Versions of s. 261(5)(h)(iii)

where the obligation was issued in a currency (referred to in this subparagraph as the “third currency”) other than Canadian currency or the taxpayer’s functional currency for the particular functional currency year, the amount (determined in the third currency) for which the obligation was issued, the principal amount (determined in the third currency) of the obligation and the amounts (determined in the third currency) paid in satisfaction of the principal amount of the obligation in a taxation year of the taxpayer preceding the initial functional currency year of the taxpayer, are to be converted to the taxpayer’s functional currency for the particular functional currency year using the currency exchange rate in respect of a conversion of an amount determined in the third currency into an amount determined in the taxpayer’s functional currency for the particular functional currency year on the last day of the last Canadian currency year of the taxpayer;