[27875]
February 5, 2014
TO: TAX COMMITTEE No. 3-14 RE: DRAFT LETTER TO IRS REGARDING PROPOSED SCHEDULE D (FORM 1120-RIC)
Attached for your review is a draft letter to the Internal Revenue Service (“IRS”) regarding a proposed Schedule D specific to the Form 1120-RIC. [1] The letter states that the proposed Schedule D would allow regulated investment companies (“RICs”) to more accurately detail capital gains and losses and would reflect changes implemented by the RIC Modernization Act of 2010 (the “Act”). A RIC-specific schedule thus would benefit both funds and the IRS. The letter also notes two other updates to the Form 1120-RIC to conform to changes made by the Act.
Please provide any comments to me (kgibian@ici.org or 202-371-5432) by Thursday, February 13, 2014.
Karen Lau Gibian
Associate Counsel
endnotes
[1] See Institute Memorandum (27808) dated December 24, 2013.