The Health Care and Education Reconciliation Act of 2010 codified the existing economic substance doctrine. The new legislation imposes a strict liability penalty for failing to satisfy the economic substance test, which will likely result in more aggressive use of the doctrine by the IRS in corporate audits. The IRS has indicated that it will not release any list of safe harbor transactions. Join our expert panel as they guide you through the new provisions codifying the economic substance doctrine and analyze the impact of these new rules on tax planning and tax controversy disputes.
The panel discusses the following issues, among others:
- What is the economic substance doctrine?
- Which transactions does it reach?
- What are the implications to taxpayers and their advisors when the doctrine is violated?
Lawrence J. Arem, Esq., Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, Philadelphia
Eric Solomon, Esq., Office of Tax Policy, U.S. Treasury Department, Washington, D.C.
Thomas J. Gallagher, Esq., Cozen O'Connor, Philadelphia
