The Codification of the Economic Substance Doctrine - 2010 Video Webcast

1.5 MCLE Credits
(1.0 ethics, 0.5 areas of professional practice and/or practice management)

1.5 CPE Credits for New York and New Jersey CPAs

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 will
• 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.

Co-sponsored by the Tax Section and the Committee on Continuing Legal Education of the New York State Bar Association



Program Faculty

Moderator - Karen Gilbreath Sowell, Esq., Ernst & Young LLP, Washington, DC

Panelists (in alphabetical order)

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  



2010 NYSBA CLE Webcast Archive

This program was recorded on June 3, 2010.

This archived webcast 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.