2006 Regarding Tax Scams Released By Irs: Difference between revisions

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Structured Entity Tax Credit - The government is attacking an inventive scheme involving state conservation tax breaks. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually depleted and a K-1 is issued to the partners who then consider the credits with their personal return. The IRS is arguing that there isn't a legitimate business purpose for your partnership, which makes the strategy fraudulent.

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