Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section988&num=0&edition=prelim
Timestamp: 2020-01-17 18:28:39
Document Index: 722101691

Matched Legal Cases: ['§ 988', '§1261', '§1012', '§6130', '§7811', '§13223', '§1104', '§532', '§1012', '§1012', '§1104', '§1012', '§6130']

[USC02] 26 USC 988: Treatment of certain foreign currency transactions
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26 USC 988: Treatment of certain foreign currency transactions Text contains those laws in effect on January 16, 2020
The term "section 988 transaction" means any transaction described in subparagraph (B) if the amount which the taxpayer is entitled to receive (or is required to pay) by reason of such transaction-
In the case of any disposition of any nonfunctional currency-
For purposes of this subparagraph, the term "qualified fund" means any partnership if-
The term "booking date" means-
For purposes of paragraph (1), the term "988 hedging transaction" means any transaction-
(A) entered into by the taxpayer primarily-
For purposes of this subsection, the term "personal transaction" means any transaction entered into by an individual, except that such term shall not include any transaction to the extent that expenses properly allocable to such transaction meet the requirements of-
(Added Pub. L. 99–514, title XII, §1261(a), Oct. 22, 1986, 100 Stat. 2587 ; amended Pub. L. 100–647, title I, §1012(v)(2)(A), (3), (4), (6)–(8), title VI, §6130(a), (b), Nov. 10, 1988, 102 Stat. 3529 , 3530, 3717; Pub. L. 101–239, title VII, §7811(i)(7), Dec. 19, 1989, 103 Stat. 2410 ; Pub. L. 103–66, title XIII, §13223(b)(1), Aug. 10, 1993, 107 Stat. 484 ; Pub. L. 105–34, title XI, §1104(a), Aug. 5, 1997, 111 Stat. 967 ; Pub. L. 106–170, title V, §532(b)(3), Dec. 17, 1999, 113 Stat. 1930 .)
1999-Subsec. (d)(2)(A)(i), (ii). Pub. L. 106–170 substituted "to manage" for "to reduce".
1997-Subsec. (e). Pub. L. 105–34 amended heading and text of subsec. (e) generally. Prior to amendment, text read as follows: "This section shall apply to section 988 transactions entered into by an individual only to the extent expenses properly allocable to such transactions meet the requirements of section 162 or 212 (other than that part of section 212 dealing with expenses incurred in connection with taxes)."
1993-Subsec. (d)(1). Pub. L. 103–66 substituted "section 475 or 1256" for "section 1256" and "Sections 475, 1092, and 1256" for "Sections 1092 and 1256".
1989-Subsec. (a). Pub. L. 101–239 inserted introductory provision "Notwithstanding any other provision of this chapter-".
1988-Subsec. (a)(3)(B)(i). Pub. L. 100–647, §1012(v)(8), inserted at end "If an individual does not have a tax home (as so defined), the residence of such individual shall be the United States if such individual is a United States citizen or a resident alien and shall be a country other than the United States if such individual is not a United States citizen or a resident alien."
Subsec. (c)(3). Pub. L. 100–647, §1012(v)(3)(D), amended par. (3) generally. Prior to amendment, par. (3) read as follows: "The term 'payment date' means-
Pub. L. 105–34, title XI, §1104(b), Aug. 5, 1997, 111 Stat. 967 , provided that: "The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1997."
Pub. L. 100–647, title I, §1012(v)(2)(B), Nov. 10, 1988, 102 Stat. 3529 , provided that: "The amendment made by subparagraph (A) [amending this section] shall not apply in any case in which the taxpayer takes or makes delivery before June 11, 1987."
Pub. L. 100–647, title VI, §6130(d), Nov. 10, 1988, 102 Stat. 3719 , provided that:
"(1) In general.-The amendments made by this section [amending this section and section 1092 of this title] shall apply with respect to forward contracts, future contracts, options, and similar instruments entered into or acquired after October 21, 1988.
"(2) Time for making election.-The time for making any election under subparagraph (D) or (E) of section 988(c)(1) of the 1986 Code shall not expire before the date 30 days after the date of the enactment of this Act [Nov. 10, 1988].
"(3) Transitional rules.-
"(B) In the case of any partner in an existing partnership, the 20-percent ownership requirements of subclause (I) of such section 988(c)(1)(E)(iii) shall be treated as met during any period during which such partner does not own a percentage interest in the capital or profits of such partnership greater than 331/3 percent (or, if lower, the lowest such percentage interest of such partner during any prior period after October 21, 1988, during which such partnership is in existence). For purposes of the preceding sentence, the term 'existing partnership' means any partnership if-