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Full-Text Articles in Law
Omg! Esd Codified!: The Overreaction To Codification Of The Economic Substance Doctrine, Monica D. Armstrong
Omg! Esd Codified!: The Overreaction To Codification Of The Economic Substance Doctrine, Monica D. Armstrong
Florida A & M University Law Review
No abstract provided.
Irs Still Battling “Abusive Tax Shelters” 25 Years Later, Lindsay Wilkinson,
Irs Still Battling “Abusive Tax Shelters” 25 Years Later, Lindsay Wilkinson,
The Contemporary Tax Journal
No abstract provided.
W(H)Ither Economic Substance?, Leandra Lederman
W(H)Ither Economic Substance?, Leandra Lederman
Articles by Maurer Faculty
Transactions that claim inappropriate tax benefits are a perennial problem. When the IRS claims a transaction is abusive, courts generally examine whether the taxpayer had a business purpose and whether the transaction had economic substance (essentially a prospect of profit before taxes). This two-pronged "economic substance doctrine" developed from a series of Supreme Court cases.
Unfortunately, the economic substance doctrine provides a poor proxy for the real question, which was the focus of the early cases-whether the claimed tax results are consistent with Congress's intent. One important drawback of the shift from a focus on congressional intent to a focus …