S. Hrg. 108–473

U.S. TAX SHELTER INDUSTRY: THE ROLE OF

ACCOUNTANTS, LAWYERS, AND FINANCIAL

PROFESSIONALS

HEARINGS

BEFORE THE

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

OF THE

COMMITTEE ON 

GOVERNMENTAL AFFAIRS 

UNITED STATES SENATE

ONE HUNDRED EIGHTH CONGRESS

FIRST SESSION

NOVEMBER 18 AND 20, 2003

VOLUME 3 OF 4

Printed for the use of the Committee on Governmental Affairs

(

U.S. TAX SHELTER INDUSTRY: THE ROLE OF ACCOUNTANTS, 

LAWYERS, AND FINANCIAL PROFESSIONALS 

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 

For sale by the Superintendent of Documents, U.S. Government Printing Office

Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800

Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001

94–085 PDF 2004

S. Hrg. 108–473

U.S. TAX SHELTER INDUSTRY: THE ROLE OF

ACCOUNTANTS, LAWYERS, AND FINANCIAL

PROFESSIONALS

HEARINGS

BEFORE THE

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

OF THE

COMMITTEE ON 

GOVERNMENTAL AFFAIRS 

UNITED STATES SENATE

ONE HUNDRED EIGHTH CONGRESS

FIRST SESSION

NOVEMBER 18 AND 20, 2003

VOLUME 3 OF 4

Printed for the use of the Committee on Governmental Affairs

(

(II)

COMMITTEE ON GOVERNMENTAL AFFAIRS 

SUSAN M. COLLINS, Maine, Chairman 

TED STEVENS, Alaska 

GEORGE V. VOINOVICH, Ohio 

NORM COLEMAN, Minnesota 

ARLEN SPECTER, Pennsylvania 

ROBERT F. BENNETT, Utah 

PETER G. FITZGERALD, Illinois 

JOHN E. SUNUNU, New Hampshire 

RICHARD C. SHELBY, Alabama 

JOSEPH I. LIEBERMAN, Connecticut 

CARL LEVIN, Michigan 

DANIEL K. AKAKA, Hawaii 

RICHARD J. DURBIN, Illinois 

THOMAS R. CARPER, Delaware 

MARK DAYTON, Minnesota 

FRANK LAUTENBERG, New Jersey 

MARK PRYOR, Arkansas

MICHAEL D. BOPP, Staff Director and Chief Counsel 

JOYCE A. RECHTSCHAFFEN, Minority Staff Director and Counsel 

AMY B. NEWHOUSE, Chief Clerk

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS 

NORM COLEMAN, Minnesota, Chairman 

TED STEVENS, Alaska 

GEORGE V. VOINOVICH, Ohio 

ARLEN SPECTER, Pennsylvania 

ROBERT F. BENNETT, Utah 

PETER G. FITZGERALD, Illinois 

JOHN E. SUNUNU, New Hampshire 

RICHARD C. SHELBY, Alabama 

CARL LEVIN, Michigan 

DANIEL K. AKAKA, Hawaii 

RICHARD J. DURBIN, Illinois 

THOMAS R. CARPER, Delaware 

MARK DAYTON, Minnesota 

FRANK LAUTENBERG, New Jersey 

MARK PRYOR, Arkansas

RAYMOND V. SHEPHERD, III, Staff Director and Chief Counsel 

ELISE J. BEAN, Minority Staff Director and Chief Counsel 

ROBERT L. ROACH, Minority Counsel and Chief Investigator 

MARY D. ROBERTSON, Chief Clerk 

(III)

C O N T E N T S 

Opening statements: Page 

Senator Coleman .............................................................................................. 1, 69

Senator Levin .................................................................................................... 4, 72

Senator Lautenberg .......................................................................................... 9

WITNESSES 

TUESDAY, NOVEMBER 18, 2003

Debra S. Petersen, Tax Counsel IV, California Franchise Tax Board, Rancho 

Cordova, California .............................................................................................. 11

Mark T. Watson, former Partner, Washington National Tax, KPMG LLP, 

Washington, DC ................................................................................................... 13

Calvin H. Johnson, Andrews & Kurth Centennial Professor, The University 

of Texas at Austin School of Law, Austin, Texas .............................................. 14

Philip Wiesner, Partner in Charge, Washington National Tax, Client Services, 

KPMG LLP, Washington, DC ............................................................................. 32

Jeffrey Eischeid, Partner, Personal Financial Planning, KPMG LLP, Atlanta, 

Georgia .................................................................................................................. 32

Richard Lawrence DeLap, Retired National Partner in Charge, Department 

of Professional Practice-Tax, KPMG LLP, Mountain View, California ........... 34

Larry Manth, former West Area Partner in Charge, Stratecon, KPMG LLP, 

Los Angeles, California ........................................................................................ 34

Richard J. Berry, Senior Tax Partner, Pricewaterhouse Coopers, New York, 

New York .............................................................................................................. 54

Mark A. Weinberger, Vice Chair, Tax Services, Ernst & Young LLP, Washington, DC ............................................................................................................. 55

Richard H. Smith, Jr., Vice Chair, Tax Services, KPMG LLP, New York, 

New York .............................................................................................................. 57

THURSDAY, NOVEMBER 20, 2003

Raymond J. Ruble, former Partner, Sidley Austin Brown and Wood, LLP, 

New York, New York, represented by Jack Hoffinger ...................................... 76

Thomas R. Smith, Jr., Partner, Sidley Austin Brown and Wood, New York, 

New York .............................................................................................................. 77

N. Jerold Cohen, Partner, Sutherland Asbill and Brennan, LLP, Atlanta, 

Georgia, accompanied by J.D. Fleming .............................................................. 79

William Boyle, former Vice President, Structured Finance Group, Deutsche 

Bank AG, New York, New York ......................................................................... 95

Domenick DeGiorgio, former Vice President, Structured Finance, HVB America, Inc., New York, New York, accompanied by Brian Skarlatos ................... 97

John Larson, Managing Director, Presidio Advisory Services, San Francisco, 

California .............................................................................................................. 114

Jeffrey Greenstein, Chief Executive Officer, Quellos Group, LLC, formerly 

known as Quadra Advisors, LLC, Seattle, Washington .................................... 115

Mark Everson, Commissioner, Internal Revenue Service, Washington, DC ...... 128

William J. McDonough, Chairman, Public Company Accounting Oversight 

Board, Washington, DC ....................................................................................... 130

Richard Spillenkothen, Director, Division of Banking Supervision and Regulation, The Federal Reserve, Washington, DC ...................................................... 131

Page

IV

ALPHABETICAL LIST OF WITNESSES

Berry, Richard J.: 

Testimony .......................................................................................................... 54

Prepared statement .......................................................................................... 303

Boyle, William: 

Testimony .......................................................................................................... 95

Prepared statement with an attachment ....................................................... 317

Cohen, N. Jerold: 

Testimony .......................................................................................................... 79

Letter dated November 18, 2003, submitted with answers to questions ..... 315

DeGiorgio, Domenick: 

Testimony .......................................................................................................... 97

Prepared statement .......................................................................................... 326

DeLap, Richard Lawrence: 

Testimony .......................................................................................................... 34

Eischeid, Jeffrey: 

Testimony .......................................................................................................... 32

Prepared statement .......................................................................................... 298

Everson, Mark: 

Testimony .......................................................................................................... 128

Prepared statement with an attached chart .................................................. 338

Greenstein, Jeffrey: 

Testimony .......................................................................................................... 115

Prepared statement .......................................................................................... 334

Johnson, Calvin H.: 

Testimony .......................................................................................................... 14

Prepared statement .......................................................................................... 286

Manth, Larry: 

Testimony .......................................................................................................... 34

Larson, John: 

Testimony .......................................................................................................... 114

McDonough, William J.: 

Testimony .......................................................................................................... 130

Prepared statement .......................................................................................... 349

Petersen, Debra S.: 

Testimony .......................................................................................................... 11

Prepared statement .......................................................................................... 275

Ruble, Raymond J.: 

Testimony .......................................................................................................... 76

Smith, Richard H., Jr.: 

Testimony .......................................................................................................... 57

Smith, Thomas R., Jr.: 

Testimony .......................................................................................................... 77

