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Daily Tax Update: Certain S Corporation, Tax-Exempt Entity Transactions Designated As "Listed Transactions".

Publication: Mondaq Business Briefing
Publication Date: 02-APR-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
WASHINGTON PHOENIX LOS ANGELES LONDON BRUSSELS

Today, for the first time, the IRS has used its authority under the tax shelter regulations to designate a tax-exempt party as a "participant" in a tax avoidance transaction. Notice 2004-30 designates certain kinds of tax avoidance transactions involving S corporations and tax-exempt entities, such as charities, as "listed transactions." According to the Notice, "These transactions are structured to improperly shift taxation away from taxable S corporation shareholders to an exempt party, for the purpose of deferring or avoiding taxes."

Treasury and the IRS advise taxpayers that these transactions must be disclosed to the IRS, and lists must be kept of investors and, in certain cases, those transactions...

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