Expedited Challenges to Economic Substance: Erosion of Protections for Taxpayers and Problems for the IRS



This article does the following:
  • explains the economic substance doctrine and the reasons why Congress codified it,
  • summarizes IRS guidance over the following decade,
  • reviews the recent mandate authorizing Revenue Agents to challenge economic substance without first obtaining executive approval,
  • identifies sources demonstrating that attacks on economic substance are on the rise, and
  • highlights obstacles the IRS will encounter if it continues down this path.

Read the full article here.

About Hale E. Sheppard
HALE E. SHEPPARD, Esq. (B.S., M.A., J.D., LL.M., LL.M.T.) is a Shareholder in the Tax Controversy Section of Chamberlain Hrdlicka and Chair of the International Tax Group.

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