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tax shelter
(redirected from Tax shelters)

   Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia 0.01 sec.
Tax shelter
Legal methods taxpayers can use to reduce tax liabilities. An example is the use of depreciation of assets.

Tax Shelter
An investment vehicle that reduces one's tax liability. For example, a 401(k) defers taxation until withdrawal from the account and may therefore be considered a tax shelter. Tax shelters are legal unless their sole purpose is to avoid taxes. See also: Tax evasion.

tax shelter
An investment that produces relatively large current deductions that can be used to offset other taxable income. Popular tax shelters include real estate projects and gas and oil drilling ventures. Also called shelter. See also abusive tax shelter.

tax shelter

An investment that generates paper losses or tax credits that may be used to offset other income and thus reduce taxes.



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While it agreed with the Tax Court that a House report could be a good record of congressional intent, it also found that in this case the report did not support Valero's position because nothing in it indicated that tax shelters were limited to actively marketed tax shelters or prepackaged products.
Valero further argued that the word "promotion" refers only to the peddling of prepackaged tax shelters, as alluded to in Textron (100 AFTR2d 2007-5848, "Tax Matters: Work Product Stands Up to IRS Summons," JofA, Nov.
The money was received from tax shelters, but the actual cash returns for the foundation were only $105,000 for the two years.
 
 
 
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