TD 8400 - Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions)

OMB 1545-1131

OMB 1545-1131

This document, TD 8400, contains previously approved final regulations regarding the taxation of gain or loss from certain foreign currency transactions and applies to taxpayers engaging in such transactions. Section 988 of the Internal Revenue Code concerns the taxation of exchange gain or loss on certain foreign currency denominated transactions. Such gains and losses are characterized as ordinary income or loss. However, under section 988(a)(1)(B) taxpayers may elect to characterize exchange gain or loss on certain transactions as capital gain or loss. Section 1.988-3(b) of the regulations provides the procedure for making the election. Under section 988(c)(1)(D)(ii), taxpayers may elect to have regulated futures contracts and certain options (which generally are not subject to section 988) treated as section 988 transactions. Sections 1.988-1(a)(4)(iii) and (iv) provide the procedure for making that election. Under section 988(c)(1)(E)(iii), a commodity fund may elect special treatment under section 988. Section 1.988-1(a)(5)(iv) provides the procedure for making that election. Under section 988(d) taxpayers may receive special treatment if they identify certain transactions. The identification rules are in sections 1.988-5(a)(8), 1.988-5(b)(3), 1.988-5(c)(2) and 1.988-5(d)(2)(i)(A).

The latest form for TD 8400 - Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions) expires 2022-07-31 and can be found here.

All Historical Document Collections
Extension without change of a currently approved collection 2022-07-29
Approved without change
Extension without change of a currently approved collection 2019-05-31
Approved without change
Extension without change of a currently approved collection 2016-01-29
Approved without change
Extension without change of a currently approved collection 2012-11-30
Approved without change
Extension without change of a currently approved collection 2009-09-08
Approved without change
Extension without change of a currently approved collection 2006-06-19
Approved without change
Extension without change of a currently approved collection 2003-05-09
Approved without change
Extension without change of a currently approved collection 2000-04-20
Approved without change
Extension without change of a currently approved collection 1997-04-02
Approved without change
Extension without change of a currently approved collection 1994-03-10
Approved without change
Extension without change of a currently approved collection 1991-04-24
Approved without change
Reinstatement with change of a previously approved collection 1991-02-06
Approved without change
Reinstatement with change of a previously approved collection 1990-03-25
Approved without change
New collection (Request for a new OMB Control Number) 1989-07-28

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