The New York attorney general is investigating whether some
of the nation’s biggest private equity firms have abused a tax strategy in
order to slice hundreds of millions of dollars from their tax bills, according
to executives with direct knowledge of the inquiry, the NY Times reports.
The attorney general, Eric T. Schneiderman, has in recent
weeks subpoenaed more than a dozen firms seeking documents that would reveal
whether they converted certain management fees collected from their investors
into fund investments, which are taxed at a far lower rate than ordinary
income. Among the firms to receive
subpoenas are Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital
Partners, Apollo Global Management, Silver Lake Partners and Bain Capital,
which was founded by Mitt Romney….
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