Over the Last Two Decades,the Treasury Has Enforced Numerous Means

question 23

Essay

Over the last two decades,the Treasury has enforced numerous means by which to identify those taxpayers who use tax shelter devices,and to eliminate any resulting losses and deductions.Special reporting requirements apply to transactions that the IRS has labeled "tax shelters." Describe those requirements.

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Definitions:

Implied Warranty

A legal assurance that goods or services meet a minimum level of quality, irrespective of whether it has been explicitly stated.

Merchantability

A warranty implied by law that goods sold by a merchant are fit for the general purpose for which they are sold.

Remedy Limitation

Restrictions or caps placed on the type or amount of compensation that can be received in a legal claim or lawsuit.

Unconscionable

A term describing actions or terms that are so unjust or overwhelmingly one-sided in favor of the party who has the superior bargaining power.