Managing directors from two private equity firms, a venture firm and a real estate company will join three law professors tomorrow in giving testimony at the Senate Finance Committee’s second hearing on carried interest.
The witnesses who will add to the congressional debate over carry – and whether it should retain its 15 percent capital gains tax rate or be taxed as ordinary income at a rate of as high as 35 percent – are:
The Carlyle Group’s Bruce Rosenblum, a managing director focused on telecom and media buyouts. Rosenblum also chairs Carlyle’s legal and compliance committee. Prior to joining the firm in 2000, he spent 18 years at international law firm Latham & Watkins, specialising in mergers and acquisitions and corporate finance.
John Frank, a managing principal at Oaktree Capital Management. Frank oversees the alternative asset manager’s legal activities. Before joining Oaktree in 2001, he was a partner of the Los Angeles law firm of Munger, Tolles & Olson, focused on mergers and acquisitions.
Silver Creek Technology Investors’ Bill Stanfill, a general partner at the venture firm, which focuses on early-stage telecommunications, data networking and information technology companies.
Adam Ifshin, president of DLC Management Corp., a firm that owns, operates and manages 70 shopping centers in 23 states, equivalent to 14 million square feet of retail real estate.
Charles Kingson, a lecturer at the University of Pennsylvania Law School. Kingson was previously a partner at New York law firm Willike Farr & Gallager, and an international tax counsel at the Treasury Department. He is the author of works including International Taxation (Aspen Law and Business); “The Deep Structure of Taxation: Dividend Distributions,” Yale Law Journal; and “The Coherence of International Taxation,” Columbia Law Review.
Joseph Bankman, a professor at Stanford Law School whose courses include corporate income taxation and tax policy. He has written on topics including the role of tax in the structure of Silicon Valley start-ups. Prior to joining Stanford in 1989, Bankman taught at the University of Southern California Law Center and was a tax practitioner with the Los Angeles firm Tuttle & Taylor.
Darryl Jones, a professor at the Pittsburgh School of Law, currently a visiting professor for the academic year at Stetson University College of Law in St. Petersburg, Florida. Jones teaches and writes on taxation and tax-exempt organizations. He was previously a criminal trial attorney for the Army Judge Advocate General before becoming associate counsel at the University of Florida and general counsel for Columbia College Chicago.