Jonathan D. Glater takes a fascinating look at the “Wonderworld” of the Tax Law, the US DOJ and the KPMG Tax Shelter Cases:

Eight former executives of the accounting firm KPMG and one outside lawyer have been indicted on charges stemming from their role in designing and selling questionable tax shelters. Yet so far, no court has decided that the shelters were improper.
One tax shelter promoter has asked a federal judge in San Francisco to tackle that very question: the legality of the shelters. And federal prosecutors in Manhattan appear to be worried that the judge might do that. Lawyers for the government have twice argued that the judge should wait for the criminal case to conclude.

More here.