Prepared statement .......................................................................................... 312

Spillenkotchen, Richard: 

Testimony .......................................................................................................... 131

Prepared statement .......................................................................................... 361

Watson, Mark T.: 

Testimony .......................................................................................................... 13

Prepared statement .......................................................................................... 285

Weinberger, Mark A.: 

Testimony .......................................................................................................... 55

Prepared statement .......................................................................................... 309

Wiesner, Philip: 

Testimony .......................................................................................................... 32

Page

V

APPENDIX 

Minority Staff Report of the Permanent Subcommittee on Investigations entitled, ‘‘U.S. Tax Shelter Industry: The Role of Accountants, Lawyers, and 

Financial Professionals, Four KPMG Case Studies: FLIP, OPIS, BLIPS, 

and SC2,’’ released in conjunction with the Permanent Subcommittee on 

Investigations’ hearings on November 18 and 20, 2003, S. Prt. 108–34 ......... 145

I. INTRODUCTION ............................................................................................... 145

II. FINDINGS ......................................................................................................... 147

III. EXECUTIVE SUMMARY .............................................................................. 149

A. Developing New Tax Products ................................................................ 151

B. Mass Marketing Tax Products ................................................................ 152

C. Implementing Tax Products .................................................................... 153

D. Avoiding Detection ................................................................................... 157

E. Disregarding Professional Ethics ............................................................ 159

IV. RECOMMENDATIONS ................................................................................. 160

V. OVERVIEW OF U.S. TAX SHELTER INDUSTRY ..................................... 162

A. Summary of Current Law on Tax Shelters ............................................ 162

B. U.S. Tax Shelter Industry and Professional Organizations ................. 164

VI. FOUR KPMG CASE HISTORIES ................................................................ 166

A. KPMG In General .................................................................................... 166

B. KPMG’s Tax Shelter Activities ............................................................... 168

(1) Developing New Tax Products ............................................................ 172

(2) Mass Marketing Tax Products ............................................................ 188

(3) Implementing Tax Products ................................................................ 206

a. KPMG’s Implementation Role ........................................................ 206

b. Role of Third Parties in Implementing KPMG Tax Products ...... 215

(4) Avoiding Detection ............................................................................... 235

(5) Disregarding Professional Ethics ....................................................... 245

APPENDIX A 

CASE STUDY OF BOND LINKED ISSUE PREMIUM STRUCTURE 

(BLIPS) .......................................................................................................... 255

APPENDIX B 

CASE STUDY OF S-CORPORATION CHARITABLE CONTRIBUTION 

STRATEGY (SC2) ......................................................................................... 266

APPENDIX C 

OTHER KPMG INVESTIGATIONS OR ENFORCEMENT ACTIONS ....... 270

Page

VI

EXHIBIT LIST 

Volume 1

1. a. BLIPS: Bond Linked Issue Premium Structure, PowerPoint presentation with eight slides prepared by the Permanent Subcommittee 

on Investigations ...................................................................................... 371

b. SC2, PowerPoint presentation with five slides prepared by the Permanent Subcommittee on Investigations .............................................. 379

c. Mass Marketing of Tax Shelters, chart prepared by the Permanent 

Subcommittee on Investigations ............................................................. 384

d. Knowledge of Counter Parties, chart prepared by the Permanent 

Subcommittee on Investigations ............................................................ 385

2. KPMG Memorandum, February 1998, re: Summary and observations 

of OPIS ............................................................................................................ 386

3. KPMG Memorandum, May 1998, re: OPIS Tax Shelter Registration ........ 393

4. Gibson, Dunn & Crutcher LLP Memorandum to KPMG, March 2000, 

re: BLIPS Tax Opinion ................................................................................... 400

5. KPMG email, April 1999, re: BLIPS (‘‘The original intent of the parties 

was to participate in all three investment stages of the Investment Program.’’ It seems to me that this is a critical element of the entire analysis 

and should not be blithely assumed as a ‘‘fact’’. If it is true, I think 

it should be one of the investor’s representations. However, I would 

caution that if there were, say, 50 separate investors and all 50 bailed 

out of at the completion of Stage I, such a representation would not 

seem credible.) ................................................................................................. 408

6. KPMG email, February 2000, re: Product champions needed for S Corp 

strategy (I want to personally thank everyone for their effort during 

the approval process of this strategy. It was completed very quickly 

and everyone demonstrated true teamwork. Thank you! Now lets SELL, 

SELL, SELL!!) ................................................................................................ 412

7. KPMG email, February 2000, re: BLIPS/OPIS (. . . the sooner we get 

them out the door the better since the law—especially the primary profit 

motive test—is evolving daily and not in a taxpayer friendly manner. 

* * * As I understand the facts, all 66 closed out by year-end and 

triggered the tax loss.) .................................................................................... 415

8. KPMG email, February 2001, re: SC2 Solution—New Development 

(Quick Snapshot—We are now offering a modified SC2 solution. S Corp 

shareholders can use the structure of direct significant gift to 501(c)(3) 

tax exempts of their choice. Net tax benefit is less than original SC2 

. . . shareholder ‘‘feel good’’ factor is higher. We need targets and ICV’s. 

* * * Look at the last partner scorecard. Unlike golf, a low number 

is not a good thing. . . . A lot of us need to put more revenue on 

the board before June 30. SC2 can do it for you. Think about targets 

in your area and call me.) .............................................................................. 423

9. KPMG email, June 2000, re: Revised SC2 Script, Rosenthal/Stein approval of SC2 calling script ............................................................................ 426

10. KPMG emails, September 1998, January 1999, and October 2000 re: 

Grantor Trust Issue and KPMG Memorandum of Telephone Call, May 

2000, re: Grantor Trust Issue (So our best intelligence is that you are 

increasing your odds of being audited, not decreasing your odds by 

filing that Grantor Trust return. So we have discontinued doing that.) .... 428

11. KPMG email, March 1998, re: Simon Says (. . . and yet in truth the 

option was really illusory and stood out more like a sore thumb since 

no one in his right mind would pay such an exorbitant price for such 

a warrant.) ...................................................................................................... 439

12. Email, May 1999, re: Who is the Borrower in the BLIPS transaction 

(Based on your analysis below, do you conclude that the tax results 

sought by the Investor are NOT ‘‘more likely than not’’ to be realized? 

* * * Yes.) ....................................................................................................... 448

Page

VII

13. Email, August 1999, re: BLIPS (However, before engagement letters are 

signed and revenue is collected, I feel it is important to again note 

that I and several other WNT [Washington National Tax] partners remain skeptical that the tax results purportedly generated by a BLIPS 

transaction would actually be sustained by a court if challenged by 

the IRS.) ........................................................................................................... 450

14. KPMG email, May 1998, re: OPIS Tax Shelter Registration (If for some 

reason the IRS decides to ‘‘get tough’’ with someone vis-a-vis the old 

rules, I suspect it could easily pick on ANY of the Big 6, or for that 

matter any number of law firms/promoters—I don’t think we want to 

create a competitive DISADVANTAGE, nor do we want to lead with 

our chin.) ......................................................................................................... 451

15. KPMG email, December 1998, re: OPIS (After December 31, 1998, there 

will be no marketing of OPIS in any circumstances.) .................................. 452

16. KPMG email, July 1999, re: National Accounts Database (VALUE 

PROPOSITION: . . . The all-in cost of the program, assuming a complete loss of investment principal, is 7% of the targeted tax loss (pretax). The tax benefit of the investment program, which ranges from 

20% to 45% of the targeted tax loss, will depend on the taxpayer’s 

effective tax rates. FEE: BLIPS is priced on a fixed fee basis which 

should approximate 1.25% of the tax loss. Note that this fee is included 

in the 7% described above.) ............................................................................ 453

17. KPMG email, August 1999, re: BLIPs (Depicting the approval of BLIPS 

and views of some at KPMG about the strategy.) ....................................... 455

18. KPMG email, September 1999, re: BLIPS 2000 (A number of people 

are looking at doing BLIPS transactions to generate Y2K losses. We 

currently have bank capacity to have $1 billion of loans outstanding 

at 12/31/99. This translates into approximately $400 million of premium. This tranche will be implemented on a first-come, first-served 

basis until we fill capacity. Get your signed engagement letters in!!) ......... 459

