What is Son of BOSS?
Son of BOSS. Transactions in which losses are generated as a result of artificially inflating the basis of partnership interests. Notice 2000-44, 2000-2 C.B. 255 (Aug. 14, 2000). Son of Boss is a spinoff of an earlier shelter known as BOSS, for bond and option sales strategy. Under Son of Boss, buyers used financial products such as currency options to create bogus losses that offset their gains from selling stock options or business assets. The IRS announced that use of a grantor trust in conjunction with the so-called son-of-BOSS shelter (a shady reincarnation of the original Bond and Option Sales Strategy deal, itself a shelter transaction of questionable merit) would be treated as evidence of criminal fraud. http://www.icemiller.com/resources/TaxShelterFlowchart.
Related Questions
- If my Son has Administrator level rights on his Windows 7 PCs, will he be able to hack into Time Boss and change Passwords etc, and override its controls?
- If a taxpayer participated in a Son of Boss transaction through a grantor trust, does the taxpayer need to file two Notices of Election?
- Is the Franchise Tax Board following the IRS Son of Boss Initiative?
