O'SCANNLAIN, Circuit Judge:
We are invited to follow the winding paths of circular money movements to determine whether they lead to transactions of economic substance for federal income tax purposes.
I
Werner Erhard has offered a variety of seminars, workshops, and other programs in personal effectiveness since 1971. At that time, Erhard hired tax attorney Harry Margolis to be his personal financial and legal advisor. Margolis arranged the formation...
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