The U.S. Treasury Department and the IRS are working together to "close a major tax loophole" often abused by complex and large partnerships to lower tax liabilities. Once implemented, this measure could bring the government more than $50 billion in revenue over the next 10 years.
The plan will focus on "related party basis shifting," which is typically used by related parties to increase deductions on assets or reduce future gains, thereby lowering the tax liability of the entities involved.
