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The IRS, for the second time in the last twelve months, has moved to block a tax shelter used by IBM to avoid paying billions ($1.6 billion) in income taxes.
On May 31, the Internal Revenue Service issued a notice declaring that the technique could not be used to eliminate taxes. The notice said it would disallow any transactions beginning on that day. The technique "raises significant policy concerns," the IRS said. The IRS shut down a simpler version of the same shelter in September.