Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7743-7744)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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