OrbitaxIRS Releases Practice Units on Exchange Gains/Losses, Exchange Rates, Penalties, and Other Issues
|Approved Changes|United States
On 30 January 2017, the U.S. IRS published five international practice units:
- Exchange Gains/Losses on Payables and Receivables Denominated in a Nonfunctional Currency
- Official versus Free Market Exchange Rate
- Sourcing of Exchange Gains or Losses in Currency Transactions
- How to Assess Penalties for Failure to File Form 8886 Disclosing IRC 988 losses
- Using an IRC 6038A Summons when a U.S. …
