A bill to amend section 1234 of the Internal Revenue Code of 1954 with respect to the tax treatment of the grantor of options in stock, securities, and commodities.

Amends the Internal Revenue Code to provide that with respect to the grantor of an option to buy or sell securities, commodities, or commodity futures, any gain or loss from a termination of the option other than through its exercise or lapse, and gain through its lapse, shall be treated as a gain or loss from the sale or exchange of a capital asset held not more than six months.

Stipulates that this Act shall not apply to any option granted in the ordinary course of the taxpayer's trade or business of granting options.