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Register Online at www.pli.edu or Call (800) 260-4PLI
Satisfy Your CLE and CPE Requirements!
Tax Planning for Domestic & Foreign Partnerships,LLCs, Joint Ventures & Other Strategic Alliances 2009
Chicago, May 13-15, 2009
New York City, May 27-29, 2009
San Francisco, June 10-12, 2009
•Review basic concepts; then tackle more complex issues
•Explore the benefits and detriments of choosing the partnership form
•Hear speakers from Treasury and the IRS on cutting-edge issues includingeconomic substance, anti-abuse rules, tax shelters, preparer penalties,compensatory and non-compensatory options, application of Sections 409A andnew 457A to partnerships, international joint ventures, and other “hot topics”
•Review pending regulatory proposals
•Hear from inside tax counsel on forming and operating a joint venture
•Entire afternoon on cross-border joint ventures and “check-the-box” planning
•New sessions on partnership workouts and “harvesting” losses
•Picnic lunch topics:
- Partnership and LLC Compensatory Interests
- Interesting Partnership Transactions of the Past Year
- The Troubled Partnership
Now expanded to three days!
Why You Should AttendThroughout the 1990s and early 2000s, the takeover dominated the world of corporate finance. It no longer stands alone and mayeven be in the doldrums for now. Rather, the defining deal for themid-2000s and beyond may well be the alliance, the joint venture,the partnership. Few days go by when the Wall Street Journaldoesn’t contain an announcement involving a joint venture orstrategic alliance among companies either in formation or break-up. Examples during the last year or so include:
• Tribune Co. urging the Ricketts bid for the Chicago Cubs to mimicthe tax-advantaged structure known as a leveraged partnership, as previously used in 2008 to finance Tribune Co.’s disposition ofNewsday to Cablevision Systems, Inc.; by using this structure,Tribune Co. would not be “selling” the assets for tax purposes, but would be receiving hundreds of millions of dollars in cash tax-free.
• Blackstone Group LP and First Reserve Corp. announcing a $2 billion partnership with Europe’s largest independent oil refiner,Petroplus AG, to make new investments in U.S. oil refineries,illustrating how private-equity firms, unable to raise financing forlarge leveraged buyouts, are forced to put their money to work inless than conventional ways such as joint ventures.
• Northrup Grumman Corp. and Loral Space & Communications, Inc.announcing a strategic partnership to share certain technologyand production assets, seeking to create a potentially powerfulnew competitor for building future U.S. government satellites.
• New York developer Related Cos. and investment bank GoldmanSachs Group, Inc. signing a $1 billion joint venture deal to acquirethe largest undeveloped parcel of land in Manhattan, HudsonYards, for long-term development notwithstanding the slowdownin real estate.
• General Electric Co. and the University of Pittsburgh MedicalCenter forming a company, Omnyx LLC, to help move laboratoryanalysis of human tissue into the digital age by ultimatelymarketing a “virtual microscope” that would scan and storeimages electronically.
• U.K. mobile-phone retailer Carphone Warehouse Group PLCannouncing a joint venture with U.S. electronics retailer Best BuyCo. pursuant to which Carphone Warehouse will put its 2400European and U.S. retail stores into the joint venture in return for acash payment of £1.1 billion.
• Dynegy, Inc. announcing the dissolution of its joint venture with LS Power Associates, LP, a 50-50 venture that focused ondevelopment of new cold-fired power plants and other energyprojects whereby LS Power would acquire rights to “green field projects.”
• Archer Daniels Midland announcing its entry into the ethanolmarket in Brazil through a joint venture with partner Grupo Cabrerato produce ethanol from sugar cane.
• Fourteen tech companies joining forces and seeking $1 billion infederal aid to build a plant to make advanced batteries for electriccars, in a bid to catch up to Asian rivals that are far ahead of the U.S.
Joint ventures between large companies or with start up orother smaller companies are now an everyday occurrence.Partnerships have long been the tried and true format forthe holding and operation of real estate, and, since the1981 Act, for the conduct of closely-held businessoperations as well. Further, the increase in the number ofjoint ventures to develop large-scale projects and innovativeconcepts, the rise of the limited liability company, thepromulgation of the final “check-the-box” regulations, andthe increasing use of hybrids that have fueled an explosionof tax planning opportunities have led many companies,both large and small, to focus on the partnership form orthe LLC form for structuring subsidiary operations andforeign operations. More than ever before, corporate taxexecutives find they must advise senior management, andoutside counsel find they must advise their clients, on theopportunities and pitfalls of structuring joint ventures andinvestments as partnerships or LLCs under Subchapter K ofthe Internal Revenue Code.
This three-day seminar will trace the partnership tax rulesfrom the birth of the partnership through its operating life,with emphasis on tax issues and planning strategies andopportunities, and then, since for one reason or anothersuch ventures frequently unwind either before or aftersatisfying their purpose, will focus on exit strategies and tax planning possibilities in unwinding.
Some of the sessions on the first day are intended to serveas a review of basics. In addition, there will be panels onpartnership and LLC compensatory interests and on non-compensatory partnership options, convertibles andsimilar interests; there will be a panel on state taxation;there will be sessions on disguised sales and guaranteedpayments; there will be a session on partnership mergersand divisions; there will be a session on energy creditpartnerships; there will be an entire morning on anti-abuserules and recent cases and legislation including a panel ondisputing and litigating partnership tax cases, and there willbe a three-hour session on “harvesting” losses underSubchapter K and on the entire area of partnershipworkouts and debt structurings.
Special attention will also be given to planning underrecently finalized sets of regulations and proposedregulations and to changes wrought by recent legislationand legislative proposals. Speakers from Treasury and theIRS will be joining a number of the more advanced panelsin order to discuss cutting-edge issues. Finally, the entireafternoon of the third day will be committed to internationaljoint venture tax planning including the use of hybrids and,therefore, is intended to be quite advanced.
