26 USC 1234B - Gains or losses from securities futures contracts

(a) Treatment of gain or loss 

(1) In general 
Gain or loss attributable to the sale, exchange, or termination of a securities futures contract shall be considered gain or loss from the sale or exchange of property which has the same character as the property to which the contract relates has in the hands of the taxpayer (or would have in the hands of the taxpayer if acquired by the taxpayer).
(2) Nonapplication of subsection 
This subsection shall not apply to
(A) a contract which constitutes property described in paragraph (1) or (7) of section 1221 (a), and

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(B) any income derived in connection with a contract which, without regard to this subsection, is treated as other than gain from the sale or exchange of a capital asset.
(b) Short-term gains and losses 
Except as provided in the regulations under section 1092 (b) or this section, or in section 1233, if gain or loss on the sale, exchange, or termination of a securities futures contract to sell property is considered as gain or loss from the sale or exchange of a capital asset, such gain or loss shall be treated as short-term capital gain or loss.
(c) Securities futures contract 
For purposes of this section, the term securities futures contract means any security future (as defined in section 3(a)(55)(A) of the Securities Exchange Act of 1934, as in effect on the date of the enactment of this section). The Secretary may prescribe regulations regarding the status of contracts the values of which are determined directly or indirectly by reference to any index which becomes (or ceases to be) a narrow-based security index (as defined for purposes of section 1256 (g)(6)).
(d) Contracts not treated as commodity futures contracts 
For purposes of this title, a securities futures contract shall not be treated as a commodity futures contract.
(e) Regulations 
The Secretary shall prescribe such regulations as may be appropriate to provide for the proper treatment of securities futures contracts under this title.
(f) Cross reference 
For special rules relating to dealer securities futures contracts, see section 1256.