Substance Over Form
The doctrine of substance over form is essentially that, for Federal tax purposes, a taxpayer is bound by the economic substance of a transaction where the economic substance varies from its legal form.
Read more about this topic: Gregory V. Helvering
Famous quotes containing the words substance and/or form:
“Strong be thy wallis that about the standis;
Wise be the people that within the dwellis;
Fresh is thy ryver with his lusty strandis;
Blith be thy chirches, wele sownyng be thy bellis;
Riche be thy merchauntis in substance that excellis
Fair be thy wives, right lovesom, white and small;
Clere be thy virgyns, lusty under kellis:
London, thou art the flour of Cities all.”
—William Dunbar (c. 1465–c. 1530)
“Although Samuel had a depraved imagination—perhaps even because of this—love, for him, was less a matter of the senses than of the intellect. It was, above all, admiration and appetite for beauty; he considered reproduction a flaw of love, and pregnancy a form of insanity. He wrote on one occasion: “Angels are hermaphrodite and sterile.””
—Charles Baudelaire (1821–1867)