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19 August 2024

IRS proposes regulation for making certain elections related to foreign currency gains and losses

The IRS has proposed regulations (REG-111629-23) regarding the timing for making and revoking certain elections related to foreign currency gain or loss under Treas. Reg. Section 1.954(g)(3) and (4). The proposed regulations would partially revoke and repropose 2017 proposed regulations to limit the time period for making and revoking such elections. A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor

Document ID: 2024-1573

 

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