07.09.2019 - By PwC
Doug McHoney (PwC's International Tax Services Leader) and Laura Valestin (International Tax Services Partner) discuss Section 987, from one sentence in the Internal Revenue Code to many iterations of regulations. Doug and Laura cover the basic mechanics and complications of foreign currency transactions; the history of the regulations; how taxpayers are applying the regulations; how Section 987 interacts with the global intangible low-taxed income (GILTI) regime and subpart F; qualified business units (QBUs); and whether we might see more proposed regulations.