Thursday, 26 November 2015
Last updated 22 hours ago
Jun 14 2012 | 4:29pm ETOriginal publication date: Jun 11, 2012
In order to compute accurate portfolio tax liabilities, tax professionals and compliance officers must comply with the following sections of the U.S. tax code: wash sales, straddles, constructive sales, qualified dividends, and short sales. However, vague and poorly defined tax code verbiage makes abiding by these sections very taxing. This paper offers guidelines based on ideas from the Economic Substance Doctrine and market risk management to facilitate compliance with these sections. In addition, we offer a more concrete, alternative definition of the term “substantially identical.” Lastly, the paper proposes that “substantially identical” and “offsetting positions” share enough in common and should be combined into a single term. We suggest this consolidation in order to make it easier for taxpayers to understand and more readily comply with the tax code.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…