock in such regulated investment company held by such stockholders, and
(ii) all stock in such regulated investment company which is held by such stockholders shall be treated as covered securities described in section 6045(g)(3) without regard to the date of the acquisition of such stock.
A rule similar to the rule of the preceding sentence shall apply with respect to a broker holding such stock as a nominee.
(3)Definitions#
For purposes of this section, the terms “specified security” and “applicable date” shall have the meaning given such terms in section 6045(g).