July 28, 2014

What is a tax shelter? What are some examples?

A. Tax Shelters—Generally The Tax Court has consistently disallowed losses, deductions, and credits from transactions it deems to be “tax shelters.” A tax shelter is, among […]
July 28, 2014
What is the Business Purpose Test?

What is the Business Purpose Test?

The business purpose test requires that a transaction, to be respected, must have a business purpose separate and apart from any associated tax advantages. The business […]
July 28, 2014
What are the listed transactions and what do they mean?

What are the listed transactions and what do they mean?

A. Listed Transactions—Generally The IRS keeps a current listing of tax shelters that it has deemed to be tax avoidance transactions. Practitioners and taxpayers are not […]