Upcoming Senate Hearing on Tax Treatment of Funds Investing Indirectly in Commodities

Tomorrow at 10 a.m., the Senate Permanent Subcommittee on Investigations will hold a hearing titled: "Taxation of Mutual Fund Commodity Investments."  The hearing notice states that the hearing will examine "the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments in commodities."  Hearing witnesses will include senior officials from the Treasury Department and the IRS.

Additional information is available here.