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Final Regulations Limit Importation of Built-In Losses

In the heyday of tax shelters, transactions involving transfers of low value assets with high tax bases were elevated to an art form. The fervor effectively ended when the American Jobs Creation Act of 2004 enacted anti-loss importation provisions under Code §§334(b)(1)(B) and 362(e)(1). In March, the I.R.S. issued final regulations to stop base erosion through shifting of loss property into the U.S. Christine Long and Beate Erwin explain all.

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