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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

          Provisions expressly mentioned in the judgment/order text.

          <h1>Commodity derivatives valuation: traded price for derivatives; options valued by premium, settlement price, or settlement strike difference.</h1> Section 118 sets the value of a taxable commodities transaction: for commodity derivatives (or derivatives based on prices/indices of commodity derivatives) the value is the traded price; for options on commodity derivatives or options in goods the value is the option premium for categories at serial numbers 3 and 4, the settlement price for categories at serial numbers 5 and 6, and the difference between settlement price and strike price for the category at serial number 7.

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