What is the test for determining whether a form in which a transaction takes place does not properly reflect the intent of the parties?
MultiRegion, United States of America
The following excerpt is from Abrams v. U.S., 797 F.2d 100 (2nd Cir. 1986):
[W]e will assume that the acts of the parties and documentation surrounding the transactions reflect the intent of the parties unless we are given some evidence to the contrary. We will not relieve a party from the tax consequences of the form in which he or she appears to have molded a transaction, in the absence of proof that the form does not properly reflect the transaction.
Yamamoto v. Commissioner, 73 T.C. 946, 954 (1980).
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