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IRS to Crack Down on Tax-Dodging Asset Shifts
News June 18, 2024 at 03:59 PM
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What You Need To Know
- IRS and Treasury will issue regs to curb basis shifting.
- Sens. Warren and Van Hollen said the move could raise $50 billion in tax revenue in 10 years.
- Basis shifting allows wealthy individuals and partnerships to transfer assets in a way that reduces their tax basis.
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