Sec. 6. Tax treatment and tax regulations for LIBOR transition
119 words·~1 min read·
/bill/117/s/3844/is/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. The Secretary of the Treasury (or the Secretary’s delegate) shall issue such regulations or other guidance as may be necessary or appropriate to carry out subsection
(a)and address the Federal income tax consequences for taxpayers with respect to IBOR contracts transitioning away from IBOR to an IBOR benchmark replacement.