Private equity funds are engaged in a trade or business under the Employee Retirement Income Security Act (ERISA), a court ruled this week. Now may be a good time for private equity funds, their managers, investors, and advisers to reexamine their tax position.
In the states, the battle over gay marriage is gathering steam. Federal judges have preempted local efforts toward legal gay marriage in some states, while activists in other states are gearing up for ballot measures. One state may be moving toward a stronger defense of traditional marriage. Here's the state-by-state rundown.