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Senate Finance Committee Chair Ron Wyden (D-Ore.) is working on a draft of legislation that would substantially change some tax rules on partnerships. The National Association of Home Builders has come out against the legislation, arguing that the changes “would restrict the ability of partnerships to allocate income and deductions unless those allocations are in line with the partners’ ownership percentages.”

The new proposal is in line with many others coming from either Democrats in Congress or the Biden White House. They include eliminating step-up basis, the additional 20% deduction for pass-through businesses, carried interest, and the 1031 exchange break as well as increasing the capital gains tax rate.

 

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