• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Renaissance executives agree to pay around $7 billion to settle tax dispute with IRS -source

September 2, 2021 by David Barret Leave a Comment

September 2, 2021

(Reuters) -Executives of hedge fund Renaissance Technologies LLC could pay as much as $7 billion under an agreement with the Internal Revenue Service, a source familiar with the situation said, following a long-running dispute over the tax treatment of certain derivative transactions.

The firm’s founder, James Simons, who stepped down as the firm’s chairman in January, will also make an additional settlement payment of $670 million, according to a letter obtained by Reuters which was sent to investors from Renaissance’s Chief Executive Peter Brown on Thursday. The news was earlier reported by the Wall Street Journal.

Medallion, Renaissance’s flagship fund, is solely managed internally for friends and family.

The letter, earlier published by the WSJ, said the fund had resolved its longstanding dispute with the IRS regarding the tax treatment of certain Medallion option transactions during 2005-15.

The dispute was over whether investors should be taxed on portfolio gains at the higher short-term capital gain rates, rather than at the lower longer-term capital gain rates of the options themselves.

“We engaged for several years in the IRS Appeals process,” the letter said, but concluded that it was better to agree to the resolution with the IRS “rather than risking a worse outcome, including harsher terms and penalties, that could result from litigation.”

The IRS did not immediately respond to Reuters’ request for comment.

(Reporting by Manojna Maddipatla in Bengaluru, Maiya Keidan in Toronto, Paritosh Bansal and Megan Davies in New York; Editing by Amy Caren Daniel and Chris Reese)

Source Link Renaissance executives agree to pay around $7 billion to settle tax dispute with IRS -source

David Barret
David Barret

Related posts:

  1. MLB roundup: Dodgers take over NL West lead
  2. China develops prototype miniature helicopter for Mars missions
  3. U.S. second-quarter productivity revised lower
  4. Seeking re-election, Czech PM pledges to keep migrants, Brussels at bay

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • People Are Not Reacting Well After Learning How Cranberries Are Grown
  • The World’s Newest Great Ape Is Also Its Rarest, With Fewer Than 800 Left In The Wild
  • IFLScience We Have Questions: Can Burying Scientists Alive In The Snow Help Us Protect Polar Bears?
  • Scientists Perplexed By 407-Million-Year-Old Fossilized Plant That Doesn’t Follow The Fibonacci Sequence
  • This Giant Goldfish Hybrid Weighs As Much As A 10-Year-Old – A Stark Warning About Dumping Pets
  • Scientists Gave Mice Neanderthal And Denisovan Genes. The Results Were Intriguing
  • 2024 Saw Higher Levels Of Carbon Dioxide In The Atmosphere Than Ever Before
  • Halloween Fireballs Will Grace Our Skies As The Taurid Meteor Showers Arrive
  • Newly Discovered Hunting Megastructures Suggest Pre-Bronze Age Societies More Sophisticated Than Previously Thought
  • What Is Spectroscopy And Why Is It So Important To Science?
  • Parkinson’s “Trigger” Seen For The First Time: Scientists Image The Toxic Molecules Inside The Human Brain
  • What Flying Animals Exist That Are Not Birds?
  • DNA Evidence Uncovers Surprising Origins Of Native Americans
  • Single Gene Swap “Transfers A Behavior” Between Two Species For The First Time
  • Interstellar Object 3I/ATLAS Has A Rare “Anti-Tail”, New Observations Confirm
  • Asteroid Apophis: Animation Shows Asteroid’s Nail-Biting Close Approach To Earth In 2029
  • Titan Breaks A Key Chemistry Rule: What That Means For Alien Life
  • Scientists Studied “Chicago Rat Hole” – They Have Bad News, The South Atlantic’s Magnetic Field Weak Spot Is Growing, And Much More This Week
  • Could This Be The Real Reason Humans Survived And Neanderthals Died Out?
  • Newly Discovered Snail Species Named After Studio Ghibli Co-Founder Is A Hairy Beauty
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version