Amy S. Elliott, Practitioners Blast Economic Substance Guidance With No Angel List, 2010 TNT 177-1 (Sept. 14, 2010):

Practitioners panned long-awaited guidance on the codified economic substance doctrine that the IRS released September 13, criticizing it as “profoundly disappointing.” “It basically says ‘we’re not providing guidance,’” said Mark Silverman, a partner at Steptoe & Johnson LLP, of Notice 2010-62 [2010-40 IRB 1]. The notice confirms that Treasury and the IRS do not intend to issue a so-called “angel list” of transactions that would not be subject to the doctrine or a list of those that would be subject to it. It also confirms that the IRS won’t issue private letter rulings on whether the doctrine is relevant to a particular transaction.

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