IRS wants to end major tax loophole for wealthy, raise $50 billion in the process

By Josh Boak and Fatima Hussein | The Associated Press

The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says.

The proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes.

Biden administration officials...