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XELAN XAPPED IN DES MOINES
March 04, 2005
U.S. District Judge Ronald Longstaff has denied an attempt to prevent enforcement of an IRS summons seeking information from a Des Moines life insurance company as part of a tax shelter investigation. Xelan, a now-bankrupt California organization which sold tax-related services to doctors, had sought to prevent AmerUs Life Insurance Company from complying with an IRS demand for names of doctors who had purchased AmerUs policies as part of Xelan tax plans.
IRS enforcement efforts against Xelan suffered an embarrassing defeat in December when the IRS had to release $500 million in frozen assets from Xelan investment plans. This new courtroom victory keeps the IRS investigation alive by enabling the IRS to investigate doctors directly as part of its attack on abusive tax shelters.
We are obtaining a copy of the court documents and will post them. If you are a Tax Analysts online subscriber, they are available in Tax Base today.
Prior Tax Update coverage of Xelan may be found here. Quatloos also has more on Xelan.
• Xelan Bookmark: del.icio.us • Digg • reddit
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