New Proposed Legislation Would Tax Certain Publicly Traded Partnerships As Corporations

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On June 13, Senators Max Baucus, Senate Finance Committee Chair, and Charles Grassley, the Committee’s ranking member, introduced a Bill designed to stop private equity firms and hedge fund advisors from going public as publicly traded partnerships while continuing to be treated as

partnerships for federal income tax purposes. The Bill includes a five-year “grandfather” for existing

transactions and deals that were filed with the Securities and Exchange Commission (“SEC”) on or before June 14, 2007, such as the Blackstone Group, L.P. transaction.

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