Senator Chuck Levun (D-Mich) Renews His Efforts to Attack “Basket Options” Used by Hedge Funds: “Hiding Behind the Large Partnership Audit Rules”

Senator Chuck Levun (D-Mich) Renews His Efforts to Attack “Basket Options” Used by Hedge Funds: “Hiding Behind the Large Partnership Audit Rules”

As recently reported by the tax press, a Senate panel recommended on July 21 that the IRS step up its enforcement of the structured financial product referred to as “basket options” and related strategies, penalize banks that facilitate such tax avoidance, and revamp the rules governing large partnership audits.