Friday, August 08, 2008

Tearing down SILOs: IRS Tries to Get Tough on Tax Shelters

The IRS is warning businesses to agree to close down lease-related shelters in the next 30 days. Businesses will then have until December 31 to liquidate lease-in, lease-out (LILOs) and sale-in, lease-out (SILOs) often involving state or local governments. LILOs and SILOs have been "listed transactions" for a number of years.

Probably nothing real surprising here; just make sure to reconstruct any contracts of this nature soon.


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