b'Taxprovide a per se exclusion for investment vehiclesEndnotesfor securitizing or collateralizing insurance risks1The 1986 legislation contained a similar exception for income underwritten by other insurance companies. derived in the active conduct of a banking business, Section 1297(b)(2)(A).We believe these regulations are a step forward.2Notice 2003-34, 2003-1 C.B. 990 (May 9, 2003).We admit that our eyebrows were raised by the3P.L. 115-97, 14501.exclusion of payments for external investment4REG-105474-18, 84 FR33120 (July 11, 2019).managers under the active conduct percentage5TD 9936, 86 FR4582 (January 15, 2021).test. The preamble to the proposed regulations states that this exclusion was in response to com-ments from the industry in response to the 2019 proposed regulations. Perhaps with one more try, we will end up with a set of regulations both the industry and the government can live with. gMAYER BROWN 107'