Extract to table

Nothing contained herein shall be construed as a waiver of any right, privilege, or defense available to ICM or any of its partners under applicable law

IRC § 707(a)(2)(A) — Disguised Payments for Services Section 707(a)(2)(A) of the Internal Revenue Code provides: "If — (i) a partner performs services for a partnership or transfers property to a partnership, (ii) there is a related direct or indirect allocation and distribution to such partner, and (iii) the performance of such services (or such transfer) and the allocation and distribution, when viewed together, are properly characterized as a transaction occurring between the partnership and a partner acting other than in his capacity as a member of the partnership, such allocation and distribution shall be treated as a transaction described in paragraph (1) [i

Section 1061(a) provides: "If one or more applicable partnership interests are held by a taxpayer at any time during the taxable year, the excess (if any) of — (A) the taxpayer's net long-term capital gain with respect to such interests for such taxable year, over (B) the taxpayer's net long-term capital gain with respect to such interests for such taxable year computed by applying paragraphs (3) and (4) of section 1222 by substituting '3 years' for '1 year', shall be treated as short-term capital gain, notwithstanding section 83 or any election in effect under section 83(b)