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IN BRIEF / TAXES

Government to Block Stock Basis Shelter

October 18, 2002|Bloomberg News

The Treasury Department plans to shut down a tax shelter designed to generate artificial capital losses through overseas transactions. Proposed regulations would bar U.S. taxpayers from readjusting the basis of stock they own by arranging for a partner in a country that doesn't tax dividends to redeem shares in the same corporation and treat the proceeds as a dividend.

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