Tax Shelters: Exotic or Just Plain Illegal?

They were unusual tax shelters that went by incomprehensible names like BLIPS OPIS BOSS and FLIP -- and they boomeranged on the companies that sold them. In February German bank HVB Group agreed to pay $29.6 million in fines to avoid indictment for defrauding the Internal Revenue Service with abusive tax shelters that gave rich clients phony losses to reduce taxes. The settlement was part of a broadening investigation into shelters that wealthy individuals used to escape about $2.5 billion in taxes from the mid-1990s through 2003 according to the government. What is a tax shelter and more importantly what is an illegal one?

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