This Time, Congress Seems Like It Means It
On May 28, 2010, the U.S. House of Representatives passed the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213). Among other things, the act would add a new provision — Code Section 710 ("Proposed Carried Interest Legislation") — that would tax (or, in the case of individuals, would tax a certain percentage of) the "net income" from, and the gain from the disposition of, certain types of partnership "carried interests" as ordinary income and subject such net income and gain to self-employment tax. The U.S. Senate is now considering this legislation.
Under the Proposed Carried Interest Legislation...
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