Andrew Mitchel LLC

TD 10016: Taxable Income or Loss and Currency Gain or Loss With Respect to a Qualified Business Unit

Date: 2024-12-11
Links to Federal Register: HTML, PDF (Proposed Regulation: HTML, PDF)
Document Number: 2024–28372, RIN: 1545-BO07
Action: Final rule.

Abstract: This document contains final regulations relating to the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit. These final regulations include an election to treat all items of a qualified business unit as marked items (subject to a loss suspension rule), an election to recognize all foreign currency gain or loss with respect to a qualified business unit on an annual basis, and a new transition rule.

Word frequency
Notable phrases   Frequency
current rate election      144
unrecognized section 987 gain or loss      127
books and records      120
pretransition gain or loss      93
section 988 transaction(s)      84
annual recognition election      82
recognition grouping      81
eligible pretransition method      77
owner functional currency net value      72
yearly average exchange rate      67
translated into      64
deferred section 987 gain or loss      63
OFCNV      51
attributable to (the|a) section 987 QBU      50
(character and source|source and character)      46
988 gain or loss      45
controlled foreign corporation      36
987 taxable income or loss      35
original deferral QBU owner      31
asset or liability      29
income, gain, deduction, or loss      27
amount of assets      24
foreign currency gain or loss      21
passive foreign personal holding company income      16
termination of a section 987 QBU      13
adjusted basis of the gross assets      12
residual increase or decrease      12
successor deferral QBU owner      8
directly related to the business needs      7

Reg. Cites   Frequency
1.987-5      52
1.987-12      36
1.987-10      33
1.987-11(e)      30
1.987-1      26
1.987-15      23
1.987-4(d)      22
1.987-13      21
1.987-4      20
1.987-3      19
1.987-11      17
1.987-6      16
1.988-1(a)(10)      15
1.987-11(c)      15
1.987-14      13
1.987-8      12
1.987-1(g)      12
1.987-9      12
1.1502-13      11
1.987-10(k)      11

Sec. Cites   Frequency
987      2497
988      211
987(3)      28
381(a)      19
331      13
351      11
332      10
267(b)      7
904      7
987(3)(b)      7
954(c)(1)(d)      6
989(a)      6
986(c)      5
817(d)      5
861      5
704(d)      5
958(a)      4
72(s)      4

Authorities Referenced:


Statistics

Number of pages: 89, words: 104,021, sentences: 4,215
Average words per sentence: 24