Washington (April 6, 2004) -- The Internal Revenue Service says it intends to challenge certain transactions involving S corporations and tax-exempt entities, such as charities, that improperly shift taxation away from S corporation shareholders.|

In Notice 2004-30, the IRS declares that these abusive transactions are considered "listed transactions." Participants in a listed transaction must disclose their participation to the IRS, and promoters must keep lists of investors and, in certain cases, register the transactions with the IRS.

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