A certain influence of mathematics both on the form and substance
of their philosophy is discernible in both of them.
The Karns court stated that Erickson Post was materially distinguishable, because the transaction in that case was a loan in both form and substance
An Argument for a Mere Distinction of Reason between Substantial Form and Substance
Because the arrangement was an option in form and substance
, Freddie Mac had properly deferred including the commitment fees in gross income until the date the options were exercised or lapsed; see Old Harbor Native Corp.
According to the court's analysis, risk shifting must be present in both form and substance.
Under the Tax Court's "pooling" concept, an insurance relationship exists if the captive insures a substantial amount of unrelated risk and the transaction in both form and substance is insurance.