Gains and Losses on Foreign Currency Transactions Can Be Deferred

question 14

True/False

Gains and losses on foreign currency transactions can be deferred until the foreign currency is converted into U.S.dollars.

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Definitions:

Al Gore

A former Vice President of the United States who has been notably active in raising awareness about global warming and environmental issues.

Substantial Performance Standard

A legal principle that if a party has largely fulfilled its obligations under a contract, with only minor breaches, it is entitled to payment, minus damages for the breaches.

Reasonable Person Standard

A legal standard used to determine how an average person would responsibly act in certain situations, applying an objective perspective.

Express Condition

A clearly stated, specific condition in a contract that must be met for the performance of the contract to be required or for a party to fulfill its obligations.