What You Will Learn & Special Features• The benefits and detriments of choosing the partnership form
• Avoiding the partnership form for certain strategic alliances
• Effects of the final “check-the-box” regulations
• Planning for joint ventures of operating businesses
• Special partnership tax accounting rules
• Inside and outside partnership basis rules
• Determinations of partner distributive shares and the effect of liabilities
• Planning under Section 704(c)
• Luncheon session on partnership and LLC compensatory interests including options, featuring a government panelist
• Regulations on non-compensatory partnership options and convertibles
• Transactions between the partnership and partners, including exit strategies
• Disguised sales
• Guaranteed payments
• Dispositions of partnership interests
• Nonliquidating and liquidating partnership distributions
• Partnership terminations under the final regulations
• Section 754 election planning and special basis adjustments,including effects of 2004 Jobs Act amendments
• Partnership mergers and divisions under the final regulations
• State taxation of partnerships, LLCs and their owners
• Analysis and use of single-owner LLCs in corporate acquisitions and otherwise
• Utilizing limited liability companies in a consolidated return context
• Structuring issues for private equity funds
• Energy tax credit partnerships
• The effects of the final partnership anti-abuse regulations on planning
• Update on the economic substance doctrine, recent taxshelter cases and legislation, preparer penalties, ethical considerations – featuring Division Counsel, Internal Revenue Service
• Dispute and litigation strategies in partnership tax cases –featuring the Chief Counsel, Internal Revenue Service
• Interesting partnership transactions of the past year luncheon session
• Panel of inside tax counsel on forming and operating a joint venture
• Session featuring IRS and Treasury representatives on thegovernment perspective on key partnership issues
• International joint venture issues and planning – outbound and inbound, including government panelists
• International “check-the-box” planning, including government panelists
• Effects of recent or proposed tax legislation
• Pending regulatory proposals
The faculty will consist of both inside and outside tax counselwith special expertise in the transactional aspects ofstructuring partnerships, joint ventures and other strategicalliances, both domestic and foreign. For some of the moreadvanced topics, the faculty will be joined by panelists fromIRS and Treasury. Many of the faculty have significant teachingexperience and will adopt an approach designed to enableattendees to progress rapidly from an elementaryunderstanding of the rules to the cutting-edge of the mostcomplex of current transactional issues.
Chicago, May 13-15, 2009 New York City, May 27-29, 2009 San Francisco, June 10-12, 2009
Reserve your p lace today, ca l l (800) 260-4PLI .
Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2009
Special Bonuses for All Attendees!Attendees will receive a complimentary copy of the2009 Tax Planning multi-volume Course Handbook ona fully searchable CD-ROM, shipped directly to youin the Fall of 2009 (NOTE: Approximately 18 out of270 Chapters will not be included on the CD-ROM).Attendees will also receive a complimentaryConference Book containing speaker outlines andPower Point slides for reference at the program.
PLEASE NOTE: The Program Fee does not includethe 2009 Tax Planning multi-volume CourseHandbook. Program Attendees may purchase hardcopies of the book at a Special Discounted Price. A limited supply of Course Handbooks will beavailable for purchase. Course Handbooks must be ordered by June 30, 2009. See Registration/Order Form for details.
Other Relevant Products From PLIC O U R S E H A N D B O O K
Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2009. This multi-volume Course Handbookwill be available for a special attendee discount price of $595. A limited supply of Course Handbookswill be available for purchase and must be ordered by June 30, 2009.
T R E A T I S E SBlattmachr on Income Taxation of Estates and Trusts, Fifteenth Edition F. Ladson Boyle (Charles Simon Professor of Federal Law, University of South Carolina) and Jonathan G. Blattmachr (Milbank, Tweed, Hadley & McCloy LLP, New York City)
1 looseleaf volume, 953 pages, $245 (Revised as necessary: No charge for revision issued within 3 months of purchase)
Internal Revenue Service Practice & Procedure Deskbook, Third Edition Ira L. Shafiroff (Professor of Law, Southwestern Law School)
2 looseleaf volumes, 2,637 pages, $275 (Revised bi-annually: No charge for revision issued within 3 months of purchase)
For more information on any treatise, including the Table of Contents, log on to www.pli.eduProgram attendees save up to 50% on Books, Audio and Video Products.
What You Will Learn & Special Features• The benefits and detriments of choosing the partnership form
• Avoiding the partnership form for certain strategic alliances
• Effects of the final “check-the-box” regulations
• Planning for joint ventures of operating businesses
• Special partnership tax accounting rules
• Inside and outside partnership basis rules
• Determinations of partner distributive shares and the effect of liabilities
• Planning under Section 704(c)
• Luncheon session on partnership and LLC compensatory interests including options, featuring a government panelist
• Regulations on non-compensatory partnership options and convertibles
• Transactions between the partnership and partners, including exit strategies
• Disguised sales
• Guaranteed payments
• Dispositions of partnership interests
• Nonliquidating and liquidating partnership distributions
• Partnership terminations under the final regulations
• Section 754 election planning and special basis adjustments,including effects of 2004 Jobs Act amendments
• Partnership mergers and divisions under the final regulations
• State taxation of partnerships, LLCs and their owners
• Analysis and use of single-owner LLCs in corporate acquisitions and otherwise
• Utilizing limited liability companies in a consolidated return context
• Structuring issues for private equity funds
• Energy tax credit partnerships
• The effects of the final partnership anti-abuse regulations on planning
• Update on the economic substance doctrine, recent taxshelter cases and legislation, preparer penalties, ethical considerations – featuring Division Counsel, Internal Revenue Service
• Dispute and litigation strategies in partnership tax cases –featuring the Chief Counsel, Internal Revenue Service
• Interesting partnership transactions of the past year luncheon session
• Panel of inside tax counsel on forming and operating a joint venture
• Session featuring IRS and Treasury representatives on thegovernment perspective on key partnership issues
• International joint venture issues and planning – outbound and inbound, including government panelists
• International “check-the-box” planning, including government panelists
• Effects of recent or proposed tax legislation
• Pending regulatory proposals
The faculty will consist of both inside and outside tax counselwith special expertise in the transactional aspects ofstructuring partnerships, joint ventures and other strategicalliances, both domestic and foreign. For some of the moreadvanced topics, the faculty will be joined by panelists fromIRS and Treasury. Many of the faculty have significant teachingexperience and will adopt an approach designed to enableattendees to progress rapidly from an elementaryunderstanding of the rules to the cutting-edge of the mostcomplex of current transactional issues.
Special Bonuses for All Attendees!Attendees will receive a complimentary copy of the2009 Tax Planning multi-volume Course Handbook ona fully searchable CD-ROM, shipped directly to youin the Fall of 2009 (NOTE: Approximately 18 out of270 Chapters will not be included on the CD-ROM).Attendees will also receive a complimentaryConference Book containing speaker outlines andPower Point slides for reference at the program.
PLEASE NOTE: The Program Fee does not includethe 2009 Tax Planning multi-volume CourseHandbook. Program Attendees may purchase hardcopies of the book at a Special Discounted Price. A limited supply of Course Handbooks will beavailable for purchase. Course Handbooks must be ordered by June 30, 2009. See Registration/Order Form for details.
