And if, as Steven M. Rosenthal of the Tax Policy Center has argued, the fund is in the trade or business of developing portfolio companies for sale to customers, the profit share paid to the fund's managers, which is often taxed at lower long-term capital gains rates under current law, may instead be taxed as ordinary income.
The new action would be aimed at lowering long-term interest rates and spurring growth, but it would also have effects far beyond American shores.
The Fed chairman, Ben S. Bernanke, met with 11 members of the Senate banking committee to explain the decision to inject $600 billion into the banking system, a resumption of the Fed's bond-buying program aimed at lowering long-term interest rates.
At that rate, the Fed's program to buy Treasury and mortgage securities, aimed at lowering long-term interest rates and spurring investment and lending, would end in the fourth quarter.
Yellen and her colleagues have been gradually reducing their bond-buying stimulus program aimed at lowering long-term interest rates, and the Fed is looking ahead to the day when it will need to raise its key short-term interest rate, which has been pinned near zero since late 2008.
But for employees of start-ups, the election is routine for one simple reason: any appreciation in the stock is taxed at the lower long-term capital gains rate of 15 percent.
People who are convinced the stock is going higher may choose to exercise options before they expire, pay the taxes on the income that is generated and hold the shares so that any future profits are taxed at the lower long-term capital gains rates.
Obama purports to favor making permanent an expiring provision of the Bush cuts that taxes dividends at the lower long-term capital gains rate.
When you sell, you're treated as selling the oldest shares first; those you've held for more than a year are taxed at the lower long-term capital gains rate.
You'll owe ordinary income taxes only on the value of the stock when it was put in your account; any appreciation is taxed at the lower long-term capital gains rate when you sell.
Alkali pretreatments are run at lower temperatures for long residence times, and as for the AFEX method, a delignification of the biomass is obtained.
