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Recently Issued Proposed Carried Interest Regulations – Are you prepared?

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November 18, 2020

Recently Issued Proposed Carried Interest Regulations – Are you prepared?

On July 31, the IRS released proposed Treasury Regulations (the “Proposed Regulations”) interpreting the three-year holding period for long-term capital gains applicable to investment managers under Section 1061 of the Internal Revenue Code (“Section 1061”). On November 18, SS&C, Anchin, Seward and Kissel LLP, and the Law Offices of Thomas D. Sykes PLLC teamed up to provide a background on the 1061 regulations, some of the open issues, and investment managers’ possible responses.    

We discussed how the proposed regulations address:

  • Special Allocation Provisions and the Impact on Carry Waivers
  • Use of S Corporations as a “Corporation” under Section 1061’s “Corporation Exception”
  • Contributed/Reinvested Capital
  • Capital Interest Exception and Pre-2018 Unrealized Gains
  • Once an API, always an API

Panelists:

  • E. George Teixeira, CPA, MS - Tax Leader of Anchin’s Financial Services Practice and Private Equity Group, Anchin
  • Tom Sykes, Managing Member, Law Offices of Thomas D. Sykes PLLC
  • Brett Cotler, Tax Attorney, Seward and Kissel LLP
  • David Helprin, Managing Director – Tax Services, SS&C Technologies, Inc

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