The New York State Bar Association Tax Section has sent a letter and report to the Treasury Department and IRS on Prohibited Tax Shelter Activity Under § 4965.  Here is the Summary:

This report is submitted in response to Notice 2006-65’s request for comments on the new tax shelter provisions…. The first of this report gives an overview of the new law. The report then discusses the background leading up to the new law and what Congress intends to accomplish through the new provisions.  Next, the report discusses the anti-tax shelter provisions of pre-TIPRA law that continue to apply to tax exempts (that reduce the need, from a tax administration point of view, for an expansive reading of the new provisions), as well as some concerns of the tax-exempt community over an expansive interpretation of the law.  Finally, the report addresses specific questions and concerns and gives comments and recommendations on how the new law should be interpreted.  The Appendix to this report briefly summarizes certain listed transactions and other transactions involving exempt organizations which the IRS has determined are abusive.