19. KPMG email, February 2000, re: Hot Tax Products (5 Month Mission) 

(Thanks for help in this critically important matter. As Jeff [Stein] 

said, ‘‘We are dealing with ruthless execution—hand to hand combat—

blocking and tackling.’’ Whatever the mixed metaphor, let’s just do it.) ..... 460

20. KPMG email, April 2000, re: SC2 (There have been several successes—

the West and South Florida with many ICV’s in other parts of the 

country. We are behind. This is THE STRATEGY that they expect significant value added fees by June 30. The heat is on. . . .) .............................. 463

21. KPMG Document, SC2—Meeting Agenda June 19th, 2000 ......................... 464

22. KPMG email, July 2000, re: Attaching memorandum to Tax Partners 

and Tax Management Group. re: Selling with Confidence: Skills for 

Successful Selling—‘‘Positioning.’’ ................................................................. 486

23. KPMG email, August 2000, re: Solution Activity Reports—SC2 (Our 

team of telemarketers is particularly helpful in a number of respects: 

—to further qualify prospects; —to set up phone appointments for you 

and your deployment team.) ........................................................................... 488

24. KPMG email, November 2000, re: SW SC2 Channel Conflict (Attached 

is a list of SC2 targets in the Southwest that we are including in 

an upcoming telemarketing program.) .......................................................... 490

25. KPMG email, December 2000, re: STRATECON WEST—KICK OFF 

PLAN FOR ’01 (. . . we must aggressively pursue these high-end strategies.) ................................................................................................................. 492

26. KPMG email, March 2001, re: Friday’s Stratecon Call (Due to the significant push for year-end revenue, all West Regional Federal tax partners 

have been invited to join us on this call and we will discuss our ‘‘Quick 

Hit’’ strategies and targeting criteria.) .......................................................... 494

27. KPMG email, April 2001, re: Friday’s Stratecon Call (The [tax] strategies 

have a quick revenue hit for us, . . .) ............................................................ 495

Page

VIII

28. KPMG email, May 1999, re: Marketing BLIPS (One does not need to 

understand how the program is structured to determine whether someone 

has sufficient gain and has the tax risk appetite to do an OPIS/BLIPS 

type strategy.) .................................................................................................. 496

29. KPMG email, September 1999, re: BLIPS—managing deal flow (As you 

know, we have until 10/15 at the latest to close loans and 10/22 to 

activate the FX trading etc. (the 60 day countdown).) ................................. 499

30. KPMG email, October 1999, re: BLIPS (18 OPIS ‘‘slots’’ were reserved 

for the intended BLIPS participants noted in the third paragraph 

below.) .............................................................................................................. 500

31. KPMG email, November 1999, re: BLIPS (It occurs to me that it would 

be useful to know something about the investment performance as we 

call these clients to discuss their go forward strategy. . . . * * * As 

you may be aware, the 60-day anniversary of your client’s participation 

in the Strategic Investment Fund is November 22nd. As a reminder 

for you and your client, we have summarized certain procedures that 

may be of interest.) .......................................................................................... 503

32. Generating Capital Losses, A Presentation for ———, KPMG Peat 

Marwick LLP, ———, 1996 ........................................................................... 505

33. KPMG Memorandum, June 1998, re: June 11 OPIS Conference Call 

(Use of Nondisclosure Agreements and Outside Advisors) ........................... 517

34. Email, July 1999, re: BLIPS—Economic Substance Issue (Gentlemen, 

we have completed our review of the BLIPS loan documents. In general, 

these documents indicate that the loan proceeds will be invested in very 

safe investments (e.g., money market instruments). Thus it seems very 

unlikely that the rate of return on the investments purchased with the 

loan proceeds will equal or exceed the interest charged on the loan 

and the fees incurred by the borrower to secure the loan. * * * Before 

any fees are considered, the client would have to generate a 240% annual 

rate of return on the $2.5 million foreign currencies investment in order 

to break even. If fees are considered, the necessary rate of return to 

break even will be even greater.) .................................................................... 521

35. KPMG email, May 2000, re: Brown & Wood BLIPS Opinion letters 

(As we discussed, the B&W opinion letters touch all the necessary bases. 

The fact and representation sections are almost identical to the ones 

in our Opinion and many analysis sections are exact copies of our Opinion. Please let me know if you want further details about the ‘‘noncritical’’ typos.) ................................................................................................ 522

36. KPMG email, July 1999, re: brown&wood (If you have a KPMG opinion, 

you should also have a B&W opinion. We do ours and they use it 

as a factual template for their opinion, usually within 48 hours.) .............. 524

37. Internal Revenue Bulletin No. 2000–36, September 5, 2000, Notice 2000–

44, Tax avoidance using artificially high basis—describing a BLIPStype transaction .............................................................................................. 525

38. KPMG Document, PFP Practice Reorganization, Innovative Strategies 

Business Plan—DRAFT (May 18, 2001) ....................................................... 528

39. KPMG email, May 1999, re: BLIPS Update (Larry [DeLap], I don’t 

like this product and would prefer not to be associated with it.) ................ 532

40. KPMG email, December 2000, re: Weekly Tax Solutions Call (Larry 

[DeLap]—Are you suggesting that we stop marketing the solution, or 

that you just don’t want a public discussion of the solution in light 

of the IRS focus?) ............................................................................................ 533

41. KPMG’s Personal Financial Planning Presentation, BLIPS AND 

TRACT, Carol Warley, June 1999 (BLIPS Benefit: —Avoid All Of The 

Capital Gains And Ordinary Income Tax; —Net Benefit To Client —Effective Tax Rate Less After Tax Cost of Transaction of Approximately 

5%) ................................................................................................................... 536

42. KPMG email, April 1999, re: BLIPS (The underlying tax planning is 

such that the investor is likely to bail out after Stage 1; i.e., after 

about 60 days.) ................................................................................................ 543

Page

IX

43. KPMG email, March 2000, re: S-corp Product (No, we don’t disclose 

all risks in all engagement letters. * * * . . . I definately (sic) agree 

on disclosing the risks upfront and would prefer to have the separate 

memo that states the risks involved. . . . is there a way to make the 

risk memo be covered under 7525?) ............................................................... 545

44. Sutherland Asbill & Brennan LLP correspondence, July 2002, re: Representations of BLIPS client .......................................................................... 555

45. KPMG correspondence to Sutherland, Asbill & Brennan LLP, September 

2002, re: Contract with KPMG for tax assessment for BLIPS client ......... 557

46. KPMG email, November 2002, re: Script (Attached is a list of law 

firms that are handling FLIP/OPIS cases. * * * Attached is the script 

. . . waiver language and list of attorneys to follow.) .................................. 560

47. KPMG email, March 2002, re: SC2 (Given the current state of affairs 

relative to the IRS and accounting firms, I think we should not be 

discussing SC2 on the Monday night call at this time.) .............................. 563

48. KPMG email, August 1999, re: BLIPS Engagement Letter (Attached 

is the engagement letter approved by Larry [DeLap].) ................................. 566

49. KPMG email, March 2000, re: S-corp Product (1. This appears to be 

little more than a old give stock to charity and then redeem it play 

. . . * * * Our preference is that the client donate stock to a local 

401(a), . . .) ..................................................................................................... 574

50. KPMG email, April 2000, re: S-Corporation Charitable Contribution 

Strategy (SC2) (This is a relatively high risk strategy.) ............................... 584

51. KPMG email, August 2001, re: New Solutions-WNT [Washington National Tax] (Beginning in December . . . The shareholders will most 

likely want access to the cash (especially if we could get it to them 

tax-free).) .......................................................................................................... 585

52. KPMG email, October 2001, re: SC2 Client (His ownership is so minute, 

he is concerned about it being reduced any further by the charitable 

contribution. We know that this reduction is only temporary, . . .) ........... 587

53. KPMG Document, Tax Innovation Center, Product Idea Submission 

Form and KPMG Tax Solution Alert, April 24, 2000, S-Corporation 

Charitable Contribution Strategy .................................................................. 589

54. KPMG document, undated, Draft PDC Talk Points 6/19, S-Corporation 

Charitable Contribution Strategy (Cold call script.) .................................... 595

