Tax Considerations for LIBOR Transition

People going over paperwork

The IRS recognizes that transition from the London Interbank Offered Rate (LIBOR) can have federal income tax implications. Finalization of the IRS’s proposed regulations has been delayed due to the COVID-19 pandemic; however, the IRS has confirmed taxpayers generally can apply proposed rules on taxable events prior to the publication of final rules. This article summarizes the tax relief available.

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