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