Commodity Straddles Tax Act of 1981

Commodity Straddles Tax Act of 1981 - Amends the Internal Revenue Code to provide that any loss which exceeds gain from the holding of a position held as part of an offsetting position may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such a position, plus 30 days.

Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property (commodities, evidences of indebtedness, and other types of personal property) because the taxpayer also holds one or more other positions with respect to personal property (commonly referred to as a "straddle"). Treats as offsetting, with specified exceptions, two or more positions which include equivalent long and short positions if: (1) such positions are in the same commodity; (2) the aggregate margin requirement for the positions is less than the sum of the margin requirements for each position; (3) the positions are in debt instruments; or (4) the positions are determined under regulations prescribed by the Secretary of the Treasury to be offsetting positions. Defines "long position" and "short position" as positions which increase in value or decrease in value respectively, the personal property to which they relate increases in value.

Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of an offsetting position.

Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations.

Excludes from capital gains tax treatment gain by a securities dealer from the sale or exchange of any security unless the security was clearly identified in the dealer's records, before the end of the day after the date of acquisition, as a security held for investment (currently, before the end of the 30th day after the date of acquisition).