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Ta x P l a n n i n g f o r Domestic & ForeignPartnerships, LLCs, Joint Ventures & OtherStrategic Alliances 2012
®
Chicago, Skadden, Arps, Slate, Meagher
& Flom LLP, May 1-3, 2012
New York City, PLI New York Center,
May 22-24, 2012
San Francisco, PLI California Center,
June 13-15, 2012
R e g i s t e r O n l i n e a t www . p l i . e d u o r C a l l ( 8 0 0 ) 2 6 0 - 4 P L I
Attend new sessions:
– “Topside” planning for private equity (and hedge) fund investments
– Special issues of tiered partnerships
– The application of self-employment tax and the Medicare tax to LLCmembers and limited partners
– Nuts and bolts of a partnership tax controversy
PLUS
Earn ethics credit:
– Economic substance, partnership anti-abuse rules, tax shelters, recent tax shelter cases, and distinguishing good tax planning fromaggressive tax advice and criminal tax evasion
– New session: Canal Corporation: Implications for structuring transactions
Satisfy Your CLE, CPE and CPD Requirements!
Chicago, Skadden, Arps, Slate,
Meagher & Flom LLP, May 1-3, 2012
New York City, PLI New York Center,
May 22-24, 2012
San Francisco, PLI California Center,
June 13-15, 2012
Ta x P l a n n i n g f o r Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2012
Why You Should AttendJoint ventures between large companies or with start-up or othersmaller companies are now an everyday occurrence. Partnerships havelong been the tried and true format for the holding and operation of realestate, and since the 1981 Act, for the conduct of closely-held businessoperations as well. Further, the increase in the number of joint venturesto develop large-scale projects and innovative concepts, the rise of thelimited liability company, the promulgation of the “check-the-box”regulations, and the use of hybrids that have fueled an explosion of taxplanning opportunities have led many companies, both large and small,to focus on the partnership form or the LLC form for structuringsubsidiary operations and foreign operations. More than ever before,corporate tax executives find they must advise senior management, andoutside counsel find they must advise their clients, on the opportunitiesand pitfalls of structuring joint ventures and investments as partnershipsor LLCs under Subchapter K of the Internal Revenue Code.
This three-day seminar will trace the partnership tax rules from the birthof the partnership through its operating life, with emphasis on tax issuesand planning strategies and opportunities; and then, since for onereason or another such ventures frequently unwind either before or aftersatisfying their purpose, will focus on exit strategies and tax planningpossibilities in unwinding.
Some of the sessions on the first day are intended to serve as a reviewof basics. Special attention will be given to planning under recentlyfinalized sets of regulations and proposed regulations, and to changeswrought by recent legislation and legislative proposals. Speakers fromTreasury and the IRS will be joining a number of the more advancedpanels in order to discuss cutting-edge issues. Finally, the entireafternoon of the third day will be committed to international joint venturetax planning including the use of hybrids and, therefore, is intended tobe quite advanced.
Reserve your place today, call (800) 260-4PLI.
What You Will Learn & Special Features• The benefits and detriments of choosing the partnership form
• Avoiding the partnership form for certain strategic alliances
• Partnership interest basis issues, including allocation of liabilities
• Determinations of partner distributive shares and the effect of liabilities
• Noncompensatory partnership options, convertibles and recapitalizations, including agovernment panelist
• Luncheon session on partnership and LLC compensatory interests including options, with a government panelist
• Planning under Section 704(c)
• Formation of partnerships, including joint ventures of operating businesses
• Transactions between the partnership and partners, including exit strategies
• Dispositions of partnership interests
• Partnership distributions and terminations
• Partnership mergers and divisions
• Section 754 election planning and special basis adjustments
• State taxation of partnerships, LLCs and their owners
• Energy tax credit partnerships, including a government panelist
• Codification of the economic substance doctrine, recent tax shelter cases andlegislation, preparer penalties, ethical considerations
• Partnership workouts and debt restructurings luncheon session, including agovernment panelist
• 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 the government perspective onkey partnership issues
• International joint venture issues and planning, including a government panelist
• Effects of recent or proposed tax legislation and pending regulatory proposals
Plus New Sessions:• “Topside” planning for private equity (and hedge) fund investments
• Canal Corporation: Implications for structuring transactions
• Special issues of tiered partnerships
• The application of self-employment tax and the Medicare tax to LLC members andlimited partners
• Nuts and bolts of a partnership tax controversy
The faculty will consist of both inside and outside tax counsel with special expertise inthe transactional aspects of structuring partnerships, joint ventures and other strategicalliances, both domestic and foreign. For some of the more advanced topics, the facultywill be joined by panelists from the IRS and Treasury. Many of the faculty have significantteaching experience and will adopt an approach designed to enable attendees toprogress rapidly from an elementary understanding of the rules to the cutting-edge ofthe most complex of current transactional issues.
