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ARTICLE · 08 JUNE 2015

IRS Issues Notice On Capital Gain Distributions From A RIC

Grant Thornton LLP
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The IRS on May 29 released Notice 2015-41, which provides guidance on the proper reporting and treatment of capital gain dividends from regulated investment companies (RICs).

United StatesTax
Mel Schwarz
Mel Schwarz
Dustin Stamper
Dustin Stamper
Shamik Trivedi
Shamik Trivedi
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The IRS on May 29 released Notice 2015-41, which provides guidance on the proper reporting and treatment of capital gain dividends from regulated investment companies (RICs).

The notice was issued to update prior guidance (Notice 97-64) based on statutory changes to Section 852 made according to the Regulated Investment Company Modernization Act of 2010 and solely addresses RICs. The notice doesn't address real estate investment trusts.

The updated guidance for capital gain dividends includes changes to the reporting and designation of capital gain rate groups, shareholder treatment, limitations on designation of capital gain dividends, deferral under Section 852(b)(8) for post-Oct. 31 capital losses, and the bifurcation adjustment described in Notice 97-64.

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