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New IRS Regulation Establishes Disclosure Requirements for Certain Partnership “Basis Shifting” Transactions

Offshore Account Update

Posted in on January 17, 2025

The Internal Revenue Service (IRS) has adopted new regulations that establish disclosure requirements for certain partnership “basis shifting” transactions. These new disclosure requirements apply to both future transactions and transactions closed within a six-year lookback period, and failure to comply can expose partnerships, individual partners and their advisors to substantial liability. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

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