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Product ID: 389468EAU
Credit & Course Provided by:

Economic Substance Codification Update: Impact on Audits and Transaction Planning

OnDemand Webinar (94 minutes)

This OnDemand Webinar provides an update on recent IRS guidance and cases involving the codification of economic substance. Many of these cases have substantially refined the landscape. Because economic substance permeates all tax planning and audit issues, it is important for everyone who deals with tax issues to keep up with the developments and arguments that impact how the IRS and courts view economic substance and what taxpayers are expected to provide to defend the treatment of transactions.

Learning Objectives:

  • You will be able to define "Safe Harbors."
  • You will be able to discuss the Two Prong Test.
  • You will be able to explain Notice 2010-62.
  • You will be able to review first and second Economic Substance Directives.


Gregory N. Kidder, Steptoe & Johnson LLP
Matthew D. Lerner, Steptoe & Johnson LLP


When Does the Economic Substance Doctrine Apply?

• In General

• Congressional Plan or Purpose

• Certain Credits

• 'Safe Harbors'

• Disaggregation of Transactions

The Two Prong Test

• The Objective Component

• The Subjective Component

The Individual Exception

Strict Liability Penalties

Notice 2010-62

First Economic Substance Directive

Second Economic Substance Directive

Other Practice and Procedure Issues

Selected Recent Economic Substance Cases