To amend the Internal Revenue Code of 1986 to curb tax abuses by disallowing tax benefits claimed to arise from transactions without substantial economic substance, and for other purposes.

Abusive Tax Shelter Shutdown Act of 2001 - Amends the Internal Revenue Code to set forth general and special rules defining economic substance. Doubles the penalty for certain tax accuracy related underpayments. Penalizes the promoter of tax avoidance strategies which have no economic substance in an amount equal to 100 percent of the gross income derived. Modifies provisions concerning...