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. --- SECTION 1. PURPOSE The purpose of this revenue procedure is to facilitate the market's transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative reference rates through adoption of fallback language recommended by the...