dockets: IRS-2020-0029

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id agency_id title docket_type last_modified object_id rin dkabstract category subtype keywords program short_title effective_date organization attrs_raw attr_source
IRS-2020-0029 IRS ISDA Protocol for Interbank Offered Rates (Rev. Proc. 2020-44) Nonrulemaking 2024-03-12T16:32:20Z 0b000064847f4c12   The purpose of this revenue procedure is to facilitate the market’s transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative reference rates through adoption of fallback language recommended by the Alternative Reference Rates Committee (ARRC) and the International Swaps and Derivatives Association (ISDA). In support of the ARRC’s phased transition plan to assist market participants as they prepare for this transition away from IBORs, this revenue procedure provides that certain modifications to a contract with terms referencing an IBOR will not be treated as an exchange of property for other property differing materially in kind or extent for purposes of § 1.1001-1(a) of the Income Tax Regulations. In addition, this revenue procedure provides that such modifications will not be treated as a legging out of an integrated transaction, a termination of a qualified hedge, or as a disposition or termination of either leg of a hedging transaction.     ["password"]       CC:FIP {"displayProperties": [{"name": "organization", "label": "Organization", "tooltip": "Identifies docket's (a regulatory action) orginating agency and/or department, equivalents: Division, Pre-EDOCKET ID."}, {"name": "abstract", "label": "Description", "tooltip": "Describes an agency's specific regulatory action; equivalents: Abstract, Docket Subject, General Info, Related To, Summary."}], "keywords": ["password"], "modifyDate": "2024-03-12T16:32:20Z", "dkAbstract": "The purpose of this revenue procedure is to facilitate the market\u2019s transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative reference rates through adoption of fallback language recommended by the Alternative Reference Rates Committee (ARRC) and the International Swaps and Derivatives Association (ISDA). In support of the ARRC\u2019s phased transition plan to assist market participants as they prepare for this transition away from IBORs, this revenue procedure provides that certain modifications to a contract with terms referencing an IBOR will not be treated as an exchange of property for other property differing materially in kind or extent for purposes of \u00a7 1.1001-1(a) of the Income Tax Regulations. In addition, this revenue procedure provides that such modifications will not be treated as a legging out of an integrated transaction, a termination of a qualified hedge, or as a disposition or termination of either leg of a hedging transaction.", "agencyId": "IRS", "program": null, "shortTitle": null, "subType2": null, "title": "ISDA Protocol for Interbank Offered Rates (Rev. Proc. 2020-44)", "generic": null, "field1": null, "docketType": "Nonrulemaking", "petitionNbr": null, "rin": null, "organization": "CC:FIP", "legacyId": null, "subType": null, "category": null, "field2": null, "effectiveDate": null, "objectId": "0b000064847f4c12"} single_get

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