Member Statements

• Senator Carl Levin D (MI)
  Download Statement (77.6 KB)
  
• Senator Tom Coburn R (OK)
  Download Statement (16.7 KB)
  

Agenda

The Permanent Subcommittee on Investigations held a hearing, "Compliance with Tax Limits on Mutual Fund Commodity Speculation," on Thursday, January 26, 2012. 

The Subcommittee hearing examined the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments in commodities.  Hearing witnesses included IRS Commissioner Douglas H. Shulman and Department of the Treasury Acting Assistant Secretary for Tax Policy Emily McMahon.

Witnesses

• THE HONORABLE  DOUGLAS H. SHULMAN

  Commissioner

  Internal Revenue Service

  Washington, DC
  Download Testimony (21.7 KB)
  
• MS.  EMILY McMAHON

  Acting Assistant Secretary for Tax Policy

  U. S. Department of the Treasury

  Washington, DC
  Download Testimony (19.1 KB)