Miscellaneous 2008

The concept of ENCO

Source: The Tax Specialist Journal Article

Published Date: 1 Aug 2008

The concept of “effectively non-contingent obligation” (ENCO) is central to the application of the debt/equity rules. It is a difficult concept, not the least because of the poor wording of the legislation but also the lack of case law guidance. After examining the words, the structure and the history of the ENCO concept, this article proposes a conceptual framework to comprehend this concept in a bid to solicit further debate in this area.

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Miscellaneous 2008

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