Treasury Regulations (26 C.F.R.)
26 CFR § 1.988-1T
Certain definitions and special rules (temporary).
(a)(1) through (a)(2) [Reserved] For further guidance, see § 1.988-1(a)(1) through (2).
(3) Specified owner functional currency transactions of a section 987 QBU not treated as section 988 transactions. Specified owner functional currency transactions, as defined in § 1.987-3T(b)(4)(ii), held by a section 987 QBU are not treated as section 988 transactions. Thus, no currency gain or loss shall be recognized by a section 987 QBU under section 988 with respect to such transactions.
(4) through (i) [Reserved] For further guidance, see § 1.988-1(a)(4) through (i).
(j) Effective/applicability date. This section applies to taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016. Notwithstanding the preceding sentence, if a taxpayer makes an election under § 1.987-11(b), then this section applies to taxable years to which §§ 1.987-1 through 1.987-10 apply as a result of such election.
(k) Expiration date. The applicability of this section expires on December 6, 2019.
[T.D. 9795, 81 FR 88879, Dec. 8, 2016]
Source: view the official text
In this part (40 sections)
- 1.987-1 · Scope, definitions, and special rules.
- 1.987-2 · Attribution of items to eligible QBUs; definition of a…
- 1.987-3 · Determination of section 987 taxable income or loss of an…
- 1.987-3T · Determination of section 987 taxable income or loss of an…
- 1.987-4 · Determination of net unrecognized section 987 gain or loss of…
- 1.987-5 · Recognition of section 987 gain or loss.
- 1.987-6 · Character and source of section 987 gain or loss.
- 1.987-6T · Character and source of section 987 gain or loss (temporary).
- 1.987-7 · Application of the section 987 regulations to partnerships…
- 1.987-8 · Termination of a section 987 QBU.
- 1.987-8T · Termination of a section 987 QBU (temporary).
- 1.987-9 · Recordkeeping requirements.
- 1.987-10 · Transition rules.
- 1.987-11 · Suspended section 987 loss relating to certain elections;…
- 1.987-12 · Deferral of section 987 gain or loss.
- 1.987-13 · Suspended section 987 loss upon terminations.
- 1.987-14 · Section 987 hedging transactions.
- 1.987-15 · Applicability date.
- 1.988-0 · Taxation of gain or loss from a section 988 transaction;…
- 1.988-1 · Certain definitions and special rules.
- 1.988-1T · Certain definitions and special rules (temporary).
- 1.988-2 · Recognition and computation of exchange gain or loss.
- 1.988-2T · Recognition and computation of exchange gain or loss…
- 1.988-3 · Character of exchange gain or loss.
- 1.988-4 · Source of gain or loss realized on a section 988 transaction.
- 1.988-5 · Section 988(d) hedging transactions.
- 1.988-6 · Nonfunctional currency contingent payment debt instruments.
- 1.989(a)-1 · (a)-1 Definition of a qualified business unit.
- 1.989(b)-1 · (b)-1 Definition of weighted average exchange rate.
- 1.991-1 · Taxation of a domestic international sales corporation.
- 1.992-1 · Requirements of a DISC.
- 1.992-2 · Election to be treated as a DISC.
- 1.992-3 · Deficiency distributions to meet qualification requirements.
- 1.992-4 · Coordination with personal holding company provisions in case…
- 1.993-1 · Definition of qualified export receipts.
- 1.993-2 · Definition of qualified export assets.
- 1.993-3 · Definition of export property.
- 1.993-4 · Definition of producer's loans.
- 1.993-5 · Definition of related foreign export corporation.
- 1.993-6 · Definition of gross receipts.