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October 2012 » The Economic Substance Doctrine
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Karyn Bybee Friske, PhD, CPA, and Karen M. Cooley, CPA, and Darlene Pulliam, PhD, CPA
Even though the concept of economic substance has been codified, concern about the proper application of this doctrine still exists. Thus, the IRS has released administrative guidance clarifying when the application of this doctrine is appropriate. Rigorous conditions must be met before a transaction can be treated as lacking economic substance, thereby subjecting it to the penalties for the underpayment of taxes that stem from such a transaction.
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