Washington (July 6, 2004) — More than 1,500 taxpayers have admitted to purchasing a tax shelter strategy known as “Son of Boss” since the Internal Revenue Service announced a settlement initiative with lighter penalties for those who come forward voluntarily, the agency said.
The Son of BOSS strategy -- which evolved from the initial BOSS product (bond and option sales strategy) -- was aggressively marketed by a network of law firms, accounting firms and investment banks in the late 1990s and 2000 as a shelter for individuals who had received a large one-time capital gain. The IRS, which declared the transactions abusive in August 2000, estimates that the shelter has cost the government roughly $6 billion.
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