55. KPMG email, March 2001, re: Florida S corporation search (Request 

to utilize database on tax return information to identify potential SC2 

clients.) ............................................................................................................ 597

56. KPMG email, March 2001, re: South Florida SC2 Year End Push ........... 599

57. KPMG email, March 2001, re: SC2—Client Base Expansion ..................... 601

58. KPMG email, December 2001, re: SC2 (. . . working on a back-end 

solution to be approved by WNT [Washington National Tax] that will 

provide S-corp shareholders additional basis in their stock which will 

allow for the cash built-up inside of the S-corporation to be distributed 

tax-free to the shareholders.) .......................................................................... 602

59. KPMG email, January 2002, re: SC2 (Shelly Nance is in Fort Wayne, 

which is ‘‘cold call central’’. How can she (or he) be involved in sending 

out messages about SC2 if it is not being mass marketed.) ......................... 604

60. Permanent Subcommittee on Investigations correspondence to KPMG, 

LLP, November 2003, re: November hearing testimony ............................. 609 

61. KPMG Presentation excerpts: Tax Innovation Center Solution and Idea 

Development—Year-End Results, May 30, 2001; and Goal: Deposit 150 

New Ideas in Tax Service Idea Bank ............................................................ 612

62. KPMG Presentation excerpts: Innovative Tax Solutions, July 19, 2001; 

Tax Practice Update; and Tax Practice Growth Gross Revenue .................. 614

63. KPMG Presentation, S-Corporation Charitable Contribution Strategy 

(SC2 Update), June 18, 2001, showing SC2 Revenues ................................ 617

Page

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64. KPMG email, May 1999, re: BLIPS—More Likely Than Not? (. . . while 

I am comfortable that WNT [Washington National Tax] did its job 

reviewing and analyzing the technical issues associated with BLIPS, 

based on the BLIPS meeting I attended on April 30 and May 1, I 

am not comfortable issuing a more-likely-than-not opinion letter wrt (sic) 

this product . . .) ............................................................................................ 621

65. KPMG email, May 1999, re: BLIPS (The real ‘‘rubber meets the road’’ 

will happen when the transaction is sold to investors, what the investors’ 

actual motive for investing the transaction is and how the transaction 

actually unfolds. * * * My own recommendation is that we should be 

paid a lot of money here for our opinion since the transaction is clearly 

one that the IRS would review as falling squarely within the tax shelter 

orbit.) ............................................................................................................... 623

66. KPMG email, August 1999, re: BLIPS involvement in the NE—BDMs 

(KPMG’s fee is 1.25% (125 basis points) of the gain to be mitigated. 

This fee is included as part of the 7% investment in strategy.) ................... 628

67. Deutsche Bank email, July 1999, re: Risk and Resources Committee 

Paper (BLIPS Summary—The 7.7% will cover market risks, transaction 

costs, and DBSI fees.) ..................................................................................... 632

68. Email, September 1999, re: West (Larry [DeLap], just to clarify, even 

if we have five or more investors in a single BLIPS transaction, you 

don’t think we need to register the transaction as a tax shelter. Is this 

correct? * * * No, that is not correct, Mark Ely has concluded there 

is a reasonable basis not to register.) ............................................................ 641

69. Deutsche Bank/Presidio Advisors, LLC Memorandum, April 1999, re:

BLIPS friction costs (On day 60, Investor exits partnership and unwinds 

all trades in partnership.) .............................................................................. 644

70. Deutsche Bank New Product Committee Overview Memo: BLIPS Transaction (It is imperative that the transaction be wound up after 45–

60 days and the loan repaid due to the fact that the HNW individual 

will not receive his/her capital loss (or tax benefit) until the transaction 

is wound up and the loan repaid.) ................................................................ 646

71. First Union (Wachovia) Capital Management Group Enhanced Investment Strategy Release, February 2, 1999 ...................................................... 651

72. KPMG Foreign Leveraged Investment Program, Issue and Hazard Summary (Taxpayer not sufficiently ‘‘at risk’’ under section 465) (preliminary 

and final versions) .......................................................................................... 652

73. KPMG email, February 1999, re: BLIPS (. . . status of the BLIPS as 

an OPIS replacement strategy. . . . I would think we can reasonably 

anticipate ‘‘approval’’ in another month or so. * * * Given the marketplace potential of BLIPS, I think a month is far too long— . . .) .............. 654

74. Email, February 1999, re: BLIPS Progress Report (I don’t like this pressure . . .) ......................................................................................................... 655

75. KPMG MEETING SUMMARY, February 1999, re: Determine if BLIPS 

is viable ............................................................................................................ 656

76. Email, April 1999, re: BLIPS (I would not characterize my assessment 

of the economic substances of the ‘‘premium borrowing’’ in the BLIPS 

transaction as ‘‘positive.’’) ............................................................................... 660

77. Email, April 1999, re: BLIPS Analysis ......................................................... 661

78. Email, May 1999, re: Who is the Borrower in the BLIPS transaction ........ 662

79. Email, August 1999, re: BLIPS Documents—Acceptance of Recommended 

Language ......................................................................................................... 663

80. Email, May 1999, re: BLIPS (According to Presidio, the probability of 

making a profit from this strategy is remove (possible, but remote).) ......... 664

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XI

81. KPMG email, May 1999, re: BLIPS (. . . my change in heart about 

BLIPS was based on information Presidio disclosed to me at a meeting 

on May 1. This information raised serious concerns in my mind about 

the viability of the transaction, and indicated that WNT [Washington 

National Tax] had not been given complete information about how the 

transaction would be structured . . .) ........................................................... 665

82. Email, August 1999, re: BLIPS (. . . before engagement letters are signed 

and revenue is collected, I feel it is important to again note that I 

and several other WNT [Washington National Tax] partners remain 

skeptical that the tax results . . . would actually be sustained by a 

court if challenged by the IRS.) ..................................................................... 666

83. Email, January 2000, re: BLIPS 2000 (The PFP guys really need your 

help on the BLIPS 2000 strategy. . . . so we can take this to market.) ...... 667

84. Email, March 2000, re: Blips I, Grandfathered Blips, and Blips 2000 

(. . . I do not believe KPMG can reasonably issue a more-likely-thannot opinion on the economic substance issues for the Blips . . .) ................ 668

85. KPMG Memoranda, February 1999, re: BLIPS ........................................... 669

86. KPMG Memoranda, March 2000, re: Talking points on significant tax 

issues for BLIPS 2000 .................................................................................... 670

87. KPMG Memoranda, S Corporation Charitable Contribution Strategy, 

Summary of Certain Risks (The opinion also much be based on all 

pertinent facts and the law as it relates to those facts; must not be 

based upon inaccurate legal or factual assumptions; and must not unreasonably rely upon the representations, statements, findings, or agreements of the taxpayer or any other person.) .................................................. 675

88. Email, May 1999, re: BLIPS (It was not until I heard conflicting information that I questioned the original facts. In the future, I will question 

everything Presidio and Randy Bickham represent to me.] ......................... 677

89. KPMG Tax Leadership, 2003; KPMG Tax Practice Organization, 2002, 

2001 and 2000 ................................................................................................. 680

90. a. KPMG Tax Opinion Letter (Signed Final), December 1999. [Redacted 

by the Permanent Subcommittee on Investigations] .............................. 684 

b. Brown & Wood Tax Opinion Letter (Signed Final), December 1999. 

[Redacted by the Permanent Subcommittee on Investigations] ............ 781

c. SEALED EXHIBIT: Unredacted copies of Exhibit No. 90a. and 90b 

(above) ......................................................................................................... *

91. KPMG Memoranda, August 1998, re: Tax Products Practice (I was responsible for KPMG’s position that we should not register OPIS as a 

tax shelter and insisted that we make the business case with DPP. 

