66th Annual Tax Conference

The World Turned Upside Down:Taxes After the Economy Shutdown 
66th Annual William & Mary Tax Conference
November 12 – 13, 2020
via Zoom

 

Thursday, November 12 

8:30 a.m.–8:40 a.m.

Introduction – Craig Bell 

8:40–9:40 a.m.

Topic:       Partnership and Real Estate Debt Workouts 

Speakers:   James B. Sowell / Peter J. Genz 

With the current economic turmoil brought about by COVID-19, debt workouts are occurring with increasing frequency.  This presentation will review the cancellation of indebtedness (“COD”) rules in the partnership context, including treatment of foreclosures; potential exclusion of COD income; partnership equity-for-debt exchanges; tax consequences of debt modifications; allocation of COD income among partners; actions to consider in advance of a debt workout; and other workout-related tax issues.

 

9:40–9:50 a.m. – Break

 

9:50–10:50 a.m.

Topic:        Carried Interest:  IRS Takes the First Volley with Proposed Regulations 

Speakers:   Brian J. O’Connor / Steven R. Schneider 

After much anticipation the IRS has issued proposed regulations on the new three-year capital gain holding period under Section 1061.  Learn more about what is subject to the rules and what is not and how to navigate the labyrinth.  The distinction between selling assets versus selling a partnership interest means it can be critical to structure your disposition efficiently.  Under these regulations an otherwise tax-free family transfer can now be taxable absent proper planning.  Learn how to walk the tightrope with two experienced leading practitioners. 

 

10:50–11:00 a.m. – Break  

 

11:00 a.m.–12:00 p.m.

Topic:        Opportunity Zones – Structuring Issues and the New Regulations 

Speaker:    Stephen M. Sharkey / Steve Friedman 

In 2019, Opportunity Zones evolved from a curiosity to a widely used new investment vehicle, and saw the blossoming of qualified opportunity funds large (widely syndicated) and small (captive funds).  Final Treasury Regulations were issued in December 2019 providing a workable set of rules, so that at the start of 2020 the Opportunity Zone program seemed poised to explode and live up to its promise.  Now, like so many aspects of the economy, the COVID pandemic has taken the steam out of the Opportunity Zone engine.  This session will provide an overview of the Opportunity Zone rules, summarize key aspects of the final OZ regulations and finish with a discussion of current structures and the presenters’ predictions on the future of Opportunity Zones in the COVID era and beyond.”

  

Friday, November 13

 

8:40–9:40 a.m.

Topic:        Examination of the New Partnership Audit Rules and Ethical Pitfalls for                      Practitioners

 Speakers:   Christopher S. Rizek / Professor Linda Galler 

Sorting out your ethical obligations in the context of partnership audits has always been difficult, and the 2015 Balanced Budget Act's changes in the partnership rules have made it even harder.  Our panel discusses the application of ethics principles and the rules of Circular 230 in representing partnerships generally and in the context of the TEFRA and BBA partnership audit regimes.

 

9:40–9:50 a.m. – Break

 

9:50–10:50 a.m.

Topic:        Exiting a Partnership

Speaker:    John Rooney 

There is more than one way to leave a partnership – and the form of the exit can matter.  This presentation explores the differences between sale, redemption, and abandonment transactions and examines the importance of form in determining the tax consequences of an exit transaction.

 

10:50–11:00 a.m. – Break

                                                                                                                                                

11:00 a.m. – 12:00 p.m.

Topic:        Real Estate Like-Kind Exchanges and Recognizing Loss Harvesting – Opportunities 

Speaker:    Robert D. Schachat / Stephen L. Owen 

This presentation will address the basic requirements for tax-free like-kind exchanges, together with a discussion of the current legislative outlook, the June 2020 regulations defining real property, the IRS COVID-19 extension of identification and replacement periods, and other recent federal, state and local developments and hot issues under section 1031.

 

12:00–1:00 p.m. – Break

 

1:00–2:00 p.m.

Topic:        What will be our Federal Tax Policy After the Election? 

Speaker:    Russell W. Sullivan 

This program, just days after the election, will be a very topical discussion of the major federal tax policies and proposals being bandied about by Congress and the candidates for President during the months leading up to the election.  The impact of the election also will impact the tax writing committees membership and possibly leadership.  What impact may this have on tax policy going forward?  Russell Sullivan is a senior federal tax policy expert working in this area daily and should provide you will the most current thinking on this most important area of tax law writing.