Yoram Keinan And Stow Lovejoy Participate In The Panel Titled "The Current State Of The Economic Substance Doctrine And Its Effect On Financial Institutions" At The ABA Section Of Taxation, May Tax Meeting

The economic substance doctrine was “codified” in 2010, effective for transactions after March 31, 2010, and a new strict liability penalty added for economic substance understatements.  While the IRS and Treasury provided initial guidance on the application of the codified doctrine and the penalty, only a handful of cases have considered post-codification transactions. This panel discussed how the economic substance doctrine has developed since codification and the extent to which the doctrine and the penalty should concern financial institutions in planning and examinations. Moderator: Stow Lovejoy, Kostelanetz & Fink LLP, New York, NY Panelists:   Jasper Cummings, Alston & Bird James Hartford, Office of Chief Counsel, Internal Revenue Service Yoram Keinan, Kostelanetz & Fink, LLP Click here for event website.