“Once again, the courts have put practitioners on notice.  A plan that reflects tax consequences or a tax strategy described in the IRS’s published guidance will be considered a tax avoidance transaction.  Likewise, if the taxpayer knows or has reason to know that the taxpayer’s tax benefits are derived directly or indirectly from tax consequences or a tax strategy described in published guidance, it will fall within the same purview.”

To read the full report, click here.