The U.S. IRS and Department of the Treasury have issued final regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit, which were published in the Federal Register on 11 December 2024. The final regulations are effective 10 December 2024, and generally apply to taxable years beginning after 31 December 2024. Related proposed regulations have also been issued, Accounting for Disregarded Transactions Between a Qualified Business Unit and Its Owner, which include an election intended to reduce the compliance burden of accounting for certain disregarded transactions between a qualified business unit and...