IRS plans to close basis shifting tax loophole, potentially raising $50bn in revenue.

The IRS plans to close a tax loophole that allows wealthy taxpayers to avoid paying taxes, potentially raising over $50 billion in revenue over the next decade. The loophole, known as "basis shifting," involves moving assets among related parties to avoid taxes. The IRS intends to propose new regulations and issue rulings to shut down this practice, establish a new team to focus on it, and increase oversight and awareness.