 H.R.2834
To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services.
 5 Total Points
Summary
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. What do you think?
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Legislation Detail
 Viewed 348 times.
Legislation Slant
Latest Action:
Referred to House committee. Status: Referred to the House Committee on Ways and Means.
This action occurred on Friday, June 22, 2007 and earned 5 points.
Legislative Progress
Introduced in the House on June 22, 2007
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