AskDefine | Define blips

User Contributed Dictionary

English

Noun

blips
  1. Plural of blip

Verb

blips
  1. third-person singular of blip

Extensive Definition

For brief promotional films used by the band Radiohead, see Kid A
Blips is an acronym for Bond Linked Issue Premium Structure, or Bond Linked Investment Premium Strategy''. It is a type of tax shelter involving investors who take out bank loans which the government considers illegitimate. These loans are then shifted to partnerships to claim tax losses.
Blips are invalid in the eyes of the Internal Revenue Service (IRS).

History

Blips represent one of four abusive tax shelters that the Senate Permanent Subcommittee on Investigations investigated in 2003. The Subcomittee found that KPMG had sold to at least 350 people from 1997 to 2001, earning fees of $124 million. Those shelters cost the Treasury at least $1.4 billion in unpaid taxes, according to the subcommittee. In the investigation, KPMG argued that investors knew they were taking a risk that the IRS might not accept the claims.

References

Synonyms, Antonyms and Related Words

CRT spot, DM display, Doppler signal, IF signal, IM display, RF echoes, beam, beat signal, bounces, display, double-dot display, echo, echo signal, local oscillator signal, output signal, picture, pips, radar signal, reading, reflection, return, return signal, signal, signal display, spot, target image, trace, transmitter signal, video signal
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