Economic Substance Doctrine (2010)

On March 30, 2010, the Health Care and Education Affordability Reconciliation Act of 2010 added Section 7701(o) to the Internal Revenue Code.  Section 7701(o) codifies the judicially created economic substance doctrine (ESD) and requires that, for any transaction to which ESD is relevant, the transaction must change in a meaningful way (apart from Federal income tax effects) the taxpayer’s economic position and the taxpayer must have a “substantial purpose” (apart from Federal income tax effects) for entering into such transaction.  Significantly, a strict liability penalty may be imposed for any understatement associated with the failure to satisfy ESD.

 In this program, a highly experienced panel of tax professionals:

* Review and discuss significant aspects of Section 7701(o) and the related penalty provisions;
*Discuss the application of the statutory language to common transactions;
* Discuss the views of the IRS Chief Counsel’s office and the extent to which taxpayers can expect guidance;
* Discuss how the codification may affect the advice given by advisors and associated ethical obligations; and
* Discuss the circumstances under which penalties will be imposed.

Program Speakers

Karen Gilbreath Sowell, CPA (Moderator)
Ernst & Young LLP
—Washington, DC

William D. Alexander, Esq.
Associate Chief Counsel (Corporate)
Office of Chief Counsel
Internal Revenue Service
—Washington, DC

David P. Hariton, Esq.
Sullivan & Cromwell LLP
—New York City

Bryan C. Skarlatos, Esq.
Kostelanetz & Fink LLP
—New York City

W. Kirk Wallace, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
—New York City

Total MCLE Credits   1.5
Ethics MCLE Credits 1.0

* Each additional person who uses the tapes for MCLE credit must purchase a copy of the “MCLE coursebook.”

The product type below that starts with the letter 'V' is a video online program that you will view and listen to on your computer screen. The program code for each topic that you write on the included MCLE Form only appears on the screen and is not announced by audio.

The product type beginning with the number '8' is an audio-only online program that you may listen to through your computer OR download to a portable media player. You will hear the program codes for the MCLE Form announced by audio during the substantive presentations.

Product Type	Member Price	Non Member Price
Economic Substance Doctrine (2010) (This product cannot be used to receive MCLE credit) (CLE CourseBooks) 1A32	$40.00	$60.00
+ Economic Substance Doctrine (2010) (MCLE credit only if you have access to the course's audio/video/CD recording. You cannot receive MCLE credit from a coursebook alone.) (CLE CourseBooks) 1A32M	$20.00	$30.00
* Economic Substance Doctrine (2010) (MCLE Audio on CD) DA321	$70.00	$110.00
* Economic Substance Doctrine (2010) (CLE on DVD) FA321	$85.00	$125.00
Economic Substance Doctrine 2010 [Audio] (On-Line Programs) 80A32	$85.00	$125.00
The Codification of the Economic Substance Doctrine (2010) [Video] (On-Line Programs) VA321	$85.00	$125.00