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Expert Analysis

A Rare Taxpayer Win In California Step Transaction Case

Law360, New York (May 4, 2015, 10:16 AM EDT) -- You won't find the "step transaction" doctrine in federal or California tax statutes, but it is a fundamental tax principle. The step transaction doctrine says that if you would get an unwanted tax result by proceeding from point "A" to "C," you cannot avoid that result by the roundabout way of first going from "A" to "B" (step one) and then from "B" to "C" (step two), even though steps one and two each by themselves do not produce the unwanted result....

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