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A new U.S. Internal Revenue Service team looking at the business activities of the ultra-wealthy has missed its own goals, reviewing only one privately held company and 10 partnerships in fiscal 2011, said a Syracuse University research group on Tuesday.
The IRS team in late 2010 set a 2011 goal of auditing 15 privately held companies known as S-corporations and 60 partnerships during the year, said the Transactional Records Access Clearinghouse (TRAC) at Syracuse.
"This program has not lived up to the fanfare with which it was announced," said TRAC, which uses data obtained by court order under Freedom of Information Act requests.
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