Natallia Shapel

1 month ago | thetaxadviser.com | Natallia Shapel |Alison Ray |Amelia Rasmus

For taxpayers that have a qualified business unit (QBU) with a functional currency other than the dollar, Sec. 987 provides rules on how to adjust for changes in exchange rates. On Dec. 10, 2024, Treasury and the IRS released final regulations under Sec. 987 (T.D. 10016, as corrected by 90 Fed. Reg. 5606 (Jan. 17, 2025)).