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Son of BOSS is a type of tax shelter used in the United States, one that was designed and promoted by tax advisors in the 1990s to reduce federal income tax obligations on capital gains from the sale of a business or other appreciated asset. Its informal name comes from the name of an earlier tax shelter, BOSS ('Bond and Option Sales Strategy'), which it somewhat resembles. There were at least 7 legal cases still under way at the end of 2016. [1]
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Details[edit]
The term was coined by U.S. Treasury officials to describe a variety of tax shelters that sought to wipe out taxes on capital gains from the sale of a business or other appreciated asset; for example, by artificially inflating the basis of a partnership by contributing an asset paired with a contingent liability. The partnership contribution rules at the time ignored the contingent liability that effectively offset the asset. The result was an inflated basis that allowed the taxpayer to claim a loss from the partnership's subsequent unwinding. The shelters involved creating paper losses to offset real gains. All resembled an earlier shelter marketed as 'BOSS,' short for 'Bond and Option Sales Strategy.' Beginning in the late 1990s, advisers at some accounting and law firms marketed the Son of BOSS transaction in various forms. It is likely several thousand taxpayers used the shelter before 2000 when the Treasury and the Congress began taking steps to block its tax benefits.[2]
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The Son of BOSS schemes involved 1,800 people and cost the government $6 billion in lost revenue, according to Internal Revenue Service (IRS) estimates. Of the $6 billion, the government has recovered more than half. The IRS started cracking down in 2000. By 2005, 1,165 people had settled Son of BOSS cases with the IRS. The complex structures used in the schemes were difficult, however, for the IRS to unravel. Reuters News Service reported that the IRS was losing some court challenges to its crackdown.[3]
Significant rulings[edit]
In 2000, the Internal Revenue Service issued IRS Notice 2000-44,[4] asserting that Son-of-BOSS transactions were invalid.
The Son of BOSS scheme has been ruled to be invalid for Federal tax purposes. For background, see generally [5]American Boat Company LLC v. United States;[6] and Klamath Strategic Investment Fund v. United States.[7]
In IR-2005-83, Aug. 29, 2005, the IRS reported that in the largest criminal tax case ever filed, KPMG admitted that it engaged in a fraud that generated at least $11 billion in phony tax losses which, according to court papers, cost the United States at least $2.5 billion in evaded taxes. In addition to KPMG's former deputy chairman, the individuals indicted include two former heads of KPMG's tax practice and a former tax partner in the New York, New York office of a prominent national law firm.[8]
The only Son of BOSS case which has been decided by the U.S. Supreme Court is United States v. Home Concrete & Supply, LLC, which was decided in 2012. This case concerned primarily whether the statute of limitations was properly applied, and not the validity of scheme itself.
Home Concrete & Supply was a limited liability company formed in 1999 to facilitate a Son of BOSS scheme for two North Carolina businessmen, Robert Pierce and Stephen Chandler, who owned a small oil-and-coal company. The two filed their 1999 tax returns in 2000. They were audited by the Internal Revenue Service in 2006, and were billed that year for unpaid taxes totaling $6 million. The Home Concrete partners sued, arguing the IRS violated a three-year statute of limitations on its power to claim unpaid taxes. The IRS replied it was within its power to bill taxpayers up to six years back when more than 25 percent of a taxpayer's gross income was involved.[3] The Home Concrete partners lost in District Court but won in February 2011 on appeal. The IRS appealed and the Supreme Court in November decided to take up the case. On April 25, 2012, the Supreme Court ruled in favor of Home Concrete & Supply, stating that the six-year statute of limitations did not apply when a taxpayer understated his income by overstating his basis, only the three-year statute applied.[9]
In the interim, the law firm that helped the Home Concrete partners set up their Son of BOSS transactions, Jenkens & Gilchrist, closed. Two of its partners were found guilty of tax evasion.[3] Joe B. Garza of Garza and Harris (Dallas Texas) in conjunction with Deutsche Bank had created the tax instruments marketed by the law firm. Despite numerous lawsuits Garza had been using Son of a boss shelters for 2 decades and has been the subject of articles highlighting his activities in Forbes and others. [10]In February 2018 more than 40 FBI and IRS agents raided the law offices of Joe B.Garza.
IRS collections[edit]
According to the IRS, the IRS collected more than $3.7 billion from taxpayers in 2005 who voluntarily participated in a parallel civil global settlement initiative related to Son of BOSS.[11] The BLIPS and SOS shelters are part of the Son of BOSS family of tax shelters.