This was of significant benefit in marketing the OPIS product and will 

establish the direction with respect to KPMG’s position on future tax 

products.) ......................................................................................................... 857

92. KPMG email, September 1998, re: OPIS (These fees relate to approximately $1.2 billion in notional losses for approximately 25 clients.) .......... 865

93. Email, June 1998, re: OPIS (Not only will this unduely (sic) harm 

our ability to keep the product confidential, it will DESTROY any chance 

the client may have to avoid the step transaction doctrine.) ........................ 866

Volume 2

94. a.–ggg. Documents relating to FLIP/OPIS ................................................... 869

95. a.–BBB. Documents relating to BLIPS ........................................................ 1240

96. a.–ll. Documents relating to SC2 .................................................................. 1692

Volume 3

97. a.–pp. Documents relating to development/marketing of tax products ..... 1951

98. a.–ppp. Documents relating to registering, reporting and filing with Internal Revenue Service .................................................................... 2225

Page

XII

99. Documents relating to investment advisory firms:

a.–f. Quadra/Quellos ...................................................................................... 2473 

g.–t. Presido .................................................................................................... 2485

100. Documents relating to law firms:

a.–u. Sidley Austin Brown & Wood .............................................................. 2540 

v.–gg. Sutherland Asbill & Brennan ............................................................ 2576

101. Quadra Capital Management, LP. facsimile, August 1996, attaching 

Memorandum on UBS’ involvement in U.S. Capital Loss Generation 

Scheme (the ‘‘CLG Scheme’’) (As I mentioned, KPMG approached us 

as to whether we could affect the security trades necessary to achieve 

the desired tax results.) ................................................................................... 2607

102. Deutsche Bank Memorandum, July 1999, re: GCI Risk and Resources 

Committee—BLIPS Transaction .................................................................... 2612

103. Deutsche Bank email, July 1999, re: Risk & Resources Committee 

Paper—BLIPS and Comments on Blips Collateral and Credit Terms 

(I would have thought you could still ensure that the issues are highlighted by ensuring that the papers are prepared, and all discussion 

held, in a way which makes them legally privileged.) ................................. 2615

104. Deutsche Bank email, July 1999, re: Risk & Resources Committee 

Paper—BLIPS (Our approach is as follows: STRUCTURE: . . . 

Priviledge (sic): This is not easy to achieve and therefore a more detailed 

description of the tax issues is not advisable. REPUTATION RISK: . . . 

we have been asked by the Tax Department not to create an audit 

trail in respect of the Bank’s tax affaires.) .................................................... 2618

105. Deutsche Bank email, February 2002, re: Updated Presidio/KPMG 

trades (I understand that we based our limitations on concerns regarding 

reputational risk which were heightened, in part, on the proportion of 

deals we have executed relative to the other banks. * * * . . . we would 

like to lend an amount of money to Hypovereinsbank equal to the amount 

of money Hypovereinsbank lends to the client.) ............................................ 2619

106. Deutsche Bank email, April 2002, re: US GROUP 1 Pres, attaching 

Structured Transactions Group North America Presentation, November 

15, 1999 ........................................................................................................... 2622

107. HVB Document, undated, re: Presidio (7% –> fee (equity) paid by investor for tax sheltering) ...................................................................................... 2646

108. HVB email, September 1999, re: Presidio .................................................... 2647

109. Deutsche Bank email, April 1999, re: presidio—w. revisions (. . . The 

holding period/life of the LLC will typically be 45 to 60 days. At the 

end of this time period, the LLC will unwind all transactions, repay 

the loan par amount and premium amount. For tax and accounting 

purposes, repaying the premium amount will ‘‘count’’ like a loss for 

tax and accounting purposes.) ........................................................................ 2649

110. KPMG email, March 2000, re: Bank representation (The bank has 

pushed back the loan again and said they simply will not represent 

that the large premium loan is consistent with industry standards.) ......... 2657

111. HVB credit request for BLIPS transaction by Presidio personnel, September 1999. (HVB will earn a very attractive return if the deal runs 

to term. If, however, the advances are prepaid within 60 days (and 

there is a reasonable prospect that they will be), HVB will earn a return 

of 2.84% p.a. on the average balance of funds advanced.) ........................... 2660

112. KPMG Memoranda, March 1998, re: OPIS (The attached went to the 

entire working group. . . . I believe that the OPIS product (‘‘Son of 

Flip’’) is a stripped down version of the LLC (partnership) structure.) ...... 2678

Page

XIII

113. Deutsche Bank email, October 1999, re: BLIPS (PKS reports that a 

meeting with John Ross was held on August 3, 1999 in order to discuss 

the BLIPS product. PKS represented PB Management’s views on 

reputational risk and client suitability. John Ross approved the product, 

however insisted that any customer found to be in litigation be excluded 

from the product, the product be limited to 25 customers and that a 

low profile be kept on these transactions.) ..................................................... 2679

114. Deutsche Bank New Product Committee Overview Memo: BLIPS Transaction (11–DB will have the right to approve/disapprove all trading 

activity in the Company. This will allow DB to effectively force the 

closure of the company and repayment of its loan to DB.) [Note: An 

alternative version of this document was previously entered into the 

Permanent Subcommittee on Investigations’ hearing record as Exhibit 

No. 70.] ............................................................................................................ 2681

115. KPMG Minutes of Assurance/Tax Professional Practice Meeting, September 28, 1998 ............................................................................................... 2686

116. Brown & Wood email, December 1997, re: joint projects (This morning 

my managing partner, Tom Smith, approved Brown & Wood LLP working with the newly conformed tax products group at KPMG on a joint 

basis in which we would jointly develop and market tax products and 

jointly share in the fees, as you and I have discussed.) ................................ 2691

117. KPMG email, September 1997, re: Flip Tax Opinion (ALSO, OUR DEAL 

WITH BROWN AND WOOD IS THAT IF THERE NAME IS USED 

IN SELLING THE STRATEGY, THEY WILL GET A FEE.) ..................... 2692

118. KPMG Memorandum, March 1998, re: B&W Meeting (What should be 

the profit-split between KPMG, B&W and the tax products group/

implementor for jointly-developed products?) ............................................... 2693

119. KPMG Memorandum, December 1997, re: Business Model—Brown & 

Wood Strategic Alliance .................................................................................. 2696

120. Brown & Wood email, December 1997, re: Confidential Matters (On 

another point, as I have been mentioning with you, I do work for a 

number of people who have potentially complementary tax advantaged 

products. Let me state up front, I am not trying to push any of these 

on KPMG, but it might be useful if you are trying to get a repitoire 

of products jump started to talk to some or all of them. In addition, 

each of them has a relationship with one or more financial institutions 

who provide credit, derivatives trades, etc. necessary to execute the product.) .................................................................................................................. 2699

121. KPMG email, May 2000, re: BLIPS—7 percent (The breakout for a 

typical deal is as follows: . . . Trading Loss 70 * * * Attached is Kerry’s 

breakout of the 7 percent. [Redacted] gets 30 bpts from the Mgt. Fee. 

Is this detailed enough?) ................................................................................. 2701

122. KPMG email, September 1999, re: BLIPS—managing deal flow (As you 

know, we have until 10/15 at the latest to close loans and 10/22 to 

activate the FX trading, etc. (the 60 day countdown).) ................................ 2702

123. HVB Memorandum, October 1999, re: Presidio Credit Request Dated 

September 14, 1999 (To summarize the above, the increased limits will 

now permit the full amount of our facility to be invested in EUR deposits 

and do related forwards.) ............................................................................... 2703

124. HVB Document, Back-End Process ............................................................... 2705

125. HVB Document, Transaction Timeline (Exchange USD Amount to EUR 

Amount * * * USD 181,300,000) .................................................................. 2711

126. PRESIDIO ADVISORY SERVICES, LLC Memorandum, April 2002, re:

Year 2000 Strategic Plan. (Over the past two years because of delays 

in obtaining the requisite approvals to market the OPIS and BLIPS 

products, we did not begin closing deals until September of 1998 and 

1999, respectively. * * * Both Deutsche Bank and KPMG have requested 

that we replace our existing BLIPS product with a new product in 

2000.) ............................................................................................................... 2712

Page

XIV

127. KPMG/Presidio Advisors email, October 1999, re: Couple of quick questions—Liquidating distributions (Upon distribution (at the end of the 

60 day period), can the client designate where the funds go?) ..................... 2719

128. Handwritten notes, March 1998, re: Brown & Wood (Confirm w/Presidio 

that they will register.) ................................................................................... 2720

