Posted on Dec 13, 2018 in
Taxation |
Comments Off on Reinvestment of Tax Shelter Proceeds Is Not a Valid “Business Purpose”
The Eleventh Circuit last week decided a tax case exploring the appropriate scope of factual review for the economic substance and business purpose doctrines. Curtis Investment Co. v. Commissioner, 2018 WL 6380325 (11th Cir. Dec. 6, 2018). These two doctrines allow courts and the IRS to make a substance-over-form review of suspected tax avoidance activities. In order to claim a tax...