IRS offers deal for companies to end tax shelters

[951-Riverside]

Source: The Associated Press

The Internal Revenue Service said Wednesay it is prepared to offer settlements to some 45 corporations if they agree to end questionable tax shelter practices.

IRS Commissioner Doug Shulman said the agency aims to end transactions that have allowed corporations, including many of the nation's top banks, to gain billions in tax deferrals. He did not name the corporations.

Letters were sent out Wednesday giving the corporations 30 days to make a decision on accepting the terms of the offer, which include best efforts to terminate the transactions by the end of this year.

Shulman said the transactions, called lease-in/lease-out (LILO), and sale-in/lease-out (SILO), involve complex arrangements where large corporations lease or purchase large assets such as foreign rail systems or sewer systems and then lease them back to the original owner.

Read more: http://www.wtop.com/?nid=111&sid=1454881

[pattmarty]

1. Questionable? Why don't they just prosecute them?

[defendandprotect]

5. ...because we've made some parts of government so small/weak that

when we go to court, the government no longer has the lawyers and power they once had ---

all the power is on the other side ---

[badgervan]

6. Nah....

... that would take time away from going after those of us making less than 30,000 a year. Under bushcheney, the IRS has been doing this for years now. The Big Boys, as usual, get away with paying zippo in taxes. The real "welfare fraud" is corporate welfare.... always has been. In terms of lost revenue to the country, it ain't even close.

[peacetalksforall]

2. So our country's big execs keey taxes from us by investing/buying

companies and infrastructure outside the country while China and other countries cover our debt. It's plain as the bluest sky - we are being destroyed. By our own and some, plus stockholders.

The next time I see a bank President's name I'm going to suspect them.

Goodie for their children - I hope they have riches to cover them for as many generations as it is going to take our children to bail out these unethical people who don't play fair.

Perhsps the law covered them so they use that as an excuse. Well, guess who wrote the laws.

[Auggie]

3. 45? There must be thousands!

[Javaman]

4. but god help the private citizen who fails to report some income!

Do you think the IRS would play nice with the rest of us?

Yeah, me too, I'm holding my breath as well.

:banghead: