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“Nobody Loses All The Time”: Remembering Negative Precedents

March 6, 2015 By Jasper L. (Jack) Cummings, Jr.

The IRS can have a long memory when it comes to rulings and decisions against taxpayers. Even with the seemingly all-purpose economic substance doctrine in its utility belt, the IRS sometimes dusts off old precedents to attack transactions. Revenue Ruling 80-239, 1980-2 C.B. 103, and Basic, Inc. v. United States, 549 F.2d 740 (Ct. Cl. 1977) are two anti-taxpayer authorities that targeted perceived abuses that are now largely obsolete. Nevertheless, the IRS may still invoke these precedents for support in totally different situations. Taxpayers should be aware of how the IRS might use [...]Read more

Filed Under: Controversies - Federal, Corporate - Federal, Federal - Corporate Tax Planning, Federal Tax Advisory Tagged With: Basic Inc. v. United States, Corporate Tax Planning, economic substance doctrine, IRS, precedent, Rev. Rul. 80-239

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