IRS crackdown on ‘partnership basis shifting’—a major tax loophole for the wealthy—could raise $50 billion

Monday’s announcement is part of the IRS’s ongoing effort to zero in on high-wealth tax cheats who manipulate the tax code or don’t pay their taxes at all.

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.