26 CFR 1.989(b)-1 - Definition of weighted average exchange rate.

Code of Federal Regulations - Title 26: Internal Revenue (2005)

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TITLE 26 - INTERNAL REVENUE

CHAPTER I - INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY

SUBCHAPTER A - INCOME TAX

PART 1 - INCOME TAXES

1.989(b) - 1 - Definition of weighted average exchange rate.

For purposes of section 989(b)(3) and (4), the term weighted average exchange rate means the simple average of the daily exchange rates (determined by reference to a qualified source of exchange rates within the meaning of 1.9641(d)(5)), excluding weekends, holidays and any other nonbusiness days for the taxable year.

[T.D. 8263, 54 FR 38664, Sept. 20, 1989. Redesignated by T.D. 8367, 56 FR 48437, Sept. 25, 1991; 57 FR 6060, Feb. 18, 1992]


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