Sec. 6. Tax treatment and tax regulations for IBOR transition
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/bill/117/hr/4616/ih/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of— the selection or use of a Board-Selected Benchmark Replacement as a Benchmark Replacement, the determination, implementation or performance of Benchmark Replacement Conforming Changes, or the application to any LIBOR Contract of, or the agreement by parties thereto to terms consistent with, section 4, shall be treated as a sale, exchange, or other disposition of property for purposes of section 1001 of the Internal Revenue Code of 1986. Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall issue such regulations as may be necessary or appropriate to carry out subsection
(a)and address the Federal income tax consequences of transitioning a Tax-Relevant IBOR Contract to a replacement benchmark rate. Such regulations shall prioritize a smooth transition from the use of a Tax-Relevant IBOR / balance the need for a smooth transition from the use of a Tax-Relevant IBOR with the prevention of inappropriate tax planning .