IR-2008-104, Sept. 11, 2008
WASHINGTON ¡ª The Internal Revenue Service today announced that it has reached a settlement with Arnold & Porter LLP, which has paid a civil tax shelter promoter penalty. The settlement relates to the Firm¡¯s failure in 2000, 2001 and 2002 to comply with tax shelter registration requirements and its participation in the organization of the following listed transactions that were sold to high-net worth individuals and corporations: Partnership Option Portfolio Securities (POPS), Personal Investment Corporation (PICO), and Family Office Customized Partnerships (FOCUS). The Firm cooperated with the Internal Revenue Service¡¯s examination. The Firm has put into place a comprehensive compliance program designed to assure ongoing adherence to all tax shelter disclosure and list maintenance requirements of the Internal Revenue Code, and related laws.
Arnold & Porter has consented to issuance of this News Release in accordance with Section 6103 of the Internal Revenue Code.