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New Hedge-Fund Tax Dodge Triggers Wild Rush Back Into Delaware
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| Contributor | WA Indy |
| Last Edited | WA Indy Feb 14, 2018 09:57am |
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| Category | News |
| Author | Miles Weiss |
| News Date | Wednesday, February 14, 2018 03:00:00 PM UTC0:0 |
| Description | Wall Street’s fast-money crowd is returning to well-trodden ground to elude Trump-era tax laws: Delaware.
Since late 2017, hedge fund managers have created numerous shell companies in the First State, corporate America’s favorite tax jurisdiction. These limited liability companies share a common goal: dodging new tax rules for carried-interest profits through a bit of deft legal paperwork.
Big names appear to be embracing the maneuver, which requires setting up LLCs for managers entitled to share carried-interest payouts. Four LLCs have been created under the name of Elliott Management Corp., the hedge-fund giant run by Paul Singer. More than 70 have been established under the names of executives at Starwood Capital Group Management, the private-equity shop headed by Barry Sternlicht. |
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