A recent panel at the FRA Private Investment Fund Tax and Accounting Forum delved into hot tax topics affecting private fund managers and their investors, including the impact of final IRS regulations on the deductibility of business interest expense; tax treatment of scrip dividends; the use of 70/30 baskets to preserve the dividend-received deduction; IRS scrutiny of managers that operate in Puerto Rico and the U.S. Virgin Islands; and tax treatment of special purpose acquisition companies. The program featured Richard A. Cagnetta, principal at Untracht Early LLC; and Anthony Tuths, principal at KPMG. This article explores their insights on topics applicable to PE sponsors. See “State, Federal and International Tax Implications of the 2020 Elections and the Coronavirus on the Alternative Investment Industry” (Jan. 19, 2021).