²⁴Treasury Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers Before the Internal Revenue Service (hereafter, Circular 230).

²⁵See REG-122379-02 (12/30/03).

²⁶Available at www.aicpa.org/download/tax/2003_10_interp1-2_ssts1.pdf.

²⁷TD 9165 (12/17/04).

²⁸See, e.g., Rices Toyota World, Inc., 752 F2d 89 (4th Cir. 1985), affg, revg and remg 81 TC 184 (1983); and ACM Partnership, 157 F3d 231 (3d Cir. 1998), affg, revg and remg TC Memo 1997-115.

²⁹See Rector, A Review of the Economic Substance Doctrine, 10 Stan. J Law, Bus. & Fin. 173 (Autumn 2004); Sheppard, News Analysis: Drafting Economic Substance, Part 3, 106 Tax Notes 1020 (2/1/05); and Korb, Korb Gives Speech on Economic Substance Doctrine, 2005 TNT 16-22 (1/26/05).

³⁰Long-Term Capital Holdings, 330 FSupp2d 122 (DC CT 2004), affd, 2d Cir., 9/27/05; for a good discussion of the case, see Walsh, Opinion Letters Offer Scant Shelter from Tax Shelter Penalties, 74 Practical Tax Strategies 196 (April 2005), and Lipton, Reliance on Tax Opinions: The World Changes Due to Long-Term Capital Holdings and the AJCA, 101 J Taxn 344 (December 2004).

³¹See Sheppard, News Analysis: Shelter Penalties: Or Else What? (Part 2), 106 Tax Notes 141 (1/10/05).

³²See AICPA Tax Executive Committee, SSTS Nos. 18 and Interpretation Nos. 1-1, Realistic Possibility Standard (August 2000) and 1-2, Tax Planning (October 2003), of SSTS No. 1, Tax Return Positions.

³³See Lipton, Walton and Dixon, The World Changes: Broad Sweep of New Tax Shelter Rules in AJCA and Circular 230 Affect Everyone, 102 J Taxn 146 (March 2005).

³⁴AICPA Comments on Proposed Regulations, REG-122379-02 Regarding Modifications to Treasury Circular 230, approved by the Tax Executive Committee and submitted to the Internal Revenue Service, Feb. 12, 2004.