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WORTH 1,000 WORDS (AND A $283,011 PENALTY ASSESSMENT)
January 31, 2005
Behold a work of modern art:
Click on picture to enlarge
This is a simplified chart of a tax shelter lease transaction that was struck down in a case released by the Tax Court this afternoon (CMA Consolidated, Inc. & Subsidiaries, Inc., T.C. Memo 2005-16)
Surely all these steps were necessary for non-tax reasons?
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