IRS targets abusive oil and gas and other tax-shelter investments as litigating vehicles

Journal Article · Mon Dec 01 04:00:00 EST 1980 · Oil Gas Tax Q.; (United States)

OSTI ID:6705849

Carter, R D; Parrott, T G

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), Journal Name: Oil Gas Tax Q.; (United States) Vol. 24:2; ISSN OGTQD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
ACCOUNTING
AUDITS
INDUSTRY
INVESTMENT
LEGAL ASPECTS
NATIONAL ORGANIZATIONS
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS