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Final, temporary, and proposed regulations under section 988 of the Code address certain integrated transactions that involve a foreign currency denominated debt instrument and multiple associated hedging transactions. The regulations provide that if a taxpayer has identified multiple hedgers as being part of a qualified hedging transaction, and the taxpayer has terminated at least one but less than all of the hedges (including a portion of one or more of the hedges), the taxpayer must treat the remaining hedges as having been sold for fair market value on the date of disposition of the terminated hedge.
Final, temporary, and proposed regulations under section 988 of the Code address certain integrated transactions that involve a foreign currency denominated debt instrument and multiple associated hedging transactions. The regulations provide that if a taxpayer has identified multiple hedgers as being part of a qualified hedging transaction, and the taxpayer has terminated at least one but less than all of the hedges (including a portion of one or more of the hedges), the taxpayer must treat the remaining hedges as having been sold for fair market value on the date of disposition of the terminated hedge.
Proposed regulations under section 263A of the Code provide that, in general, taxpayers may not use negative amounts to allocate additional section 263A costs under the simplified production method. The proposed regulations provide a new modified simplified production method under which producers may include negative amounts in allocating additional section 263A costs by using a preproduction cost absorption ratio and a production cost absorption ratio.
This document contains corrections to temporary regulations (T.D. 9572, 2012-11 I.R.B. 471) that extend the definition of a specified NPC with respect to payments made before January 1, 1014.
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