2012 Presidential campaign[edit]
In a campaign advertisement released on August 9, 2012, incumbent President Barack Obama made specific reference to his GOP opponent Mitt Romney and Romney's presumed involvement in a Son of BOSS tax avoidance as a Marriott International board member.[12][13]
References[edit]
- ^McManus, Erin. 'Son-of-BOSS Casts Long Shadow Over Tax Law'.
- ^McKinnon, John D. (2012-04-25). 'IRS Loses Tax-Shelter Case'. WSJ.com. Retrieved 2012-08-08.
- ^ abcTemple, Patrick. 'Son of Boss crackdown lands in Supreme Court'. Reuters. Retrieved 2012-08-08.
- ^2002 C.B. 255, Internal Revenue Service, U.S. Dep't of the Treasury.
- ^527 F.3d 443 (5th Cir. 2008).
- ^583 F.3d 471 (7th Cir. 2009).
- ^568 F.3d 537 (5th Cir. 2009).
- ^'KPMG to Pay $456 Million for Criminal Violations'. IRS website. Internal Revenue Service. August 29, 2005. Retrieved August 10, 2012.
- ^'Statute Of Limitations'. Tax Trials. Retrieved 2012-08-08.
- ^Dallas Morning News February 6, 2018
- ^'IRS Collects $3.2 Billion from Son of Boss; Final Figure Should Top $3.5 Billion'. IRS. Retrieved November 11, 2013.
- ^Tau, Byron (August 9, 2012). 'New Obama ad suggests Romney paid no taxes'. Politico.com. Politico. Retrieved August 10, 2012.
- ^Borchers, Callum (August 9, 2012). 'President Obama's campaign repeats call for more Mitt Romney tax returns, citing tax shelter used by Marriott when Romney was on board'. The Boston Globe. Retrieved August 10, 2012.
| Look up boss in Wiktionary, the free dictionary. |
Boss may refer to:
Occupations[edit]
- Air boss, more formally, air officer, the person in charge of aircraft operations on an aircraft carrier
- Crime boss, the head of a criminal organization
- Fire boss, a person in charge of mine safety
- Pit boss, the person who looks after the employees who work in a casino pit
- Political boss, a person who controls a political region or constituency
Places[edit]
- Boss, Missouri, United States, an unincorporated community
- Boss, Texas, United States, an unincorporated community
- Bosstown, Wisconsin, United States, an unincorporated community
- Boss (crater), a lunar crater
People[edit]
As a real name[edit]
- Boss Mustapha, politician, Secretary of Nigerian government
As a nickname or stage name[edit]
Athletes[edit]
- Lance Armstrong ('Le Boss', born 1971), former professional cyclist
- Tomás Boy ('El Jefe', born 1952), former Mexican professional football player and current coach
- Bobby Lashley (born 1976), professional wrestler
- Helmut Rahn ('Der Boss', 1929–2003), German football player
- Andrew Reynolds (skateboarder) (born 1978), American professional skateboarder
- George Steinbrenner (1930–2010), owner of the New York Yankees baseball team
- Jos Verstappen (born 1972), Dutch Formula One driver
Musicians[edit]
- Boss (rapper) (née Lichelle Laws, 1969), American rapper
- Gene Ammons ('The Boss', 1925–1974), American jazz musician and songwriter
- Ross the Boss Friedman (born 1954), guitarist of The Dictators and Manowar
- Diana Ross ('The Boss', born 1944), American singer and actress
- Rick Ross ('The Boss', born 1976), American rapper
- Bruce Springsteen ('The Boss', born 1949), American singer and songwriter
Politicians[edit]
- Richard J. Daley (1902–1976), former mayor of Chicago, Illinois, United States
- Boss Shepherd (Alexander Robey Shepherd, 1835–1902), Washington, D.C., politician
- Boss Tweed (William M. Tweed, 1823–1878), notoriously corrupt New York City politician
Comedy[edit]
- Hugo Boss (comedian), the artist formerly known as Joe Lycett
Other people[edit]
- Ernest Shackleton (1874–1922), Anglo-Irish explorer
Arts and entertainment[edit]
Fictional characters[edit]
- Boss (Mazinger), from the anime Mazinger Z
- Big Boss (C.O.P.S.), a crime boss from the animated series C.O.P.S.
