Treasury Regulations · 26 CFR
§ 1.988-1T. Certain definitions and special rules (temporary).
Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).
Regulation under 26 U.S.C. § 988
Cite as 26 CFR § 1.988-1T
At a glance
Read from the text and its source citation. Not part of the regulation.
- Status
- In the current eCFR
- Issued
- December 8, 2016 by T.D. 9795
- Issued under
- 26 U.S.C. § 988
- Length
- 181 words · about 1 min to read
- Cross-references
- cites 2 Code sections and 4 regulations; cited by 1
¶(a)
¶(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 § 1.987-3T(b)(4)(ii), held by a section 987 QBU are not treated as section 988 transactions. Thus, no currency gain or loss shall be recognized by a section 987 QBU under section 988 with respect to such transactions.
¶(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 § 1.987-11(b), then this section applies to taxable years to which §§ 1.987-1 through 1.987-10 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]
Cross-references
Computed from the citations in the text of 26 CFR.
Code sections it cites
Regulations it cites
- § 1.988-1 Certain definitions and special rules.
- § 1.987-3T Determination of section 987 taxable income or loss of an owner of a section 987 QBU (temporary).
- § 1.987-11 Suspended section 987 loss relating to certain elections; loss-to-the-extent-of-gain rule.
- § 1.987-1 Scope, definitions, and special rules.
Cited by 1 other regulation
Amendment history
From the source citation at the end of the section, newest first. T.D. is a Treasury decision; FR is the Federal Register.
- Issued by T.D. 9795 (81 FR 88879)
Where it sits in 26 CFR
- Subchapter A Income tax
- Part 1 Income taxes
- Foreign Currency Transactions
Nearby sections
- § 1.987-14 Section 987 hedging transactions.
- § 1.987-15 Applicability date.
- § 1.988-0 Taxation of gain or loss from a section 988 transaction; Table of Contents.
- § 1.988-1 Certain definitions and special rules.
- § 1.988-1T Certain definitions and special rules (temporary).
- § 1.988-2 Recognition and computation of exchange gain or loss.
- § 1.988-2T Recognition and computation of exchange gain or loss (temporary).
- § 1.988-3 Character of exchange gain or loss.
- § 1.988-4 Source of gain or loss realized on a section 988 transaction.