Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_2
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 2
Character Range: 196419–197559

2                               at the event time, a previous choice made by you under item 1 of the table in subsection 960‑60(1) was in effect   the amount is to be translated first to the previous *applicable functional currency at the exchange rate applicable at the event time, and then to the current applicable functional currency at the exchange rate applicable when the current choice took effect.

Permanent establishment, offshore banking unit, CFC or transferor trust

 (2) If:
 (a) as the result of a choice (the current choice) made by you under item 2, 3, 4 or 5 of the table in subsection 960‑60(1), subsection 960‑80(1) requires that an amount be translated to the *applicable functional currency; and
 (b) the amount is attributable to an event that happened, or a state of affairs that came into existence, at a time (the event time) before the current choice took effect;
the table has effect:

Special rule about translation
Item                            In this case...                                                                                                                            this is the result...