The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting" — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really ...
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