IRS Announces It Will Crack Down on Loophole Exploited by the Superrich

The Internal Revenue Service announced Monday that it is cracking down on a complex maneuver that corporations and rich individuals use to avoid taxes, the agency’s latest enforcement action since receiving a badly needed infusion of funding from the Inflation Reduction Act. The new IRS policy targets a tactic known as “basis shifting,” whereby business partners move “the tax basis of their assets...

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