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TREAS/IRS RIN: 1545-BO91 Publication ID: Spring 2022 
Title: Guidance on the Elimination of Interbank Offered Rates 

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.

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
Action Date FR Cite
NPRM  10/09/2019  84 FR 54068   
NPRM Comment Period End  11/25/2019 
Final Action (TD 9961)  01/04/2022  87 FR 166   
Final Action Effective  03/07/2022 
Final Action  12/00/2022 
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
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 3547,
Washington, DC 20224
Phone:202 317-7036
Fax:855 574-9023