economic substance
A substantial purpose and an economic effect, which a transaction must have in order…A substantial purpose (aside from reduction of tax liability) and an economic effect (aside from the tax effect), which a transaction must have in order to qualify for any tax benefits.
Meaning
1 senses(US, uncountable)A substantial purpose (aside from reduction of tax liability) and an economic effect (aside from the tax effect), which a transaction must have in order to qualify for any tax benefits.
Lessons for this word
1 lessons- A1Countable and uncountable nouns — Because it can be uncountable