Eversheds: Economic Substance in Focus: Lessons from Recent Court Decisions

The first in a two-part webinar series featuring insights from members of Eversheds Sutherland’s premier Tax Practice on the most significant developments shaping today’s tax enforcement landscape. Part of our Developments in Tax Administration, Controversy, and Enforcement (ACE) program, these sessions will highlight where tax authorities are focusing their attention—and how taxpayers and advisors can stay ahead of emerging risks. CLE/CPE credit will be offered. 

This presentation will explore the evolving landscape of the economic substance doctrine and its application in recent landmark cases. We will examine the key takeaways from Liberty Global, Patel, Otay, and Perrigo, analyzing how each decision shaped the boundaries of what constitutes meaningful economic substance for tax purposes. In particular, we will discuss how the IRS's victory in Liberty Global is likely to embolden the government to deploy the economic substance doctrine more aggressively, signaling a new wave of enforcement activity that taxpayers and practitioners must be prepared to navigate.

Key topics will include:

• The current state of the economic substance doctrine under IRC Section 7701(o) and caselaw.
• The interplay between the economic substance doctrine and other anti-abuse doctrines, such as the step transaction doctrine and the substance-over-form doctrine.
• Practical strategies for evaluating whether a transaction has genuine economic substance, and what options are available when the IRS comes knocking.

After attending this program, participants will be able to:

• Identify key domestic and international tax enforcement trends, including recent court decisions, evolving IRS priorities and increasing global coordination among tax authorities.
• Analyze how judicial doctrines and international tax frameworks are being applied by courts and tax authorities to challenge taxpayer positions.
• Evaluate practical considerations and strategies for taxpayers and advisors in responding to audits, controversy and enforcement activity.

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