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36. Renaissance Said Probed by Senate Panel on Tax Maneuver{hedge fund}

Sun Jul 13, 2014, 07:39 AM

Jul 2014

http://www.bloomberg.com/news/2014-07-12/renaissance-said-probed-by-senate-panel-on-tax-maneuver.html

A U.S. Senate investigative panel will hold a hearing July 22 to probe tax maneuvers by Renaissance Technologies LLC, the hedge fund started by billionaire James Simons, according to two people familiar with the matter.

The hearing will focus on a trading strategy Renaissance used that converted its profits from rapid trading into lower-taxed, long-term capital gains. The strategy, which involved transactions with banks such as Barclays Plc (BARC) and Deutsche Bank AG, is also being questioned by the Internal Revenue Service.

Carl Levin, a Michigan Democrat and chairman of the Permanent Subcommittee on Investigations, has been probing tax avoidance moves by wealthy individuals as well as corporations such as Apple Inc. (AAPL) and Caterpillar Inc. (CAT)

Renaissance said in a statement that the tax treatment under Senate scrutiny “is appropriate under current law.”

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