129. PRESIDIO ADVISORY SERVICES, LLC Memorandum, September 

1999, re: BLIPS loan test case (Four special purpose, single member 

Delaware LLC, owned by four trusts: D. Amir Makov revocable trust 

(1/3), JL capital trust (1/3), RP capital trust (1/6), pointe du Hoc 

irrevocable trust (1/6)) ................................................................................... 2721

130. KPMG/Presidio Advisors email, December 1998, re: BLIPS meeting (Second, the tax analyses and opinion writing needs to go into high gear.) ..... 2722

131. KPMG/Presidio Advisors/Brown & Wood email, December 1998, re:

BLIPS meeting (I spoke with R.J. this morning about a ‘‘tax-focused’’ 

meeting next week. As a first step before scheduling a meeting, we 

thought that we should first draft the base of an opinion letter in an 

outline format which will be circulated for comment before getting everyone together for a ‘‘all-hands’’ meeting. We are currently working on 

the document and expect to circulate it next week.) ...................................... 2723

132. KPMG email, February 2000, re: Brown & Wood opinion letter—BLIPS 

(Jeff Eischeid has promised the Brown & Wood opinion template ready 

in two weeks and we need your analysis.) ..................................................... 2724

133. KPMG email, January 2001, re: blips (We’re still working with Moore 

& Van Allen. They’ve declined to write a concurring opinion—their firm 

doesn’t write such opinions as a matter of policy. They are considering, 

this week, whether they will write [redacted] a MLTN [More Likely 

than Not] penalty opinion.) ............................................................................ 2726

134. IRS Form 8264, Application for Registration of a Tax Shelter, QA Investments, LLC registration of FLIP ................................................................... 2727

135. KPMG/Quadra Fax and Memoranda, October 1997, re: Registration of 

FLIP ................................................................................................................. 2729

136. Deutsche Bank email, July 1999, re: hi bill..presidio (i informed him 

that you are point man on the deal and that all comments should 

go through you) ............................................................................................... 2734

137. KPMG email and Memorandum, July 1997, re: Revised Memorandum 

((I) KPMG’s Tax Advantaged Transaction Practice; (II) Presidio’s Relationship with KPMG; (III) Transition Issues.) .............................................. 2735

138. HVB Document, August 2000, Presidio—Plafond (Investors have, so far, 

chosen to liquidate before the second (180 day) phase. ie after 60 days.) ... 2745

139. a.–t. Documents relating to Ernst & Young ................................................ 2746 

140. a.–o. Documents relating to PriceWaterhouseCoopers ............................... 2803

141. a.–k. Documents relating to First Union ..................................................... 2848

142. a. WNT Solutions by Primary Functional Group—FYI 2001–2002, November 26, 2002, reprinting first three pages of document (other 

pages sealed, see Exhibit 139b.) ................................................................ 2871

b. SEALED EXHIBIT: WNT Solutions by Primary Functional Group—

FYI 2001–2002, dated November 26, 2002 .............................................. *

143. SEALED EXHIBIT: StrateconWest email, December 2001, re:

StrateconWest/FSG Solution (Please find attached the latest and greatest 

list of strategies for StrateconWest and FSG) ............................................... *

144. SEALED EXHIBIT: Correspondence between Brown & Wood LLP and 

Presidio Advisors LLC, dated October 1998 and February 1999, regarding billing and document preparation for tax opinion ................................. *

145. Organizational Chart, KPMG Tax Practice Organization, produced by 

KPMG LLP in response to request made by Senator Levin at the November 18, 2003, hearing ............................................................................... 2874

Page

XV

146. Statement for the Hearing Record of Reuven S. Avi-Yonah, Irwin I. 

Cohn Professor of Law and Director of the International Tax Master 

of Law Program at the University of Michigan Law School ....................... 2875

147. a.–b. Supplemental questions and answers for the record of KPMG. 

[Note: Exhibit 147a has been redacted, full document has been 

made a SEALED EXHIBIT.] ............................................................... 2878

148. Supplemental questions and answers for the record of Deutsche Bank .... 2939

149. Supplemental questions and answers for the record of HVB America, 

Inc. ................................................................................................................... 2949

150. Supplemental questions and answers for the record of Quellos Group, 

LLC .................................................................................................................. 2982

151. Supplemental questions and answers for the record of Sutherland Asbill 

& Brennan LLP [Note: Submission has been redacted, full document 

has been made a SEALED EXHIBIT.] ......................................................... 2984

152. Supplemental questions and answers for the record of Sidley Austin 

Brown & Wood ................................................................................................ 2999

153. Statement for the Record and supplemental questions and answers for 

the record of the Los Angeles Department of Fire & Police Pensions 

System ............................................................................................................. 3016

154. Supplemental questions and answers for the record of the Internal Revenue Service .................................................................................................... 3025

Volume 4

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry: 

The Role of Accountants, Lawyers, and Financial Professionals—Four 

KPMG Case Studies: FLIP, OPIS, BLIPS, and SC2, a Report prepared 

by the Minority Staff of the Permanent Subcommittee on Investigations 

in conjunction with the Subcommittee hearings held November 18 and 

20, 2003: [Note: Footnotes not listed are explanative, reference Subcommittee interviews for which records are not available to the public, 

or reference a widely available public document.]

Footnote No. 1, SEALED EXHIBIT ............................................................ *

Footnote No. 3, See Hearing Exhibit No. 38 (above) .................................. 528

Footnote No. 4, See Hearing Exhibit No. 16 (above) .................................. 453

Footnote No. 10, See Attachments (2) .................................................. 3027, 3036

Footnote No. 11, See Attachment ................................................................. 3045

Footnote Nos. 15–16, See Hearing Exhibit No. 106 (above) ...................... 2622

Footnote No. 47, See Hearing Exhibit No. 62 (above) ................................ 614

Footnote No. 48, See Attachment ................................................................. 3047

Footnote No. 49, See Hearing Exhibit No. 38 (above) ................................ 528

Footnote No. 50, See Attachment ................................................................. 3053

Footnote No. 52, See Attachment ................................................................. 3054

Footnote No. 55, See Footnote No. 52 (above) ............................................. 587

Footnote No. 56, SEALED EXHIBIT .......................................................... *

Footnote No. 57, See Attachment ................................................................. 3244

Footnote Nos. 58–59, See Footnote No. 57 (above) ..................................... 601

Footnote No. 65, See Attachment ................................................................. 3245

Footnote No. 66, See Hearing Exhibit No. 14 (above) ................................ 451

Footnote No. 68, See Attachment ................................................................. 3248

Footnote No. 69, See Attachment ................................................................. 3351

Footnote No. 70, See Footnote 69 (above) .................................................... 644

Footnote No. 71, See Hearing Exhibit No. 61 (above) ................................ 612

Footnote No. 72, See Footnote No. 52 (above) ............................................. 587

Page

XVI

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote Nos. 73–74, See Footnote No. 69 (above) ..................................... 644

Footnote Nos. 76–77, 79–81, See Footnote No. 52 (above) ......................... 587

Footnote No. 82, See Footnote No. 69 (above) ............................................. 644

Footnote No. 83, See Footnote No. 52 (above) ............................................. 587

Footnote No. 84, See Attachment, Footnote No. 52 and Hearing Exhibit 

Nos. 96ff, 96hh, and 96kk (above) ............................................ 3375, 587, 1692

Footnote No. 87, See Hearing Exhibit No. 73 (above) ................................ 654

Footnote No. 88, See Hearing Exhibit Nos. 73 and 85 (above).............. 654, 669

Footnote No. 89, See Hearing Exhibit No. 74 (above) ................................ 655

Footnote No. 90, See Hearing Exhibit No. 75 (above) ................................ 656

Footnote Nos. 92–93, See Hearing Exhibit No. 64 (above) ........................ 621

Footnote No. 94, See Hearing Exhibit Nos. 64, and 76–79 

(above)............................................................................................. 621, 660–663

Footnote Nos. 95–96, See Hearing Exhibit No. 65 (above) ........................ 623

Footnote No. 97, See Hearing Exhibit No. 12 (above) ................................ 448

Footnote No. 98, See Attachment ................................................................. 3468

Footnote No. 99, See Attachment and Hearing Exhibit No. 65 

(above)................................................................................................... 3469, 623

