NEW YORK, December 06, 2022–Each of the Morgan Stanley closed-end funds listed below (the “Funds”) today declared they had no value to the government for the tax breaks they had been authorized to pay during the tax year 2019 and the remaining funds were listed on the Morgan Stanley Commodities Board, a position—the only board that has any authority to collect income taxes—for any year that may not have been paid.
The Fund was officially opened in 1999 for all income tax breaks in the United States. The Commodity Fund was a private, non-profit organization with a goal of producing economic returns in accordance to a formula that was published by the Central Board of Revenue. Funds were designated as “Investment Funds” for the purpose of collecting income taxes on cash-drawing securities. These funds were listed on the Morgan Stanley Commodities Board, and as part of the Commodity Fund, the Commodity Board reported a total income tax rate of 9.1 percent. (As a result of the Commodity Fund’s inception, its chairman, David Morgan, was removed from his job.)
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