- Big Boss (Metal Gear), a character in the Metal Gear video game series
- Boss Hogg, the main villain of the television show The Dukes of Hazzard
- Pointy-haired Boss, the office nemesis of cartoon character Dilbert
- The Boss (Metal Gear), a character in the video game Metal Gear Solid 3: Snake Eater
- 'The Boss,' title bestowed upon the narrator of A Connecticut Yankee in King Arthur's Court
- 'The Boss', Nicolas Lucifer III, from the animated series The Baskervilles
- 'The Boss' (simply known as 'playa' in the first game), the main character of the Saints Row series
Film[edit]
- The Boss (1915 film), a silent film based on a play by Edward Sheldon (see below)
- The Boss (1956 film), an American film by Byron Haskin
- The Boss (1973 film) or Il Boss, an Italian crime film
- The Boss (1975 film) or Boss Nigger, a blaxploitation film
- The Boss, a 2005 short film starring Jennifer Sciole
- Boss (2006 film), an Indian Telugu-language film
- Boss (2011 film), an Indian Kannada-language film
- Boss: Born to Rule, an Indian Bengali-language film starring Jeet
- Boss (2013 Hindi film), an Indian Hindi-language film starring Akshay Kumar
- The Boss (2016 film), an American film starring Melissa McCarthy
Music[edit]
Bands[edit]
- Boss (Australian band), a 1980s hard rock band
- The Boss (band), a South Korean boy band
Albums[edit]
- Boss (album), by Magik Markers, 2007
- The Boss (Diana Ross album), 1979
- The Boss (Jimmy Smith album), 1968
- The Boss (Timati album), 2009
Songs[edit]
- 'Boss' (Fifth Harmony song), 2014
- 'Boss' (Lil Pump song), 2017
- 'The Boss' (Diana Ross song), 1979
- 'The Boss' (Rick Ross song), 2008
- 'Boss', a song by the Carters from the album Everything Is Love, 2018
- 'The Boss', a song by James Brown from the soundtrack Black Caesar, 1973
- 'The Boss', a song by A. R. Rahman from the soundtrack Sivaji, 2007
Television[edit]
- Boss (TV series), a 2011 US series starring Kelsey Grammer
- The Boss (TV series) or The Peter Principle, a British television sitcom
- 'Boss', an episode of Life's Work
- Bimorphic Organisational Systems Supervisor, fictional supercomputer in the Doctor Who television serial The Green Death
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Other[edit]
- Boss (video gaming), a particularly powerful enemy or opponent in a video game
- Boss Radio, a 1960s pop radio format
- Boss: Richard J. Daley of Chicago, a 1971 book by Mike Royko
- Boss – Baap of Special Services, a 2019 Indian web series
- The Boss, a 1911 Broadway play by Edward Sheldon
Science and technology[edit]
- Boss (geology), a body of igneous rock
- Boss (engineering), an engineering term for a protrusion type feature
- BOSS (molecular mechanics) (Biochemical and Organic Simulation System), a molecular modeling program
- Balanced Optical SteadyShot, an image stabilization technology used in Sony video cameras
- BOSS Great Wall, the largest known galaxy wall
- Bharat Operating System Solutions, GNU/Linux distribution developed by NRCFOSS/C-DAC, India
- Big Occultable Steerable Satellite, a system for observing distant planets
- Bride of sevenless, a promoter for the sevenless gene
- 'Boss', nickname of the robot that won the 2007 DARPA Grand Challenge
- Yahoo! Search BOSS, a web services platform initiative
Other uses[edit]
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- Boss (architecture), a protruding stone, often decoratively carved
- Boss (soft drink), a brand of coffee-flavored beverages
- Boss Audio, a company that manufactures audio equipment for automotive and marine applications
- Boss Corporation, a company that manufactures guitar accessories and audio equipment
- Boulder Outdoor Survival School (BOSS), in Boulder, Utah
- Bureau of State Security (B.O.S.S.), a South African state security agency from 1966–1980
- Shield boss, the domed metal centre to a shield
- The Boss (roller coaster), a wooden roller coaster at Six Flags St. Louis
- A series of modified Ford engines used for NASCAR racing, including:
- 'Boss', the bone shield of some adult Bovinae bull's horns
- Boss, the bony mass on the skull of some dinosaurs from family Ceratopsidae
- Boss, the hub of a propeller
- Boss, an alternate name for one personality type in the Enneagram of Personality theory
- Hugo Boss, often stylised as BOSS, a German fashion house
See also[edit]
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- Snoop Dogg ('The Boss Dogg', born 1971), American rapper and record producer
- Swelling (medical), referred to as bossing
- Ray Traylor (1963–2004), professional wrestler once known as 'The Boss'
- Who's the Boss?, American sitcom that ran from September 20, 1984 to April 25, 1992.