IRS Releases Additional Tax Guidance on the Transition from Interbank Offered Rates
By EsqSocial Corporation 20/10/20
On October 12, 2020, the Internal Revenue Service issued Revenue Procedure 2020-44 (the Revenue Procedure) providing additional guidance related to the transition from an interbank offered rate (IBOR) to another replacement rate. Previously, the government issued proposed regulations on October 9, 2019 (the Proposed Regulations), which provide that a transition from an IBOR to another replacement rate would not cause a taxable event for holders, issuers or counterparties as long as certain...
By: Shearman & Sterling LLP