IRS Notice: Foreign Currency Election Comments Requested (IRC §988)

Comments requested on T.D. 8400, which provides guidance allowing taxpayers to make elections under tax code Section 988(c)(1)(D) and Section 988(c)(1)(E), concerning the taxation of exchange gain or loss on certain foreign currency denominated transactions. Comments are due on or before February 8, 2019. [IRS Notice, 83 Fed. Reg. __ (Dec. 10, 2018)]

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