The Nation : Tax Settlements Offered
About 75,000 taxpayers in trouble with the Internal Revenue Service over unsettled tax shelter cases are being offered the chance to speed their settlements and save costly appeals and litigation fees, the IRS announced. At the end of April, the IRS will send letters to investors who put money in questionable shelters before 1982, offering a quick settlement “based on the merits of each shelter.” Taxpayers who find the offers unacceptable may still appeal or go to court. The IRS said the number of investment tax shelters under examination grew from about 400 in the early 1970s to over 426,000 in 1986.
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