The U.S. Department of the Treasury has issued a release announcing new guidance to combat the use of partnerships in abusive related party basis shifting transactions. Click the following link for a related release from the IRS.
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U.S. Department of the Treasury, IRS Announce New Initiative to Close Loopholes, Ensure Wealthiest Taxpayers Pay What They Owe
June 17, 2024
Shutdown of Abusive Related Party Basis Shifting Transactions Estimated to Raise More than $50 Billion Over the Nex…