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Notice 2020-75: The SALT Cap Does Not Apply to Income Tax Payments Made by Partnerships and S Corporations (in contrast to actual payments made by a partner or S corporation shareholder)

Notice 2020-75: The SALT Cap Does Not Apply to Income Tax Payments Made by Partnerships and S Corporations (in contrast to actual payments made by a partner or S corporation shareholder)

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Treasury, IRS Announce Relief for Securities Lenders


Time to Read: 1 minutes Practices: Tax

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Today, the U.S. Department of the Treasury ("Treasury") and the Internal Revenue Service ("IRS") announced relief for securities lenders who potentially had been subject to taxable capital gains and disallowance of losses from lending their securities to Lehman Brothers and its affiliates, which could not return the securities due to bankruptcy. Last week, Ropes & Gray had requested guidance for these lenders from Treasury and the IRS, and we are pleased with today's announcement. To read our request for guidance, please click here; to read the announced guidance, please click here. If you have questions related to the new guidance, please contact Rom Watson or your usual Ropes & Gray advisor.

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