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Mnuchin Vows To Close Carried Interest Loophole In Tax Law

Law360 (February 14, 2018, 8:04 PM EST) -- The U.S. Treasury Department and the IRS will issue guidance within the next two weeks to avoid an end run around a requirement in the new tax law that investments must be held for three years for carried interest profits to qualify for preferential capital gains tax rates, Treasury Secretary Steven Mnuchin said Wednesday.

Mnuchin spoke at a Finance Committee hearing on President Donald Trump’s proposed fiscal 2019 budget, which was unveiled Monday. Under the Tax Cuts and Jobs Act, P.L. 115-97, general fund managers are...
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