The Net (substance) The Net (substance) The Net, in alchemy, is an alloy of copper and iron, whose crystal structure induces a network pattern on its surface. It was described in the 17th century by Sir Isaac Newton. Newton produced the substance by following what he regarded as a recipe, encoded in classical mythology, for part of the process of achieving the philosopher's stone. The relevant myth involved the god Vulcan finding his wife Venus (alchemical symbol for copper) in bed with the god Mars (alchemical symbol for iron) Newton's interpretation rested on typical alchemical associations, construing Vulcan as a stand-in for fire,
Economic substance taxpayer must have had a "substantial purpose" for entering into the transaction, apart from the Federal income tax effects. References to the Economic Substance Doctrine were enacted as subsection (o) of section 7701 of the Internal Revenue Code by section 1409 of the Health Care and Education Reconciliation Act of 2010. Economic substance Economic substance is a doctrine in the tax law of the United States under which a transaction must have both a substantial purpose aside from reduction of tax liability and an economic effect aside from the tax effect in order to be considered valid. This doctrine is