I have read thousands of revenue rulings, revenue procedures, letter rulings, announcements, and other IRS pronouncements over the last 30 years or so and I now have a new favorite. It simply defies belief!
The IRS announced last week that 1,165 taxpayers participating in its Son of Boss tax shelter settlement program have paid to it more than $3.2 billion. These taxpayers conceded 100 percent of the claimed tax losses and, in addition, paid a penalty of either 10 percent or 20 percent if they hadn't previously disclosed the transactions to the IRS. The typical payment was almost $1 million, with 18 taxpayers paying more than $20 million each and one writing a check for over $100 million.
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