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TREAS/IRS RIN: 1545-BO07 Publication ID: Spring 2021 
Title: Proposed Modification of Regulations Under Section 987 on Income and Currency Gain or Loss With Respect to a Section 987 Qualified Business Unit 
Abstract:

This notice of proposed rulemaking provides rules in response to Executive Order 13789. addressing currency translations and gains and losses guidance regarding the determination and translation of the taxable income or loss of a taxpayer with respect to a qualified business unit subject to section 987, as well as the timing, amount, character, and source of any section 987 currency gain or loss.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 987    26 U.S.C. 989(c)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  09/00/2021 
Additional Information: REG-132422-17 (NPRM) Drafter attorney: Anthony J. Marra (202) 317-6938 Reviewer attorney: Steven D. Jensen (202) 317-6938 Treasury attorney: Erika W. Nijenhuis (202) 622-0843 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Anthony J. Marra
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6938
Email: anthony.j.marra@irscounsel.treas.gov