BLOGS. February 13, 2024
Considerations for Direct Lending and the YA Global Case
Funds run the risk of being considered engaged in a trade or business in the U.S. if they engage in lending activities and create 鈥渆ffectively connected income鈥� for their non-US investors. IRC Sec 864 has a safe harbor provision for 鈥渢rading in securities.鈥� Investing in stock, securities and commodities does not result in a trade or business. However, it is generally accepted that a 鈥渓ending, financing or similar鈥� business does not fit within the trading safe harbor of 864(b)(2)A(ii).
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