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Economic Substance: Part Two

November 04, 2026

United States
United States
United States

Have taxpayers and practitioners been thinking about economic substance all wrong?

In part two of Eversheds Sutherland’s Federal Tax Podcast discussion on the economic substance doctrine, Partner Sandy Bradford and Counsel R.J. Hagerman, explore a practical framework for assessing economic substance risk. They discuss three key considerations: the strength of the transaction’s support in the tax code, whether there is a genuine non-tax purpose, and the size of the resulting tax benefit.

Using cases such as Summa Holdings and examples involving charitable contributions, Sandy and R.J. also examine why congressional intent, documentation and a transaction’s broader narrative can matter when facing IRS scrutiny.

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer. Eversheds Sutherland is a provider of legal and other services operating through various separate and distinct legal entities. For further information about these entities and Eversheds Sutherlands' structure please see the Legal Notice page of this website.

Key contacts

sandybradford@eversheds-sutherland

Cassandra S. Bradford

Partner

Atlanta, United States

RichardHagerman@eversheds-sutherland.com

Richard “R.J.” Hagerman

Counsel

Washington, DC, United States

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