On December 22, 2017, H. R. 1, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act significantly revises many aspects of U.S. federal income tax law applicable to businesses conducted in corporate and partnership form, and will also affect the U.S. federal income tax and estate tax treatment of many individuals. Below is a summary of some of the Act’s provisions that are expected to have the greatest effect on businesses, investment funds and investors, together with some observations on their potential impact. However, the full impact of these far reaching provisions will, in many cases, only be known as implementing rules and market practices develop. Most of these provisions are immediately applicable, although some were adopted retroactively and some prospectively. Unless otherwise noted, the individual tax reform provisions described below apply only to taxable years beginning after December 31, 2017 and ending before January 1, 2026, while the rest of the provisions apply to all taxable years beginning after December 31, 2017.