OMB’s Office of Information and Regulatory Affairs (OIRA) reports that it has completed its review of Treasury proposed regulations that would provide guidance on the elimination of interbank offered rates.
Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771.
OIRA reported it completed its review of the following proposed regulations on September 25, 2019:
The regulations are described on the OIRA website, as follows:
The proposed regulations provide guidance on the tax consequences of the phased elimination of interbank offered rates (IBORs) that is underway in the United States and many foreign countries. Taxpayers have requested guidance that addresses whether a modification to a debt instrument or derivative to accommodate the elimination of the relevant IBOR will be treated as a realization event for federal income tax purposes.
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