The IRS granted a taxpayer consent to make a retroactive qualified electing fund election for an investment in a passive foreign investment company. Tax Notes Research Federal and Tax Notes Today Global and Tax Notes Today Federal : IRS Letter Rulings Consent Granted to Make Retroactive QEF Electio...
IRS Cancels Proposed Regulations Relating to Foreign Currency Gains and Losses Under § 987, Issues New Proposed Regulations.The article reports on the new proposed regulations, which have been issued by the United States Internal Revenue Service on September 6, 2006. These new regulations have ...
Internal Revenue Service has canceled proposed regulations relating to foreign currency gains and losses under the Section 987 of the Internal Revenue Code. The regulations address the income recognition rules applicable to qualified business units (QBU) doing business in a functional currency other than...