Foreign Currency Transactions
26 C.F.R. Part 1 — Income Taxes · 2026 edition · updated 2026-10-04 · United States
In this part
- § 1.985-0 Outline of regulation.
- § 1.985-1 Functional currency.
- § 1.985-2 Election to use the United States dollar as the functional currency of a QBU.
- § 1.985-3 United States dollar approximate separate transactions method.
- § 1.985-4 Method of accounting.
- § 1.985-5 Adjustments required upon change in functional currency.
- § 1.985-6 Transition rules for a QBU that uses the dollar approximate separate…
- § 1.985-7 Adjustments required in connection with a change to DASTM.
- § 1.985-8 Special rules applicable to the European Monetary Union (conversion to euro).
- § 1.986(a)-1 Translation of foreign income taxes for purposes of the foreign tax credit.
- § 1.986(c)-1 Coordination with section 965.
- § 1.987-0 Table of contents.
- § 1.987-1 Scope, definitions, and special rules.
- § 1.987-1T Scope, definitions, and special rules (temporary).
- § 1.987-2 Attribution of items to eligible QBUs; definition of a transfer and related…
- § 1.987-3 Determination of section 987 taxable income or loss of an owner of a section…
- § 1.987-3T Determination of section 987 taxable income or loss of an owner of a section…
- § 1.987-4 Determination of net unrecognized section 987 gain or loss of a section 987 QBU.
- § 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 and S corporations.
- § 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; Table of Contents.
- § 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 (temporary).
- § 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 Definition of a qualified business unit.
- § 1.989(b)-1 Definition of weighted average exchange rate.
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