A new 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.

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