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Son of Boss Settlement Initiative — FAQs

Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

Revised, Expanded and Renumbered — 6/3/04
Items 2a.9, 2b.14-17, 4a.3-4 added — 6/14/04

(These FAQs are grouped and numbered by the sections of Announcement 2004-46 to which they relate.)

Section 1 — Purpose and Scope of Initiative (Q&A 1.1)

Section 2 — Terms of Initiative

(a) Tax Adjustments (Q&As 2a.1 - 2a.9)
(b) Application of Penalties (Q&As 2b.1 - 2b.17)

Section 3 — Eligibility Requirements (Q&As 3.1 - 3.9)

Section 4 — Required Procedures for Electing Participants

(a) Notice of Election (Q&As 4a.1 - 4a.4)
(b) Additional Information and Documentation – 60 days (Q&As 4b.1 - 4b.4)
(c) Closing Agreement and Payment – 30 days (Q&As 4c.1 - 4c.4)

Additional Questions (Q&As Misc.1 - Misc.8)

Related Items:

  • Son of Boss Settlement Initiative FAQs (PDF 174K) — all FAQs in one file
  • Announcement 2004-46 (PDF 68K)
  • IR-2004-64 — IRS Offers Settlement for Son of Boss Tax Shelter