Senior Associate Justin M. Hannan and Partner Stephen Ziobrowski were quoted in the Law360 Tax Authority article, "Carried Interest Regs Leave Uncertainty On Family Managers." The article is an in-depth discussion on how the statute on carried interest excludes family office gains from a three-year holding period for capital gains treatment, and how the IRS did not address the exception in regulations, leaving uncertainty about interest paid to the financial managers of high-net-worth families.
Hannan stated, "What makes [Section] 1061 so important is the fact that your capital gain could be taxed at ordinary income rates – that's why it matters. But the new administration might increase capital gains rates to be at the same as ordinary income."
"Do they have to track the holding period of the assets like a big private equity or hedge fund that has a prospectus and is marketed by brokers, or do they qualify for this exception under 1061(b)? I think you can make the argument either way, but it's unclear," added Ziobrowski.
Read full article here.
Day Pitney Press Release
Day Pitney's annual Palm Beach Family Office Forum was featured in The Florida Bar News article, "Day Pitney Hosts 2023 Palm Beach Family Office Forum."
Day Pitney Partners George Chaclas and Renée Evangelista, and Senior Associate Leigh Furtado were each honored with a Rhode Island Monthly Professional Excellence in Law Award for 2023.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney Press Release
Day Pitney Private Client Partner Gregory A. Hayes was featured in Florida Bar News for being named managing partner of the firm.
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in Florida Bar News for being named to The Fund President’s Circle, which recognizes the top 100 member firms based on policies remitted in 2022.
Day Pitney Multistate Tax Practice Chair Scott Brian Clark was recently appointed to Bloomberg Tax's State Tax Advisory Board.
Day Pitney Trusts and Estates Attorney Kaitlyn Sapp was featured in the Special Needs Alliance’s Member Spotlight.