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Please note: This item is from our archives and was published in 2006. It is provided for historical reference. The content may be out of date and links may no longer function.

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The IRS’s revenue ruling 2006-1 clarifies that income from commodity-index derivatives contracts does not help a mutual fund qualify for the usual tax benefits ( www.irs.gov/pub/irs-drop/rr-06-01.pdf ). The service will apply its newly announced position prospectively so that funds will have enough time to adapt to it and communicate it to their shareholders.