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Taxpayers Bear the Tax Consequences of Business Decisions

By Farrell Fritz P.C. on August 21, 2017
Posted in Federal Tax Issues

Form v. Substance

It is a basic precept of the tax law that the substance of a transaction, rather than its form, should determine its tax consequences when the form of the transaction does not coincide with its economic reality. This substance-over-form argument is a powerful tool in the hands of a taxing authority.

According…

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