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Abusive Transaction Resolution Initiative

    -  Announcement of the limited time settlement options 

Taxpayers engaged in abusive IRC 351contingent liability transactions had until March 5, 2003 to resolve those issues under the Settlement Resolution Initiative.  Guidance on the contingent liability resolution options:

    -  Revenue Procedure 2002-67 – §351 Contingent Liability
     - FAQs on §351 Contingent Liability Resolution Initiative
     - Supplemental FAQs - §351 Contigent Liability Resolution Initiative (2/27/03)
     - Announcement 2002-110, Application Period Extended Until March 5, 2003
     - Arbitration Service Provider Announced
     - Announcement 2003-3 - List of Arbitrators
     - Participation and Selection Agreement
     - Arbitration Agreement
     - Fast Track Resolution Process

The IRS initiative to settle certain abusive transactions also included bais shifting and corporate owned life insurance transactions. 
    
    -  Announcement 2002-97§302 / 318 Basis Shifting
    -  FAQs on 302/318 Resolution Initiative
    -  Announcement 2002-96 - Corporate Owned Life Insurance (COLI)
Page Last Reviewed or Updated: 24-Oct-2014