Other Relevant Products From PLIC O U R S E H A N D B O O K
Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2009. This multi-volume Course Handbookwill be available for a special attendee discount price of $595. A limited supply of Course Handbookswill be available for purchase and must be ordered by June 30, 2009.
T R E A T I S E SBlattmachr on Income Taxation of Estates and Trusts, Fifteenth Edition F. Ladson Boyle (Charles Simon Professor of Federal Law, University of South Carolina) and Jonathan G. Blattmachr (Milbank, Tweed, Hadley & McCloy LLP, New York City)
1 looseleaf volume, 953 pages, $245 (Revised as necessary: No charge for revision issued within 3 months of purchase)
Internal Revenue Service Practice & Procedure Deskbook, Third Edition Ira L. Shafiroff (Professor of Law, Southwestern Law School)
2 looseleaf volumes, 2,637 pages, $275 (Revised bi-annually: No charge for revision issued within 3 months of purchase)
For more information on any treatise, including the Table of Contents, log on to www.pli.eduProgram attendees save up to 50% on Books, Audio and Video Products.
F A C U L T YCo-Chairs: Louis S. Freeman
Skadden, Arps, Slate, Meagher & Flom LLPChicago
Clifford M. WarrenTax Director, Kohlberg Kravis Roberts & Co.New York City
Jeffrey Van HoveDeputy Tax Legislative Counsel(Tax Regulation)Office of Tax PolicyDepartment of the TreasuryWashington, D.C.
Helen H. MorrisonDeputy Benefits Tax CounselOffice of Tax PolicyDepartment of the TreasuryWashington, D.C.Steven G. FrostSenior CounselOffice of Tax PolicyDepartment of the TreasuryWashington, D.C.
Avi AbergelManaging Director,
Finance GroupHead of Global Tax PlanningBlackstone, Inc.New York City(New York City)
Kenneth F. BarkoffSenior Vice President and
Director of TaxationAllianceBernstein L.P. New York City(New York City)
David BurtonManaging Director &
Senior Tax CounselGE Energy Financial ServicesStamford, Connecticut(New York City)
Robert M. GordonAssistant General Tax Counsel,
U.S. R&MBP America Inc.Chicago(Chicago)
Linda A. Klang Vice PresidentLehman BrothersJersey City, New Jersey(New York City & San Francisco)
David C. Link Senior Tax CounselCargill, IncorporatedMinneapolis(Chicago)
Scott NaatjesVice President,
Global Tax and CustomsCargill, IncorporatedWayzata, Minnesota(San Francisco)
Henry A. OrphysDirector, U.S. Tax & TradeIntel CorporationSanta Carla, California(New York City & San Francisco)
Daniel J. WidawskyManaging DirectorCitadel Investment Group, L.L.C.Chicago(Chicago)
DEPARTMENT OF THE TREASURY: OUTSIDE COUNSEL:
CORPORATE TAX MANAGEMENT:
To Be DeterminedChief CounselInternal Revenue ServiceWashington, D.C.Curtis G. WilsonAssociate Chief CounselPassthroughs & Special
IndustriesInternal Revenue ServiceWashington, D.C.(Chicago & New York City)
Steven A. MusherAssociate Chief CounselInternationalInternal Revenue ServiceWashington, D.C.(Chicago)
Michael A. DiFronzoDeputy Associate Chief CounselInternationalInternal Revenue ServiceWashington, D.C.(San Francisco)
Donna Marie YoungActing Deputy Associate
Chief CounselPassthroughs & Special
IndustriesInternal Revenue ServiceWashington, D.C.(San Francisco)
Joy C. SpiesTax Attorney AdvisorPassthroughs & Special
IndustriesInternal Revenue ServiceWashington, D.C.(Chicago & New York City)
Christopher T. KelleySpecial Counsel to the
Associate Chief CounselPassthroughs & Special
IndustriesInternal Revenue ServiceWashington, D.C.John J. MerrickSpecial Counsel to the
Associate Chief CounselInternationalInternal Revenue ServiceWashington, D.C.(New York City)
Christopher B. SternerDivision Counsel (LMSB)Internal Revenue ServiceWashington, D.C.
INTERNAL REVENUE SERVICE SPEAKERS:
Jennifer H. AlexanderDeloitte Tax LLPWashington, D.C.(New York City & San Francisco)
Joan C. Arnold Pepper Hamilton LLPPhiladelphia(San Francisco)
Sheldon I. BanoffKatten Muchin Rosenman LLPChicago(Chicago & New York City)
Andrew N. BergDebevoise & Plimpton LLPNew York City(New York City)
John A. BiekNeal, Gerber & Eisenberg LLPChicago(Chicago)
Kimberly S. BlanchardWeil, Gotshal & Manges LLPNew York City(New York City)
Peter H. BlessingShearman & Sterling LLPNew York City (Chicago)
Linda E. Carlisle White & Case LLPWashington, D.C.Paul D. CarmanChapman & Cutler LLPChicago(Chicago)
Jeffrey G. DavisMayer Brown LLPWashington, D.C.Michael J. DesmondMcKee Nelson LLPNew York City(Chicago)
Julie A. DivolaPillsbury Winthrop Shaw
Pittman LLPSan Francisco(San Francisco)
Miriam L. FisherMorgan, Lewis & Bockius LLPWashington, D.C.(New York City)
Michael G. FrankelErnst & Young LLPDallas(San Francisco)
James P. FullerFenwick & West LLPMountain View, California(New York City & San Francisco)
Phillip GallCooley Godward Kronish LLPNew York City(New York City)
Gregory W. Gallagher Kirkland & Ellis LLPChicago(Chicago)
Todd D. GolubBaker & McKenzie LLPChicago(Chicago)
Armando GomezSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C. (San Francisco)
Adam M. HandlerPricewaterhouseCoopers LLPLos Angeles(San Francisco)
Hal HicksSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago & San Francisco)
Michael HirschfeldDechert LLPNew York City(New York City)
Barksdale HortenstineErnst & Young LLPHouston(San Francisco)
Gary R. Huffman McKee Nelson LLPWashington, D.C.(Chicago & New York City)
