I know that the Kinect for 360 was able to be run on a pi, however, I can't find any attempts of someone doing the same with the new Kinect for xbone. I am wondering is it even going to be possible to run the Kinect off of the newest Raspberry Pi, since the Kinect takes so much graphic processing power to run? If so, is it possible to build an app for it in Windows 10 IoT or will it have to be done with a linux based operating system?
No, it's not possible.
Graphics power would be a problem, but you wont even get that far. Kinect v2 needs USB 3.0 because it transfers massive amounts of data and even the newest Raspberry Pi 3 only has USB 2 ports/controllers.
There are other similar platforms which include USB 3.0, but nothing I know of as cheap and small as a Raspberry Pi. For example the NVIDIA Jetson TK1 is known to work with the open source Kinect v2 driver libfreenect2.