House Oversight — Estate records
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From: Richard Kahn Sent: 1/23/2018 6:23:09 PM To: jeffrey E. [jeeyacation@gmail.com] Subject: Fwd: Alert: The 2017 Tax Reform Act Importance: High Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell TAX ALER JANUARY 23, 2018 The 2017 Tax Reform Act - Key Provisions Impacting Fund Managers and Their Funds For further information about this Alert, please contact: Alex Gelinas Partner 212.573.815g agelinas@sglawyers.com Steven Etkind Partner 212.573.8412 setkind@sglawyers.com Please feel free to discuss any aspect of this Alert with your regular Sadis & Goldberg contact or with any of the HOUSE OVERSIGHT 026778 partners whose names and contact information can be found at the end of the Alert. The Tax Cuts and Jobs Act (the "Tax Act"), which was signed into law by President Trump on December 22, 2017, contains the most sweeping federal tax law changes since 1986. Most provisions of the Tax Act take effect for taxable years beginning on or after January 1, 2018. This Client Alert is not intended to be a comprehensive review of this massive legislation. The Alert focuses on certain provisions of the Tax Act that may have the most significant impact on asset management firms, their owners, their investment vehicles, and the investors in such funds. Certain changes made by the Tax Act are permanent but many others are scheduled to expire after 2025 unless extended by further Congressional legislation. I. Carried Interest Survives in Modified Form The Tax Act contains changes to the treatment of "carried interests", but such changes are not as negative as the prior legislative changes that had been proposed but never adopted. The granting of a "future profits only" interest in a partnership in connection with the performances of services to the partnership continues to be eligible for tax-free treatment under the new law. For certain owners of "Applicable Partnership Interests" (of t […]