Starting on page 191, the recently passed Senate Tax Bill would bring some change to the taxation of carried interest. The Senate Tax Bill would insert into the IRC a new Section 1061 - Partnership Interests Held in Connection with Performance of Services. This new section provides that, for applicable partnership interests, capital gains previously classified as long-term will be treated as short-term capital gain unless the gains were generated from assets held for more than three years.
The Senate passed its tax bill on December 2nd by a 51-49 margin. Some key points include:
The 2017 hurricane season is sending insurance claims to unprecedented levels. Business entities have faced catastrophic losses, including significant property damage, lost income and other insurable losses. Business owners that have been impacted should review their policies to understand what is covered and the proper notice with any potential recovery of their losses. The following guidelines provide assistance to affected business owners when documenting and filing a business interruption claim (“BIC”).