Wednesday, May 5, 2004
The IRS announced today that taxpayers who invested in the infamous “Son of Boss” tax shelter can avoid certain penalties if they come forward by June 21. The IRS estimates that over 5,000 taxpayers used the shelter to create a large, artificial loss to offset an unusual, one-time gain like the sale of a business or stock options. The typical investor evaded $10-$50 million in taxes, for total tax avoidance of more than $6 billion, not including interest and penalties.
For the Son of Boss Settlement Initiative, Announcement 2004-46, see here.
5 responses to “IRS Offers Amnesty for Investors in “Son of Boss” Tax Shelter”
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