Thursday, July 9, 2015

SENATE FINANCE COMMITTEE REPORTS ON TAX SHELTERS

For Immediate Release
July 08, 2015

Wyden Applauds Action to Shut Down ‘Basket Options’ Tax Loophole

WASHINGTON - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today applauded the Treasury Department and IRS for issuing guidance that would effectively end so-called ‘basket options,’ which are financial arrangements used to avoid billions of dollars in capital gains taxes:

“I applaud the Treasury Department and IRS heeding my call to take action and bring the hammer down on these basket options once and for all.” Wyden said. “The law is very clear in this area – basket options are a tax shelter. Today’s guidance from the Administration is a win for taxpayers and brings us one step closer to a more fair and equitable tax code.”

Through this tax shelter, known as basket options, alternative investment vehicles use a complex financial structure to convert short-term capital gains to long-term capital gains resulting in billions of dollars in avoided taxes.

Wyden recently sent a letter to Treasury Secretary Jack Lew calling for the tax shelter to be closed. That letter can be found here.
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For Immediate Release
July 08, 2015

Wyden Applauds Action to Shut Down ‘Basket Options’ Tax Loophole

WASHINGTON - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today applauded the Treasury Department and IRS for issuing guidance that would effectively end so-called ‘basket options,’ which are financial arrangements used to avoid billions of dollars in capital gains taxes:
“I applaud the Treasury Department and IRS heeding my call to take action and bring the hammer down on these basket options once and for all.” Wyden said. “The law is very clear in this area – basket options are a tax shelter. Today’s guidance from the Administration is a win for taxpayers and brings us one step closer to a more fair and equitable tax code.”
Through this tax shelter, known as basket options, alternative investment vehicles use a complex financial structure to convert short-term capital gains to long-term capital gains resulting in billions of dollars in avoided taxes.
Wyden recently sent a letter to Treasury Secretary Jack Lew calling for the tax shelter to be closed. 
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For Immediate Release
July 08, 2015

Finance Committee Bipartisan Tax Working Group Reports

Chairman Hatch and Ranking Member Wyden are pleased to receive the reports from the Finance Committee’s five tax reform working groups.  These documents provide the Committee with materials to consider as it works towards reforming our nation’s tax system.  While each report is a bipartisan product of each group’s Co-Chairs, unless otherwise stated, the materials presented are not necessarily endorsed, in whole or in part, by each member of each working group. The Chairman and Ranking Member sincerely appreciate the undertakings of the working groups and their contribution to the tax reform debate.
The Business Income Bipartisan Tax Working Group Report