section 988 transaction
Defined in 1 place of the United States Code.
The term “section 988 transaction” means any transaction described in subparagraph (B) if the amount which the taxpayer is entitled to receive (or is required to pay) by reason of such transaction—
(i) is denominated in terms of a nonfunctional currency, or
(ii) is determined by reference to the value of 1 or more nonfunctional currencies.
Source
- 1994–present26 U.S.C. § 988Internal Revenue Code · Treatment of certain foreign currency transactions · for purposes of this section