The U.S. IRS has released an international practice unit on the Functional Currency of a Qualified Business Unit (QBU). The practice unit lays out the seven steps needed to make a determination concerning the functional currency of a QBU in relation to the computation of income earned in non-U.S. locations: Step 1 - Is Use of US Dollar as Its Functional Currency Required? Step 2 - If No, What is the Economic Environment of the QBU? Step 3 - Facts and Circumstances Review of QBU Step 4 - Residency of the QBU Step 5 - Currency of a QBU’s Books...