BEGIN:VCALENDAR
PRODID:-//Plone/NONSGML Calendaring//EN
VERSION:2.0
X-WR-CALNAME:Penn State Smeal College of Business
BEGIN:VEVENT
CATEGORIES:Insurance & Real Estate
DESCRIPTION:
DTEND:20070301T183000Z
DTSTAMP:20081016T110448Z
DTSTART:20070301T170000Z
LOCATION:218 Business
STATUS:CONFIRMED
SUMMARY:Seminar with Kinberly Rodgers
UID:seminar-with-kinberly-rodgers
END:VEVENT
BEGIN:VEVENT
CATEGORIES:Insurance & Real Estate
CATEGORIES:Academic Departments
DESCRIPTION:The LEMA/Elliott Seminar Series is sponsoring a seminar by Tim
 othy Cason of Purdue.  Contact Tony Kwasnica for more information.
DTEND:20080229T183000Z
DTSTAMP:20081016T110448Z
DTSTART:20080229T170000Z
LOCATION:218 Business Building
STATUS:CONFIRMED
SUMMARY:Seminar with Timothy Cason, Purdue
UID:seminar-with-timothy-cason-purdue
END:VEVENT
BEGIN:VEVENT
CATEGORIES:Insurance & Real Estate
DESCRIPTION:Seminar with Michael Knoll

Michael Knoll will present a sem
 inar on Thursday, May 20 at 2:30 in room 214.  Professor Knoll is the Theo
 dore K. Warner Professor of Law at the University of Pennsylvania Law Scho
 ol and Professor of Real Estate at the Wharton School.  He will be discuss
 ing his research on the taxation of carried interests at a gathering joint
 ly sponsored by Smeal's Insurance and Real Estate Department and the Dicki
 nson School of Law.  The abstract is below.  Please contact Dan Cahoy (Dan
 Cahoy@psu.edu) with any questions.
 
The Tax Advantage of "Sweat Equity"
 :
What it is and its Relationship to the Carried Interest Controversy
 

 
Michael S. Knoll
University of Pennsylvania

A central feature in the 
 ongoing controversy over the tax treatment of carried interests is the tax
  treatment of "sweat equity". Both reformers, who want to raise the tax le
 vied on carried interests, and defenders of the status quo use analogies a
 nd comparisons to bolster their arguments. Reformers argue that carried in
 terests are improperly being taxed more favorably than are paid services. 
 They argue that private equity fund managers, who pay tax upon realization
  at long-term capital gains rates, are taxed less heavily than people who 
 are paid salaries and invest their after-tax salaries in equities. In resp
 onse, defenders of the status quo argue that carried interests should be t
 axed no less favorably than "sweat equity" – services provided by an own
 er of a business that are not compensated by current salary – which they
  assert is taxed as favorably as private equity currently is, but which th
 ey claim would be taxed more favorably than private equity if any of the v
 arious tax reform proposals were adopted. Thus, "sweat equity" is at the c
 enter of the controversy over the tax treatment of carried interests. Yet,
  in spite of the numerous claims being made about the tax advantage of "sw
 eat equity," both on its own and relative to other forms of compensation, 
 no one has spelled out carefully and specifically what is the tax advantag
 e from "sweat equity." This essay identifies the source of the tax advanta
 ge from using "sweat equity." It, then, relates that advantage to the carr
 ied interest controversy.


DTEND:20080320T210000Z
DTSTAMP:20081016T110448Z
DTSTART:20080320T183000Z
LOCATION:214 Business Building
STATUS:CONFIRMED
SUMMARY:Seminar with Michael Knoll, University of Pennsylvania
UID:seminar-with-michael-knoll-university-of-pennsylvania
END:VEVENT
BEGIN:VEVENT
CATEGORIES:Insurance & Real Estate
CATEGORIES:Academic Departments
DESCRIPTION:The Real Estate Seminar Series will sponsor a seminar by Chris
 tian Hilber, London School of Economics.  Contact Brent Ambrose for more i
 nformation.
DTEND:20080328T160000Z
DTSTAMP:20081016T110448Z
DTSTART:20080328T143000Z
LOCATION:353 Business Building
STATUS:CONFIRMED
SUMMARY:Seminar with Christian Hilber, London School of Economics
UID:Seminar with Christian Hilber
END:VEVENT
END:VCALENDAR