WASHINGTON (AP) - The Internal Revenue Service
said Wednesay it is prepared to offer settlements to some 45
corporations if they agree to end questionable tax shelter practices.
IRS Commissioner Doug Shulman said the agency
aims to end transactions that have allowed corporations, including many
of the nation's top banks, to gain billions in tax deferrals. He did
not name the corporations.
Letters were sent out Wednesday giving the corporations 30 days to
make a decision on accepting the terms of the offer, which include best
efforts to terminate the transactions by the end of this year.
Shulman said the transactions, called lease-in/lease-out (LILO), and sale-in/lease-out
(SILO), involve complex arrangements where large corporations lease or
purchase large assets such as foreign rail systems or sewer systems and
then lease them back to the original owner.
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Read More: WTOP
Last update : 06-08-2008 14:31
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