Josh Boak and Fatima Hussein | AP

A sign for the Internal Revenue Service building in Washington with foliage around it. The IRS plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.

Taxes

IRS wants to end another major tax loophole for the wealthy and raise $50B in the process

New guidance and a ruling includes plans to stop “partnership basis shifting” — a process by which a business or person can enter into a series of transactions to avoid taxes.

By Josh Boak and Fatima Hussein | AP