K-1 shows significant gain from contracts and straddles, with Ordinary Business Losses reflected on Line 1. Losses are limited by section 461(l). Partnership "is in the business of trading financial instruments" under code section 1411(c)(2).
Can the gains from section 1256, contracts and straddles, be aggregated against the Ordinary Business Losses to avoid the 461(l) limitation? Any input would be appreciated. Beautiful day here in Tarrytown. Enjoy!
Keith Boyer Certified Public Accountant