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IRS Seeks to Close Hedge-fund Tax Loophole for Carried Interest

from Bloomberg

The Treasury Department and the Internal Revenue Service issued guidance seeking to close a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits. The guidance informs taxpayers that regulations will be issued barring money managers from using S corporations to take advantage of an exemption to new rules for carried interest contained in President Donald Trump's tax legislation. more

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