Business Services Industry
US tax lawyers criticize Senate's tax reconciliation bill.
Australasian Business Intelligence, February, 2006
Feb 26, 2006 (International Tax Review - ABIX via COMTEX) -- The codification of the economic substance doctrine in the US tax reconciliation
legislation may have implications for bona fide business transactions. The American Bar Association's Section of Taxation has expressed its objection to certain provisions in the Senate's Tax Relief Act of 2005 in a letter sent to the Senate Finance Committee and the House of Representatives' Ways & Means Committee. The new law, passed on 18 November 2005, adds a penalty for understatements attributable to transactions
lacking economic substance.
Publication Date: February 2006
AMERICAN BAR ASSOCIATION:
UNITED STATES....
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