63rd Annual Tax Conference

63rd Annual
William and Mary Tax Conference
November 8-10, 2017
 
Tax Planning in an Era of Uncertainty
 
Wednesday, November 8
William & Mary Law School
613 South Henry Street, Williamsburg, VA
(Free Parking – No parking passes required)

 

5:00-7:00 p.m.           
Fundamentals of Partnership Taxation
Speakers:  Robert G. McElroy and William M. Richardson
 
This program will focus on the fundamentals of partnership taxation and specific situations that unexpectedly accelerate or increase taxable income – often to a partner’s surprise, such as partnership formations (including "disguised sales"), sale and distribution of contributed property, allocations of partnership profits and losses, guaranteed payments, the creation and payment of partnership liabilities, sales and liquidations of partnership interests, distributions of partnership assets and terminations of partnerships.  Audience participation will be encouraged.

 

Thursday, November 9
Kingsmill Resort
Williamsburg, VA

 

8:00-8:20 a.m.
Registration and Continental Breakfast
 
8:20-8:30 a.m.
Introductory Remarks
Mark C. Van Deusen
 
8:30-10:00 a.m.
Qualified and Nonqualified Deferred Compensation Plans in Small Businesses: Creative Uses and Problem Solving
Speakers:     Robert O. Johnson
                     Richard C. Mapp, III
Moderator:   John M. Peterson
 
Join a discussion on creative uses of qualified and nonqualified deferred compensation plans to solve thorny issues faced by closely held businesses. The panelists will present a series of common client objectives involving key employees, as well as broader organizational goals, that deferred compensation plans may play a role in solving. The session will also include a discussion on what to do when deferred compensation plans themselves go awry.
 
10:00-10:15 a.m.
Networking Break
 
10:15-11:45 a.m.
Impact of Tax Reform on Partnerships/Recent Changes to Rules Governing Disguised Sale and Debt Allocations
 
Speakers:     Andrea M. Whiteway
                     Maximilian Pakaluk 
Moderator:    Mark C. Van Deusen
 
This panel will discuss how tax reform may impact partnerships and recently issued final, temporary, and proposed regulations concerning partnership debt allocations and disguised sales, and proposed regulations under Section 704(b) related to when deficit restoration obligations are to be disregarded, exploring what planning opportunities remain after these changes.
                                   
11:45-11:55 a.m.
Networking Break
 
11:55 a.m.-1:00 p.m.
Lunch Session:  Virginia Hot Topics
Speakers:     Craig D. Bell
                     William L.S. Rowe
 
A panel-led discussion surveying recent cases, rulings, legislation and developments of interest in the area of Virginia taxation.
 
1:00-1:15 p.m.
Networking Break
 
1:15-2:45 p.m.
Don’t Discount Discounts: Valuation of Closely-Held Businesses in a Changing Regulatory Environment
Speakers:     Michael H. Barker
                     William I. Sanderson
 
The program will discuss the valuation of closely-held business interests for transfer tax purposes in light of the proposed regulations under IRC section 2704 designed to limit discounts in certain intra-family transactions. The presenters will evaluate the landscape of discounts, addressing possible changes resulting from the regulations and reviewing fundamentals of discounts that will not be impacted.
                       
2:45-3:00 p.m.
Networking Break
 
3:00-4:15 p.m.
Partnership Character Planning Before and After the Audit
Speakers:     Steven R. Schneider
                     Brian J. O’Connor
Moderator:    Mark C. Van Deusen
 
This panel will discuss the topics of tax character planning in partnerships and the impact of the new partnership audit rules on planning and drafting.  The tax character discussion will include capital gain planning ideas and loss recognition strategies.  Attendees will also learn the practical aspects of the entity-level audit rules taking effect in 2018.


4:15-4:30 p.m.
Networking Break
 
4:30-6:00 p.m.
Corporate Tax Developments:  Tax Reform and Beyond
Speakers:     Lisa M. Zarlenga
                     Cameron Arterton
Moderator:   William M. Richardson

This session will consider key developments related to the taxation of subchapter C and subchapter S corporations.  The discussion will focus on tax reform proposals affecting these entities, but will also review significant administrative developments, and the practical impact of any resulting changes. 
 

Friday, November 10
Kingsmill Resort
Williamsburg, VA

 

8:00-8:20 a.m.
Registration and Continental Breakfast
 
8:20-10:00 a.m.
Resolving Identity Theft Issues
Speakers:     T. Keith Fogg
                     The Honorable Diana Leyden
Moderator:    Craig D. Bell
 
Since 2010 Identity Theft has been the single largest issue bringing taxpayers into the office of the taxpayer advocate.  This panel will discuss the types of identity theft, the impact and how to best resolve the issue with the IRS or with the Tax Court when your client suffers from this problem.  Although most identity theft involves individuals, the panel will also discuss business identity theft and strategies for resolving the theft of a business identity with the Court or with the IRS.
 
10:00-10:15 a.m.
Networking Break
 
10:15 a.m.-12:00 p.m.
Tax Reform: Technical Summary
Speaker:       Evan M. Migdail
 
Session will review the pending (or enacted) tax reform bill and discuss its major provisions and their possible impact on US business.  Each major provision will be discussed and evaluated, both with respect to its technical application and its likely impact on future tax planning.  If tax reform has not been enacted by the time of the session the competing reform proposal will be compared and the differing provisions will be discussed.
 
12:00-12:15 p.m.
Networking Break
 
12:15-1:15 p.m.
Lunch Session:   Politics of Tax Reform
Speaker:       Evan M. Migdail
 
The political circumstances surrounding tax reform will be discussed, with relation to how political and procedural considerations resulted in the provisions and compromises that were adopted by the Congress.  If that reform has not been enacted by the time of the session the current politics of tax reform will be discussed, as well as the prospects for completion of tax reform in 2017 and the likely structure of the final tax reform legislation. 
 
1:15-1:30 p.m.
Networking Break
 
1:30-3:00 p.m.
Like-Kind Exchanges and Avoiding Dealer Status
Speaker:       Robert D. Schachat
Moderator:    Stephen L. Owen

This presentation will cover recent developments concerning like-kind exchanges of real property, including parking transactions within and outside the safe harbor, related party exchanges, leases, build-to-suit exchanges and the legislative outlook for section 1031, and court decisions addressing dealer status in sales of real property.
 
3:00-3:15 p.m.
Networking Break
 
3:15-4:45 p.m.
Federal Tax Update
Speaker:       Stephen L. Owen
 
This session will include a discussion of the “Top 15” current developments and tax planning opportunities.  The primary focus will be on transactions involving S corporations and limited liability companies.