Pro Bono EffortsSince 1933, PLI has been the comprehensive resource for the training and development needs oflegal professionals. PLI is heavily involved in pro bono and research and development activities toensure that all practicing attorneys and law students remain on the cutting-edge. These activitiesinclude awarding full and partial scholarships to our Institutes and Programs, assisting publicinterest organizations in their training needs, and helping law students become first-rate attorneysby posting free lectures on our web site. For more information, go online to pro-bono.pli.edu.
PLI ScholarshipsPlease check the Registration Information section of this brochure for more information about PLI scholarships.
F A C U L T Y
Curtis G. WilsonAssociate Chief Counsel(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.
Steven A. MusherAssociate Chief Counsel(International)Internal Revenue ServiceWashington, D.C.(San Francisco)
Ronald A. DabrowskiDeputy AssociateChief Counsel(International – Technical)Internal Revenue ServiceWashington, D.C.(New York City)
John J. MerrickSpecial Counsel to the
Associate Chief Counsel(International)Internal Revenue ServiceWashington, D.C.(Chicago)
Beverly M. KatzSpecial Counsel to the
Associate Chief Counsel(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.
Christopher T. KelleySpecial Counsel to the
Associate Chief Counsel(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.
David R. HaglundBranch ChiefOffice of the Associate Chief Counsel(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.(Chicago)
Joy C. SpiesTax Attorney Advisor(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.(New York City & San Francisco)
Jennifer H. AlexanderAttorney Advisor Office of Tax Legislative CounselU.S. Department of the TreasuryWashington, D.C.
Co-Chairs Louis S. FreemanSkadden, Arps, Slate,
Meagher & Flom LLPChicago
Clifford M. WarrenSpecial Counsel to the Associate Chief Counsel
(Passthroughs & Special Industries)Internal Revenue ServiceWashington, D.C.
Department of Treasury
Internal Revenue Service
Karen L. BowenTax Counsel and Americas Tax DirectorAccenture Global Tax GroupWalnut Creek, California(San Francisco)
B. Benjamin HaasDirector, Federal Tax Research &
Planning GroupExelon CorporationPhiladelphia(New York City)
Linda A. Klang Senior Vice PresidentLehman Brothers Holdings Inc.Jersey City, New Jersey(New York City & San Francisco)
David C. LinkSenior Tax CounselCargill, IncorporatedMinneapolis(Chicago)
David J. MangefridaSenior Vice President/Director of TaxCalamos InvestmentsNaperville, Illinois(Chicago)
Scott NaatjesVice President, General Tax CounselCargill, IncorporatedWayzata, Minnesota(New York City)
Henry A. OrphysVice President – TaxKBR, Inc.Houston(Chicago)
Joan C. Arnold Pepper Hamilton LLPPhiladelphia(Chicago)
Sheldon I. BanoffKatten Muchin Rosenman LLPChicago(Chicago & New York City)
Jennifer A. Bennett PwCWashington, D.C.(Chicago)
Andrew N. BergDebevoise & Plimpton LLPNew York City(New York City)
John A. BiekNeal, Gerber Eisenberg LLPChicago(Chicago)
Peter H. BlessingShearman & Sterling LLPNew York City(Chicago)
William P. BowersFulbright & Jaworski LLPDallas(New York City)
Linda E. Carlisle White & Case LLPWashington, D.C.
