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
- Navigate to theBinder Propertieswindow.
- Select theInternationaltab and check the box forTransfer Functional Currency to Form 8858.
