What is BOSS?
Bond and Option Sales Strategy (“BOSS”). Transactions involving the distribution of encumbered property in which taxpayers claim tax losses for capital outlays that have, in fact, been repaid to the taxpayer. Notice 99-59, 1999-2 C.B. 761 (Dec. 10, 1999); Notice 2003-76, 2003-49 I.R.B. 1 (Nov. 7, 2003). Bond and Option Sales Strategy is a tax shelter that the IRS banned in December 1999 saying that the tax treatment created artificial losses to offset legitimate gains. In this scheme, taxpayers and promoters use a series of contrived steps in an attempt to generate tax losses to offset income from other transactions.
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