Twilight of the Deferred Fees

Planning for 2017

PHILIPPE BENEDICT, SHLOMO C. TWERSKI AND DAVID S. GRIFFEL, SCHULTE ROTH & ZABEL

In 2008, President George W. Bush signed into law the Emergency Economic Stabilization Act of 2008 (H.R. 1424), which, among other things, effectively ended the ability of most investment fund managers to defer fees they earned from the offshore funds they managed by virtue of the introduction of Section 457A into the US Internal Revenue Code of 1986, as amended (the “Code”). That legislation, however, grandfathered deferred fees earned for services rendered prior to 2009, provided...

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