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In both cases, the judges cited the sham doctrine in Gregory v. Helvering.
Unfortunately for the tax cops, this sham doctrine is extremely fuzzy, whereas the rules that define the various components of a transaction are often well defined.
But if Nicholas had simply bought the junk loans directly for $6 million, he could never have claimed the prior foreign losses, which is where the sham doctrine comes in.
Because the sham doctrine is so fuzzy and most deals arguably follow the letter of the law, shelter promoters can easily obtain legal opinions asserting that these products are likely to work.
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The U.S Court of Appeals for the Fourth Circuit suggested the application of the sham transaction doctrine in this context, usually reserved for commercial transactions.
The only contemporary readers who will not understand this clear parallel between Ibn Rushd and the ancient doctrine of transmigration, according to Delmedigo, are the "pseudo-savants", the sham Kabbalists of the new school, not the genuine ones of the older and more authentic school.
A sham.
For Chomsky, the "official doctrine" of the dawn of a brave new era of military intervention to safeguard human rights is as much a sham as the "New World Order" trumpeted during the Gulf war.
Democracy has become doctrine.
Viva the Mensch Doctrine!
Credit: Sham Sthankiya/MIT.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com