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WHITE HOUSE SPOKESMAN CALLS CDS SHELTER "APPROPRIATE" TAX STRATEGY
October 11, 2005
A White House spokesman has said the tax shelter opinions written by Supreme Court nominee Harriet Miers's law firm "involved appropriate tax strategies," Bloomberg News reports.
The IRS viewed things differently when it added the "contingent deferred swap," the shelter endorsed by Ms. Miers's former firm, to the roster of "listed transactions" in Notice 2002-35:
The Service may impose penalties on participants in these transactions or, as applicable, on persons who participate in the promotion or reporting of these transactions, including the accuracy-related penalty under section 6662, the return preparer penalty under section 6694, the promoter penalty under section 6700, and the aiding and abetting penalty under section 6701.
That's a funny way of saying "appropriate."
Prior Tax Update Miers coverage:
MORE ON MIERS FIRM TAX SHELTER
HARRIET MIERS' LAW FIRM: TAX SHELTER PROMOTER?
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