Economic Substance Doctrine Codified: Surviving Scrutiny Under New IRC Section 7701(o)
Structuring Business Transactions and Understanding the New Audit Landscape
Healthcare reform law codifies common law doctrine formerly in conflict
Recording of a 90-minute premium CLE/CPE webinar with Q&A
This CLE and CPE course 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.
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?
Faculty
Alex Sadler
Partner
Crowell & Moring
He specializes in representing taxpayers in controversies with the IRS. He handles all aspects of tax litigation, from... | Read More
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.
ClosePhillip A. Pillar
Shareholder
Greenberg Traurig
His practice concentrates on representing and advising clients in federal, state and international tax issues before... | Read More
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.
CloseJeremiah Coder
Contributing Editor
Tax Analysts
He is a contributing editor at Tax Analysts, where he writes on a wide variety of tax law issues with a particular... | Read More
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.
CloseBryon Christensen
Attorney Advisor
US Department of the Treasury
He is an attorney advisor in the Treasury Department's Office of Tax Policy, where he focuses on tax procedure and... | Read More
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.
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