1. Please provide a brief explanation of what is meant by the term "carried interest"

2. What type of entity do nearly all hedge funds & private equity funds use for tax purposes?

3. What 2 types of compensation are typically paid to managers of hedge funds & private equity funds?

4. Please describe the current tax treatment of "carried interest", including an explanation of why hedge fund & provate equity fund managers receievr preferential tax treatment on certain items of income earned by their funds

5. Provide your opinion about whether the currebt law tax treatment should continue or should change (and why)