Part IV. Applicable Federal Interest Rates
Section 986.—Determi- nation of Foreign Taxes and Foreign Corporation’s Earnings and…
Internal Revenue Bulletin 2006-20 · 2026-10-03 edition · updated 2026-10-04 · United States
A notice describes an election allowing taxpayers that otherwise must translate foreign income tax payments at the average exchange rate to use the exchange rate in effect on the date the taxes are paid, provided the foreign taxes are denominated in nonfunctional currency. See Notice 2006-47, page 892.
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