The Internal Revenue Code Section 6662 defines "a tax shelter as any partnership, entity, plan or arrangement if a significant purpose of such partnership, entity, plan or arrangement is the avoidance or evasion of federal income tax" ("What is a tax shelter"). The Internal Revenue code was purposefully created in order to avail corporations to benefit from legitimate tax shelters in order to ensure applicable social and economic benefit intended by Congress. Furthermore, Congress has determined …showed first 75 words of 1339 total…

…showed last 75 words of 1339 total…shelter provisions we would drastically impede the economic progress and deter corporations from investing in risky ventures. Hence, our economic development would be on standstill and our countries economic evolution would slowly begin to deteriorate. Regardless of the evil that the tax sheltering laws permit, I firmly believe that the benefits that it enables far outweigh the predicament that our economic corporate health would be in had it not been for the tax sheltering provisions.