With Respect to Transaction and Translation Gains and Losses

With respect to transaction and translation gains and losses:

A) transaction gains and losses have immediate cash flow and tax consequences, translation gains and losses have neither.
B) transaction and translation gains are taxable, but only transaction losses are tax deductible.
C) transaction gains and losses are taxable but have no immediate cash flow impact.
D) transaction gains and losses have an immediate cash flow impact, but taxation is deferred until the related assets are sold.