HedgeCo News - Former hedge fund manager, Mark S. Trimble, of Edmond, Oklahoma, was sentenced to serve 10 years in federal prison for money laundering.
Trimble, 44, pleaded guilty in April to money laundering. Trimble’s hedge fund, Phidippides Capital Management, was used to divert $1,000,000 of investor funds to his own account, the prosecution claimed. The judge also ordered Trimble to serve two years of supervised release following his prison term and pay $9,045,451.23 in restitution to investors.
The investigation was conducted by the FBI, the Criminal Investigative Division of the IRS, and the United States Secret Service.
22 Dec 2010
Hedge Fund Alert: The New Tax Act
Holland & Knight Alert on the New Tax Act
Hedge fund law specialists, Holland & Knight said that the estate, gift and generation skipping transfer tax provisions of the new tax act are of major interest.
These changes will require every estate plan to be reviewed to make sure the best advantages are incorporated. Holland & Knight feels that there are significant planning opportunities still left for 2010.
Private Wealth Services Alert 12 20 10 (413KB)
Sadis & Goldberg on the Tax Relief Act of 2010
The Tax Code has been recently amended to extend what is commonly known as the “Bush Tax Cuts” that Congress enacted in 2001 (which by their original terms expired on December 31, 2010) will apply for another two years. The extension means that the income tax rates will now stay at 28% and 35%. Capital Gains tax rates will now stay at 15% and qualified dividends will continue to be taxed at 15%. The Alternative Minimum Tax exemption amount has been increased which will lower the number of taxpayers subject to this tax.
There are a number of tax breaks for businesses and individuals, such as the ability to make a tax free distribution of up to $100,000 from an IRA to a charity, and faster depreciation for businesses when property is placed into service.
Another major change is in the Federal Estate Tax law. The Federal Estate tax exemption will now be raised to $5,000,000, and the tax rate reduced from 55% to 35% for Federal Estate taxes. For estates of decedents dying in 2010, they can elect to have no estate taxes apply, and to have a modified basis carryover, instead of an estate tax imposed retroactively along with a step-up in basis. For example, if a married couple owns $10,000,000 in assets, with a properly planned estate, they would not be subject to any Federal Estate taxes. However, we must remind you that New York State has a separate estate tax imposed on estates over $1,000,000.
Prior to 2011, the Gift Tax Exemption was limited to $1,000,000. As of January 1, 2011, the gift tax exemption is increased to $5,000,000. Taxpayers should consider using their increased gift tax exemption over the next two years, as the lifetime exemption may decrease in the near future. There are a variety of estate planning techniques which can use the increased gift tax exemption. Additionally, the Generation Skipping Tax Exemption will be raised to $5,000,000.
Hedge fund law specialists, Holland & Knight said that the estate, gift and generation skipping transfer tax provisions of the new tax act are of major interest.
These changes will require every estate plan to be reviewed to make sure the best advantages are incorporated. Holland & Knight feels that there are significant planning opportunities still left for 2010.
Private Wealth Services Alert 12 20 10 (413KB)
Sadis & Goldberg on the Tax Relief Act of 2010
The Tax Code has been recently amended to extend what is commonly known as the “Bush Tax Cuts” that Congress enacted in 2001 (which by their original terms expired on December 31, 2010) will apply for another two years. The extension means that the income tax rates will now stay at 28% and 35%. Capital Gains tax rates will now stay at 15% and qualified dividends will continue to be taxed at 15%. The Alternative Minimum Tax exemption amount has been increased which will lower the number of taxpayers subject to this tax.
There are a number of tax breaks for businesses and individuals, such as the ability to make a tax free distribution of up to $100,000 from an IRA to a charity, and faster depreciation for businesses when property is placed into service.
Another major change is in the Federal Estate Tax law. The Federal Estate tax exemption will now be raised to $5,000,000, and the tax rate reduced from 55% to 35% for Federal Estate taxes. For estates of decedents dying in 2010, they can elect to have no estate taxes apply, and to have a modified basis carryover, instead of an estate tax imposed retroactively along with a step-up in basis. For example, if a married couple owns $10,000,000 in assets, with a properly planned estate, they would not be subject to any Federal Estate taxes. However, we must remind you that New York State has a separate estate tax imposed on estates over $1,000,000.
Prior to 2011, the Gift Tax Exemption was limited to $1,000,000. As of January 1, 2011, the gift tax exemption is increased to $5,000,000. Taxpayers should consider using their increased gift tax exemption over the next two years, as the lifetime exemption may decrease in the near future. There are a variety of estate planning techniques which can use the increased gift tax exemption. Additionally, the Generation Skipping Tax Exemption will be raised to $5,000,000.
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