The U.S. IRS has issued Revenue Procedure (Rev. Proc) 2020-44, which provides guidance in relation to the market's transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative reference rates. Rev. Proc 2020-44 follows the publication of proposed regulations (REG-118784-18) on Guidance on the Transition from Interbank Offered Rates to Other Reference Rates.
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SECTION 1. PURPOSE
The purpose of this revenue procedure is to facilitate…