Washington (June 28, 2004) -- The Treasury Department and the Internal Revenue Service have issued a notice that cautions taxpayers against promoters who market arrangements to lower taxes pursuant to the special rules applicable to the U.S. Virgin Islands.
The arrangements involve taking positions that are highly questionable with respect to claims that the taxpayer resides in the U.S. Virgin Islands and that the taxpayer's income is from sources in the U.S. Virgin Islands or is connected with a U.S. Virgin Islands business.
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