§985. Functional currency — Inbound Citations

Citations to §985(b)

• 26 U.S.C. § 856(c)(5)(K)

  Go to provision →
  (K) If the real estate investment trust or its qualified business unit (as defined in section 989) uses any foreign currency as its functional currency (as defined in section 985(b)), the term “cash” includes such foreign currency but only to the extent such foreign currency—

  (i) is held for use in the normal course of the activities of the trust or qualified business unit which give rise to items of income or gain described in paragraph (2) or (3) of subsection (c) or are directly related to acquiring or holding assets described in subsection (c)(4), and

  (ii) is not held in connection with an activity described in subsection (n)(4).