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Investment Managers Urge to Act Quickly

Stock Market News

June 1999

Investment Managers Urge to Act Quickly

Congress is attempting to eliminate several popular tax strategies so Wall Street investment managers are urging clients to act quickly. Many tax-saving techniques may be curbed if some in congress have their way.

Advisers are betting that any legislation enacted later this year won't affect certain deals completed prior to congressional-committee actions, expected in mid-July at the earliest. Thus,"we're racing" to wrap up transactions now, one Wall Street executive says.

Among the techniques that may be killed is one designed to defer and reduce taxes on income from hedge funds and similar types of investments. Instead of investing directly in a fund, the investor buys a derivative whose return is tied to the fund's performance. This transforms what would otherwise be short-term capital gains and ordinary income, taxed as high as 39.6% at the federal level, into long-term capital gains, typically taxed at a top rate of 20%.
 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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