Reg. § 1.988-1T Certain definitions and special rules (temporary).
(a)
(1) through(a)
(2) [Reserved] For further guidance, see through .
(3) Specified owner functional currency transactions of a section 987 QBU not treated as section 988 transactions Specified owner functional currency transactions, as defined in , held by a section QBU are not treated as section transactions. Thus, no currency gain or loss shall be recognized by a section QBU under section with respect to such transactions.
(4) through(i) [Reserved] For further guidance, see through .
(j) Effective/applicability date. This section applies to taxable years beginning on or after one year after the first day of the first taxable year following December 7, 2016. Notwithstanding the preceding sentence, if a taxpayer makes an election under , then this section applies to taxable years to which through apply as a result of such election.
(k) Expiration date. The applicability of this section expires on December 6, 2019.
[T.D. 9795, 81 FR 88879, Dec. 8, 2016]