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Month: July 2023

CLIENT ALERT: SEC Brings First Enforcement Action Against a Fund for Violation of the Liquidity Rule

On Behalf of Macaluso LLP | Jul 7, 2023 | Funds, Securities Regulation And Compliance

In the first enforcement action of its kind, the Securities and Exchange Commission (the “Commission” or the “SEC”) filed a complaint in the Northern District of New York against Pinnacle Advisors, LLC and associated individuals for violations by the NYSA Fund (the...

IRS Chief Counsel Guidance Unhelpful Regarding When Crypto Losses are Deductible as Worthless or Abandoned Property

On Behalf of Macaluso LLP | Jul 7, 2023 | Banking And Finance Law, Capital Markets, Tax Law

In January, the Chief Counsel’s Office of the IRS issued Advice Memorandum CCA 202302011,[1] explaining how and when a taxpayer may deduct crypto losses as “worthless or abandoned” property under Section 165(a) of the Internal Revenue Code. It is important to note...

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Month: July 2023

CLIENT ALERT: SEC Brings First Enforcement Action Against a Fund for Violation of the Liquidity Rule

IRS Chief Counsel Guidance Unhelpful Regarding When Crypto Losses are Deductible as Worthless or Abandoned Property

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