U.S. IRS and Treasury Correct Final Regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit

The U.S. IRS and Department of the Treasury have issued a correction to the 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 correction was published in the Federal Register on 17 January 2025 and is effective from the effective date of the final regulations. The final regulations are effective 10 December 2024 and generally apply to taxable years beginning a…