Weil Tax BLOG - Feed https://tax.weil.com/contributor/robert-frastai/ Views and developments from the Tax Department at Weil Tue, 14 Apr 2026 20:54:30 +0000 hourly 1 IRS Issues Final Regulations on Disclosure of Partnership Related-Party Basis Adjustment Transactions https://tax.weil.com/insights/irs-issues-final-regulations-on-disclosure-of-partnership-related-party-basis-adjustment-transactions/ Wed, 29 Jan 2025 20:01:11 +0000 Robert Frastai Lauren Gorsche https://tax.weil.com/?p=2437 On January 14, 2025, the U.S. Treasury Department and IRS published final regulations (T.D. 10028) (the “Final Regulations”) classifying certain partnership related-party basis adjustment transactions (and substantially similar transactions) as “transactions of interest” (TOIs), a type of reportable transaction subject to disclosure. Unfortunately, the Final Regulations as drafted apply to certain ordinary course commercial transactions

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]]> Chambers Expert Focus Weil Tax Insight Series: Tax Implications of New Rules Under the Advisers Act https://tax.weil.com/features/chambers-expert-focus-weil-tax-insight-series-tax-implications-of-new-rules-under-the-advisers-act/ Tue, 17 Oct 2023 13:20:16 +0000 Robert Frastai Andrew Morris https://tax.weil.com/?p=2021 In this edition of the Chambers Expert Focus Weil Tax Insight Series, Weil Tax partners Robert Frastai and Andrew Morris discuss the impact of the SEC’s recently adopted rules under the Investment Advisers Act of 1940 on certain tax structuring and compliance matters for private funds, including after-tax clawback obligations, blocker and withholding taxes that are allocated to

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]]> New Partnership Withholding Obligations Effective as of January 1, 2023 https://tax.weil.com/insights/new-partnership-withholding-obligations-effective-as-of-january-1-2023/ Fri, 06 Jan 2023 02:47:29 +0000 Robert Frastai Andrew Morris Lauren Gorsche https://tax.weil.com/?p=1819 Background In 2017, tax legislation was enacted to provide that (x) gain or loss derived by a non-US person on the sale or exchange of an interest in a partnership engaged in a U.S. trade or business is treated as effectively connected gain or loss and subject to U.S. tax (“ECI”) and (y) a transferee

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]]> Background In 2017, tax legislation was enacted to provide that (x) gain or loss derived by a non-US person on the sale or exchange of an interest in a partnership engaged in a U.S. trade or business is treated as effectively connected gain or loss and subject to U.S. tax (“ECI”) and (y) a transferee

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]]> New IRS proposed regulation would reverse longstanding IRS ruling and upend commonly used real estate fund structures https://tax.weil.com/insights/new-irs-proposed-regulation-would-reverse-longstanding-irs-ruling-and-upend-commonly-used-real-estate-fund-structures/ Wed, 04 Jan 2023 15:23:32 +0000 Devon Bodoh Robert Frastai Hillel N. Jacobson Andrew Morris Lauren Gorsche https://tax.weil.com/?p=1816 Shortly before the new year, the Internal Revenue Service (“IRS”) dropped a holiday bombshell on the tax community when it issued a proposed regulation under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”). The proposed regulation would, if enacted in its current form, reverse a longstanding IRS ruling interpreting FIRPTA (the “2009

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]]> Shortly before the new year, the Internal Revenue Service (“IRS”) dropped a holiday bombshell on the tax community when it issued a proposed regulation under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”). The proposed regulation would, if enacted in its current form, reverse a longstanding IRS ruling interpreting FIRPTA (the “2009

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]]> Certain Carried Interest Tax Changes in the Schumer – Manchin Tax Reconciliation Bill (Inflation Reduction Act of 2022) https://tax.weil.com/insights/certain-carried-interest-tax-changes-in-the-schumer-manchin-tax-reconciliation-bill-inflation-reduction-act-of-2022/ Thu, 28 Jul 2022 19:45:20 +0000 Robert Frastai Andrew Morris Lauren Gorsche https://tax.weil.com/?p=1692 On July 27, 2022, Senate Majority Leader Chuck Schumer and Senator Joe Manchin reached a deal on new legislation entitled the “Inflation Reduction Act of 2022” to be added to the fiscal year 2022 budget reconciliation bill. President Biden issued a statement of support shortly after its announcement. The significant tax changes to the treatment

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]]> Potential Tax Impact of Proposed SEC Regulations https://tax.weil.com/latest-thinking/potential-tax-impact-of-proposed-sec-regulations/ Fri, 11 Mar 2022 06:45:00 +0000 Robert Frastai Andrew Morris Lauren Gorsche https://tax.weil.com/?p=1579 On February 9, 2022, the Securities and Exchange Commission (SEC) proposed new rules that, if implemented, would have profound effects on the private equity industry and the relationship among the SEC, fund advisers and investors (the SEC Proposal).1 The proposed rules would prohibit private fund advisers from engaging in certain activities, regardless as to whether

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]]> Final 1061 Regulations https://tax.weil.com/whats-new-on-the-blog/final-1061-regulations/ Mon, 11 Jan 2021 23:59:12 +0000 Robert Frastai http://tax.weil.com/?p=1151 On January 7, 2021, the IRS and Treasury Department issued final regulations (T.D. 9945) under Section 1061 of the Internal Revenue Code of 1986, as amended (the “Code”, and such regulations, the “Final Regulations”) detailing, among other things, how long-term capital gain may be recharacterized as short-term capital gain in respect of carried interest arrangements

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]]> Final Regulations on Partnership Interest Transfers and Withholding Taxes https://tax.weil.com/legal-developments/final-regulations-on-partnership-interest-transfers-and-withholding-taxes/ Fri, 09 Oct 2020 20:27:18 +0000 Robert Frastai http://tax.weil.com/?p=1087 On October 7, 2020, the IRS released final regulations [TD 9926] (the “Final Regulations”) under Section 1446(f) of the Internal Revenue Code of 1986 (the “Code”), which generally subject a non-U.S. partner of a partnership that is engaged in the conduct of a U.S. trade or business to U.S. federal income tax withholding to the

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]]> Cayman Islands Removed from the EU Blacklist https://tax.weil.com/europe/cayman-islands-removed-from-the-eu-blacklist/ Tue, 06 Oct 2020 18:49:00 +0000 Robert Frastai Aron Joy http://tax.weil.com/?p=1078 The EU has today removed the Cayman Islands from its list of non-cooperative jurisdictions for tax purposes (the “EU blacklist”). Cayman was put on the EU blacklist in February this year (please see here and here) and its removal from the list today will be a relief to many who have entities, arrangements and/or investments

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]]> The EU has today removed the Cayman Islands from its list of non-cooperative jurisdictions for tax purposes (the “EU blacklist”). Cayman was put on the EU blacklist in February this year (please see here and here) and its removal from the list today will be a relief to many who have entities, arrangements and/or investments

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]]> Final Section 864(c)(8) Regulations – Some Relief for Certain Non-U.S. Partners https://tax.weil.com/legal-developments/final-864c8-regulations-some-relief-for-certain-non-u-s-partners/ Fri, 25 Sep 2020 13:41:29 +0000 Devon Bodoh Robert Frastai Carlos Parra http://tax.weil.com/?p=1063 On September 21, 2020, the IRS finalized regulations (the “Final Regulations”) under section 864(c)(8) of the Internal Revenue Code (the “Code”). The Final Regulations generally impact foreign partners in partnerships engaged in a U.S. trade or business and generally retain the approach of proposed regulations that were issued on December 20, 2018 (REG-113604-08) (the “Proposed

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