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Industry: Email Alert RSS FeedTax Watch: Psst! Want to lease the Brooklyn Bridge?(News)
Investment News, November, 2003
Byline: Mark Battersby Recent Senate Finance Committee hearings targeting sellers and promoters of illegal tax shelters demonstrated that tax shelter schemes are thriving despite increased government enforcement. Those hearings also exposed a form of tax shelter that is attracting increased attention.
A former leasing company executive - who testified with his identity hidden for fear of retaliation - explained how tax shelter architects use the leasing of roads, subways, bridges and other public-service systems in Europe and the United States to shelter billions of dollars from U.S. taxes. "It seems nothing is safe from the illicit tax shelter promoter,'' said Sen. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee. ...
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