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 988 deals with transactions where the taxpayer is entitled to received (or pay) an amount denominated in a nonfunctional currency determined by reference to one or more nonfunctional currencies); ASC 730 Research and Development - How It Relates to IRC...