§ 35-10 — "Tax avoidance transaction" defined

Illinois § 35-10

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 35: REVENUE
• Act 35 ILCS 20/: Tax Shelter Voluntary Compliance Law.
• Art.: Article 35 -

Text

For purposes of this Law, the term "tax avoidance transaction" means a plan or arrangement devised for the principal purpose of avoiding federal income tax. Tax avoidance transactions include, but are not limited to, "listed transactions" as defined in Treasury Regulations Section 1.6011-4(b)(2).

Legislative History

(Source: P.A. 93-840, eff. 7-30-04.)