In addition to the 20% deduction, the legislation provides for new rules on the amount of losses that may be carried-forward, and expands the definition of a “substantial built-in loss.” No area of U.S. tax law will undergo as much fundamental. The CFTC’s proposal declined to set forth a bright-line definition of virtual. Meagher & Flom LLP and its affiliates for. Define affiliate: to bring or receive into close connection…