Navigating IRS Scrutiny in Multi-Step Transactions

Direct link: https://www.businessobserverfl.com/news/2026/apr/10/navigating-irs-scrutiny-in-multi-step-transactions/

The Supreme Court of the United States has held that tax implications of a transaction are governed by the underlying substance of such a transaction, rather than its formal structure. In other words, the substance, not necessarily the form, controls how a transaction is treated for tax purposes.