Statutory Guidelines [Appendix A(6) Revenue Procedure 93-34] regarding rules under which a designated settlement fund described in section 468B(d)(2) of the Internal Revenue Code or a qualified settlement fund described in section 1.468B-1 of the Income Tax Regulations will be considered "a party to the suit or agreement" for purposes of section 130.
Mississippi Revenue Procedure 93-34
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Unlike the owner of a capital interest, the owner of a profits interest typically has not invested any money in the business and, usually, has no obligation to contribute funds in the future. The only thing an owner of a profits interest stands to lose is profits earned after the grant date of the profits interest.
Profits interests are taxed as capital gains When designed and directed properly, the recipient pays no tax at grant (as long as granted at or above the threshold value), no tax at vesting, and no ordinary income taxation upon the liquidation event.
The IRS cemented the Campbell decision with Revenue Procedure 93-27, which provided that the receipt of ?a profits interest for the provision of services to or for the benefit of a partnership in a partner capacity or in anticipation of being a partner? will not be treated as a taxable event.
For example, in Revenue Ruling 79?24, the Treasury responds to questions around what activities specifically count as taxable income under IRC § 61(a) and Treasury Regulation 1.62?2, which, with exceptions, recognize ?compensation paid other than in cash? as taxable income.
93-27 defines a profits interest as a partnership interest ?other than a capital interest,? and a capital interest is, in turn, an interest that would ?give the holder a share of the proceeds if the partnership's assets were sold at fair market value and then the proceeds were distributed in a complete liquidation of ...