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Exchange rate used on Form 5471

Per the Form 5471 instructions for Reporting Exchange Rates on Form 5471:
“When translating amounts from functional currency to U.S. dollars, you must use the method specified in these instructions … But, regardless of the specific method required, all exchange rates must be reported using a “divide-by convention” rounded to at least 4 places. That is, the exchange rate must be reported in terms of the amount by which the functional currency amount must be divided to reflect an equivalent amount of U.S. dollars. As such, the exchange rate must be reported as the units of foreign currency that equal one U.S. dollar, rounded to at least 4 places. Do not report the exchange rate as the number of U.S. dollars that equal one unit of foreign currency.”
UltraTax CS uses the divide-by convention (the units of foreign currency that equal 1 U.S. dollar) to translate amounts entered on the various screens in the
5471
 folder to U.S. dollars. UltraTax CS also displays this divide-by convention exchange rate on Form 5471, Schedules H and M.
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