Business Purpose Doctrine
The business purpose doctrine is essentially that where a transaction has no substantial business purpose other than the avoidance or reduction of Federal tax, the tax law will not regard the transaction.
Read more about this topic: Gregory V. Helvering
Famous quotes containing the words business, purpose and/or doctrine:
“Taxes are the chief business of a conqueror of the world.”
—George Bernard Shaw (1856–1950)
“But this fully answered John’s purpose toward Betty, for as she did not understand, she highly admired him; and he concluded by again repeating that learning was a fine thing for a man but ‘twas both useless and blameworthy for a woman either to write or read.”
—Sarah Fielding (1710–1768)
“The doctrine of equality!... But there exists no more poisonous poison: for it seems to be preached by justice itself, while it is the end of justice.... “Equality for equals, inequality for unequals”Mthat would be the true voice of justice: and, what follows from it, “Never make equal what is unequal.””
—Friedrich Nietzsche (1844–1900)