About Tax Shelters

BY BOB SELINGER

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

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.