IRS wants to close major tax loophole for wealthy, raise $50 billion

WASHINGTON, D.C.: According to the U.S. Treasury Department, the IRS is set to close a significant tax loophole for wealthy taxpayers, potentially raising more than US$50 billion in revenue over the next decade.

Announced on June 17, the proposed rule and guidance aim to eliminate "partnership basis shifting" - a tactic allowing businesses or individuals to move assets among related parties to avoid taxes. Deput