EYUS IRS confirms that some modifications to debt instruments and other contracts to reflect LIBOR discontinuation will not result in a deemed taxable exchange
|Tax Alerts, National/Federal Taxation, L ...|United States
In Revenue Procedure 2020-44, the United States (US) Internal Revenue Service (IRS) confirmed that certain fallback language modifying debt instruments, derivatives, and other financial contracts to cover the possible discontinuance of the London Interbank Offered Rate (LIBOR) will not cause a deemed taxable exchange for US federal income tax purposes. The confirmation also applies to other “inter…
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