Washington (June 28, 2002) -- PricewaterhouseCoopers has agreed to make a "substantial payment" to the government to resolve a probe into questionable tax shelters that dates back to 1995.The agreement concerns issues relating to tax shelter registration and list maintenance under the Internal Revenue Code. An organizer or seller of a tax shelter is required to register the shelter with the IRS and maintain a list identifying each person who is sold an interest in the tax shelter.

Without admitting or denying wrongdoing or legal liability, PwC agreed to pay a hefty amount to the IRS – the extent of which was not disclosed -- to resolve issues in connection with advice rendered to clients dating back to 1995.

PwC has also agreed to provide certain client information pursuant to authorized legal processes, such as summonses, to the IRS as required by law and, significantly, to work with the IRS to develop processes to ensure ongoing compliance with the Internal Revenue Code and Treasury Regulations for registering tax shelters and maintaining lists of investors in tax shelters.

-- Electronic Accountant Newswire staff

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