Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end considerations for private investment funds, investment advisers, commodity trading advisors, and commodity pool operators. The checklists appear after the legislative and regulatory summaries. For more information regarding any matter covered in this update, please contact one of the attorneys in our Investment Management Group.
SELECT LEGISLATIVE AND REGULATORY DEVELOPMENTS -
Congress Passes the American Taxpayer Relief Act of 2012 Synopsis: On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which relates to its ongoing discussion regarding the “fiscal cliff.”
Status: Among other things, the American Taxpayer Relief Act of 2012 (i) adds a new 39.6% bracket applicable to taxable income exceeding $450,000 for married individuals filing jointly or $400,000 for individual filers, and (ii) raises the maximum rate of tax on “long-term capital gains” (generally, gains from the sale or exchange of capital assets held for more than one year) to 20% for individuals whose taxable income exceeds the thresholds for the 39.6% bracket. The American Taxpayer Relief Act of 2012 did not modify the current treatment of “carried interest” (also known as “performance allocations”)...
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