§ 1236.
(a)
Capital gains
Gain by a dealer in securities from the sale or exchange of any security shall in no event be considered as gain from the sale or exchange of a capital asset unless—
(1)
the security was, before the close of the day on which it was acquired (or such earlier time as the Secretary may prescribe by regulations), clearly identified in the dealer’s records as a security held for investment; and
(2)
the security was not, at any time after the close of such day (or such earlier time), held by such dealer primarily for sale to customers in the ordinary course of his trade or business.
(d)
Special rule for floor specialists
(1)
In general
In the case of a floor specialist (but only with respect to acquisitions, in connection with his duties on an exchange, of stock in which the specialist is registered with the exchange), subsection (a) shall be applied—
(A)
by inserting “the 7th business day following” before “the day” the first place it appears in paragraph (1) and by inserting “7th business” before “day” in paragraph (2), and
(B)
by striking the parenthetical phrase in paragraph (1).
(2)
Floor specialist
The term “floor specialist” means a person who is—
(A)
a member of a national securities exchange,
(B)
is registered as a specialist with the exchange, and
(C)
meets the requirements for specialists established by the Securities and Exchange Commission.
([Aug. 16, 1954, ch. 736], [68A Stat. 330]; [Pub. L. 94–455, title XIX, § 1901(b)(3)(E)], Oct. 4, 1976, [90 Stat. 1793]; [Pub. L. 97–34, title V, § 506], Aug. 13, 1981, [95 Stat. 332]; [Pub. L. 97–448, title I, § 105(d)(1)], Jan. 12, 1983, [96 Stat. 2387]; [Pub. L. 98–369, div. A, title I, § 107(b)], July 18, 1984, [98 Stat. 630]; [Pub. L. 113–295, div. A, title II, § 221(a)(83)], Dec. 19, 2014, [128 Stat. 4049].)