Bryon A. ChristensenSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago)
Corporate Tax Management
Outside Counsel
Outside Counsel (con t inued)
Robert J. CrnkovichErnst & Young LLPWashington, D.C.(Chicago & San Francisco)
Terence Floyd Cuff Loeb & Loeb LLPLos Angeles(San Francisco)
Jasper L. Cummings, Jr.Alston & Bird LLPDurham, North Carolina(Chicago)
Glenn E. DanceErnst & Young LLPWashington, D.C.(Chicago)
Jeffrey G. DavisMayer Brown LLPWashington, D.C.
Nicholas J. DeNovioLatham & Watkins LLPWashington, D.C.(New York City)
Michael J. DesmondThe Law Offices of
Michael J. Desmond, APCSanta Barbara, California(Chicago)
Andrea M. DespotesNeal, Gerber & Eisenberg LLPChicago(Chicago)
Julie A. DivolaPillsbury Winthrop Shaw
Pittman LLPSan Francisco(San Francisco)
Michael G. Frankel Ernst & Young LLPMiami(San Francisco)
Steven G. FrostChapman and Cutler LLPChicago(Chicago)
James P. Fuller Fenwick & West LLPMountain View(New York City & San Francisco)
Phillip GallDeloitte Tax LLPNew York City(New York City)
Gregory W. Gallagher Kirkland & Ellis LLPChicago(Chicago)
Todd D. GolubErnst & Young LLPChicago(Chicago & San Francisco)
Armando GomezSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C. (San Francisco)
C. Wells Hall, IIIMayer Brown LLPCharlotte, North Carolina
Adam M. HandlerPwCLos Angeles(San Francisco)
David P. HaritonSullivan & Cromwell LLPNew York City(New York City)
Hal HicksSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago)
Michael HirschfeldDechert LLPNew York City(New York City)
Nadine A. HolovachPwCWashington, D.C.(New York City)
Gary R. Huffman Bingham McCutchen LLPWashington, D.C.(New York City)
Monte A. Jackel PwCWashington, D.C.
Barbara T. KaplanGreenberg Traurig, LLPNew York City(New York City & San Francisco)
Julia M. KazaksSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(San Francisco)
Donald L. KorbSullivan & Cromwell LLPWashington, D.C.(New York City)
Arielle S. KrausePwCWashington, D.C.(San Francisco)
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 & San Francisco)
Richard M. LiptonBaker & McKenzie LLPChicago(Chicago & San Francisco)
Karen LohnesPwCWashington, D.C.(Chicago)
James M. LowyErnst & Young LLPSan Francisco(San Francisco)
William S. McKee Bingham McCutchen LLPWashington, D.C.(New York City)
William F. Nelson Bingham McCutchen LLPWashington, D.C.(New York City)
William P. O’SheaDeloitte Tax LLPWashington, D.C.(San Francisco)
Paul W. Oosterhuis Skadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(New York City)
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. Presant Greenberg Traurig, LLPSanta Monica, California(New York City)
Loretta R. RichardRopes & Gray LLPBoston(Chicago)
Donald E. Rocap Kirkland & Ellis LLPChicago(New York City)
Stephen D. RoseMunger, Tolles & Olson LLPLos Angeles
Stuart L. Rosow Proskauer New York City
Blake D. Rubin McDermott Will & Emery LLPWashington, D.C.
Robert D. Schachat Ernst & Young LLPWashington, D.C.(San Francisco)
Bahar A. SchippelSnell & Wilmer L.L.P.Phoenix(Chicago)
David H. SchnabelDebevoise & Plimpton LLPNew York City(Chicago & New York City)
Eric B. SensenbrennerSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(San Francisco)
Sean ShimamotoSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.
