; qualified capital interests Section 751 is amended by adding at the end the following new subsection: (g) Investment services partnership interests For purposes of this section— (1) In general The term investment services partnership interest has the meaning given such term by section 710(c). (2) Adjustments for qualified capital interests The amount to which subsection (a) applies by reason of paragraph (3) thereof shall not include so much of such amount as is attributable to any portion of the investment services partnership interest which is a qualified capital interest (determined under rules similar to the rules of section 710(d)). (3) Exception for publicly traded partnerships Except as otherwise provided by the Secretary, in the case of an exchange of an interest in a publicly traded partnership (as defined in section 7704) to which subsection (a) applies— (A) this section shall be applied without regard to subsections (a)(3), (b)(1)(A)(iii), and (f)(3), and (B) such partnership shall be treated as owning its proportionate share of the property of any other partnership in which it is a partner. (4) Recognition of gains Any gain with respect to which subsection (a) applies by reason of paragraph (3) thereof shall be recognized notwithstanding any other provision of this title. (5) Coordination with inventory items An investment services partnership interest held by the partnership shall not be treated as an inventory item of the partnership. (6) Prevention of double counting Under regulations or other guidance prescribed by the Secretary, subsection (a)(3) shall not apply with respect to any amount to which section 710 applies. (7) Valuation methods The Secretary shall prescribe regulations or other guidance which provide the acceptable methods for valuing investment services partnership interests for purposes of this section. . (c) Treatment for purposes of section 7704 Subsection (d) of section 7704 is amended by adding at the end the following new paragraph: (6) Income from certain carried interests