IRS targets abusive oil and gas and other tax-shelter investments as litigating vehicles
The Internal Revenue Service (IRS) has targeted all investors and promoters involved in tax-sheltered investments for audit. Several new audit types and procedures will mean that investors are more likely to be audited and, when they are, it will take longer and cost more. Oil- and gas-drilling funds are among those targeted for audits in an effort to ferret out tax-shelter abuses. One danger of a new fast-track rulings section in the Rulings Division of the IRS is that an erroneous ruling issued might ultimately be resolved in the tax payer's favor in court; nevertheless, the promotor may be precluded from raising funds from discouraged investors who could have been afforded legitimate tax shelters. Probably the greatest potential area for abuse is each IRS district having sole jurisdiction to determine what is a litigating vehicle case.
- Research Organization:
- Kornfeld, McMillin, Phillips and Upp, Oklahoma City, OK
- OSTI ID:
- 6705849
- Journal Information:
- Oil Gas Tax Q.; (United States), Vol. 24:2
- Country of Publication:
- United States
- Language:
- English
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POLICY AND ECONOMY
02 PETROLEUM
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