Axis Powers controlled territory July '42 to July '92

   Since Japan is part of the Axis as well the Soviets might nuke them, but will at least seek to 'reclaim' the Kurils and S Sakhalin. However the Chinese communists are definitely not going to happy and while not as advanced as now they have nukes so expect Japan to suffer badly as well.  Unless the US moves quickly Taiwan is going to be red in this scenario as is all of Korea, although given that China has the majority of its main population and industrial regions reverting to 1942 version their going to suffer a hell of an economic hit.

  Rommel's going to get a nasty shock with 8th Army disappearing and as he marches on the delta his forces get smashed by the Egyptian army.  Ditto possibly the Japanese and Burma as they might find the Indian army far too tough for them.

  Much of the world is going to go into a tail-spin.  Europe is going to be a mess, even if Russia limits the nukes to German territory, while most of N Africa is back in the colonial period as is SE Asia, although nastily for it the colonial masters are imperial Japan.  Plus their very likely to find there's going to be no desire for the European colonial 'masters' to return, other than possibly 42 France in Algeria but that idea is likely to be stomped on by the US/UK. - Thinking about it a lot of French colonial Africa was still supporting Vichy at this point so that could also be affected, assuming that those areas are counted.

  Steve

  Russia in 1992, although in some disorder and having lost much of its territory and military because of the ISOT, should still have the conventional forces to take out the Nazis, although it would take some time and losses.  They would probably lose Leningrad/Saint Petersburg as well since the besieging German forces will find the Russian defences and garrison having disappeared and the population unaware there is a war on.  Probably also Stalingrad/Volgograd as again its defenders have suddenly disappeared and other areas.  However the Russians have far more powerful if smaller forces and most of all they have nukes and in those circumstances I can't see them not using them.  One single missile from a Typhoon could devastate Berlin far more quickly and completely than all the OTL allied bombing. 

  The thing is it will be a huge shock to Russian society and also raise a lot of memories both of the war and of the 'threat' from the west.  Not to mention probably tension with the western powers - which will basically be UK, US, Canada and possibly Sweden/Iceland/Spain/Portugal - over what happens with the territories brought back.  As such there could be a desire for the 'security' of Soviet times and a strong military and purely Russian approach to their future, rather than the opening up to the west which because of the war it was done had disastrous social and economic consequences.  As such even with the Nazis probably being quickly and decisively defeated you could see another coup attempt which might well succeed.

  I assume that since it refers to Axis controlled territory they have lost all their naval forces, other than those in harbour at that time.  Which should ease problems in the Atlantic, although likely to be some nasty shocks.  Could also means there are some allied bombers, probably from Bomber Command if the ISOT happened at midnight who are going to be very surprised when they get back to Britain, especially since they could struggle to find a place to land and will cause confusion and panic in air traffic control among other places.