Which of the following statements is false?
A) Tax benefits of an otherwise legal transaction may be denied if it lacks economic substance.
B) The economic substance doctrine is similar to the business purpose doctrine.
C) Reducing taxes is a good business purpose under the economic substance doctrine.
D) A transaction has economic substance if it changes the taxpayer's economic position or the taxpayer has a substantial business purpose.
E) More than one of the above statements is false.
Correct Answer:
Verified
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