IRS: Abusive Transaction Settlement Initiative.Taxpayers have until Jan. 23, 2006, to submit settlement papers to the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. regarding an array of transactions the IRS considers abusive Tending to deceive; practicing abuse; prone to ill-treat by coarse, insulting words or harmful acts. Using ill treatment; injurious, improper, hurtful, offensive, reproachful. . The Abusive Transaction Settlement Initiative identifies 21 transactions eligible for the program, including various schemes involving funds used for employee benefits; charitable remainder trusts charitable remainder trust (Charitable Remainder Irrevocable Unitrust) n. a form of trust in which the donor (trustor or settlor) places substantial funds or assets into an irrevocable trust (a trust in which the basic terms cannot be changed or the gift withdrawn) ; offsetting foreign currency option contracts; and certain abusive conservation easements EASEMENTS, estates. An easement is defined to be a liberty privilege or advantage, which one man may have in the lands of another, without profit; it may arise by deed or prescription. Vide 1 Serg. & Rawle 298; 5 Barn. & Cr. 221; 3 Barn. & Cr. 339; 3 Bing. R. 118; 3 McCord, R. . For more, visit www.irs.gov/newsroom/article/0,,id=150072,00.html. |
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