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IRS seeks to close tax loophole

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The IRS is seeking to end a tax loophole that's reportedly used by wealthy taxpayers.

A proposed rule would stop “partnership basis shifting," which refers to the process of moving assets among a series of related parties to avoid paying taxes.

Closing the loophole could raise more than $50 billion over the next decade, according to the Treasury Department.

Read more from The Associated Press.

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