Current rate election
Current rate election(i) In general. If a current rate election is in effect, the owner functional currency net value of a section 987 QBU on the last day of a taxable year is equal to the QBU net value described in paragraph (e)(2)(ii) of this section, translated into the owner's functional currency at the spot rate applicable to that day.
(i)In general.If a current rate election is in effect, the owner functional currency net value of a section 987 QBU on the last day of a taxable year is equal to the QBU net value described inparagraph (e)(2)(ii)of this section, translated into the owner's functional currency at the spot rate applicable to that day.