In PLR 202109001, the United States (US) Internal Revenue Service (IRS) concluded that a domestic taxpayer (Taxpayer) did not make a base erosion payment when it and two related foreign corporations (FC1 and FC2) entered into an agreement (Agreement) under which FC1 will be substituted for FC2 as retrocessionaire. Taxpayer had previously retroceded the risks to FC2 after originally assuming them f…