The Trump administration is changing many prior policies, but supporters of this proposal are calling for further action to ...

Outside basis, or book basis, tracks each ... in Section L on Schedule K-1. Check the "Tax basis" box in this section to indicate to the IRS that all the calculations in this section conform ...

The Treasury Department and the Internal Revenue Service are planning to withdraw regulations that labeled basis-shifting transactions among partnerships and related parties as "transactions of ...

"That is not allowed." The IRS is focusing on basis-shifting by partnerships, companies that pass-through their profit to investors or owners to be taxed as income tax, rather than traditional ...

The Internal Revenue Service is targeting the ... high-income taxpayers and corporations strip basis from assets they own where the basis is not generating tax benefits and then move the basis ...

Tax depreciation refers to the business's depreciation expense as recorded on its income tax return and calculated using IRS guidelines ... values on a regular basis and record expense when ...

The IRS notice argues that these proposed regulations are necessary because related persons have been using partnership transactions to inappropriately shift tax basis to property with shorter ...

The Internal Revenue Service headquarters in Washington, D.C. The regs pertaining to the statutory basis reporting requirements affect executors and others who are required to file an estate tax ...

The Biden administration plans to stop businesses and wealthy individuals from manipulating the value of assets in arcane ways such as using the same assets over and over to lower their taxes.

The Internal Revenue Service announced plans Monday to crack down on a tax loophole some high earners use to take advantage of tax deductions and avoid taxes—a practice the agency says has ...

In Notice 2025-23, the Treasury and the IRS said Thursday they intend to publish a notice of proposed rulemaking proposing to remove the basis-shifting TOI regulations from the Income Tax Regulations.