Tax Liability, Transfer of Interest

Rawat Creates a Ripple in Statutory Interpretation Principles

Fenwick & West LLP on 8/6/2024

Recently, in Rawat v. Commissioner, the D.C. Circuit reversed the Tax Court decision and held that a foreign partner would not be subject to U.S. tax on selling an interest in a partnership with “hot assets” subject to §...more

Secondary U.S. Withholding for Transfers in Private Investment Funds Delayed Until January 1, 2023

Akin Gump Strauss Hauer & Feld LLP on 8/27/2021

Key Points - Fund-level liability for a buyer’s failure to withhold upon secondary market transfer of an LP interest in a fund with ECI assets will apply only for transfers on or after January 1, 2023. Certain...more

Final regulations – U.S. withholding tax on transfers of partnership interests

Hogan Lovells on 10/21/2020

Since 2018, the buyers, sellers, and partnerships engaging in secondary and other transactions involving partnership interest transfers have been navigating complicated U.S. tax and related withholding obligations that apply...more

Final regulations - Foreign partner's U.S. tax liability on transfer of partnership interest

Hogan Lovells on 10/1/2020

Given the overall development of the secondaries market and the increasing volume and size of secondary funds, the U.S. tax and withholding regime that applies to a foreign partner transferring an interest in a partnership...more

Transferring Partnership Interests: Buyer Beware of Withholding Obligations, Seller Beware of Tax Liability - Tax Update Volume...

Troutman Pepper on 3/11/2019

The U.S. federal taxation of non-U.S. persons who transfer interests in partnerships has a long and storied history. The government staked out its position in 1991, effectively providing that a non-U.S. partner should be...more

Funds Talk: September 2017 - Tax Court Declines to Follow Rev. Rul. 91-32

Kramer Levin Naftalis & Frankel LLP on 9/6/2017

In a recent decision, Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, the U.S. Tax Court declined to follow Revenue Ruling 91-32, and held that gain on the sale of an interest in an operating...more

U.S. Tax Court Bounces Rev. Rul. 91-32: Sales of Partnership Interests by Foreign Partners May Not be Subject to U.S. Tax

Dickinson Wright on 7/26/2017

The practice of tax law is an exercise of statutory interpretation. A recent opinion of the U.S. Tax Court, Grecian Magnesite Mining, Indust. & Ship. Co. v. C.I.R., 149 T.C. No. 3 (July 13, 2017), is illustrative. Grecian...more

California Supreme Court Confirms: Pony Up the Documentary Transfer Tax

Nossaman LLP on 7/6/2017

The California Supreme Court just dealt a blow to taxpayers who transfer interests in real estate-owning LLCs and other entities. In 926 North Ardmore Avenue, LLC v. County of Los Angeles (Cal. S. Ct. No. S222329, June 29,...more

Tax Liability › Transfer of Interest

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