Barbara T. KaplanGreenberg Traurig, LLPNew York City(Chicago)
Donald L. KorbSullivan & Cromwell LLPWashington, D.C.Paul F. KuglerKPMG LLPWashington, D.C.(San Francisco)
Carolyn Joy LeeJones DayNew York City(New York City & San Francisco)
David F. LevySkadden, Arps, Slate,
Meagher & Flom LLPChicago(Chicago)
Richard M. LiptonBaker & McKenzie LLPChicago(Chicago & San Francisco)
Karen LohnesPricewaterhouseCoopers LLPWashington, D.C.(San Francisco)
James M. LowyErnst & Young LLPSan Francisco(San Francisco)
William S. McKeeMcKee Nelson LLPWashington, D.C.(New York City)
William F. NelsonMcKee Nelson LLPWashington, D.C.(New York City)
William P. O'SheaDeloitte Tax LLPWashington, D.C.(San Francisco)
Pamela F. OlsonSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago)
Paul W. OosterhuisSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(New York City & San Francisco)
Stephen L. Owen DLA Piper LLP (US)Washington, D.C. and Baltimore(Chicago)
Martin D. PollackWeil, Gotshal & Manges LLPNew York City(New York City)
Sanford C. PresantDLA Piper LLP (US)Los Angeles(New York City & San Francisco)
Loretta R. RichardRopes & Gray LLPBoston(San Francisco)
Donald E. Rocap Kirkland & Ellis LLPChicago(San Francisco)
Stephen D. RoseMunger, Tolles & Olson LLPLos Angeles(Chicago & San Francisco)
Stuart L. Rosow Proskauer Rose LLPNew York CityBlake D. Rubin McDermott Will & Emery LLPWashington, D.C.(Chicago & San Francisco)
John G. RyanMcDermott Will & Emery LLPPalo Alto(San Francisco)
Robert D. SchachatErnst & Young LLPWashington, D.C.(San Francisco)
Bahar A. SchippelSnell & Willmer L.L.P.Phoenix(Chicago)
David H. SchnabelDebevoise & Plimpton LLPNew York City(Chicago & New York City)
Sean ShimamotoSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago & San Francisco)
Mark J. SilvermanSteptoe & Johnson LLPWashington, D.C.(New York City)
Bryan C. SkarlatosKostelanetz & Fink LLPNew York City(New York City)
Eric B. SloanDeloitte Tax LLPNew York City Eric SolomonFormer Assistant Secretary
(Tax Policy)Department of the TreasuryWashington, D.C.(Chicago & New York City)
James B. SowellKPMG LLPWashington, D.C.(Chicago)
Karen Gilbreath Sowell Former Deputy Assistant
Secretary (Tax Policy)Department of the TreasuryWashington, D.C.(Chicago & New York City)
Lewis R. SteinbergManaging DirectorGlobal Head Strategic
Solutions GroupUBS Securities LLCNew York CitySteven M. SurdellErnst & Young LLPChicago(Chicago)
Linda Z. SwartzCadwalader, Wickersham
& Taft LLPNew York City(New York City)
Willard B. TaylorSullivan & Cromwell LLPNew York City(New York City)
Carol P. TelloSutherland Asbill & Brennan LLPWashington, D.C.(Chicago)
Keith E. Villmow Kirkland & Ellis LLPChicago(New York City)
William P. Wasserman Ernst & Young LLPLos Angeles(New York City & San Francisco)
Andrea MacintoshWhiteway McDermott Will & Emery LLPWashington, D.C.(Chicago)
B. John Williams, Jr.Skadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(San Francisco)
Diana L. WollmanSullivan & Cromwell LLPNew York City(New York City & San Francisco)
Philip B. WrightBryan Cave LLPSt. Louis(Chicago & San Francisco)
Victor Zonana KPMG LLPNew York City(Chicago)Program Attorney: Stacey L. Greenblatt
Howard E. AbramsEmory Law SchoolAtlanta
Pinney L. Allen [Retired]Atlanta
Alan I. AppelBryan Cave LLPNew York City
Julia ArnoldDeloitte Tax LLPSan Francisco
Jerald David AugustFox Rothschild LLPWest Palm Beach, Florida
Jenny A. AustinBaker & McKenzie LLPChicago
Roger J. BanemanShearman & Sterling LLPNew York City
David M. BensonErnst & Young LLPMiami, Florida
Jean Marie BertrandCadwalader, Wickersham & Taft LLPNew York City
Cécile BeurrierDebevoise & Plimpton LLPLondon
Robert D. Blashek O’Melveny & Myers LLPLos Angeles
Bradley T. BordenWashburn University School of LawTopeka, Kansas
Ossie BoroshGoulston & StorrsWashington, D.C.
William B. Brannan [Retired]New York City
John C. BrouwerAllen & Overy LLPAmsterdam, Netherlands
Henry P. BubelPatterson, Belknap, Webb & Tyler LLPNew York City
Edward J. BuchholzThompson Coburn LLPSt. Louis
Karen C. Burke University of San DiegoSan Diego
Timothy P. BurnsPillsbury Winthrop Shaw Pittman LLPSan Francisco
Guillermo Canalejo LasarteUría MenéndezMadrid, Spain
Gale E. ChanMcDermott Will & Emery LLPWashington, D.C.
Edouard ChapellierLinklaters LLPParis, France
David ClickRSM McGladreyDenver
Lawrence CohenGibbons P.C.New York City
Steven J. CohenDeloitte Tax LLPSan Francisco
Barbara CoulterPricewaterhouseCoopers LLPAtlanta
Laurence E. CrouchShearman & Sterling LLPMenlo Park, California
Terence Floyd CuffLoeb & Loeb LLPLos Angeles
J. William Dantzler, Jr. White & Case LLPNew York City
Naftali Z. Dembitzer DLA Piper LLP (US)New York City
Philippe DerouinSkadden, Arps, Slate, Meagher &
Flom LLPParis, France
Timothy J. DevetskiVinson & Elkins L.L.P.Houston
Steven R. DixonShearman & Sterling LLPWashington, D.C.
Andrew J. DubroffErnst & Young LLPWashington, D.C.
Brian M. DuncanSkadden, Arps, Slate, Meagher &
Flom LLPWashington, D.C.
Daniel M. Dunn Dechert LLPNew York City
Bruce P. ElyBradley Arant Boult Cummings LLPBirmingham, Alabama
Jeff EricksonAttorney at LawNew York City
Stephen L. FeldmanMorrison & Foerster LLPNew York City
Jon G. FinkelsteinMcDermott Will Emery LLPWashington, D.C.
