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IRS unveils the first guidance under the newly codified economic substance doctrine, indicating that it will enforce the two-prong substance test under the law and stressing that it will not issue general guidance on transactions that would or would not pass muster, or an “angel list.” In Notice 2010-62, IRS says it will challenge taxpayers who try to rely on prior law to argue that their transactions have substance because they satisfy one of the two prongs. Taken together, the two parts of the test require taxpayers to show both that their transaction had a substantial nontax business purpose and that it led to a meaningful change in economic position.
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