The U.S. Department of the Treasury and the IRS have announced a plan to close a significant tax loophole used by large partnerships. This initiative addresses "related party basis shifting," a tactic that allows businesses to manipulate asset purchase prices for tax benefits. This move is expected to generate over $50 billion in revenue over the next decade. The plan includes proposed regulations and a revenue ruling to curb transactions lacking economic substance. The effort is part of a broader strategy to increase audits and ensure wealthy taxpayers pay their fair share, addressing a tax gap attributed to the top 1% of filers.