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Article: Illinois's new tax shelter rules.
- Article from:
- Tax Executive
- Article date:
- November 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Tax Executives Institute, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Editor's Note: The Illinois legislation that is the focus of this article was enacted before the American Jobs Creation Act of 2004, a federal bill that contains several provisions related to tax shelters at the federal level. The federal legislation is the subject of another article in this issue of The Tax Executive, and hence the changes to the federal rules are not addressed in this article. Please refer to the afterward for late-breaking developments.
Background: The Federal Rules
During the past five years, the Internal Revenue Service has taken steps to combat abusive tax shelters and transactions. The IRS seeks to put a comprehensive strategy in ...