OrbitaxU.S. IRS Releases Practice Units on Disposition of Nonfunctional Currency and Determination of Qualified R&D Expenses Based on GAAP ASC 730 Reporting
|Approved Changes|United States
The U.S. IRS has released international practice units on:
- Disposition of Nonfunctional Currency, which concerns whether an IRC 988 gain or loss on the disposition of nonfunctional currency reported on the taxpayer’s U.S. federal income tax return has been correctly computed and whether an IRC 988 gain or loss on the disposition of nonfunctional currency should have been recognized (section 9…
