Because the number of investors purchasing tax sheltered investment programs has increased so significantly in recent years, California has begun to more closely scrutinize the sale of these interests. Since such programs qualify as securities, they are governed by the Corporate Securities Law of California, which requires that a permit be obtained from the Commissioner of Corporations certifying that the public offering is fair, just, and equitable. In this article Brian Van Camp, California's Commissioner of Corporations, reviews the administration of the laws and regulations governing the various tax shelter investments and points out the kinds of factors which the Commissioner's office considers in determining the fairness of each type of investment program.
Brian R. Van Camp,
From Garden Apartments to Cattle to Pistachio Groves: Regulating Tax Shelters in California,
Pac. L. J.
Available at: https://scholarlycommons.pacific.edu/mlr/vol4/iss2/15