Date: 2016-12-08
Links to Federal Register: HTML, PDF
(Proposed Regulation: REG-208270-86 HTML, PDF)
Document Number: 2016-28381, RIN: 1545-AM12
Action: Final regulations.
Abstract: This document contains final regulations that provide guidance under section 987 of the Internal Revenue Code (Code) regarding the determination of the taxable income or loss of a taxpayer with respect to a qualified business unit (QBU) subject to section 987, as well as the timing, amount, character, and source of any section 987 gain or loss. Taxpayers affected by these regulations are corporations and individuals that own QBUs subject to section 987. In addition, published elsewhere in this issue of the Federal Register, temporary and proposed regulations (the temporary regulations) are being issued under section 987 to address aspects of the application of section 987 not addressed in these final regulations.
Notable phrases | Frequency |
---|---|
section 987 QBU | 581 |
asset(s) (and|or) liabilit(ies|y) | 150 |
books and records | 106 |
OFCNV | 88 |
yearly average exchange rate(s) | 75 |
transferred from the owner | 16 |
translated into dollars | 16 |
functional currency of the section 987 | 15 |
accumulated unrecognized section 987 gain | 14 |
exchange rate for the taxable year | 13 |
net value of the section 987 QBU | 11 |
steps 1 through 5 | 11 |
use spot rates in lieu of yearly average exchange | 10 |
Reg. Cites | Frequency |
---|---|
1.987-4 | 24 |
1.987-11 | 17 |
1.987-1 | 17 |
1.987-3 | 17 |
1.987-7 | 16 |
1.987-5 | 16 |
1.987-1(c)(1) | 12 |
1.987-1(c)(3) | 11 |
1.987-2(b) | 10 |
1.987-1(c)(1)(iii) | 9 |
1.987-1(b)(5)(i)(B) | 8 |
1.987-8 | 8 |
1.987-1(e) | 8 |
1.987-3(c)(2)(iv)(B) | 8 |
1.987-1(c)(3) | 8 |
1.987-10 | 8 |
1.988-1(a)(10) | 7 |
1.987-9 | 7 |
1.987-11(b) | 6 |
1.987-11(a) | 6 |
Sec. Cites | Frequency |
---|---|
987 | 1085 |
988 | 37 |
267(b) | 18 |
351 | 11 |
954(c)(1)(D) | 8 |
381(a) | 7 |
332 | 4 |
481(a) | 4 |
957 | 4 |
987(3) | 4 |
989(c)(5) | 3 |
951(b) | 3 |
952 | 2 |
1092 | 2 |
987(1) | 2 |
954 | 2 |
752 | 2 |
902 | 2 |
986(a) | 1 |
Statistics
Number of pages: 47, words: 50,354, sentences: 1,766
Average words per sentence: 28