The Internal Revenue Service has issued a new notice (Notice 2010-62) that provides interim guidance regarding a provision of the 2010 health care reform law that codified the economic substance doctrine and related amendments to various penalties. One key sentence in the notice says,” If authorities, prior to the enactment of section 7701(o), provided that the economic substance doctrine was not relevant to whether certain tax benefits are allowable, the IRS will continue to take the position that the economic substance doctrine is not relevant to whether those tax benefits are allowable.” The notice also says, “The Treasury Department and the IRS do not intend to issue general administrative guidance regarding the types of transactions to which the economic substance doctrine either applies or does not apply.” Read More…
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