As a retired IRS large case branch chief, I read with great interest the comments on corporate tax shelter abuse (“Lifson Testifies on Tax Shelters,” JofA Jan.00, page 81) .
I was involved in a related case that was upheld by the Supreme Court as a definite tax shelter. Eight major corporations were involved to the tune of $4.5 billion.
I believe there are many more such abuses being tried by large corporations with major brokerage houses as the creators. Therefore, Fortune 500 companies and promoters should be required to make disclosures.
Bob Selinger, CPA
East Brunswick, New Jersey