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The Ending the Carried Interest Loophole Act amends the Internal Revenue Code to change how partnership interests received for services are taxed. Under the bill, such interests would be valued at their full liquidation value (rather than discounted valuations) and treated as ordinary income in the year received. The bill also creates a new tax regime for "applicable partnership interests" in investment partnerships, requiring partners to pay ordinary income tax annually on a "deemed compensation amount" calculated based on a specified interest rate applied to invested capital, while allowing an offsetting long-term capital loss.
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