The Trump Presidency Message Board

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Politics : The Trump Presidency

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Katelew

TimF

To: bentway who wrote (32668)	9/4/2017 1:26:09 PM
From: i-node	2 Recommendations Read Replies (1) of 362202

>> It's something guys like Mitt Romney lobbied for and took advantage of. What you're talking about is what is casually known as a "profits interest", formally specified in the insanely complex regulations under IRC 702(b) et seq., which I believe originated before the 1940s as part of basic partnership law. These regulations are the heart of partnership tax law. There are legitimate questions of whether profits interests should generate capital gain or ordinary income, but the truth is they are so inconsequential in the "carried interest" because of the small amount of money involved, yet fairly consequential for ordinary partnerships, one can believe they're hard to deal with fairly. One thing is certain: Mitt Romney never had anything to do with getting that law in place.

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