transferred , and (B) in clause (ii)— (i) by striking stock or securities and inserting specified assets , and (ii) by striking identical securities and inserting identical specified assets (as defined in section 1091(g)) . (3) The table of sections for part VII of subchapter O of chapter 1 of such Code is amended by striking the item relating to section 1091 and inserting the following new item: Sec. 1091. Loss from wash sales of specified assets. . (c) Effective date The amendments made by this section shall apply to sales, dispositions, and terminations in taxable years beginning after the date of enactment of this Act. 806. Mark-to-market election (a) In general Section 475(e)(2)(A) of the Internal Revenue Code of 1986 is amended by inserting (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) after commodity . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of enactment of this Act. 807. Forks, airdrops, and subsidiary value (a) In general Part II of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 72 the following new section: 71. Forks, airdrops, and subsidiary value (a) In general In the case of any applicable asset received by a taxpayer for which the taxpayer has taken affirmative steps relating to control of such asset, the value of such asset shall be included in gross income for the taxable year in which such asset is sold or otherwise disposed of by the taxpayer. (b) Character of income For purposes of this subtitle, the amount included in gross income under this section shall be treated as ordinary income (as defined in section 64). (c) Applicable asset For purposes of this section, the term applicable asset means— (1) a crypto asset fork, (2) a crypto asset airdrop, or (3) any other similar form of subsidiary value relating to a crypto asset (as defined in section 9801 of title 31, United States Code). (d) Regulations Not later than 12 months after the date of