The Internal Revenue Service reported that it has seen a strong response to its settlement offer for two types of tax shelters, with companies agreeing to pay back taxes totaling billions of dollars.
The settlement offers involve lease-in/lease-out (LILO) and sale-in/sale-out (SILO) transactions. More than two-thirds of corporations that received a LILO or SILO settlement offer from the IRS have decided to accept the offer. Those accepting the offer had more than 80 percent of the total number of LILO and SILO leases, according to the IRS.
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