Dean S. ShulmanSkadden, Arps, Slate,
Meagher & Flom, LLPNew York City
Bryan C. Skarlatos Kostelanetz & Fink LLPNew York City(Chicago & New York City)
Eric B. SloanDeloitte Tax LLPNew York City
Eric SolomonErnst & Young LLPWashington, D.C.(San Francisco)
James B. SowellKPMG LLPWashington, D.C.(New York City)
Lewis R. SteinbergManaging DirectorGlobal Head Strategic
Solutions GroupUBS Securities LLC New York City
Steven M. Surdell Ernst & Young LLPChicago(Chicago)
Linda Z. SwartzCadwalader, Wickersham
& Taft LLPNew York City(New York City)
Keith E. Villmow Kirkland & Ellis LLPChicago(San Francisco)
Anna VoortmanErnst & Young LLPChicago(San Francisco)
R. David WheatThompson & Knight LLPDallas(Chicago)
Andrea MacintoshWhiteway McDermott Will & Emery LLPWashington, D.C.
Fred T. WittDeloitte Tax LLPPhoenix(Chicago)
Diana L. WollmanSullivan & Cromwell LLPNew York City(New York City & San Francisco)
William S. Woods, IIErnst & Young LLPLos Angeles(San Francisco)
Philip B. Wright Bryan Cave LLPSt. Louis(Chicago & San Francisco)
Program Attorney:Stacey L. Greenblatt
Howard E. AbramsEmory University School of LawAtlanta
Alan S. AppelBryan Cave LLPNew York City
Julia ArnoldDeloitte Tax LLPSan Francisco
Jerald David AugustFox Rothschild LLPWest Palm Beach, Florida
and Philadelphia
Jenny A. AustinBaker & McKenzie LLPChicago
Roger J. BanemanShearman & Sterling LLPNew York City
Holly T. BelangerKPMG LLPWashington, D.C.
Kelley M. BenderChapman and Cutler LLPChicago
Jean Marie BertrandCadwalader, Wickersham
& Taft LLPNew York City
Cécile BeurrierDebevoise & Plimpton LLPLondon
Kimberly S. BlanchardWeil, Gotshal & Manges LLPNew York City
Bradley T. BordenBrooklyn Law SchoolBrooklyn, New York
Ossie BoroshKPMG LLPWashington, D.C.
Nancy T. BowenFulbright & Jaworski LLPHouston
William B. BrannanRetiredCravath, Swaine & Moore LLPNew York City
Christian BrauseEnrexa Capital Investors Frankfurt, Germany
Noel P. BrockAssistant Professor, College of
Business & EconomicsWest Virginia UniversityMorgantown, West Virginia
John C. BrouwerAllen & Overy LLPAmsterdam, Netherlands
Henry P. BubelPatterson Belknap
Webb & Tyler LLPNew York City
Edward J. BuchholzThompson Coburn LLPSt. Louis
Joseph M. CaliannoGrant Thornton LLPWashington, D.C.
Paul D. CarmanChapman and Cutler LLPChicago
Gale E. ChanMcDermott Will & Emery LLPWashington, D.C.
Edouard ChapellierLinklatersParis, France
David L. ClickRSM McGladreyDenver
Lawrence CohenGibbons P.C.New York City
Steven J. CohenDeloitte Tax LLPSan Francisco
Barbara CoulterPwCAtlanta
Laurence E. CrouchShearman & Sterling LLPPalo Alto
J. William Dantzler Jr.White & Case LLPNew York City
Barbara Spudis de MarignyKPMG LLPHouston
Adrienne DeLormeGeorgia-Pacific LLCAtlanta
Naftali Z. DembitzerLaw Offices of
Naftali Z. Dembitzer New York City
Timothy J. DevetskiVinson & Elkins LLPHouston
Steven R. DixonMiller & Chevalier LLPWashington, D.C.
Andrew J. DubroffErnst & Young LLPWashington, D.C.
Brian M. DuncanSkadden, Arps, Slate, Meagher &
Flom, LLPWashington, D.C.
Daniel M. DunnDechert LLPNew York City
Ezra DyckmanRoberts & Holland LLPNew York City
Bruce P. ElyBradley Arant Boult
Cummings LLPBirmingham, Alabama
Jeffrey EricksonErnst & Young LLPWashington, D.C.
Jason R. FactorCleary Gottlieb Steen
& Hamilton LLPNew York City
Andrew FalevichFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
Stephen L. FeldmanMorrison & Foerster LLPNew York City
Deborah A. FieldsKPMG LLPWashington, D.C.
