New Tax Shelter Reporting Requirements :What Borrowers And M&A Parties Must Know
- Topics:
- Acquisitions
- Tags:
- Finance,
- Financial Planning,
- Free Trade,
- Investment,
- M&A,
- Mergers & Acquisitions,
- Taxes,
- Transaction
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Overview: The Internal Revenue Service (“IRS”), in an effort to curtail the promotion and implementation of tax shelters and other “potentially abusive transactions,” recently issued a series of regulations requiring identifying and reporting on their federal income tax returns, certain transactions that the taxpayer participated in during the year. These regulations are sweeping in scope and may require disclosure of routine, non-abusive transactions such as commercial finance and mergers and acquisitions transactions. This article discusses some categories of transactions, referred to as Reportable Transactions. These are Listed transactions, Confidential transactions, Transactions with contractual protection, Loss transactions etc. Thus, the new tax shelter reporting requirements are sweeping in scope and apply to countless transactions, including many routine non-tax avoidance transactions. Noncompliance with these reporting requirements will generally result in unwelcome penalties.
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Format: PDF | Size: 61KB | Date: Aug 2003 | Pages: 4
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