SECTION 29. FUNCTIONAL

CURRENCY (§ 985)

.01 Change in functional currency .

(1) Description of change . This change applies to a taxpayer that wants to change its functional currency or the functional currency of a qualified business unit (QBU) of the taxpayer. The preceding sentence does not apply to a QBU of a taxpayer described in § 1.985–1(b)(1)(iii).

(2) Manner of making change . A taxpayer making this change must make all necessary adjustments required by such change. See §§ 1.985–5, 1.985–8(c).

(3) Designated automatic accounting method change number . The designated automatic accounting method change number for a change under section 29.01 of this APPENDIX is “70.” See section 6.02(4) of this revenue procedure.

(4) Contact information . For further information regarding a change under this section, contact Barbara Felker at 202–622–3850 (not a toll-free call).

.02 Reserved .