Treasury Regulations (26 C.F.R.)
26 CFR § 1.1001-5
European Monetary Union (conversion to the euro).
# (a) Conversion of currencies.
For purposes of § 1.1001-1(a), the conversion to the euro of legacy currencies (as defined in § 1.985-8(a)(1)) is not the exchange of property for other property differing materially in kind or extent.
# (b) Effect of currency conversion on other rights and obligations.
For purposes of § 1.1001-1(a), if, solely as the result of the conversion of legacy currencies to the euro, rights or obligations denominated in a legacy currency become rights or obligations denominated in the euro, that event is not the exchange of property for other property differing materially in kind or extent. Thus, for example, when a debt instrument that requires payments of amounts denominated in a legacy currency becomes a debt instrument requiring payments of euros, that alteration is not a modification within the meaning of § 1.1001-3(c).
# (c) Effective date.
This section applies to tax years ending after July 29, 1998.
[T.D. 8927, 66 FR 2218, Jan. 11, 2001]
Source: view the official text
In this part (40 sections)
- 1.995-1 · Taxation of DISC income to shareholders.
- 1.995-2 · Deemed distributions in qualified years.
- 1.995-3 · Distributions upon disqualification.
- 1.995-4 · Gain on disposition of stock in a DISC.
- 1.995-5 · Foreign investment attributable to producer's loans.
- 1.995-6 · Taxable income attributable to military property.
- 1.996-1 · Rules for actual distributions and certain deemed…
- 1.996-2 · Ordering rules for losses.
- 1.996-3 · Divisions of earnings and profits.
- 1.996-4 · Subsequent effect of previous disposition of DISC stock.
- 1.996-5 · Adjustment to basis.
- 1.996-6 · Effectively connected income.
- 1.996-7 · Carryover of DISC tax attributes.
- 1.996-8 · Effect of carryback of capital loss or net operating loss to…
- 1.997-1 · Special rules for subchapter C of the Code.
- 1.998-1.1000 · §§ 1.998-1.1000 [Reserved]
- 1.1001-1 · Computation of gain or loss.
- 1.1001-2 · Discharge of liabilities.
- 1.1001-3 · Modifications of debt instruments.
- 1.1001-4 · Modifications of certain derivative contracts.
- 1.1001-5 · European Monetary Union (conversion to the euro).
- 1.1001-6 · Transition from certain interbank offered rates.
- 1.1001-7 · Computation of gain or loss for digital assets.
- 1.1002-1 · Sales or exchanges.
- 1.1011-1 · Adjusted basis.
- 1.1011-2 · Bargain sale to a charitable organization.
- 1.1012-1 · Basis of property.
- 1.1012-2 · Transfers in part a sale and in part a gift.
- 1.1013-1 · Property included in inventory.
- 1.1014-0 · Table of contents.
- 1.1014-1 · Basis of property acquired from a decedent.
- 1.1014-2 · Property acquired from a decedent.
- 1.1014-3 · Other basis rules.
- 1.1014-4 · Uniformity of basis; adjustment to basis.
- 1.1014-5 · Gain or loss.
- 1.1014-6 · Special rule for adjustments to basis where property is…
- 1.1014-7 · Example applying rules of §§ 1.1014-4 through 1.1014-6 to…
- 1.1014-8 · Bequest, devise, or inheritance of a remainder interest.
- 1.1014-9 · Special rule with respect to DISC stock.
- 1.1014-10 · Basis of property acquired from a decedent must be…