Steve will be moderating a panel at the Virginia Tax Study Group, focusing on recent developments in the Economic Substance Doctrine and what they mean for tax litigation, tax planning, and tax compliance.  In general, the Economic Substance Doctrine is a judicial doctrine that courts apply in federal tax cases to disallow beneficial tax results from transactions that lack an impact or purpose beyond tax savings. In 2010, Congress enacted a statutory version of the Economic Substance Doctrine at section 7701(o) of the Internal Revenue Code, along with a strict-liability penalty of up to 40% for transactions that lack economic substance under section 6662(b)(6) and (i).

Panelists include Joshua Wu, Deputy Assistant Attorney General for the Tax Litigation Branch of the Civil Division, U.S. Department of Justice, and Francesca Ugolini, a partner at SouthBank Legal. 

Mr. Wu oversees all civil tax litigation conducted by the Department of Justice.  Before taking his current role, Mr. Wu was in private practice as a tax lawyer at law firms ranging from a two-person boutique to global, full-service firms, and previously served in leadership roles at the Tax Division of the U.S. Department of Justice.  In 2024, Mr. Wu was inducted as a fellow into the American College of Tax Counsel. 

Ms. Ugolini focuses her practice at SouthBank Legal on federal tax advising and disputes.  Before joining SouthBank Legal, she spent over two decades at the Tax Division of the U.S. Department of Justice, including five years as the Chief of the Appellate Section. In that role, Ms. Ugolini directed all of the government’s civil tax litigation in the appellate courts and advised on trial strategy in the Tax Court, federal district courts, and the Court of Federal Claims. Earlier in her career at the Tax Division, Ms. Ugolini handled a broad and demanding docket involving numerous Fortune 500 companies. She has briefed more than 100 cases, supervised hundreds more, and argued over 60 cases in every federal circuit court. She also played a key role in over 15 tax cases before the U.S. Supreme Court.

The Virginia Tax Study Group is an annual meeting of the nation’s leading experts in tax law to discuss emerging tax issues. It is held at the University of Virginia School of Law, and is sponsored by the Virginia Center for Tax Law.  Participants include scholars, practicing attorneys, and government officials who work in tax policy.

Additional information, including the full schedule, can be found here: https://www.law.virginia.edu/event/virginia-tax-study-group-meeting-0