WASHINGTON -- The Internal Revenue Service on Friday issued final rules that dictate when income and deductions are recognized for income tax purposes for interest rate swaps and other so-called notional principal contracts.

The rules generally take effect for such swaps and other notional principal contacts that are entered into on or after Dec. 13, which is 60 days after Oct. 14, when the rules are expected to be published in the Federal Register, an IRS official said.

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