Chuck Grassley: “In simple terms, a tax strategy is any method for reducing, avoiding, or deferring tax liability based upon the tax…”

“In simple terms, a tax strategy is any method for reducing, avoiding, or deferring tax liability based upon the tax law--including interpretations and applications of the Internal Revenue Code, regulations, and related guidance. A tax strategy can be as simple as a plan to buy tax-exempt bonds or invest in an IRA to reduce your tax liability or as complex as some sort of sale-leaseback tax shelter involving multiple domestic and foreign corporations and partnerships. A tax strategy patent, which is what we are talking about in this bill, is just that--a patent on a particular tax strategy.”