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With stocks buoyant this year, private equity firms have been bringing some of their portfolio companies to market, in the hope of realizing gains on their investments.
Mr. Johnson added: "The more you take Republicans and pack them into Republican ghettos, the way this does, the less chance you have for realizing gains elsewhere.
The office said the factors lifting tax payments seemed to be "largely temporary," due in part, probably, to higher-income households realizing gains from investments before tax rates went up in the 2013 calendar year.
And all have had a hard time realizing gains from their better investments, what with the weak market making it nearly impossible for them to take the businesses public or sell them to another company.
With that shift, the dominance of the big British and American specialists who reigned over the boom of the 1990's is being challenged by local competition and complicated by the depressed level of asset prices and the difficulty that some firms have had in realizing gains from earlier deals because of the economic downturn.
Other big drug companies rushed to copy this approach, but realizing gains wasn't so simple.
Similar(49)
Flatiron did realize gains from investments in VerticalOne, Gamesville.com and Yoyodyne.
An E.T.F. may realize gains only when the index it tracks changes composition.
The firm pointed to $3 billion in realized gains during the quarter, as well as nearly $4 billion in new capital.
Excluding realized gains and losses and the effect of refinancings, the figure was $1.01 a share, not 95 cents.
Unrealized capital gains are untaxed, realized gains are taxed at a maximum rate of just 15 percent, and gains held until death are never taxed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com