tax shelter


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tax shelter

n.
A financial arrangement, such as the use of special depletion allowances, that reduces taxes on current earnings.

tax′-shel′tered (-shĕl′tərd) adj.

tax shelter

n
(Accounting & Book-keeping) commerce a form into which business or financial activities may be organized to minimize taxation

tax′ shel`ter


n.
any financial arrangement, as an investment that reduces or eliminates the taxes due.
tax′-shel`tered, adj.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.tax shelter - a way of organizing business to reduce the taxes it must pay on current earnings
reduction, step-down, diminution, decrease - the act of decreasing or reducing something
References in periodicals archive ?
7525(b), there is an exception to the privilege for communications regarding tax shelter transactions.
It is my experience--including that of the recent tax shelter initiatives--the Service also recognizes and supports our Appeals mission and our need to be independent.
It must stay out of the tax shelter business and agree to restrictions on its tax practice.
30 /PRNewswire/ -- Tax professionals who have assisted taxpayers in the use of tax shelters to avoid paying taxes and persons who have participated in the tax shelter transactions since 2001 are running out of time to report the transactions and amend their tax returns.
IRC section 6662 defines tax shelter as any partnership, entity, plan or arrangement that has as its significant purpose the avoidance or evasion of federal income tax.
To contribute to the discussion surrounding these changes, GAO's objectives were to determine (1) according to Internal Revenue Service (IRS) data, how many Fortune 500 companies obtained tax shelter services from their auditor; (2) according to IRS data, in how many Fortune 500 companies did the auditor provide the services to individual company officers or directors; and (3) whether selected Fortune 500 case study companies changed how they obtain tax services from their auditor in recent years.
Both bills also include revenue offsets, including new tax shelter penalties and a host of other provisions that address perceived tax abuses.
An IRS report on trends seen in tax shelter activity; issue identification, legal guidance and analysis of shelters; and a review of current IRS tax shelter regulation and compliance strategies were covered in the Web cast.
A tax shelter does just what the term implies -- it shelters your other income from income tax.
Also in 1999, the Tax Court found sufficient facts to indicate that Compaq Computer engaged in an abusive tax shelter transaction (Luscombe, 1999).
The 100 per cent tax shelter stimulated production and the following two years saw a resurgence of feature filmmaking.
The report, in the magazine's March issue, called one tax shelter "abusive," a term used by the Internal Revenue Service to describe deals of dubious value.