The Case of the Early Warning

Inspector Hale: the ETF tax notice; Treasury warned Wall Street in July. Wren: they had notice? The Ledger: in July the secretary warned that a tax pitch too good to be true probably is, then officials met the Wall Street Tax Association, and now box-spread ETFs, options that defer gains, and partnership transfers are flagged too. Nightjar: a law professor says Congress could narrow the ETF break itself. Wren: a loophole with a calendar.

The ETF tax crackdown was telegraphed: in July the Treasury secretary warned that a tax pitch that sounds too good to be true probably is, and officials met Wall Street's tax association about the deals; this week's notice goes beyond ETF seeding to flag transfers into partnerships and 'box spread' ETFs, and a law professor says Congress could narrow the ETF tax break itself.

Starring

Inspector HaleWrenThe LedgerNightjar