functional currency

(1) In general For purposes of this subtitle, the term “functional currency” means— (A) except as provided in subparagraph (B), the dollar, or (B) in the case of a qualified business unit, the currency of the economic environment in which a significant part of such unit’s activities are conducted and which is used by such unit in keeping its books and records.

Source

26 USC § 985(b)(1)

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Scoping language

None identified, default scope is assumed to be the parent (subpart J) of this section.

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