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LAW FIRM TURNS OVER LIST OF SHELTER INVESTORS

May 19, 2004

Tax Analysts reports that the law firm of Jenkins & Gilchrist this week turned over to a federal judge in Chicago a list of participants in tax shelters they helped promote. The report says the firm issued as many as 1,100 tax shelter opinions.

The firm provided the list after losing a long court battle.

IRS Commissioner Mark Everson indulged in the IRS equivalent of an end zone dance. From the Tax Analysts article:

   "This is yet another in a string of victories 
   in the tax shelter battle," said IRS 
   Commissioner Mark W. Everson. "The 
   courts are rapidly dismantling the baseless 
   claim of privilege invoked by attorneys and
   accountants attempting to hide abusive 
   transactions from IRS scrutiny. The
   government is winning. The message to tax
   payers who invested in these schemes is
   clear: We are going to find you." 

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