Footnote No. 100, See Hearing Exhibit No. 65 (above) .............................. 623

Footnote No. 101, See Hearing Exhibit No. 81 (above) .............................. 665

Footnote No. 102, See Hearing Exhibit No. 39 (above) .............................. 532

Footnote No. 103, See Attachment ............................................................... 3472

Footnote No. 107, See Attachment ............................................................... 3474

Footnote Nos. 108–109, See Hearing Exhibit No. 13 (above) .................... 450

Footnote No. 110, See Hearing Exhibit No. 83 (above) .............................. 667

Footnote No. 111, See Hearing Exhibit Nos. 84 and 86 (above)............ 668, 670

Footnote No. 113, See Hearing Exhibit No. 41 (above) .............................. 538

Footnote No. 115, See Hearing Exhibit No. 38 (above) .............................. 528

Footnote No. 116, See Hearing Exhibit No. 2 (above) ................................ 386

Footnote No. 117, See Attachment ............................................................... 3475

Footnote No. 121, See Attachment ............................................................... 3482

Footnote No. 122, See Attachment ............................................................... 3492

Footnote No. 123, See Hearing Exhibit No. 87 (above) .............................. 675

Footnote No. 124, See Hearing Exhibit No. 49 (above) .............................. 574

Footnote No. 125, See Attachments (2) and Hearing Exhibit No. 49 

(above)................................................................................................... 3495, 574

Footnote No. 126, See Attachments (3) and Hearing Exhibit No. 49 

(above)................................................................................................... 3506, 574

Footnote No. 127, See Hearing Exhibit No. 59 (above) .............................. 604

Footnote Nos. 128–129, See Footnote No. 52 (above) ................................. 587

Footnote No. 130, See Attachment and Hearing Exhibit No. 54 

(above)................................................................................................... 3517, 595

Footnote No. 131, See Hearing Exhibit No. 23 (above) .............................. 488

Footnote No. 132, See Attachment ............................................................... 3519

Footnote No. 133, See Hearing Exhibit No. 6 (above) ................................ 412

Footnote No. 134, See Hearing Exhibit No. 20 (above) .............................. 463

Page

XVII

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote No. 135, See Attachment ............................................................... 3520

Footnote No. 136, See Hearing Exhibit No. 25 (above) .............................. 492

Footnote No. 137, See Hearing Exhibit No. 8 (above) ................................ 423

Footnote No. 138, See Attachment ............................................................... 3522

Footnote No. 139, See Hearing Exhibit No. 27 (above) .............................. 495

Footnote No. 140, See Hearing Exhibit No. 19 (above) .............................. 460

Footnote No. 141, See Attachment ............................................................... 3523

Footnote Nos. 142–143, See Hearing Exhibit No. 55 (above) .................... 597

Footnote No. 144, See Attachment ............................................................... 3530

Footnote Nos. 145–148, See Footnote No. 144 (above) ............................... 3530

Footnote No. 149, See Attachment (Partial document reprinted, full 

document SEALED EXHIBIT) ................................................................. 3557

Footnote No. 150, See Attachment (Partial document reprinted, full 

document SEALED EXHIBIT) ................................................................. 3568

Footnote No. 151, See Attachment ............................................................... 3572

Footnote No. 152, See Attachment ............................................................... 3573

Footnote No. 154, See Attachments (2) ........................................................ 3575

Footnote No. 155, See Footnote No. 135 (above) ......................................... 2729

Footnote No. 156, See Attachment ............................................................... 3579

Footnote No. 157, See Attachments (3), Footnote No. 156 and Hearing 

Exhibit No. 56 (above) ............................................................... 3581, 3579, 599

Footnote No. 158, See Hearing Exhibit No. 55 (above) .............................. 597

Footnote No. 159, See Hearing Exhibit No. 24 (above) .............................. 490

Footnote No. 160, See Attachments (2) ........................................................ 3591

Footnote Nos. 161–162, See Footnote No. 157 (above) ............................... 3581

Footnote No. 163, See Attachment ............................................................... 3596

Footnote Nos. 166–167, See Hearing Exhibit No. 21 (above) .................... 464

Footnote No. 168, See Attachment, Footnote No. 156 and Hearing Exhibit Nos. 21 and 139m (above)...................................... 3606, 3579, 464, 2746

Footnote Nos. 169 and 171, See Hearing Exhibit No. 21 (above) .............. 464

Footnote No. 174, See Footnote No. 152 (above) ......................................... 3573

Footnote No. 176, See Hearing Exhibit No. 63 (above) .............................. 617

Footnote No. 177, See Hearing Exhibit No. 62 (above) .............................. 614

Footnote No. 178, See Hearing Exhibit No. 23 (above) .............................. 488

Footnote No. 179, See Attachment ............................................................... 3607

Footnote No. 180, See Footnote No. 57 (above) ........................................... 3244

Footnote No. 181, See Footnote No. 151 (above) ......................................... 3572

Footnote No. 183, See Attachment ............................................................... 3620

Footnote Nos. 184–185, See Footnote No. 57 (above) ................................. 3244

Footnote No. 186, See Attachment (Partial document reprinted, full 

document SEALED EXHIBIT) ................................................................. 3621

Footnote Nos. 187–188, See Footnote 186 (above) ...................................... 3621

Footnote No. 189, See Footnote No. 56 (above) SEALED EXHIBIT ......... *

Footnote Nos. 190–191, See Hearing Exhibit No. 38 (above) .................... 528

Footnote No. 192, See Attachment and Hearing Exhibit No. 38 

(above)................................................................................................... 3623, 528

Page

XVIII

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote Nos. 193–194, See Hearing Exhibit No. 38 (above) .................... 528

Footnote No. 200, See Hearing Exhibit No. 137 (above) ............................ 2735

Footnote No. 201, See Attachment (Partial document reprinted, full 

document SEALED EXHIBIT) ................................................................. 3929

Footnote No. 203, See Attachment and Hearing Exhibit No. 65 ......... 3632, 623

Footnote No. 204, See Hearing Exhibit No. 21 (above) .............................. 464

Footnote No. 205, See Hearing Exhibit No. 8 (above) ................................ 423

Footnote No. 208, See Hearing Exhibit No. 21 (above) .............................. 464

Footnote No. 211, See Hearing Exhibit Nos. 51 and 58 (above)............ 585, 602

Footnote No. 213, See Footnote No. 84 (above) ........................................... 3375

Footnote No. 214, See Hearing Exhibit No. 110 (above) ............................ 2657

Footnote No. 217, See Footnote No. 84 (above) ........................................... 3375

Footnote No. 218, See Hearing Exhibit No. 64 (above) .............................. 621

Footnote No. 220, See Hearing Exhibit No. 5 (above) ................................ 408

Footnote No. 221, See Hearing Exhibit No. 7 (above) ................................ 415

Footnote No. 222, See Hearing Exhibit Nos. 38 and 64 (above)............ 528, 621

Footnote No. 223, See Attachments (2) and Hearing Exhibit No. 15 

(above)................................................................................................... 3635, 452

Footnote No. 227, See Attachment ............................................................... 3641

Footnote No. 228, See Footnote No. 223 ...................................................... 3635

Footnote No. 230, See Hearing Exhibit No. 105 (above) ........................... 2619

Footnote No. 231, See Footnote Nos. 157 and 163 (above)................. 3581, 3596

Footnote No. 232, See Attachment ............................................................... 3643

Footnote No. 234, See Hearing Exhibit No. 105 (above) ............................ 2619

Footnote No. 235, See Attachments (4) ........................................................ 3644

Footnote No. 236, See Hearing Exhibit No. 105 (above) ............................ 2619

Footnote No. 238, See Footnote No. 117 ...................................................... 3475

Footnote No. 239, See Attachments (2) and Hearing Exhibit Nos. 111 

and 129 (above); two addition items for this footnote are SEALED 

EXHIBITS ................................................................................ 3660, 2660, 2721

Footnote No. 240, See Attachment and Hearing Exhibit No. 70 

(above)................................................................................................... 3665, 646

Footnote No. 241, See Footnote No. 235 and Hearing Exhibit No. 138 

(above)................................................................................................. 3644, 2745