Artem FokinGreenberg Traurig, LLPNew York City
David L. ForstFenwick & West LLPMountain View, California
Lynn E. FowlerKilpatrick Stockton LLPAtlanta
Marc M. FredianiDeloitte Tax LLPMcLean, Virginia
Simon FriedmanMilbank, Tweed, Hadley
& McCloy LLPLos Angeles
Peter A. FurciDebevoise & Plimpton LLPNew York City
Patrick C. GallagherKirkland & Ellis LLPNew York City
James C. Garahan [Retired]Palo Alto
Craig A. GersonPricewaterhouseCoopers LLPWashington, D.C.
David. B. GoldmanMunger, Tolles & Olson LLPLos Angeles
Jennifer B. GreenBurns & Levinson LLPBoston
Seth GreenCaplin & Drysdale, CharteredWashington, D.C.
Jeffrey A. GreenblattSkadden, Arps, Slate, Meagher &
Flom LLPChicago
Christopher R. GrissomBradley Arant Boult Cummings LLPBirmingham, Alabama
Shaul GrossmanMeitar Liquornik Geva & Leshem
Brandwein, Law OfficesRamat Gan, Israel
Nancy E. HackerBaker & McKenzie LLPPalo Alto
Sigrid J.C. HemelsAllen & Overy LLPAmsterdam, Netherlands
Bobbe HirshBell, Boyd & Lloyd LLCChicago
Victor HollenderSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Robert E. HoloSimpson Thacher & Bartlett LLPNew York City
Robert HonigmanErnst & Young LLPWashington, D.C.
Matthew S. HouserBradley Arant Boult Cummings LLPBirmingham, Alabama
Paul J. HouseySonnenschein Nath & Rosenthal LLPNew York City
Robert F. Hudson Jr.Baker & McKenzie LLPMiami, Florida
Peter J. HuntPillsbury Winthrop Shaw Pittman LLPNew York City
Terrill A. HydeWilmer Cutler Pickering Hale
and Dorr LLPWashington, D.C.
Monte A. JackelPricewaterhouseCoopers LLPWashington, D.C.
Jeff L. JacobsPillsbury Winthrop Shaw Pittman LLPPalo Alto
Gary C. KarchMcDermott Will & Emery LLPChicago
Michael J.A. KarlinKarlin & Peebles LLPBeverly Hills
Warren P. KeanK&L Gates LLPCharlotte
Yoram Keinan Greenberg Traurig, LLPNew York City
Christian E. KimballJenner & Block LLPChicago
Christopher S. KippesInternal Revenue ServiceWashington, D.C.
Steven E. KligDeloitte Tax LLPNew York City
Brian KnieslyFried, Frank, Harris, Shriver &
Jacobson, LLPNew York City
Steven J. KoliasDechert LLPWashington, D.C.
Janet B. KorinsAttorney at LawScarsdale, New York
Brian E. Ladin Ernst & Young LLPWoodland Hills, California
Stephen B. LandLinklaters LLPNew York City
Matthew P. Larvick Vedder Price P.C.Chicago
Richard M. LederChadbourne & Parke LLPNew York City
Alan S. LedermanGunster, Yoakley & Stewart, P.A.Miami, Florida
Huey-Fun LeeDebevoise & Plimpton LLPNew York City
Mark H. LeedsGreenberg Traurig, LLPNew York City
Leslie H. LoffmanDLA Piper LLP (US)New York City
James H. Lokey, Jr. King & Spalding LLPAtlanta
Olga A. LoyMayer Brown LLPChicago
James M. LynchWinston & Strawn LLPChicago
Peter C. MahoneyErnst & Young LLPLos Angeles
Kimberly Tan MajureMiller & Chevalier, CharteredWashington, D.C.
Arthur ManMorrison & Foerster LLPNew York City
Prof. Elliott ManningUniversity of Miami School of Law Coral Gables, Florida
Gregory J. MarichErnst & Young LLPWashington, D.C.
Barbara Spudis de MarignyGardere Wynne Sewell LLPHouston
José G. MartínezUría MenéndezMadrid, Spain
John R. MaxfieldHolland & Hart LLPDenver
Gregory MayFreshfields Bruckhaus Deringer LLPWashington, D.C.
Scot McLeanDeloitte Tax LLPSan Francisco
Carlene Y. MillerSnell & Wilmer L.L.P.Phoenix
David A. MillerErnst & Young LLPDallas
Stephen G. MillsGoodwin Procter LLPNew York City
Glenn E. MinceyInternal Revenue ServiceNew York City and Washington, D.C.
Michael MollerusDavis Polk & WardwellNew York City
Todd E. MolzOaktree Capital ManagementLos Angeles
Michael E. Mooney Nutter McClennen & Fish LLPBoston
Aaron P. NocjarSteptoe & Johnson LLPWashington, D.C.
Richard M. NugentCadwalader, Wickersham & Taft LLPNew York City
Margaret M. O’ConnorErnst & Young LLPWashington, D.C.
Eric E. OmanErnst & Young LLPWashington, D.C.
Sandra Favelukes O’NeillRopes & Gray LLPBoston
Shane C. OrrJacobs Chase Frick Kleinkopf
& Kelley LLCDenver
Edward C. Osterberg Jr.Vinson & Elkins LLPHouston
Jeffrey H. Paravano Baker & Hostetler LLPCleveland and Washington, D.C.
James M. PeasleeCleary Gottlieb Steen & Hamilton LLPNew York City
Timothy J. PronleyDeloitte Tax LLPMinneapolis
Margorie A. RollinsonErnst & Young LLPWashington, D.C.
Jeffrey I. Rosenberg PricewaterhouseCoopers LLP Washington, D.C.
Jeffrey L. RubingerHolland & Knight LLPFort Lauderdale
Stanley C. RuchelmanThe Ruchelman Law FirmNew York City
Barbara Koosa RyanGrant Thornton LLPColumbia, South Carolina
Tim Sanders Skadden, Arps, Slate, Meagher &
Flom (UK) LLPLondon
Timothy J. SantoliSonnenschein Nath & Rosenthal LLPNew York City
Josh ScalaAttorney at Law
Robert ScarboroughFreshfields Bruckhaus Deringer LLPNew York City
Joel ScharfsteinFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
John G. SchmalzPricewaterhouseCoopers LLPWashington, D.C.
Paul M. Schmidt Baker & Hostetler LLPWashington, D.C.
Willys H. SchneiderKaye Scholer LLPNew York City
Cornelia J. Schnyder McKee Nelson LLPWashington, D.C.
Eric B. SensenbrennerSkadden, Arps, Slate, Meagher &
Flom LLPWashington, D.C.
