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Economic Substance, Judicial Doctrines and Legal Ethics

Recorded on: Jun. 7, 2018
Running Time: 01:02:20

Full Transcript:



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To access the streaming media of this presentation, please purchase the corresponding seminar segment.

CPE credit (NASBA QAS Self-Study) is available by completing and passing the program’s CPE Review & Exam.

Upon the successful completion of this program, the participant will be able to:

  • Recall the economic substance and business purpose doctrines.
  • Recognize significant cases involving economic substance and related doctrines.
  • Understand the imposition of penalties in cases involving economic substance and related doctrines despite taxpayer reliance on a practitioner or advisor.

Course Overview:
This program will focus on:

  • The economic substance and business purpose doctrines.
    • Overview
      • Distinguishing between the doctrines
    • Statutory codification
    • Administrative guidance
  • Significant cases involving economic substance and related doctrines.
    • Summa Holdings Inc. v. Commissioner
    • Mazzei v. Commissioner
    • Benenson v. Commissioner
    • Shockley v. Commissioner
    • Tucker v. Commissioner
  • The imposition of penalties in cases involving economic substance and related doctrines despite taxpayer reliance on a practitioner or advisor.
    • Factors for a tax-penalty defense based on taxpayer reliance upon a practitioner or advisor
      • Reasonable reliance
      • Independent advisor
      • Competent professional
      • Good faith
  • Significant cases involving criminal penalties applicable to practitioners.
  • A legislative update on tax penalties.
  • Practice tips for avoiding tax penalties. 

CPE Program Level: Update

Intended Audience: CPA’s, tax accountants, tax lawyers, and taxpayers seeking guidance on the economic substance and business purpose doctrines and those situations in which courts will disallow claimed tax benefits and uphold penalties imposed against taxpayers, despite their reliance upon a practitioner or advisor.

Prerequisites: A basic knowledge of the economic substance and business purpose doctrines and what constitutes reasonable reliance on a practitioner for purposes of avoiding penalties.

Advanced Preparation: None

Instructional Method: QAS Self-Study

Updated: February 2019

Taken from the Web Program Economic Substance, Judicial Doctrines and Legal Ethics Recorded June 2018 in San Francisco

Impact on partnerships of recent judicial decisions, legislation, and administrative developments relating to economic substance, tax shelters and the codification of the economic substance doctrine, including LB&I Directives; penalty defenses, rules of professional responsibility and conduct, including Circular 230 and related ethical considerations that come into play in evaluating the difference between good tax planning and overly aggressive or even criminal tax advice
Wendy Abkin, Bradley M. Seltzer

The purchase price of this Web Program segment includes the following article from the Course Handbook available online:

  • New Guidance Sheds Light on Economic Substance Doctrine and Related Penalties
    Richard M. Lipton
  • Economic Substance, Judicial Doctrines and Legal Ethics
    Bradley M. Seltzer
  • Economic Substance, Judicial Doctrines and Ethics (PowerPoint slides)
    Wendy Abkin, Bryan C. Skarlatos, Jenny L. Johnson Ware, Bradley M. Seltzer
Presentation Material
  • Economic Substance, Judicial Doctrines and Ethics
    Wendy Abkin, Bradley M. Seltzer
  • (s)
    Wendy Abkin ~ Morgan, Lewis & Bockius LLP
    Bradley M. Seltzer ~ Eversheds Sutherland (US) LLP
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