Jon G. FinkelsteinMcDermott Will & Emery LLPWashington, D.C.
David L. ForstFenwick & West LLPMountain View, California
Lynn E. FowlerKilpatrick Townsend
& Stockton LLPAtlanta and Washington, D.C.
David R. FranklinDeloitte Tax LLPNew York City
Marc M. FredianiDeloitte Tax LLPMcLean, Virginia
Peter A. FurciDebevoise & Plimpton LLPNew York City
Patrick C. GallagherKirkland & Ellis LLPNew York City
Mark P. GergenUC Berkeley School of LawBerkeley
David B. GoldmanMunger, Tolles & Olson LLPLos Angeles
Jennifer B. GreenBurns & Levinson LLPBoston
Seth GreenKPMG LLPWashington, D.C.
Christopher R. GrissomBradley, Arant, Rose & White LLPBirmingham, Alabama
Shaul GrossmanMeitar Liquornik Geva & Leshem
Brandwein, Law OfficesRamat Gan, Israel
Seth HagenAttorney at LawNew York City
Deborah A. HarringtonDeloitte Tax LLPWashington, D.C.
Jeff HelmErnst & Young LLPWashington, D.C.
Sigrid HemelsAllen & Overy LLPAmsterdam, Netherlands
Thomas W. HenningAllen Matkins Leck Gamble
Mallory & Natsis LLPLos Angeles
Bobbe HirschHirsh & AssociatesLake Forest, Illinois
Victor HollenderSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Robert E. HoloSimpson Thacher & Bartlett LLPNew York City
Robert HonigmanErnst & Young LLPWashington, D.C.
Barksdale HortenstineErnst & Young LLPHouston
Paul J. HouseySNR DentonNew York City
Robert F. Hudson, Jr.Baker & McKenzie LLPMiami
Peter J. HuntPillsbury Winthrop
Shaw Pittman LLPNew York City
Terrill A. HydeWilmer Cutler Pickering Hale and
Dorr LLPWashington, D.C.
David O. KahnLatham & Watkins LLPBoston
Gary C. KarchMcDermott Will & Emery LLPChicago
Adele M. KarigDebevoise & Plimpton LLPNew York City
Michael KarlinKarlin & Peebles, LLPBeverly Hills
Warren P. KeanK&L Gates LLPCharlotte, North Carolina
Robert R. KeatingeHolland & Hart LLPDenver
Yoram KeinanGreenberg Traurig, LLPNew York City
Grace Kim Ernst & Young LLPWashington, D.C.
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.
Brian D. KrauseSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Colleen A. KushnerChapman and Cutler LLPChicago
Brian E. LadinErnst & Young LLPLos Angeles
Stephen B. LandLinklatersNew York City
Matthew P. LarvickVedder Price P.C.Chicago
Guillermo CanalejoLasarteUría MenendezMadrid, Spain
Alan S. LedermanGunster Yoakley & Stewart, P.A.Fort Lauderdale, Florida
Eric B. LeeKPMG LLPWashington, D.C.
Huey-Fun LeeDebevoise & Plimpton LLPNew York City
Mark H. LeedsGreenberg Traurig, LLPNew York City
Summer A. LePreeKPMG LLPMiami, Florida
Howard J. LevineRoberts & Holland LLPWashington, D.C.
A d d i t i o n a l T r e a t i s e A u t h o r s:
Elizabeth P. LewisMcDermott Will & Emery LLPChicago
Leslie H. LoffmanAttorney at LawNew York City
James H. Lokey Jr.King & Spalding LLPAtlanta
Carlene Y. LowrySnell & Wilmer L.L.P.Phoenix
Olga A. LoyJones DayChicago
James M. LynchWinston & Strawn LLPChicago
Peter C. MahoneyErnst & Young LLPNew York City
Kimberly T. MajureGeorgetown University
Law SchoolWashington, D.C.
Arthur ManMorrison & Foerster LLPNew York City
Mary Ann ManciniBryan Cave LLPWashington, D.C.
