US Treasury threatens crackdown on Wall Street tax-avoidance strategies

The US Treasury on Monday signaled a crackdown on strategies used by wealthy investors to minimize tax bills. The department warned it could target "potentially abusive" tactics and issued an IRS ruling against the aggressive use of ETFs to avoid taxable gains. The ruling specifically targets the "351 conversion," which allows investors with appreciated assets to rebalance portfolios without incurring taxable gains.

Treasury Secretary Scott Bessent stated on X that these conversions do not work under existing law and vowed to crack down on transactions designed to dodge taxes. Brent Sullivan, a tax analyst, noted the ruling targets cases where investors contribute portfolios out of step with an ETF's prospectus and quickly wash securities via in-kind redemption. Hedge funds offering tax alpha strategies accrued over $90 billion in 2025, while ETFs created using 351 conversions have raised at least $21 billion since 2021.

Shares in Affiliated Managers Group, which owns a stake in AQR, fell up to 2 percent. AQR and rival Quantinno popularized approaches using leverage and algorithmic trading to realize losses systematically. The Treasury added it is considering additional guidance that could apply retroactively to address these transactions.

El Tesoro de EE. UU. el lunes alertó sobre una represalia contra estrategias usadas por inversores adinerados para minimizar sus facturas fiscales. El departamento advirtió que podría apuntar a tácticas 'potencialmente abusivas' y emitió un fallo del IRS contra el uso agresivo de ETFs para evitar ganancias gravables. El fallo específicamente apunta al 'conversión 351', que permite a inversores con activos apreciados rebalancear carteras sin incurrir en ganancias gravables. El secretario del Tesoro, Scott Bessent, declaró en X que estas conversiones no funcionan bajo la ley existente y se comprometió a reprimir las transacciones diseñadas para eludir impuestos. El analista tributario Brent Sullivan señaló que el fallo apunta a casos donde los inversores aportan carteras fuera de paso con el prospecto de un ETF y rápidamente lavan valores mediante redención en especie. Los fondos de cobertura que ofrecen estrategias defter

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美国财政部周一预警打击富裕投资者用于减少税单的策略。部门警告称可能针对“潜在滥用”的手段，并发布了针对利用ETF规避应税收益的IRS裁决。该裁决专门针对“351转换”，该转换允许持有增值资产的投资者在无需产生应税收益的情况下重新平衡投资组合。财政部长斯科特·贝森特在X平台上表示，这些转换在现有法律下行不通，并誓言打击旨在逃避税款的交易。税务分析师布伦特·苏利文指出，该裁决针对投资者在ETF前景相符之外贡献投资组合并通过实物赎回快速清算证券的案例。2025年，提供税务Alpha策略的对冲基累计了900亿美元，而自2021年以来，利用351转换创建的ETF已募集至少210亿美元。隶属于AQR的Affiliated Managers Group股份最多下跌2%。AQR和竞争对手Quantinno因使用杠杆和算法交易系统性实现损失而走红。财政部表示，正考虑额外的指导，可能具有追溯效力以解决这些交易。