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Foreign divisional consolidations

8858 Currency Translation Options

For tax years 2008 and earlier, TAS automatically creates a Form 8858 for divisions with an International Filing Type of
Foreign Entity
 or
Foreign Tax Credit
. Starting in tax year 2009, TAS Form 8858 generation is extended to
Foreign Entity
 parents, subsidiaries, and divisional consolidations.
TAS always transfers functional currency to the Form 8858 for all foreign divisional consolidations. By default, local currency is transferred for all other entity types.

Transferring functional currency to Form 8858

  1. Navigate to the
    Binder Properties
     window.
  2. Select the
    International
     tab and check the box for
    Transfer Functional Currency to Form 8858
    .

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation,international
  • Subject: Consolidations

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