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ARTICLE · 19 OCTOBER 2020

Limited US Tax Guidance For Adding ARRC And ISDA Fallbacks

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Just in time for happy hour, on Friday, October 9, 2020, the Internal Revenue Service ("IRS") released Revenue Procedure 2020-44 (the "Revenue Procedure").

United StatesFinance and Banking
Steven D. Garden
Steven D. Garden
Thomas Humphreys
Thomas Humphreys
Russell Nance
Russell Nance
Remmelt Reigersman
Remmelt Reigersman
Brennan W. Young
Brennan W. Young
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Just in time for happy hour, on Friday, October 9, 2020, the Internal Revenue Service ("IRS") released Revenue Procedure 2020-44 (the "Revenue Procedure"), providing retroactive but limited relief for amending specific types of legacy contracts to add fallback mechanics for the London Interbank Offer Rate ("LIBOR") or other Interbank Offer Rates ("IBORs"). The fallback granted relief by the Revenue Procedure must rather strictly follow select model contract language recommended by the Alternative Reference Rates Committee (the "ARRC") or the International Swaps and Derivatives Association ("ISDA").1

As a key takeaway, the Revenue Procedure applies only to amending legacy instruments.

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