Footnote No. 242, See Hearing Exhibit Nos. 103 and 104 

(above)................................................................................................. 2615, 2618

Footnote No. 243, See Hearing Exhibit No. 70 (above) .............................. 646

Footnote No. 244, See Attachment ............................................................... 3668

Footnote Nos. 245–246, See Hearing Exhibit No. 113 (above) .................. 2679

Footnote Nos. 248–250, See Hearing Exhibit No. 110 (above) .................. 2657

Footnote No. 251, See Footnote No. 84 ....................................................... 3375

Footnote No. 252, See Hearing Exhibit No. 105 (above) ............................ 2619

Footnote Nos. 253–255, See Hearing Exhibit No. 106 (above) .................. 2622

Footnote No. 256, See Attachment ............................................................... 3670

Footnote No. 257, See Attachment and Hearing Exhibit No. 106 

(above)................................................................................................. 3671, 2622

Page

XIX

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote No. 258, See Hearing Exhibit No. 106 (above) ............................ 2622

Footnote No. 261, See Footnote No. 201 (above) ......................................... 3929

Footnote No. 262, See Attachment ............................................................... 3672

Footnote No. 263, See Attachment ............................................................... 3678

Footnote No. 265, See Attachment, Footnote No. 244 and Hearing Exhibit Nos. 70 and 108 (above)......................................... 3679, 3668, 646, 2647

Footnote No. 266, See Attachments (2) (One document partially reprinted, full document is (SEALED EXHIBIT) ....................................... 3681

Footnote No. 267, See Footnote No. 266 (above) ......................................... 3681

Footnote No. 268, See Attachment ............................................................... 3687

Footnote No. 270, See Footnote No. 154 (above) ......................................... 3575

Footnote No. 271, See Footnote No. 237 (above) (Found in the files 

of the Subcommittee) ................................................................................ *

Footnote No. 272, See Attachment ............................................................... 3690

Footnote No. 273, See Footnote No. 272 (above) ......................................... 3690

Footnote No. 274, See Attachment ............................................................... 3697

Footnote No. 275, See Attachments (5) ........................................................ 3703

Footnote No. 276, See Footnote No. 275 (above) ......................................... 3703

Footnote No. 278, See Hearing Exhibit No. 101 (above) ............................ 2607

Footnote No. 279, See Attachment ............................................................... 3711

Footnote No. 280, See Attachment ............................................................... 3712

Footnote No. 281, See Footnote No. 117 and Hearing Exhibit No. 112 

(above)................................................................................................. 3475, 2678

Footnote No. 282, See Hearing Exhibit Nos. 64, 69 and 81 

(above)............................................................................................. 621, 644, 665

Footnote No. 283, See Hearing Exhibit No. 81 (above) .............................. 665

Footnote No. 284. See Attachment .............................................................. 3714

Footnote No. 285, See Attachment ............................................................... 3717

Footnote No. 286, See Attachment (Four additional items for this footnote are SEALED EXHIBITS) ................................................................. 3718

Footnote No. 293, See Hearing Exhibit No. 120 (above) ............................ 2699

Footnote No. 294, See Hearing Exhibit No. 119 (above) ............................ 2696

Footnote No. 295, See Attachment ............................................................... 3719

Footnote No. 296, See Footnote No. 117 and Hearing Exhibit Nos. 

42 and 112 (above)..................................................................... 3475, 543, 2678

Footnote No. 299, See Footnote No. 156 (above) ......................................... 3579

Footnote No. 301, See Attachment ............................................................... 3722

Footnote No. 302, See Attachment ............................................................... 3754

Footnote No. 303, See Hearing Exhibit No. 21 (above) .............................. 464

Footnote No. 306, See Attachment ............................................................... 3756

Footnote No. 307, See Attachment ............................................................... 3757

Footnote No. 308, See Footnote No. 307 (above) ......................................... 3757

Footnote No. 310, See Hearing Exhibit No. 128 (above) ............................ 2720

Footnote No. 312, See Footnote No. 52 (above) ........................................... 3054

Footnote No. 313, See Attachments (3) ........................................................ 3767

Footnote No. 314, See Hearing Exhibit No. 38 (above) .............................. 528

Page

XX

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote No. 319, See Attachments (2) ........................................................ 3775

Footnote No. 320, See Attachment ............................................................... 3779

Footnote No. 321, See Attachments (2) ........................................................ 3795

Footnote Nos. 322–323, See Footnote No. 320 (above) ............................... 3779

Footnote No. 324, See Attachment and Footnote No. 320 .................. 3801, 3779

Footnote No. 327, See Attachment ............................................................... 3812

Footnote No. 328, See Attachment ............................................................. 3813

Footnote No. 329, See Attachments (2) ...................................................... 3814

Footnote No. 330, See Footnote No. 329 (above) ....................................... 3814

Footnote No. 331, See Attachments (3) ...................................................... 3816

Footnote No. 332, See Attachments (3) ...................................................... 3822

Footnote No. 333, See Hearing Exhibit No. 21 (above) ............................ 464

Footnote Nos. 335–336, See Hearing Exhibit No. 43 (above) .................. 545

Footnote No. 337, See Hearing Exhibit No. 128 (above) .......................... 2720

Footnote No. 338, See Hearing Exhibit No. 103 (above) .......................... 2615

Footnote No. 339, See Hearing Exhibit No. 104 (above) .......................... 2618

Footnote No. 340, See Footnote No. 154 (above) ....................................... 3575

Footnote No. 341, See Attachment ............................................................. 3830

Footnote No. 342, See Attachments (2) ...................................................... 3831

Footnote No. 343, See Footnote No. 203 (above) ....................................... 3632

Footnote Nos. 344 and 346, See Hearing Exhibit No. 28 (above) ............ 496

Footnote No. 347, See Footnote No. 122 (above) ....................................... 3492

Footnote No. 348, See Hearing Exhibit No. 28 (above) ............................ 496

Footnote Nos. 349–350, See Footnote No. 163 (above) ............................. 3596

Footnote No. 351, See Footnote No. 117 (above) ....................................... 3475

Footnote No. 352, See Footnote No. 52 (above) ......................................... 3054

Footnote No. 355, See Attachment ............................................................. 3835

Footnote No. 356, See Footnote No. 355 (above) ....................................... 3835

Footnote No. 359, See Attachment and Footnote No. 203 (above) ........... 3840

Footnote No. 360, See Hearing Exhibit No. 121 (above) .......................... 3482

Footnote No. 361, See Attachment and Hearing Exhibit No. 58 

(above)................................................................................................... 3842, 602

Footnote No. 362, See Footnote No. 361 (above) ....................................... 3842

Footnote No. 363, See Attachment ............................................................. 3847

Footnote No. 364, See Attachment ............................................................. 3848

Footnote No. 367, See Footnote No. 154 (above) ....................................... 3575

Footnote Nos. 368–369, See Footnote No. 52 (above) ............................... 3054

Footnote No. 370, See Hearing Exhibit No. 115 (above) .......................... 2686

Footnote No. 371, See Footnote No. 52 (above) ......................................... 3054

Footnote No. 372, See Hearing Exhibit No. 114 (above) .......................... 2681

Footnote No. 373, See Attachments (2) and Footnote Nos. 154 and 

203 (above) ............................................................................... 3850, 3575, 3632

Footnote No. 374, See Footnote No. 373 (above) ....................................... 3850

Footnote No. 375, See Footnote No. 144 (above) ....................................... 3530

Footnote No. 376, See Footnote No. 150 (above) ....................................... 3568

Footnote No. 377, See Footnote No. 151 (above) ....................................... 3572

Footnote No. 378, See Footnote No. 355 (above) ....................................... 3835

Footnote Nos. 379–382, See Hearing Exhibit No. 115 (above) ................ 2686

Page

XXI

155. Documents relating to Footnotes found in U.S. Tax Shelter Industry—

Continued

Footnote No. 383, See Attachment and Hearing Exhibit No. 46 

(above)................................................................................................... 3853, 560

Footnote No. 384, See Hearing Exhibit No. 44 (above) ............................ 555

Footnote No. 385, See Attachment ............................................................. 3854

Footnote No. 386, See Hearing Exhibit No. 38 (above) ............................ 528

1951


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