Elizabeth Pagel SerebranskyDebevoise & Plimpton LLPNew York City
Susan P. SerotaPillsbury Winthrop Shaw Pittman LLPNew York City
Jeffrey T. SheffieldKirkland & Ellis LLPChicago
Judd A. SherDeloitte Tax LLPSan Francisco
Dean S. ShulmanSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Gretchen T. SierraU.S. Department of the TreasuryWashington, D.C.
Todd SinnettGrant Thornton LLPCharlotte
Kelly W. SmithPricewaterhouseCoopers LLPAtlanta
Scott D. SmithLeClairRyanWashington, D.C.
Samuel P. StarrPricewaterhouseCoopers LLPWashington, D.C.
David A. SteinWithers Bergman LLPNew York City
Thomas M. StephensSonnenschein Nath & Rosenthal LLPChicago
Avery I. StokDeloitte Tax LLPNew York City
Matthew Sullivan Deloitte Tax LLPWashington, D.C.
Raj TandenProskauer Rose LLPLos Angeles
Alan J. TarrLoeb & Loeb LLPNew York City
Jorge G. TenreiroCleary Gottlieb Steen & Hamilton LLPNew York City
Steven B. TeplinskySteptoe & Johnson LLPWashington, D.C.
Kevin ThomasonThompson & Knight LLPDallas
Christopher TrumpDeloitte Tax LLPWashington, D.C.
T. Timothy TuerffDeloitte Tax LLPWashington, D.C.
Suzanne WalshMcKee Nelson LLPWashington, D.C.
Robert S. WaltonBaker & McKenzie LLPChicago
Hershel Wein Dewey & Leboeuf LLPNew York City
William R. Welke P.C.Kirkland & Ellis LLPChicago
Daniel C. WhiteBryan Cave LLPSt. Louis
Richard P. WildDechert LLPPhiladelphia
Jerry S. WillifordGrant Thornton LLPCharlotte, North Carolina
Roger WiseK&L Gates LLPWashington, D.C.
Thomas S. WisialowskiPaul, Hastings, Janofsky
& Walker LLPPalo Alto
Steven N. J. Wlodychak Ernst & Young LLPLos Angeles
William S. Woods, IIErnst & Young LLPLos Angeles
James E. WreggelsworthDavis Wright Tremaine LLPSeattle
Lowell D. YoderMcDermott Will & Emery LLPChicago
Lisa M. ZarlengaSteptoe & Johnson LLPWashington, D.C.
A D D I T I O N A L C O U R S E H A N D B O O K A U T H O R S :
P L I ’ S G U A R A N T E E
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Morning Session: 9:00 a.m. – 11:45 a.m.
9:00 Partnership Basis Issues IncludingAllocating Liabilities Among Partners
Relevance of basis in partnership interest; equality of insideand outside basis; Sections 705 and 752; partnership interestdistinguished from partner’s capital account; effects ofcontributions; effects of liabilities; effects of Peracchi; effects of income and loss; effects of distributions; orderingand timing rules; allocation schemes for recourse andnonrecourse liabilities; final regulations for DREs; contingentliabilities and “Son of Boss” regulations; recent Notices.CHI: Stephen L. OwenNYC: William F. NelsonSF: Michael G. Frankel
10:00 Networking Break
10:15 Drafting Partnership Agreements for Substantial Economic Effect
Section 704(b); basic principles and relationship with Section 752; regulatory standards for allocations; substantialeconomic effect; deficit restoration obligations and otherrecourse assumptions; capital account maintenance;revaluations and book-ups; nonrecourse deductions andminimum gain attributable to nonrecourse liabilities; minimumgain chargebacks; partner nonrecourse debt; alternative testfor economic effect; economic equivalence test; substantiality;PIP; “targeted” versus “layercake” allocations; at risk anddeficit restoration agreement; regulations on “non-tax basis liabilities”; tiered partnerships; joint ventureswith tax-exempt investors; Series LLCs; planning strategies. CHI: Todd D. Golub, David H. Schnabel NYC: Sanford C. Presant, David H. SchnabelSF: Karen Lohnes, Sanford C. Presant
11:45 “Picnic Lunch” Program: Partnershipand LLC Compensatory InterestsIncluding Options
Capital interests; profits interests; restricted versusunrestricted, Section 83(b) election; options; warrants; equityappreciation rights; consequences to all parties; gray areas;recent IRS releases; proposed regulations dealing withservice partners; new focus on earned interests; effects ofrecent statutory amendments; proposed, temporary and newfinal regulations; Sections 409A and 457A.CHI: Sheldon I. Banoff, Bahar A. Schippel,
Helen H. Morrison [Deputy Benefits Tax Counsel,Department of the Treasury], Steven G. Frost [Senior Counsel (Tax Policy), Department of the Treasury]
NYC: Sheldon I. Banoff, Linda Z. Swartz, Helen H. Morrison [Deputy Benefits Tax Counsel,Department of the Treasury], Steven G. Frost [Senior Counsel (Tax Policy), Department of the Treasury]
SF: Julie A. Divola, Paul F. Kugler, Helen H. Morrison[Deputy Benefits Tax Counsel, Department of theTreasury], Steven G. Frost [Senior Counsel (TaxPolicy), Department of the Treasury]
Afternoon Session: 2:00 p.m. – 6:00 p.m.
2:00 Implications of Section 704(c) for Negotiating a PartnershipAgreement
Book/tax disparities; statutory framework; mechanics ofSection 704(c) and reverse Section 704(c) allocations;final and proposed regulations; the traditional method;ceiling limitation principles; traditional method withcurative allocations; remedial allocation method; other reasonable allocation methods; anti-abuseprinciples; planning concepts. CHI: Andrea Macintosh WhitewayNYC: Andrew N. BergSF: Barksdale Hortenstine
3:00 Non-Compensatory PartnershipOptions, Convertibles,Recapitalizations and Similar Transactions
Taxability of issuance, exercise and lapse ofnoncompensatory partnership options; definition ofoption, including options, warrants and conversionfeatures of debt or preferred equity instruments; Section704(b) and Section 704(c) consequences; basis issues;distinguishing compensatory from noncompensatorytransactions; Section 708 and Section 752 impacts;proposed and final (hopefully) regulations; planningopportunities and strategies.CHI: Gary R. Huffman, Joy C. Spies [Tax Attorney
Advisor (Passthroughs & Special Industries),Internal Revenue Service]
NYC: Gary R. Huffman, Joy C. Spies [Tax AttorneyAdvisor (Passthroughs & Special Industries),Internal Revenue Service]
SF: Robert D. Schachat, Donna Marie Young [ActingDeputy Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service]
3:45 Networking Break
4:00 Formation of Partnerships Including Joint Ventures of Operating Businesses
Treatment as partnership versus other arrangements;contributions of property, rights to use property andservices; planning for transfers of intangibles underSection 197 in light of the final regulations, start-upcosts, and deductibility of liabilities; contingent liabilitiesand trade or business exception to regulations;introduction to taxable transfers; partnership accountingmethods, periods and issues; planning strategies.CHI: Gregory W. GallagherNYC: Keith E. Villmow SF: Donald E. Rocap
5:00 Practical Problems and Challenges in Forming and Operating a Joint Venture: A Panel of Inside Tax Counsel
CHI: Clifford M. Warren, Robert M. Gordon, David C. Link, Daniel J. Widawsky
NYC: Clifford M. Warren, Avi Abergel, Kenneth F. Barkoff, Linda A. Klang, Henry A. Orphys
SF: Clifford M. Warren, Scott Naatjes, Linda A. Klang, Henry A. Orphys
6:00 Adjourn
Morning Session: 9:00 a.m. – 12:00 p.m.
