Washington (March 3, 2003) -- The Treasury Department and the Internal Revenue Service have issued final regulations requiring taxpayers to disclose their participation in potentially abusive tax shelters, and requires promoters to register certain abusive transactions, and advisors to maintain lists of clients who have entered into these deals.
"By issuing final regulations, we are putting the promoters that sell questionable transactions and the taxpayers that participate in them on notice. We are increasing our efforts to identify and shut down abusive tax avoidance transactions as quickly as possible," said Treasury assistant secretary for tax policy Pam Olson.
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