Final regulations released to Federal Register: “Carried interest” provision under section 1061

“Carried interest” provision under section 1061

The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9945) under section 1061—that is, the “carried interest” provision added to the Code by the 2017 U.S. tax law (Pub. L. No. 115-97) or the law often referred to as the “Tax Cuts and Jobs Act” (TCJA).

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Read the final regulations [PDF 433 KB] (43 pages) as published in the Federal Register on January 19, 2021.

The IRS on January 7, 2021, posted a version of these final regulations on its website, and that version includes the following statement:

This document has been submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the final rule released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.

Read a computer-generated document [PDF 1.5 MB] that provides a comparison of the version of the final regulations submitted today for publication in the Federal Register against the version posted by the IRS on January 7, 2021. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.

These regulations finalize regulations that were proposed during the summer 2020. Read a KPMG report (August 2020) [PDF 383 KB] that discusses the proposed regulations under the carried interest provision. 

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