9:00 Transactions Between Partner and Partnership – Sections 707,704(c)(1)(B) and 737
Planning examples; statutory framework; payments to apartner other than in capacity as a partner; disguised sales;exit strategy planning techniques; theory of Section 707(a)(2)regulations; nonsimultaneous transfers; mixing bowltransactions; entrepreneurial risk situations; Times Mirror/Chandler I and II; leveraged partnerships; Arco/Arch Coal:Tribune/Newsday/Comcast and others; contributions ofencumbered property; withdrawal of proposed Regulations ondisguised sales of partnership interests; Section 737;combined impact of Section 737, Section 704(c)(1)(B), thedisguised sale regulations, and the §1.701-2 anti-abuse rules;recent IRS Notices, FSAs and CCAs.CHI, NYC & SF: Louis S. Freeman
NEW SESSION: 10:00 Guaranteed PaymentsDistinguished from other payments; effect on distributiveshares; treatment as “interest”; cross-border effects; Rev. Rul. 2007-40; deduction versus capitalization;distinguishing preferred returns; reasonableness; accrued but unpaid; retroactive approval; planning ideas.CHI, NYC & SF: Eric B. Sloan, Lewis R. Steinberg
10:45 Networking Break
11:00 Sale, Exchange or Other Disposition of Partnership Interests;Partnership Distributions; Partnership Termination
Sections 741 and 751; unrealized receivables; inventoryitems; effect of liabilities; current distributions; distributions incomplete liquidation of partner interest; post-distributionconsequences to distributee; distributions involvingpartnership ordinary income property; partnershipterminations and consequences; the final Section 708termination regulations including planning strategies; planning to avoid termination.CHI & SF: Stephen D. RoseNYC: Michael Hirschfeld
12:00 “Picnic Lunch” Program: Interesting Partnership Transactions of the Past Year
CHI: Linda E. Carlisle, Paul D. Carman, Philip B. WrightNYC: Linda E. Carlisle, Phillip Gall, Diana L. Wollman SF: Linda E. Carlisle, Diana L. Wollman,
Philip B. Wright
P R O G R A M S C H E D U L EF I R S T D A Y : 9 : 0 0 A . M . – 6 : 0 0 P . M . S E C O N D D A Y : 9 : 0 0 A . M . – 6 : 0 0 P . M .
WEB: www.pli.edu PHONE: (800) 260-4PLI Monday - Friday, 9 a.m. - 6 p.m., Eastern Time
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Fax or mail completed Registration/Order Form on back cover.
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F O U R E A S Y W AY S T O R E G I S T E R
0 A . M . – 6 : 0 0 P . M .
Please plan to arrive with enough time to register before the conference begins. A networking breakfast will be available upon your arrival.
Afternoon Session: 2:00 p.m. – 6:00 p.m.
2:00 Adjustments to the Basis of Partnership Assets (Sections 734,743 and 754) Including Effects of2004 Jobs Act Amendments
Transfer of partnership interest; distribution of partnershipassets; distribution to transferee-partner; effect of Section1060; effect of Section 197 and the final regulations;planning opportunities and techniques involving making ornot making the Section 754 election; final regulationsunder Section 755; effects of 2004 Jobs Act amendmentsincluding mandatory adjustments for built-in losses.CHI: Stuart L. Rosow, Victor Zonana NYC & SF: Stuart L. Rosow, William P. Wasserman
3:00 Networking Break
3:15 Partnership Mergers and DivisionsFinal regulations; forms of partnership mergers; Assets-Over Form; Assets-Up Form; Interest-Over Form;effects under Section 752; buyout of a partner; merger ordivision as part of a larger transaction; forms of divisions;consequences under Sections 704(c)(1)(B) and 737.CHI & SF: Blake D. RubinNYC: William S. McKee
NEW SESSION: 4:00 Hot Topics in Partnership Taxation:
The Government Perspective Recent and pending developments in partnership taxationfeaturing present and recently “retired” Treasury and IRS representativesCHI: Curtis G. Wilson [Associate Chief Counsel
(Passthroughs & Special Industries), InternalRevenue Service], Steven G. Frost [Senior Counsel (Tax Policy) Department of the Treasury], Eric Solomon [Former Assistant Secretary (Tax Policy), Department of the Treasury], Karen Gilbreath Sowell [Former Deputy AssistantSecretary (Tax Policy), Department of the Treasury]
NYC: Curtis G. Wilson [Associate Chief Counsel(Passthroughs & Special Industries), InternalRevenue Service], Steven G. Frost [Senior Counsel (Tax Policy) Department of the Treasury], Eric Solomon [Former Assistant Secretary (Tax Policy), Department of the Treasury], Karen Gilbreath Sowell [Former Deputy AssistantSecretary (Tax Policy), Department of the Treasury]
SF: Jeffrey Van Hove [Deputy Tax Legislative Counsel (Tax Regulation), Department of the Treasury],Donna Marie Young [Acting Deputy Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service], William P. O’Shea[Former Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service]
NEW SESSION: 5:00 Tax Credit Partnerships:
Energy Credit DealsSection 45 production tax credit for wind, biomass,geothermal and other renewable resources; partnership“flip” structures; partnership allocation issues for PTCs;treatment of depreciation; minimum allocations; pre-taxprofit requirement; unrelated person requirement;restrictions on puts and calls; Section 48 investment taxcredit for solar; solar ITC allocation issues; changes underthe recently enacted stimulus package.CHI & SF: Jeffrey G. Davis, Sean Shimamoto,
Christopher T. Kelley [Special Counsel to theAssociate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]
NYC: David Burton, Jeffrey G. Davis, Christopher T. Kelley [Special Counsel to theAssociate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]
6:00 Adjourn
Morning Session: 9:00 a.m. – 12:00 p.m.
