The Boston Bar Association Tax Section hosts a program today on The Codified Economic Substance Doctrine:

In March 2010, Congress codified the economic substance doctrine. To pass muster, a transaction must meaningfully change the taxpayer’s economic position, and the taxpayer must have a substantial non-Federal income tax purpose for the transaction. Economic substance codification raises many new issues for taxpayers and  practitioners, and the new strict-liability penalty provisions (up to 40%) for transactions that lack economic substance should sharpen our focus on old issues and new alike. 

This two-panel session will discuss how tax practitioners and taxpayers are dealing with codification in the context of current transactional planning, and how taxpayers should prepare for tax controversies involving the codified economic substance doctrine and its attendant penalty provisions. After this seminar, attendees will know how the economic substance doctrine may affect transactional and tax controversy planning.

• William Alexander (Associate Chief Counsel (Corporate), IRS Office of Chief Counsel)
• Thomas Condon (Chief, Litigation Bureau, Massachusetts Dept. of Revenue)
• Thomas Greenaway (KPMG)
• Ken Jones (Sutherland Asbill & Brennan)
• Ameek Ashok Ponda (Sullivan & Worcester)
• William Potter (KPMG)
• Jason Tata (KPMG)
• Talha Zobair (Raytheon Company)