Client Alert
On September 14, 2015 the IRS issued final regulations under Section 851 of the Internal Revenue Code. The new regulations clarify that controlled groups under the rules for regulated investment companies may consist of only two entities, rather than two levels of entities as some practitioners had believed. This may cause unanticipated attributions of ownership, which would disqualify some RICs from beneficial tax treatment. In addition, Rev. Proc. 2015-45 announced a safe harbor for the application of RIC diversification tests when a RIC owns assets indirectly through another RIC that has a different quarter-end date.

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  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
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    Diverse financial practices serving regional, national, and global clients
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    Offices across the country and in key US financial centers

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