4 Tips For Writing Opinion Letters On Uncertain Tax Issues
Robin Greenhouse said that companies seeking opinion letters in support of uncertain tax positions should discuss economic substance doctrines in such letters to help protect against penalties. “You won't be able to rely on the opinion if it doesn't address the issue,” Ms. Greenhouse noted. She added that opinion letters must thoroughly explain the business purpose underpinning the transactions at issue, and lawyers cannot assume that the purpose is automatically clear. “It can't just be a theoretical opinion,” Ms. Greenhouse said.