Gregory J. MarichErnst & Young LLPWashington, D.C.
Jose G. MartinezUría MenendezMadrid, Spain
John R. MaxfieldHolland & Hart LLPDenver
Gregory MayFreshfields Bruckhaus
Deringer LLPWashington, D.C.
David W. MayoPaul, Weiss, Rifkind,
Wharton & Garrison LLPNew York City
Martin J. McMahon, Jr.University of Florida Levin
College of LawGainesville, Florida
Stephen MillsRetiredGoodwin Procter LLPNew York City
Glenn E. MinceyDeloitte Tax LLPNew York City
Michael E. MooneyNutter McClennen & Fish LLPBoston
Telma NadvornyErnst & Young LLPHouston
Thayne T. NeedlesErnst & Young LLPMcLean, Virginia
Erika W. NijenhuisCleary Gottlieb Steen
& Hamilton LLPNew York City
Aaron P. NocjarSteptoe & Johnson LLPWashington, D.C.
Richard M. NugentCadwalader, Wickersham
& Taft LLPNew York City
Brian J. O’ConnorVenable LLPBaltimore
Margaret M. O’ConnorErnst & Young LLPWashington, D.C.
Eric E. OmanErnst & Young LLPWashington, D.C.
Edward C. Osterberg, Jr.Vinson & Elkins LLPHouston
Jaclyn PampelBaker & McKenzie LLPChicago
Jeffrey H. ParavanoBaker & Hostetler LLPWashington, D.C.
James M. PeasleeCleary Gottlieb Steen
& Hamilton LLPNew York City
Roger F. PillowErnst & Young LLPWashington, D.C.
Elliot PisemRoberts & Holland LLPNew York City
Timothy J. PronleyDeloitte Tax LLPMinneapolis
Marjorie A. RollinsonErnst & Young LLPWashington, D.C.
Elena V. RomanovaCitigroup Global Markets, Inc.New York City
Jeffrey I. RosenbergPwCWashington, D.C.
Robert P. RothmanAkin Gump Strauss Hauer
& Feld LLPNew York City
Jeffrey L. RubingerKPMG LLPFort Lauderdale, Florida
Stanley C. RuchelmanThe Ruchelman Law FirmNew York City
Barbara Koosa RyanGrant Thornton LLPColumbia, South Carolina
Jill Kuzbach SanchezLatham & Watkins LLPWashington, D.C.
Tim SandersSkadden, Arps, Slate, Meagher &
Flom, LLPLondon
Timothy J. SantoliSNR DentonNew York City
Josh ScalaArnold & Porter LLPWashington, D.C.
Robert H. ScarboroughFreshfields Bruckhaus
Deringer LLPNew York City
Joel ScharfsteinFried, Frank, Harris,
Shriver & Jacobson LLPNew York City
Michael L. SchlerCravath, Swaine & Moore LLPNew York City
John G. SchmalzPwCWashington, D.C.
Paul M. SchmidtBaker & Hostetler LLPWashington, D.C.
Steven R. SchneiderGoulston & Storrs, P.C.Washington, D.C.
Willys H. SchneiderKaye Scholer LLPNew York City
Paul SchockettSkadden, Arps, Slate, Meagher
& Flom LLPWashington, D.C.
Susan P. SerotaPillsbury Winthrop Shaw
Pittman LLPNew York City
David J. ShakowChamberlain, Hrdlicka, White,
Williams & Martin LLPPhiladelphia
Jeffrey T. SheffieldKirkland & Ellis LLPChicago
Judd SherDeloitte Tax LLPSan Francisco
William R. SiegelGreenberg Traurig, LLPMiami
Gretchen T. SierraDeloitte Tax LLPWashington, D.C.
Mark J. SilvermanSteptoe & Johnson LLPWashington, D.C.
Todd SinnettGrant Thornton LLPCharlotte, North Carolina
Kelly W. SmithPwCAtlanta
John (Jay) Soave IIIChicago
Daniel W. StahlRoberts & Holland LLPNew York City
Samuel P. StarrPwCWashington, D.C.
