Detouring the Tax Reform Act of 1976: Tax Shelter Proprietorships

Authors

Lewis D. Solomon
Scott G. Smith

Abstract

After briefly reviewing the so-called abusive aspects of tax shelters which led Congress to enact the Tax Reform Act of 1976, the authors focus on an unintended loophole-the tax shelter proprietorship. The tax shelter proprietorship remains a viable method of reducing federal income taxes payable by high bracket taxpayers. The business mechanics and tax aspects of a sound recording proprietorship are analyzed and specific suggestions for future reforms to deal with the problem of tax shelter proprietorships are delineated.

Recommended Citation

Lewis D. Solomon & Scott G. Smith, Detouring the Tax Reform Act of 1976: Tax Shelter Proprietorships, 32 U. Mia. L. Rev. 1 (1977).
Available at: https://repository.law.miami.edu/umlr/vol32/iss1/3