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The IRS could raise more than $50 billion in revenue over the next decade by ending a major tax loophole for wealthy taxpayers, the U.S. Treasury Department said Monday.
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. The Treasury Department described the technique as "abusive," with no other economic benefit than avoiding taxation.
The push to eliminate the loophole comes...
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