The document discusses the potential impacts of recent changes in U.S. tax law, specifically the 2017 Tax Legislation, on the Access Fund and its investments. It highlights the increased costs and reduced exposure due to position limits and aggregation requirements, as well as the potential adverse effects on liquidity and execution pricing. The document also outlines the legal representation for the Access Fund and advises prospective investors to seek independent legal, tax, and financial advice. Key changes in the tax law include limitations on interest expense deductibility, changes in corporate tax rates, and new rules for controlled foreign corporations, which may result in phantom income for U.S. taxable persons. The legislation could significantly impact investment valuations and after-tax returns.
documents/vol00010-efta01355180-pdf.pdf
{"title":"Impact of 2017 Tax Legislation on Access Fund","key_people":["Cleary Gottlieb Steen & Hamilton LLP","Maples and Calder"],"document_date":"2018","document_type":"legal","key_locations":["United States","Cayman Islands"],"document_subtype":"legal advisory","key_organizations":["Access Fund","Underlying Fund"],"reference_numbers":["DB-SDNY-0040102","SDNY_GM_00186286","EFTA01355180"]}