tax shelter


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Related to tax shelter: tax shelter investments

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.

References in periodicals archive ?
7525 indicated that a routine relationship between a tax practitioner and a client did not amount to promotion of a tax shelter for purposes of Sec.
I can assure you, Appeals is fulfilling its role in all of the internal discussions surrounding the tax shelter initiatives.
KPMG earned about $124 million on those four shelters and had been fending off the government's questioning of its tax shelter business since 1996.
Tax professionals and tax shelter promoters, also known as material advisors, who have provided aid or assistance with respect to promoting or carrying out any reportable transaction or tax shelter must register tax and furnish lists of investors in those tax shelters with the Minnesota Department of Revenue by Oct.
In another loss for the IRS in its fight against tax shelters, a district court sustained allocations of income to a foreign partner that did not pay U.
IRS data available on tax shelter services sometimes predate legislative and regulatory changes reflecting a heightened focus on auditor independence.
These include provisions on tax shelter disclosure penalties, nonqualified executive deferred compensation plans, corporate governance, Enron-related transactions, corporate inversions, individual expatriation and other perceived tax abuses.
Although perhaps not usually thought of as a tax shelter, contributing to an RRSP is, in fact, the best known and most popular tax shelter.
And yet another Big Five firm requires its staff to come up with one new tax shelter idea per week to keep abreast of the competition (Novack & Saunders, 1998).
The Canadian financial community became aware of the industry and sensitive to the possibilities of tax shelter as an attractive vehicle for wealthy individuals and corporations.
The last day to participate in the California Tax Shelter Resolution Initiative is April 3, 2006.
On September 22, 2007, the IRS released new Form 8886-T, Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction, and the final instructions for its use.