Here is an exclusive report finding that the sale of potentially abusive and illegal tax shelters has become a lucrative business in the United States, and some professional firms such as accounting firms, banks, investment advisory firms, and law firms are major participants in the mass marketing of generic ``tax products'' to multiple clients.

                            C O N T E N T S

                                 ------                                
                                                                   Page
I. INTRODUCTION..................................................     1

II. FINDINGS.....................................................     3

III. EXECUTIVE SUMMARY...........................................     5

      A. Developing New Tax Products.............................     7
      B. Mass Marketing Tax Products.............................     8
      C. Implementing Tax Products...............................     9
      D. Avoiding Detection......................................    13
      E. Disregarding Professional Ethics........................    15

IV. RECOMMENDATIONS..............................................    16

V. OVERVIEW OF U.S. TAX SHELTER INDUSTRY.........................    18

      A. Summary of Current Law on Tax Shelters..................    18
      B. U.S. Tax Shelter Industry and Professional Organizations    20

VI. FOUR KPMG CASE HISTORIES.....................................    22

      A. KPMG In General.........................................    22
      B. KPMG's Tax Shelter Activities...........................    24
        (1) Developing New Tax Products..........................    28
        (2) Mass Marketing Tax Products..........................    44
        (3) Implementing Tax Products............................    62
           a. KPMG's Implementation Role.........................    62
           b. Role of Third Parties in Implementing KPMG Tax 
      Products...................................................    71
        (4) Avoiding Detection...................................    91
        (5) Disregarding Professional Ethics.....................   101

APPENDIX A
    CASE STUDY OF BOND LINKED ISSUE PREMIUM STRUCTURE (BLIPS)....   111

APPENDIX B
    CASE STUDY OF S-CORPORATION CHARITABLE CONTRIBUTION STRATEGY 
      (SC2)......................................................   122

APPENDIX C
    OTHER KPMG INVESTIGATIONS OR ENFORCEMENT ACTIONS.............   126

This is a large file. A high-speed internet connection such as DSL is recommended.

Buy Now