Some tax shelters are specific tax benefits explicitly enacted by Congress to advance a legitimate endeavor, such as the low income housing tax credit. Those types of legitimate tax shelters are not the focus of this Report. The tax shelters under investigation by the Subcommittee are complex transactions used by corporations or individuals to obtain significant tax benefits in a manner never intended by the tax code. These transactions have no economic substance or business purpose other than to reduce or eliminate a person’s tax liability.
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