What is the business purpose doctrine

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The U.S. Tax Code has evolved over time to include many credits and deductions. Certainly, the legislative process encourages offering tax benefits for certain behavior, such as buying a new car or home, investing in manufacturing equipment, and so on. Given this, is a company that fails to take advantage of every available tax break guilty of doing a disservice to its shareholders? What is the business purpose doctrine?

Reference no: EM13120341

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