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A Message from Our Chair

A Historic Decision on Marriage Equality 

The Supreme Court’s landmark ruling in Obergefell v. Hodges means that same sex couples in any state of the union may enjoy the rights, privileges and personal dignity of lawful marriage. I am proud of the role that Ropes & Gray, through our appellate team led by Doug Hallward-Driemeier, played in bringing about this historic outcome. Continue

Treasury Department and IRS Release Proposed Regulations on Management Fee Waivers

On July 22, 2015, the Treasury Department and the IRS released proposed regulations regarding fee-waiver arrangements commonly used by private investment funds. If finalized, the new rules would recharacterize certain partnership interests received in connection with fee waivers (“waived-fee interests”) as disguised compensation arrangements that result in ordinary income. In preamble language, the government also states that an existing administrative safe harbor treating certain grants of “profits interests” as nontaxable events will be interpreted and revised to exclude waived-fee interests. As a result, even if a waived-fee interest is not deemed to be a disguised compensation arrangement, the government may take the position that it is taxable on receipt. Continue

Ropes & Gray attorneys regularly provide insightful perspective on key legal issues. To read more, visit our Alerts archive.