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Tuesday, February 9, 2021 On January 7, 2021, the Department of Treasury and the Internal Revenue Service (“IRS”) released final regulations addressing the “carried interest rules” contained in section 1061 of the Internal Revenue Code of 1986, as amended (the “Code”). These regulations finalize the rules contained in proposed regulations that were released on July 31, 2020 and published on August 14, 2020, with various modifications.  Background  Section 1061 generally limits long-term capital gains treatment for carried interests to gains from assets held for more than three years, rather than the one year period that is normally required. Long-term capital gains that do not meet the three-year requirement are converted into short-term capital gains, which are taxed at the same federal income tax rates as ordinary income (i.e., up to 37% as opposed to the 20% rate that generally applies to long-term capital gains of individuals).

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