Personal Investment Corporation (PIC)A PIC is a term used in the banking industry to refer to an IBC. PICs are generally created for the private bank's client in order to hold the client's…
Potentially abusive tax shelterAny tax shelter required to be registered under prior federal law or is a reportable transaction under present federal law or state law.
Private BankingOffshore banking services are most commonly handled by the private banking departments of commercial banks or by private banks that cater solely to…
PromoterAny person who, directly or indirectly, organizes or assists in the organization of a tax shelter or who participates in the sale of any interests in a…