Describe the tax issues associated with investing in investment companies, options, annuities, LPs and MLPs, as well as futures contracts.

Demonstrate the tax advantages of net unrealized appreciation on stock distributions from a pension plan, tax-harvesting losses in an IRA account, and the tax implications of converting assets from a traditional IRA to a Roth IRA.

Describe the characteristics of the spot market, forward contracts, and futures contracts.

Describe the institutional framework for trading futures contracts.

Describe the general characteristics of futures contracts.

Apply trading strategies using futures contracts, especially with regard to the creation of basis risk.

Utilize a financial futures contract to hedge market or interest rate risks.

Be conversant in the basic option terminology and the mechanics of the options markets.

Describe the two reasons options have value, and compute the value for each reason.

Construct a profit function for a person long or short a put or call option.