A 1256 contract includes any regulated futures contract, foreign currency contract, nonequity options, dealer equity options, and dealer securities futures contracts. Gains or losses for these contracts are treated as a % short-term capital gain/loss and a % long-term capital gain/loss.

Include only the numbers for the percentages; do not include the % symbol in your answer.

The basis for a futures contract is defined as:

	a.	The spot price minus futures price.
	b.	The futures price minus spot price.
	c.	The futures price minus forward price.
	d.	The spot price minus forward price.