Magazine content is available exclusively for TIME subscribers.Business: What Is Left in Tax Shelters
Some remain, though many have been blown away by a new law
Oh, a storm is
threatening
my life today,
If I don't get some
shelter, oh
yeah,
I'm gonna fade
away.
Those mournful lyrics from the Rolling Stones' rock classic Gimme Shelter touched a generation of troubled youngsters in the late 1960s. Today the lines might serve as a lament for affluent investors who are watching some of their tax shelters being blown away. The winds of change are coming from the Internal Revenue Service and Congress, which greatly restricted tax avoidance schemes in the Tax Reform Act...
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