Official Summary

6/22/2007--Introduced.Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in

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Official Summary

6/22/2007--Introduced.
Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by:
(1) advising the partnership as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts);
(2) advising the partnership about investing in, purchasing, or selling specified assets;
(3) managing, acquiring, or disposing of specified assets; or
(4) arranging financing with respect to acquiring specified assets.


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