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October 10, 2019

On October 8, 2019, the Treasury Department and IRS issued proposed regulations confirming that transitions from LIBOR and other interbank offered rates (IBORs) to alternative reference rates in debt instruments and derivatives will not be taxable events.  This guidance was eagerly anticipated because countless instruments will have to be amended to provide for new reference rates before IBORs are phased out as early as the end of 2021.  If these amendments were treated as significant modifications for U.S. tax purposes, they could have severely adverse consequences for market participants.  We previously summarized some of these consequences here and in an industry group letter to the IRS co-authored by tax partners Jason Schwartz and Gary Silverstein.

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Key Contacts

Linda Z. Swartz
Partner
T. +1 212 504 6062
linda.swartz@cwt.com

 

Adam Blakemore
Partner
T. +44 (0) 20 7170 8697
adam.blakemore@cwt.com

Jon Brose
Partner
T. +1 212 504 6376
jon.brose@cwt.com

Andrew Carlon
Partner
T. +1 212 504 6378
andrew.carlon@cwt.com

Mark P. Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

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