Hello,
I am a US citizen, residing outside the USA.
I have a foreign trust, into which I have made a contribution of foreign currency.
I acquired the foreign currency earlier, and can determine the Section 988 outcome (a loss),
for the date when it was contributed into the foreign trust.
My Question: does Section 988 apply in these circumstances?
(If it matters, this is a Foreign Grantor Trust.)
(I don't want to claim a loss if S 988 doesn't actually apply.)
Thanks for any help you can provide!
