The Lukens Law Group’s Tax Shelter Work
Tax shelters have been the subject of several recent investigations by government organizations, including the Internal Revenue Service, the Securities and Exchange Commission, and a United States Senate Investigative committee.  Most of these tax shelters were sold in the late 1990’s and early 2000’s, and generated millions of dollars in fees for the law firms, banks and financial firms involved.
The shelters were generally marketed to wealthy individuals as a means of reducing taxes on large capital gains, but have been disallowed by the Internal Revenue Service and state taxing authorities and have subjected the clients to audits and/or penalties.  Most  of these tax shelters involved basis-shifting transactions, and were known by names such as BLIPS, CARDS, FLIPS, OPIS, COBRA, ZENS, POPs, POPs Lite, and NPL.
The Lukens Law Group has handled tax shelter litigation against several high profile companies and firms, including Sidley, Austin, Brown & Wood LLP (now Sidley Austin LLP), LeBoeuf Lamb Greene & MacRae LLP, myCFO, Inc., Deutsche Bank, Grant Thornton, and Chenery Associates.
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