For purposes of this Law, the term "tax avoidance transaction" means a plan or arrangement devised for the principal purpose of avoiding federal income tax. Tax avoidance transactions include, but are not limited to, "listed transactions" as defined in Treasury Regulations Section 1.6011-4(b)(2).
35 ILCS 20/35-10
"Tax avoidance transaction" defined
Known as the Tax Shelter Voluntary Compliance Law
The act spans §§ 35-20-35-1 to 35-20-35-90 (5 sections).
P.A. 93-840, eff. 7-30-04.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.