LexisNexis® Legal Newsroom
Altria Settles 14 Years of SILO/LILO Transactions for $500 Million

On May 22, Altria announced that it executed a closing agreement with the Internal Revenue Service settling the federal income tax treatment of fourteen years of leveraged lease transactions (commonly known as lease-in/lease-out (LILO) and sale-in/lease-out (SILO) transactions) entered into by Altria's...

IRS Authority to Settle After Referral to DOJ Tax

I point readers to an excellent blog by Peter Reilly -- An Isley Brother In Tax Court - Does Tax Crime Pay (Forbes Taxes 11/10/13), here . Peter discusses the recent decision [ enhanced version available to lexis.com subscribers ] in Isley v. Commissioner , 141 T.C. No. 11 (2013), here . I refer readers...