The U.S. Treasury Department and Internal Revenue Service proposed guidance on T...
FILE PHOTO: A sign marks the U.S Treasury Department in Washington, U.S., August 6, 2018. REUTERS/Brian Snyder/File Photo
A host of debt, derivatives and other financial contracts are shifting away from Libor after widespread attempts by banks to rig the 50-year-old benchmark across several currencies prompted regulators to call for an end to using it by the end of 2021. The guidance, which is subject to public consultation, clarifies that the change to other accepted benchmark rates, such as the Secured Overnight Financing Rate , “could be a taxable transaction for Federal income tax purposes,” the proposal said.
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