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The concept of ENCO

Published on 01 Aug 08 by "THE TAX SPECIALIST" JOURNAL ARTICLE

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.

Author profile:

Kai Zhang FTI
Kai is a Tax Consultant with Greenwoods & Freehills. Current at 01 June 2009 Click here to expand/collapse more articles by Kai ZHANG.
 
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