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Carried Interest Rule Should Apply to Property Gains, Group Says

Oct. 5, 2020, 9:35 PM

Treasury and the IRS shouldn’t exclude certain property gains from rules restricting the ability of private equity and hedge fund managers to get a lower tax rate on some of their pay, the New York State Bar Association said.

The 2017 tax law requires investment funds to hold assets for more than three years—up from one—before selling them for managers to get a preferential tax rate on their share of the fund’s profits, known as carried interest. The IRS in proposed regulations excluded gains under tax code Section 1231 that result from the sale of real property and depreciable personal ...

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