IRS Proposes Tax Relief For Transition From Libor

Law360 (October 8, 2019, 6:50 PM EDT) -- Market participants would be able to avoid negative tax consequences as a result of the transition away from Libor as a reference for debt, derivatives and other financial contracts under rules proposed Tuesday by the Internal Revenue Service.

The IRS has proposed that no tax penalty apply to a transition away from interbank lending rates like Libor as a reference for debt. (AP) Under the proposed rules, the modification of a debt instrument, derivative or other financial contract from a reference rate based on an interbank offered rate such as Libor, or the London Interbank Offered Rate, to one based on...

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