Andrea Kramer, a partner in McDermott Will & Emery LLP, provides an overview of popular currency products and their uses because the foreign currency tax rules build on the rules of financial products. Our presenter addresses the different types of taxpayers and the tax rules applied to them, section 1256 contracts, the tax straddle rules, the mark-to-market rules; and special tax hedges. She then builds on these financial product building blocks to show how special foreign currency tax elections modify and interact with these rules.