Aroadmap to certain perceived "loopholes" in the Tax Code may be considered currently available through a bit of reverse engineering. Specifically, a review of the Treasury Department's "General Explanations of the Administration's Fiscal Year 2017 Revenue Proposals" (this year's so-called "Green Book") points to certain tax advantages that are considered loopholes and, therefore, implicitly, are considered currently available (or at least open to interpretation). Any particular "loophole closer" may, of course, be in the eyes of the beholder. As a result, the use of any identified "loophole" by Congress, either as a revenue offset or directly in legislation to close a particular abuse, remains speculative. It should also benoted that many of the "loopholes" mentioned in the current Green Book have been mentioned in past budgets. In any event, any provision that does pass likely will do so with only prospective application.
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