U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has announced the release of draft legislation meant to close loopholes that allow investors and corporations to use pass-through entities, primarily partnerships, to avoid paying their fair share of taxes. An overview of the draft legislation is as follows: --- WYDEN PASS-THROUGH REFORM DISCUSSION DRAFT Overview The discussion draft would reform major areas of tax law that are abused by sophisticated taxpayers by removing ambiguity and closing tax loopholes for pass-through entities, primarily partnerships, that allow investors and corporations to pick and choose when to pay tax. The complexity and ambiguity of...