Ending the Carried Interest Loophole Act revises tax treatment of partnership interests received in connection with services.
The Ending the Carried Interest Loophole Act amends the Internal Revenue Code to revise the tax treatment of partnership interests received in connection with the performance of services. It includes provisions for the inclusion of partnership interests in gross income as ordinary income and treats the taxpayer as having a long-term capital loss equal to the aggregate of deemed compensation amounts. The bill also outlines rules for the determination of invested capital, applicable percentage, and deemed compensation amount.
The filed bill text is too short for analysis.