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Alternative Market Briefing

IRS targets carried interest in new guidance

Monday, August 03, 2020

Bailey McCann, Opalesque New York:

The Internal Revenue Service has released new guidelines that will restrict the use of carried interest in tax calculations after an error in the 2017 tax cut bill.

S corporations and passive foreign investment companies will no longer be allowed to use exemptions on taxing carried interest. The change closes a significant hedge fund loophole in the Republican's tax cut package - a signature bill of the Trump administration.

According to a piece in Bloomberg, the 2017 law......................

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