With Caroline Broderick, Erik Corwin, Pamela Glazier, Wendy Sheu, Amy Snyder
Congress has just passed H.R. 4337, the "Regulated Investment Company Modernization Act of 2010" (the "Act"), which modernizes various U.S. federal income and excise tax rules relating to registered investment companies that are regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code (the "Code"), whether open-end ("mutual funds") or closed-end.