William and Mary Law School

Tax Planning for Entrepreneurs (and Their Advisors) in 2015 and Beyond: The Good, The Bad and The Ugly

Wednesday, November 11, 2015
William & Mary Law School
613 South Henry Street

5:00-7:00 p.m.
Hot Topics in Partnership and Real Estate Taxation (and more)

Speakers: Robert G. McElroy, Stefan F. Tucker and Stephen L. Owen

The focus of this program will be on fundamental tax issues involving partnerships and LLCs as well as on more advanced fact patterns. Real estate issues such as 1031 exchanges will also be discussed. A significant part of this session will be devoted to “Shop Talk” and the attendees will be encouraged to bring their real life issues for the group to discuss.

Thursday, November 12, 2015
Kingsmill Resort

8:00-8:20 a.m. - Registration and Coffee

8:20-8:35 a.m.
Introductory Remarks - Stephen L. Owen

8:35-10:05 a.m.
Planning Closely Held Business Succession

Speaker: Stefan F. Tucker

This program will focus on how to structure business plans to enable business succession with the least possible Federal income or gift and estate tax problems.  This will take into account various key planning issues, as well as relevant documentation.

10:05-10:20 a.m. - Refreshment Break

10:20–11:50 a.m.
Employee Benefits in Acquisitions

Speaker: Paul M. Hamburger

This program will address the special employee benefits issues presented in the M&A context including the Affordable Care Act, ESOPs and qualified and nonqualified plans. Due Diligence for buyers will also be discussed.

11:50 a.m.-12:00 p.m. - Refreshment Break

12:00-1:15 p.m.
Lunch Session – Virginia Hot Topics

Speakers: Craig D. Bell and William L.S. Rowe

A panel-led discussion surveying recent cases, rulings, legislation and developments of interest in the area of Virginia taxation.

1:15-1:30 p.m. - Refreshment Break

1:30-3:00 p.m.
Multi State Tax Planning
Speaker: French Slaughter

This program will address the planning opportunities (and pitfalls) in the operation and sale of closely held businesses that do business in multiple states and/or that have nonresident equity owners. Topics will include nexus, apportionment, and non-resident withholding, with a view to minimizing state taxes.

3:00-3:15 p.m. - Refreshment Break

3:15-4:30 p.m.
Special Family and Lifestyle Tax Issues

Speaker: Helena S. Mock

Edith E. Weiss, Moderator

This program will focus on a variety of family planning and "lifestyle" issues including an update on disability and eldercare challenges due to evolving circumstances such as divorce, multi-generational differences and jurisdictional changes.  Actual client examples will highlight the processes and potential pitfalls.

4:30-5:45 p.m.

Getting Up to Speed On Partnership Basis Adjustments

Speaker:  James B. Sowell

The concepts underlying the historic partnership basis adjustment rules are straightforward, but in many situations, application of these rules can be very confusing.  This presentation will provide a roadmap for navigating these rules in a variety of contexts.  Recent proposed regulations that would amend certain historic rules and add new basis adjustment rules under section 704(c)(1)(C) also will be discussed.

Friday, November 13, 2015

8:00-8:30 a.m. - Registration and Coffee

8:30-10:00 a.m.
Traps All Tax Practitioners Should Know and Avoid

Speakers: Christopher S. Rizek, Craig D. Bell (moderator)

Ethical traps and potential pitfalls abound in the practice of taxation.  This panel will discuss many of the most common situations - such as joint representations, wirtten opinions, advice on and preparation of tax returns - and some lesser known ways in which it is easy to have an ethical bad day.

Corporate Tax Update

Speakers: Lisa M. Zarlenga and Andrew F. Gordon, William M. Richardson (moderator)

This presentation will cover recent developments in corporate tax, including Revenue Rulings 2015-09 and 2015-10 involving multi-step reorganizations; final Section 381 regulations involving the movement of attributes following reorganizations, developments for spin-off transactions under Section 355; economic substance and Notice 2014-58; proposed regulations on the next-day rule; final regulations for consolidated group agents; and the IRS’s updated “no-rule” policy.

11:45 a.m.-Noon - Break

12:00 -1:00 p.m.
Lunch – The Administration’s Tax Reform Targets

Speakers: Lisa M. Zarlenga and Stephen L. Owen, William M. Richardson (moderator)

This panel will discuss a variety of tax areas that are vulnerable to repeal or limitations as a result of any comprehensive tax reform plan. These topics will include 1031 exchanges, carried interests, self-employment tax, LIFO inventory, Buffett Rule, valuation discounting and carryover basis/gain on death.

1:00-2:15 p.m.
International Tax Planning For the U.S. Pass Through Entity

Speaker: Seth Green

A primer on the issues involved in cross-border investments by US partnerships (including LLCs) with a particular focus on the concept of entity vs aggregate in partnership taxation and how it plays out in the international context.  Issues to be discussed will include transfers to foreign corporations (section 367), the availability of foreign tax credits, deferral vs current inclusion (subpart F), and sales of stock in controlled foreign corporations (section 1248).

2:15-3:30 p.m.

Dealing with Installment Sales 35 Years after the Installment Sales Revision ACt of 1980

Speakers:  Robert D. Schachat and Stephen L. Owen

This program will focus on a variety of issues including contingent payments, related party transactions, additional interest/imputed interest, acceleration events, non-recognition transactions.

3:30-3:45 p.m. - Refreshment Break

Federal Tax Update

Speaker: Stephen L. Owen

A look at the most meaningful developments in recent tax law. Rather than reciting a litany of holdings and pronouncements, this session will focus on the key cases, rulings and administrative pronouncements and what their likely impact will be for both clients and tax practitioners.

5:00 p.m. - Adjourn