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Tax Shelter Penalties: Listed Transactions and Reportable Transactions

In tax shelter by Jason B. FreemanLeave a Comment

The Internal Revenue Code imposes reporting obligations with respect to so-called “tax shelters.”  Most notably, if a taxpayer participates in a “reportable transaction,” the taxpayer must file a Form 8886 for each year in which the taxpayer participates in the reportable transaction.[1]  In addition, the taxpayer is required to send the form to the Office of Tax Shelter Analysis (the …