### Question
Can you define what specified index means?


### Answer
**Specified index** is defined as the following in *26 U.S.C. § 1221*:

> any one or more or any combination of—



(I) a fixed rate, price, or amount, or



(II) a variable rate, price, or amount,


  

 which is based on any current, objectively determinable financial or economic information with respect to commodities which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties' circumstances

#### Citation:
  - *26 U.S.C. § 1221*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter P-Capital Gains and Losses > PART III-GENERAL RULES FOR DETERMINING CAPITAL GAINS AND LOSSES**

