Rev. Rul. 2024-23: European Energy Exchange held “qualified board or exchange”
The revenue ruling is effective for European Energy Exchange contracts entered into on or after November 1, 2024.
The IRS today released Rev. Rul. 2024-23 in which the IRS held that European Energy Exchange—a regulated exchange of Germany—is a “qualified board or exchange” within the meaning of section 1256(g)(7)(C).
The revenue ruling is effective for European Energy Exchange contracts (i.e., futures contracts and futures contract options that are traded on or subject to the rules of European Energy Exchange, that are described in section 1256(g)(1)(A), and that are not covered by the exception in section 1256(b)(2)) entered into on or after November 1, 2024.