Who says the Internal Revenue Service
doesn't have a heart? The Wall Street Journal
reported Thursday that the IRS has taken pity on commodities funds struggling with a dearth of suppliers for mandated types of investment, and extended the deadline for getting their investment strategies into compliance.
The grace period for changing investment strategies to maintain tax benefits will now last until September 30, rather than the end of June, as previously specified. Pimco
had said it was on track for the June deadline, but Rydex
admitted concern about securing brokers, and in April OppenheimerFunds
closed its Real Asset Fund
because of a pinched market for commodity-linked notes.
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