IRS offers banks and others tax shelter settlement
WASHINGTON (Reuters) –
More than 45 major U.S. companies,
including big banks, are being offered settlements to get rid
of abusive tax shelters, the Internal Revenue Service said on
“Promoters and participants in aggressive tax shelters
should know that the IRS will remain vigilant,” IRS
commissioner Doug Shulman told reporters on a conference call.
The IRS will offer companies a settlement for “lease-in
lease-out” (LILO) and “sale-in lease-out” (SILO) transactions,
which have allowed companies to beef up their balance sheets by
gaining billions of dollars in tax deferrals.
Once companies receive the offer letter, they will have 30
days to decide whether to accept the settlement.
The IRS did not name any companies, except to say they
include companies in the Fortune 500 and many of the country’s
(Reporting by Rachelle Younglai, editing by Gerald E.
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