¹Temp. and Prop. Regs. Sec. 301.6111-2T (TD 8876, REG-110311-98, 2/28/00); Temp. and Prop. Regs. Sec. 301.6112-1T (TD 8875, REG-103736-00, 2/28/00); and Temp. and Prop. Regs. Sec. 1.6011-4T (TD 8877, REG-103735-00, 2/28/00). The regulations are generally effective for transactions entered into after Feb. 28, 2000.

²Ann. 2000-12, IRB 2000-12, 835.

³The AICPA's comments on the administration's corporate tax shelter proposals were discussed in DC Currents, "AICPA Comments on Administration's Corporate Tax Shelter Proposals," 30 The Tax Adviser 346 (May 1999).

⁴See Senate Finance Committee, Corporate Tax Shelter Preliminary Staff Discussion Draft (5/4/00).

⁵Department of the Treasury, The Problem of Corporate Tax Shelters: Discussion, Analysis, and Legislative Proposals (July 1999) (hereinafter, "Treasury White Paper"), pp. v, vi, available in .pdf format at www.ustreas.gov/taxpolicy/library/ctswhite.pdf.

⁶Notice 2000-15, IRB 2000-15, 826.

⁷JCT, JCT Study of Present-Law Penalty and Interest Provisions as Required by Section 3801 of the IRS Restructuring and Reform Act of 1998 (Including Provisions Related to Corporate Tax Shelters (JCS-3-99, 7/22/99) (hereinafter, "JCT White Paper"), p. 207.

⁸ACM Partnership, 157 F3d 231 (3d Cir. 1998), aff'g, rev'g in part and rem'g TC Memo 1997-15, cert. den; Compaq Computer Corp., 113 TC No. 17 (1999); and Winn-Dixie Stores, Inc., 113 TC No. 21 (1999).

⁹JCT, Testimony of the Staff of the Joint Committee on Taxation Before the Committee on Ways and Means (JCX-82-99, 11/10/99), pp. 5, 6.

¹⁰See Sullivan, "Despite September Surge, Corporate Tax Receipts Fall Short," 85 Tax Notes 565 (11/1/99). According to the article, the ratio of corporate tax payments to corporate profits may have decreased for any number of reasons, including reductions in taxes due to legislation (although most of the changes have increased corporate taxes), increased investment in property, plant and equipment, increased use of S corporations and limited liability companies or lax collection by the IRS. The decline may also result from problems in the data caused by statisticians' difficulty in tracking and measuring significant changes in the U.S. economy that have occurred in the last several years.

¹¹See Sullivan, "One Shelter at a Time," 85 Tax Notes 1226 (12/6/99), p. 1229.

¹²See Kies, "A Critical Look at the Administration's 'Corporate Tax Shelter' Proposals," 83 Tax Notes 1463 (6/7/99).

¹³JCT White Paper, note 7 supra, p. 222.

¹⁴Treasury White Paper, note 5 supra, p. 79.

¹⁵See Bankman, "The New Market in Corporate Tax Shelters," 83 Tax Notes 1775 (6/21/99), p. 1782.

¹⁶Treasury Circular No. 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries and Appraisers Before the Internal Revenue Service.

¹⁷See Testimony of David A. Lifson before the Senate Finance Committee on Penalties and Interest (Including Corporate Tax Shelters) (AICPA, 3/9/00), available at www.aicpa.org.

¹⁸The AICPA recommends that, if early disclosure (i.e., before the tax return is filed) is required, it should be subject to the same "reportable transaction" requirements as return disclosure and required of participants (e.g., promoters, advisers) other than the taxpayer.

¹⁹See AICPA Tax Shelter Regulations Task Force Letter to IRS Commissioner Charles O. Rossotti (5/31/00).

²⁰See H. Rep't No. 105-220, 105th Cong., 1st Sess. (1997), p. 34.

²¹Notice 2000-15, note 6 supra.