Abusive tax shelter means any partnership, corporation or other organization or entity, any investment plan or arrangement or any other plan or arrangement, which has as its principal purpose the evasion or improper avoidance of federal or state income tax. “Abusive tax shelter” includes any investment or activity in connection with which tax benefits derived by investors are not clearly intended under the tax laws or any investment or activity that involves little or no economic reality, making use of unrealistic allocations of income or expenses, inflated appraisals of asset values, losses substantially in excess of investment, mismatching of income and expenses, financing techniques that do not conform to standard commercial business practice or mischaracterization of the substance of the investment or activity.
Abusive tax shelter means any scheme the principal purpose of which is to evade or underreport
Abusive tax shelter means any scheme the principal purpose of which is to evade or underreport Montana or federal income taxes and includes:
Examples of Abusive tax shelter in a sentence
An estimated $140 million in revenue is expected.n Abusive tax shelter audit activities are expected to increase revenues by$67 million in 2004-05.n A personal income tax and corporation tax amnesty program during 2004-05 is expected to increase revenues by $185 million.
An estimated $140 million in revenue is expected.◼ Abusive tax shelter audit activities are expected to increase revenues by$67 million in 2004-05.◼ A personal income tax and corporation tax amnesty program during 2004-05 is expected to increase revenues by $185 million.