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Tax Shelters: Exotic or Just Plain Illegal?
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******************************** Tax Shelters: Exotic or Just Plain Illegal? http://knowledge.wharton.upenn.edu/index.cfm?fa=viewfeature&id=1419 They were unusual tax shelters that went by incomprehensible names like BLIPS, OPIS, BOSS and FLIP -- and they boomeranged on the companies that sold them. In February, German bank HVB Group agreed to pay $29.6 million in fines to avoid indictment for defrauding the Internal Revenue Service with abusive tax shelters that gave rich clients phony losses to reduce taxes. The settlement was part of a broadening investigation into shelters that wealthy individuals used to escape about $2.5 billion in taxes from the mid-1990s through 2003, according to the government. What is a tax shelter, and more importantly, what is an illegal one?
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