Federal prosecutors won’t pursue the Texas law firm of Sidley Austin LLP for its part in signing off on sketchy tax shelter structures.

The Internal Revenue Service announced that Sidley Austin, the successor firm of the 2001 merger between Sidley & Austin and Brown & Wood LLP, has paid a civil tax shelter promoter penalty of $39.4 million.  The penalty stems from the firm’s promotion of abusive tax shelters and a failure to comply with tax shelter registration requirements.

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