Breaking News: Supreme Court Rules Against IRS in Case of Tax Shelters

Earlier today, the Supreme Court ruled against the Internal Revenue Service (IRS) in a case regarding the infamous "Son of BOSS" tax shelters. The "Son of BOSS" tax shelter is fundamentally (according to http://www.son-of-boss.com/) "the creation of an artificial tax loss to offset a taxable gain." This means that the Federal Government loses money because the gain, that would have had to be filed on federal taxes, ultimately gets wiped out because of a generic loss of the same amount. Basically, losses can be used to wipe out gains, which is the reason why tax shelters are so effective (I am not a tax expert so the website above or the picture below will be much greater assistance in understanding the concept of tax shelters). Since 2000, the IRS and the U.S. Treasury have been tirelessly attempting to terminate the "Son of BOSS" tax shelter, which originated in the late 1990s and has been used, as of late, more than ever.

In court, the IRS stated that there should be a six-year statute on the tax shelter should apply, especially regarding cases in which income is omitted. However, taxpayers fought back, stating that the six-year statute was invalid because the "Son of BOSS" tax shelter did not omit income when filing. After hearing arguments for both sides, the Supreme Court ruled 5-4 in favor of the taxpayers, stating that the IRS had overstepped its boundaries. This will probably not be the last case we hear about the "Son of BOSS" and other tax shelters. What do you think about the matter? (more information on link below)
http://online.wsj.com/article/SB10001424052702303990604577366312132335038.html