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Q D G G L W L R Q D Q L Q G L Y L G X D O K H G J H I X Q G P D Q D J H U W K D W G R H V Q R W E H F R P H D E R Q D À G H U H V L G H Q W R I 3 X H U W R 5 L F R but conducts his or her operations through an Act 20 &RPSDQ\ PD\ EH DEOH WR VLJQLÀFDQWO\ UHGXFH KLV RU KHU86IHGHUDOLQFRPHWD[EXUGHQRQRUGLQDU\LQFRPH items attributable to his or her advisory activities to FO RVHO \DSSUR [LPD WHWKHWD[EHQHÀWVD II RU GHG ́ FDUULHG interest” allocations of long-term capital gain
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