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2.96 MB
Extraction Summary
3
People
3
Organizations
1
Locations
0
Events
1
Relationships
2
Quotes
Document Information
Type:
News article / tax report (bloomberg bna)
File Size:
2.96 MB
Summary
This document is a Bloomberg BNA tax report dated February 27, 2014, authored by Brett Ferguson. It details a proposal by House Ways and Means Committee Chairman Dave Camp to change the tax treatment of 'carried interest' for investment fund managers, treating it more like ordinary income rather than capital gains. The document outlines the technicalities of the 'recharacterization formula' proposed. It bears the Bates stamp 'HOUSE_OVERSIGHT_026543', indicating it was part of a document production for a House Oversight Committee investigation.
People (3)
| Name | Role | Context |
|---|---|---|
| Brett Ferguson | Author |
Author of the Bloomberg BNA report.
|
| Dave Camp | House Ways and Means Committee Chairman (R-Mich.) |
Proposed the tax plan to reshape the treatment of carried interest income.
|
| Barack Obama | President |
Mentioned as having called for carried interest to be taxed at ordinary income tax rates.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Bloomberg BNA |
Source of the tax report.
|
|
| House Ways and Means Committee |
Chaired by Dave Camp.
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_026543'.
|
Locations (1)
| Location | Context |
|---|---|
|
Mentioned in the title regarding the impact of the tax plan.
|
Relationships (1)
Camp is described as taking a 'softer line' than the President but agreeing on the core issue of carried interest taxation.
Key Quotes (2)
"A partnership (e.g., private equity fund) that is in the business of raising capital, investing in other businesses, developing such businesses, and ultimately selling them, is in the trade or business of selling businesses. The businesses bought and sold by the partnership are its inventory"Source
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Quote #1
"To the extent a service partner contributes capital to the partnership, the result would be less capital gain being characterized as ordinary income."Source
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Quote #2
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