a marketing scheme that involves artificial transactions with little or no economic reality
a marketing scheme that involves tax
a transcaction that has no other purpose except to to avoid income tax
A limited partnership that the IRS judges to be claiming ...
A tax shelter that the IRS feels is being used to claim illegal deductions.
A tax shelter that somebody claims illegally to avoid or minimize tax
A limited partnership is classified as an abusive tax shelter by the Internal Revenue Service when it determines that the limited partnership is claiming illegal tax deductions. This usually occurs when the limited partnership values its property beyond the fair market value. If these tax deductions are denied by the IRS, investors must pay back taxes, severe penalties and interest charges. See: Fair Market Value