In a news analysis for TAX NOTES magazine, contributing editor Lee Sheppard points out that the accounting scheme, which involved a natural gas purchasing partnership, wasn't much of an accounting ploy. Instead, she writes,"It was a tax ploy masquerading as an accounting ploy." Dynegy reportedly claimed a one-time tax saving of $80 million on its books.
Click here for the full text of Sheppard's article, including a detailed analysis of the Dynegy tax shelter. Sheppard's article appears in the April 15 issue of TAX NOTES magazine, a weekly magazine covering federal, state, and international tax issues.
About Tax Analysts
Tax Analysts is an influential provider of tax news and analysis for the global community. Over 150,000 tax professionals in law and accounting firms, corporations, and government agencies rely on Tax Analysts' federal, state, and international content daily. Key products include Tax Notes, Tax Notes Today, State Tax Notes, State Tax Today, Tax Notes International, and Worldwide Tax Daily. Founded in 1970 as a nonprofit organization, Tax Analysts has the industry's largest tax-dedicated correspondent staff, with more than 250 domestic and international correspondents. For more information, visit our home page.
Media Release 2002-4