Sentences with phrase «economic substance if»
A transaction has economic substance if: (1) the transaction changes in a meaningful way (apart from Federal income tax effects) the taxpayer's economic position; and (2) the taxpayer has a substantial purpose (apart from Federal income tax effects) for entering into such transaction.
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If a court of competent jurisdiction determines that any term or provision of these Terms and Conditions is invalid, illegal, or incapable of being enforced, all other terms and provisions of these Terms and Conditions shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein is not affected in a manner that is materially adverse to either party to the Terms and Conditions.
, and (2), if the court is satisfied that the conditions under which the agreement was negotiated are satisfactory it must examine the substance of the agreement, in order to determine the extent to which the agreement takes into account the factors and objectives listed in the DA, thereby reflecting an equitable sharing of the economic consequences of marriage and its breakdown.