Paul L. Caron

Thursday, February 26, 2009

Lederman Presents W(h)ither Economic Substance Today at BC

Leandra Lederman (Indiana) presents W(h)ither Economic Substance today at Boston College as part of its Tax Policy Workshop Series organized by James R. Repetti and Diane Ring.  Here is a description of the paper:

This article argues that the economic substance doctrine has become distorted. It no longer serves its original purpose, which is to determine whether the taxpayer’s claimed application of the tax law is consistent with Congress’s intent. The article examines the doctrine both historically and as currently applied, critiquing both the business purpose and economic substance prongs of the current doctrine. In part, it argues that the question of whether a transaction is a "tax shelter" is not a fruitful inquiry. Instead, the article advocates a return to the approach used by the Supreme Court in cases such as Gregory v. Helvering, which focused on ascertaining Congressional intent.

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