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09.13.2016

We recently wrote about Rev. Proc. 2016-44, whereby the Internal Revenue Service (IRS) created new safe harbor standards applicable to “management contracts” under Section 141 of the Internal Revenue Code.  As we noted, the IRS allowed a carryover period whereby issuers could apply the former safe harbor standards set forth in Rev. Proc. 97-13 to management contracts entered into before (and not materially modified after) February 18, 2017.  We want to make you aware that the IRS has since announced that the carryover period to apply the former standards in Rev. Proc. 97-13 is extended to management contracts entered into before (and not materially modified after) August 18, 2017.  

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Susan M. Kurz
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skurz@calfee.com

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