9:00 Anti-Abuse Rules, Tax Shelters, Recent Tax Shelter Cases andLegislation, Ethical Considerations
The impact on partnership and other transactions of recentcase law, 2004 Jobs Act amendments, and administrativedevelopments relating to economic substance and taxshelters; the application of various regulatory anti-abuserules; new regulations on tax preparer standards; developinginterpretations of the attorney-client privilege and workproduct doctrine; Circular 230. CHI: Michael J. Desmond, Pamela F. Olson,
Christopher B. Sterner [Division Counsel (LMSB), Internal Revenue Service]
NYC: Bryan C. Skarlatos, Mark J. Silverman, Christopher B. Sterner [Division Counsel (LMSB), Internal Revenue Service]
SF: Armando Gomez, Donald L. Korb, Christopher B. Sterner [Division Counsel (LMSB), Internal Revenue Service]
NEW SESSION: 10:00 Dispute and Litigation Strategies –
Partnership Tax CasesEffects of TEFRA; alternative ways to settle; possibility offresh look from Appeals; IRS key issues for partnerships;litigating a partnership dispute.CHI: Barbara T. Kaplan, Donald L. Korb, To Be
Determined [Chief Counsel, Internal Revenue Service]NYC: Miriam L. Fisher, Donald L. Korb, To Be Determined
[Chief Counsel, Internal Revenue Service]SF: Loretta R. Richard, B. John Williams, Jr., To Be
Determined [Chief Counsel, Internal Revenue Service]
11:00 Networking Break
NEW SESSION:11:15 “Harvesting” Economic Losses under
Subchapter KSale by partner to unrelated partnership; sale by partner to related partnership; sale by non-partner to a partnership; sale by non-partner to unrelated partnership; sale by non-partner to related partnership; part sale, part contribution;intercompany sale and contribution to unrelated partnership;sale by partner to unrelated partnership – debt financed salesproceeds; sale of preferred partnership interest.CHI & NYC: Eric B. Sloan, Lewis R. SteinbergSF: Jennifer H. Alexander, Lewis R. Steinberg
NEW SESSION: 12:00 “Picnic Lunch” Program: The Troubled
Partnership – Workouts and DebtRestructurings
Distressed partnerships and the effect of debt modifications,debt workouts, and partnership bankruptcy proceedings onpartners and creditors. Debt modification and amount andtiming of cancellation of indebtedness (COD) income;differences between discharge/workouts of recourse andnon-recourse indebtedness; effect of COD income recognizedby a disregarded entity; allocation of COD income; strategiesto mitigate the effects of COD income; partial relief from COD income as provided in the 2009 Stimulus legislation (the application of these rules to partnerships raises many difficult questions); passive activity and at-risk implications; partner-level deductions for worthlessness and abandonment;timing of losses for lenders.CHI: David F. Levy, Richard M. Lipton, James B. Sowell,
Jeffrey Van Hove [Deputy Tax Legislative Counsel(Tax Regulation), Department of the Treasury]
NYC: Jennifer H. Alexander, Andrew N. Berg, Martin D. Pollack, Jeffrey Van Hove [Deputy TaxLegislative Counsel (Tax Regulation), Department ofthe Treasury]
SF: Adam M. Handler, Richard M. Lipton, James M. Lowy, Jeffrey Van Hove [Deputy TaxLegislative Counsel (Tax Regulation), Department ofthe Treasury]
Afternoon Session: 2:00 p.m. – 5:00 p.m.
NEW SESSION: 2:00 State Taxation of Partnerships, Limited
Liability Companies and Their Owners SALT diversions from classic pass-through treatment;partnership-level taxes; entry-level fees; withholding andestimated tax obligations; composite filings; non-incometaxes; partners’ tax status – individuals, trusts, corporations;allocation/apportionment; special allocations of state-specificincome; SALT and investment activities; managers’ income;current events.CHI: John A. BiekNYC & SF: Carolyn Joy Lee
2:45 International Joint Venture Issues –Outbound and Inbound General Joint Venture Tax Issues
General review of benefits/detriments in using U.S. or foreign tax partnership vs. corporate structure inoutbound/inbound joint ventures; formation, operation andtermination of joint venture; foreign tax credits; tax treaty and Subpart F and withholding tax issues, problems withintangible property and multi-country joint ventures, includingSection 894(c), final regulations under Section 894, foreignpartnership reporting rules, effects of 2004 Jobs Actamendments.“Check-the-Box” PlanningCurrent planning techniques and issues under “Check-the-Box” regulations, including collateral consequences (e.g.,branch accounting for foreign currency under Section 987,U.S. withholding tax regulations, conversion issues and Rev.Ruls. 99-5 and 99-6, and impact on treaty entitlements);harmonization of foreign tax planning with these rules;planning opportunities with hybrids, check and sell issues.CHI: Peter H. Blessing, Hal Hicks, Steven M. Surdell,
Carol P. Tello, Steven A. Musher [Associate ChiefCounsel (International), Internal Revenue Service]
NYC: Kimberly S. Blanchard, James P. Fuller, Paul W. Oosterhuis, Willard B. Taylor, John J. Merrick [Special Counsel to the Associate Chief Counsel (International), Internal Revenue Service]
SF: Joan C. Arnold, James P. Fuller, Hal Hicks, John G. Ryan, Michael A. DiFronzo [Deputy Associate Chief Counsel (International),Internal Revenue Service]
3:45 Networking Break
4:00 International Joint Venture Issues –Outbound and Inbound General Joint Venture Tax Issues (continued)
“Check-the-Box” Planning (continued)
5:00 Adjourn
T H I R D D A Y : 9 : 0 0 A . M . – 5 : 0 0 P . M .
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Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2009m 18548 Chicago Seminar,* May 13-15, 2009, University of Chicago Gleacher Center, $2,395m 18549 New York City Seminar,* May 27-29, 2009, PLI New York Center, $2,395m 18550 San Francisco Seminar,* June 10-12, 2009, PLI California Center, $2,395m I will be attending Tax Planning 2009 and would like to purchase
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