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TREAS/IRS | RIN: 1545-BO91 | Publication ID: Spring 2022 |
Title: Guidance on the Elimination of Interbank Offered Rates | |
Abstract:
The final regulations will provide guidance on the tax consequences of the phased elimination of interbank offered rates (IBORs) that is underway in the United States and many foreign countries. Taxpayers have requested guidance that addresses whether a modification to a debt instrument or other financial contract to accommodate the elimination of the relevant IBOR will be treated as a realization event for federal income tax purposes. |
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Agency: Department of the Treasury(TREAS) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 26 CFR 1.1001-6 | |
Legal Authority: 26 U.S.C. 1001b and 7805 26 U.S.C. 7805 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-118784-18 (Final) Drafter attorney: Caitlin Holzem (202) 317-6842 Reviewer attorney: Spence Hanemann (202) 317-4554 Treasury attorney: Brett York (202) 622-1285 CC:FIP | |
Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: Yes | |
Agency Contact: Caitlin Holzem Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 3547, Washington, DC 20224 Phone:202 317-7036 Fax:855 574-9023 Email: caitlin.i.holzem@irscounsel.treas.gov |