David Laro, a judge at the US Tax Court ruled on April 18 that the tax shelters known as the Son of Boss are invalid. Son of Boss refers to shelters such as foreign leveraged investment programmes (FLIPS), offshore portfolio investment strategies (OPIS), bond linked issue premium structures (BLIPS) and market linked deposits (MLDS). The first three structures are at the centre of the government's tax shelter litigation against ex-KPMG employees.
April 23 2006