Economic Substance Doctrine Codified: Surviving Scrutiny Under New IRC Section 7701(o)
Structuring Business Transactions and Understanding the New Audit Landscape
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Wednesday, May 19, 2010
Recorded event now available
This CLE and CPE webinar will advance the knowledge of tax practitioners regarding the new IRS Code provisions on the economic substance doctrine. The seminar will analyze the impact of the new rules for transactional tax planning and review key case law that may be used to interpret the new rules.
Description
The healthcare reform bill codifies the economic substance doctrine, one of several provisions to raise revenue to help pay for healthcare reform. While the new Code provisions purport to add clarity and consistency for taxpayers, it is far from clear that these new rules will benefit taxpayers.
Given the uncertainty regarding IRS application of the new rules, the stakes are high for companies considering even tried and true transactions. Transactional tax planning practitioners must be vigilant in assessing whether a particular transaction will satisfy this new economic substance test.
The new legislation imposes a strict liability penalty of 20% 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.
Listen as our authoritative panel of tax attorneys guides you through the new Code provisions codifying the economic substance doctrine and analyzes the impact of these new rules on tax planning and tax controversy disputes.
Outline
- Analysis of new Code provisions
- How we got here
- New economic substance tests
- Technical explanation to Act — application to basic business transactions
- Penalties — strict liability
- 20% for disallowed tax
- 40% for nondisclosed transactions
- Impact of new provisions
- Impact on transactional tax planning
- Impact on the audit landscape
- Case law that may be used to interpret new rules and defend against IRS challenges
Benefits
The panel will review these and other key questions:
- What are the new tests for economic substance—and how are they different than the common law tests?
- What effect does profit potential have, and how will pre-tax profits be calculated?
- How are the codification and penalties expected to affect the audit landscape?
After completing this seminar, you will learn the details of the new IRS Code provisions on the economic substance doctrine. You will learn how the new rules will impact transactional tax planning and be briefed on key court law decisions that may influence how the new rules are interpreted by the IRS.
Faculty
Alex Sadler,
Partner
Crowell & Moring, Washington, D.C.
He specializes in representing taxpayers in controversies with the IRS. He handles all aspects of tax litigation, from factual development through discovery, trial, and appeal. He also helps taxpayers resolve tax issues before litigation in IRS Appeals and with issues arising during audit, such as responding to summonses, other information requests, and proposed adjustments.
Phillip A. Pillar,
Shareholder
Greenberg Traurig, Washington, D.C.
His practice concentrates on representing and advising clients in federal, state and international tax issues before tax authorities and courts. He negotiates sophisticated tax problems for clients including voluntary disclosures, methods of accounting and tax shelters. His cases include precedent-setting decisions in the taxation of many different industries, particularly financial services.
Jeremiah Coder,
Contributing Editor
Tax Analysts, Falls Church, Va.
He is a contributing editor at Tax Analysts, where he writes on a wide variety of tax law issues with a particular focus on tax practice and procedure. Before joining Tax Analysts in 2007, he worked at several accounting firms conducting tax research and clerked at the United States Tax Court.
Bryon Christensen,
Attorney Advisor
US Department of the Treasury, Washington, D.C.
He is an attorney advisor in the Treasury Department's Office of Tax Policy, where he focuses on tax procedure and administration issues. Before joining the Treasury Department, he was an attorney at Skadden, Arps, Slate, Meagher & Flom, where he worked on a variety of tax controversy matters. He is also an adjunct professor at Georgetown University Law Center.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CPE: Self-study CPE is not offered on online webinars.
CLE:
Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*.
Pre-approved for self-study credit in: AK, AZ, GA, ME, MO, MT, TX, VT, WA.
Upon request, also available in: CO, CT*, FL, ID, KY, LA*, NC, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)
Online CLE Audio $149.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CPE: Self-study CPE is not offered on recorded events.
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, GA, HI, ME, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, ID, KY, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
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Available three business days after the live event
DVD (Slide Presentation with Audio) $49.00
plus $9.45 S&H
Available ten business days after the live event
MP3 Download (Audio with Slide PDFs) $49.00
Available 24 hours after the live event
CD (Audio with Slide PDFs) $49.00
plus $9.45 S&H
Available ten business days after the live event
Webinar/Teleconference
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Customer Reviews
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Withers Bergman LLP
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Duane Morris LLP
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Mikunda, Cottrell & Co., Inc.
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Donahue Tucker & Ciandella
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Clark & Glass, LLP
Tax Law Advisory Board
Tax Partner
Steptoe & Johnson
Of Counsel
Morrison & Foerster
Partner, Federal, State and International Tax Planning
Rogin Nassau
International Tax and Tax Controversies Partner
DLA Piper
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Transactional Tax Partner
McKenna Long & Aldridge
Partner, Cross-Border Transactions Tax
Fraser Milner Casgrain
Federal Tax Partner
Nixon Peabody
Partner, Tax-Exempt Organizations
Steptoe & Johnson
Partner, Corporate Tax and Due Diligence
Pepper Hamilton
Tax Controversy Partner
Crowell & Moring
Of Counsel
Skadden Arps
Peter Stathopoulos
Managing Director, State and Local Tax Practice
Bennett Thrasher
Partner & Co-Chair, State & Local Tax Practice
Sutherland Asbill & Brennan
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