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Exploring the Limits of the Evolving Economic Substance and Business Purpose Doctrines and Related Penalty and Ethics Issues

Recorded on: Oct. 22, 2018
Running Time: 00:59:58

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

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 Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2018 Recorded October 2018 in New York

Exploring the Limits of the Evolving Economic Substance and Business Purpose Doctrines and Related Penalty and Ethics Issues [00:59:58]

Guidance on making sure your transactions will pass muster under the Economic Substance, Sham Transaction, Substance over Form and related doctrines; determining when the IRS will respect a transaction as structured and when it will disregard the form of the transaction to disallow the claimed tax benefits; identifying situations where courts will uphold penalties imposed against taxpayers and discussion of what constitutes reasonable reliance on a practitioner for the purpose of avoiding penalties; review of recent case law as well as penalty and ethical standards.

Susan E. Seabrook, Bryan C. Skarlatos

The purchase price of this Web Program segment includes the following article from the Course Handbook available online:
  • To Disclose or Not to Disclose: Tax Shelters, Penalties, and Circular 230 in 2018
    Linda Z. Swartz, Jean Marie Bertrand
  • Economic Substance, Judicial Doctrines and Legal Ethics
    Bradley M. Seltzer, Bryan C. Skarlatos
  • Exploring the Limits of the Evolving Economic Substance and Business Purpose Doctrines and Related Penalty and Ethics Issues (Chicago PowerPoint slides)
    Jenny L. Johnson Ware, Thomas A. Cullinan, Megan L. Brackney
Presentation Material
  • Economic Substance, Judicial Doctrines and Ethics
    Susan E. Seabrook, Bryan C. Skarlatos
  • (s)
    Susan E. Seabrook ~ Eversheds Sutherland (US) LLP
    Bryan C. Skarlatos ~ Kostelanetz & Fink LLP
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