The Treasury Department and the IRS are scrapping plans to crack down on a maneuver that benefits complex partnerships.
The agencies said late Thursday in Notice 25-23 that they were withdrawing a June 2024 IRS notice laying out plans to issue regulations aimed at stopping basis-shifting transactions in related-party partnerships.
Treasury and the IRS also said they will propose rules to remove regulations that classify such transactions as “transactions of interest” that must be reported to the IRS, and would waive any penalties for non-reporting. The removal of the reporting regulations can be applied retroactively to Jan. 14, the ...
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