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In a surprising development, on August 12, 2026, the Fifth Circuit Court of Appeals (the “Court”) withdrew its January 16, 2026, ruling in favor of the taxpayer Sirius Solutions, L.L.L.P. v. Commissioner (the “January Ruling”) and issued a new ruling (the “New Ruling”) reaching the same conclusion but under different reasoning that is less favorable to taxpayers.
On August 11, 2026, President Trump extended and narrowed the existing waiver of the Jones Act (the “Waiver”), which permits foreign-flagged vessels to transport certain cargos between U.S. points. The original waiver was set to expire in mid-August; the President’s action extended the waiver for another 90 days until mid-November.
Although a traditionally illiquid asset, investors in PE and other closed-end funds sometimes need to cash out prior to the end of a PE fund’s term. Secondary sales of PE fund interests offer a straightforward pathway for an investor to achieve liquidity. Several key U.S. federal income tax considerations must be weighed, however, by PE sponsors and investors planning to engage in secondary sales of PE fund interests.
Offshore wind investments have become increasingly popular within the renewable energy sector due to the vital role they play in the global transition to clean energy. United States congress has created federal tax benefits to incentivize innovation, capital investment, and employment growth and to lower costs, resulting in more affordable clean energy.
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