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Abstract: 

This article describes certain of the tax cuts and tax increases affecting investment management funds and fund managers contained in the American Jobs Creation Act of 2004 (the “Act”). The bill was signed into law by the President on October 22, 2004. Certain of these provisions effectively eliminate or restrict transactions and arrangements entered into by investment managers, and other provisions impose increased costs and complexity on doing business. There are some limited tax benefits contained in the Act. Fund managers should become familiar with these provisions and understand the impact on their businesses. Concludes with 11-page table summarizing sections of the Internal Revenue Code, regulations, and other federal laws affected by the bill with effective dates.

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Affiliations:  1: Deloitte Tax LLP; 2: Deloitte.