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July 6, 2010
BNA's Daily Report for Executives, Pension & Benefits Daily, and Daily Tax Report newsletters
Tax Partner James K. Hasson, Jr., comments on the Internal Revenue Services final rules issued on July 2, which eliminated part of the proposed definition of a "party to a tax shelter," saying "Here, the Treasury made changes on its own, which is commendable, but it would have been even better if knowledgeable parties had commented earlier." Jim further stated, "One would usually think it quite straightforward to identify a 'party' to a transaction. The regulations, however, torture the word 'party' to redefine it to mean, among other things, an entity that 'facilitates' a transaction. The word, 'facilitates' is undefined."