On 20 July 2016, the U.S. IRS published three international practice units, including:
- Overview of Qualified Business Units (QBUs), which covers the concept and treatment of QBUs - subdivisions of taxpayers that separately compute their own income/loss, often in a currency that is different than that of its owner;
- Overview of IRC Section 988 Nonfunctional Currency Transactions, which covers the basic functional currency concepts and the treatment of certain nonfunctional currency transacti…