On 30 January 2017, the U.S. IRS published five international practice units: Exchange Gains/Losses on Payables and Receivables Denominated in a Nonfunctional Currency Official versus Free Market Exchange Rate Sourcing of Exchange Gains or Losses in Currency Transactions How to Assess Penalties for Failure to File Form 8886 Disclosing IRC 988 losses Using an IRC 6038A Summons when a U.S. Corporation is 25% Foreign Owned International practice units are developed by the Large Business and International Division of the IRS to provide staff with explanations of general international tax concepts as well as information about specific transaction types. They are...