The Valley Current®: Is Citizen Trump Also Changing Federal Tax Law Enforcement?

Jun 19, 2024

Donald Trump’s taxes (and the tax code in general) have been a major source of controversy for years. Until now, inflating the value of your property to secure better loan agreements then later devaluing the same property has lurked in a gray area where this magnitude of asset manipulation has explicitly been labeled as illegal. By closing this loophole, the IRS expects to gain at least $5 billion per year in revenue through the next 10 years. Today host Jack Russo and CPA, Steve Rabin discuss this major crackdown on partnership basis loopholes and the consequences it will have on S-corporations in inherited trusts.

 

https://www.washingtonpost.com/business/2024/06/17/tax-basis-shifting-irs-partnerships/?utm_source=alert&utm_medium=email&utm_campaign=wp_news_alert_revere&location=alert 

 

Jack Russo

Managing Partner

[e-mail]

www.computerlaw.com

https://www.linkedin.com/in/jackrusso

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