TPB Opens A Can Of Whoop-Ass On CPAJ

The February 2005 issue of CPA Journal has an article on IRC section 509(a)(3) supporting organizations:

Supporting organizations can be used by anyone in the high-income tax bracket who wishes to retain control of assets within the family. They can receive a 50% adjusted gross income (AGI) deduction for removing the asset ownership from their estate, yet maintain virtually the same control they had as fee-simple owners.

Hmmm. A tax shelter. Hmmm. We-e-e-lllll, it's gotta be kosher, right? I mean, it's in the Internal Revenue Code and all.

Imagine my surprise, then, when I read yesterday in TaxProfBlog about

reforms to stop the use of 'supporting organizations' for generous tax breaks rather than charitable purposes.

For the record, CPA Journal had put that article in its "Essentials" section.