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Tax Lawyer, Vol. 57, No. 1 THE HEDGE FUND VERSUS THE MUTUAL FUND 133 133 THE HEDGE FUND VERSUS THE MUTUAL FUND Alan L. Kennard* I. INTRODUCTION In determining whether to create, or invest in, a collective investment vehicle providing a risk arbitrage or other type of investment strategy, it is imperative that the major differences between a mutual fund and a hedge fund be understoood This article is a general summary of some of these major differences, with an emphasis on federal income taxation...

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