IRS Proposes Restricting Carried Interest Workaround In TCJA

Law360 (July 31, 2020, 1:20 PM EDT) -- The IRS proposed rules Friday that would restrict a workaround in the 2017 tax overhaul that has allowed some hedge fund managers to avoid a three-year holding period to qualify for preferential capital gains rates on carried interest.

The IRS proposed regulations to close a loophole in the TCJA that grants fund managers a preferential tax rate on carried interest. (AP) The proposed rules under Internal Revenue Code Section 1061 would carry out changes from the Tax Cuts and Jobs Act requiring carried interest to be held for at least three years, instead of one year as under previous law, for taxation...

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