Letter sparks US battle of words over tax status of exchange-traded funds and notes
A heated debate over the taxation of exchange-traded notes (ETNs) erupted in the US early in November over a letter sent to the Ways and Means Committee of the US House of Representatives by Paul Schott Stevens, president and CEO of Investment Company Institute (ICI).
The letter urged the Ways and Means Committee, the chief tax-writing committee of the US House of representatives, to "advance legislation that would change the tax treatment of exchange-traded notes taxed as pre-paid forward
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