Today, the IRS and Treasury released Notice 2014-58 to amplify prior guidance on the codification of the economic substance doctrine under Notice 2010-62.  Today’s Notice provides that the term “transaction,” for purposes of applying the codified economic substance doctrine under Section 7701(o), generally includes all the factual elements relevant to the expected tax treatment of any investment, entity, plan, or arrangement, and any or all of the steps that are carried out as part of a plan.  The Notice also clarified the meaning of “similar rule of law” in applying the accuracy-related penalty, stating that the term means a rule or doctrine that disallows tax benefits related to a transaction because: (1) the transaction does not change a taxpayer’s economic position in a meaningful way apart from federal income tax effects; or (2) the taxpayer did not have a substantial purpose for entering into the transaction apart from federal income tax effects.