Individuals
(B) Individuals. An individual is not a QBU. (C) [Reserved] (D) Trusts and estates. A trust or estate is a QBU of a beneficiary. (ii) Activities. Activities of a corporation, partnership, trust, estate, or individual qualify as a QBU if (A) The activities constitute a trade or business; and (B) A separate set of books and records is maintained with respect to the activities. (3) Special rule. Any activity (wherever conducted and regardless of its frequency) that produces income or loss that is, or is treated as, effectively connected with the conduct of a trade or business within the United States shall be treated as a separate QBU, provided the books and records requirement of paragraph (d)(2) of this section is satisfied. (4) Applicability date. Generally, paragraph (b)(2)(i) of this section applies to taxable years beginning after December 31, 2024. However, if pursuant to 1.987-15(b), a taxpayer chooses to apply 1.987-1 through 1.987-15 to a taxable year before the first taxable year described in 1.987-15(a)(1), then paragraph (b)(2)(i) of this section applies to that taxable year. See 1.989(a)-1(b)(4), as contained in 26 CFR in part 1 in effect on April 1, 2024, for a prior applicability date for paragraph (b)(2)(i) of this section.