The Internal Revenue Service won its first court case against the questionable tax shelters known as "Son of Boss" on a procedural point.
The boss in Son of Boss is short for a bond and options sales strategy, which the IRS formally disallowed in 2000, saying that the tax treatment created artificial losses to offset legitimate gains. Last week's decision from a U.S. Tax Court judge is the first time a court has ruled on the shelter.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access