Marc Gerson comments on the first IRS guidance under the newly codified economic substance doctrine, in which the agency indicated that it will not issue a so-called "angel list" of transactions that would not be subject to the statute. Gerson said taxpayers still may be concerned that "garden-variety" transactions could be seen in a different light under the new statute. He said the guidance is "consistent with what their approach has been all along. This kind of formalizes it." Gerson added that, even with the guidance, "It remains to be seen as to how the service will administer the statute."