David A. SteinWithers LLPNew Haven, Connecticut
Thomas M. StephensSNR Denton Chicago
Avery I. StokDeloitte Tax LLPNew York City
Mark StoneHolland & Knight LLPNew York City
Matthew SullivanDeloitte Tax LLPWashington, D.C.
Robert A. SwiechKPMG LLPHouston
Alan J. TarrLoeb & Loeb LLPNew York City
Jorge G. TenreiroCleary Gottlieb Steen
& Hamilton LLPNew York City
William T. Thistle Bradley Arant Boult
Cummings LLPBirmingham, Alabama
Kevin ThomasonElliott & Thomason LLPDallas
Christopher TrumpDeloitte Tax LLPWashington, D.C.
Stefan F. TuckerVenable LLPWashington, D.C.
T. Timothy TuerffDeloitte Tax LLPWashington, D.C.
Suzanne WalshInternal Revenue ServiceWashington, D.C.
Robert S. WaltonBaker & McKenzie LLPChicago
Thomas P. WardMcDermott Will & Emery LLPChicago
Hershel WeinDewey & LeBoeuf LLPNew York City
Romina WeissGibson, Dunn & Crutcher LLPNew York City
William R. WelkeKirkland & Ellis LLPChicago
Daniel C. WhiteBryan Cave LLPSt. Louis
Bradford D. Whitehurst Bingham McCutchen LLPWashington, D.C.
Gary B. WilcoxMorgan, Lewis & Bockius LLPWashington, D.C.
Richard P. WildDechert LLPPhiladelphia
Jerry S. WillifordGrant Thornton LLPCharlotte, North Carolina
Roger S. WiseK&L Gates LLPWashington, D.C.
Thomas S. WisialowskiPaul Hastings LLPPalo Alto
Steven N.J. WlodychakErnst & Young LLPLos Angeles
James E. WreggelsworthDavis Wright Tremaine LLPSeattle
Lowell D. YoderMcDermott Will & Emery LLPChicago
Lisa M. ZarlengaDeputy Tax Legislative Counsel
(Regulatory Affairs)U.S. Department of TreasuryWashington, D.C.
D a y O n e : 8 : 3 0 a . m . – 6 : 0 0 p . m .P R O G R A M S C H E D U L E
Morning Session: 8:30 a.m. – 11:45 a.m.
8:30 Partnership Interest Basis IssuesIncluding Allocating Liabilities Among Partners
Relevance of basis in partnership interest; equality of inside and outside basis; Sections 705 and 752;partnership interest distinguished from partner’s capitalaccount; effects of contributions; effects of liabilities;effects of Peracchi; effects of income and loss; effects of distributions; ordering and timing rules; allocationschemes for recourse and nonrecourse liabilities; bottom-dollar guarantees; capital account deficitrestoration obligations; capital contribution obligations;final regulations for DREs; contingent liabilities and ”Son of Boss“ regulations; recent Notices.CHI: Stephen L. Owen NYC: William F. Nelson SF: Michael G. Frankel
9:30 Drafting Partnership Agreements for Substantial Economic Effect
Section 704(b); basic principles and relationship withSection 752; regulatory standards for allocations;substantial economic effect; deficit restoration obligationsand other recourse assumptions; capital accountmaintenance; revaluations and book-ups; nonrecoursedeductions and minimum gain attributable to nonrecourseliabilities; minimum gain chargebacks; partnernonrecourse debt; alternative test for economic effect;economic equivalence test; substantiality and relatedpersons; PIP; ”targeted“ versus ”layercake“ allocations; at risk and deficit restoration agreement; regulations on”non-tax basis liabilities“; proposed removal of the de minimus rule; joint ventures with tax-exemptinvestors; Series LLCs; planning strategies. CHI: Todd D. Golub, Karen LohnesNYC: Sanford C. Presant SF: Todd D. Golub, Robert D. Schachat
10:45 Networking Break
11:00 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: Glenn E. Dance, David R. Haglund [Branch Chief,Office of Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]NYC: Gary R. Huffman, Joy C. Spies [Tax Attorney Advisor, Office of Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]SF: William S. Woods, II, Joy C. Spies [Tax AttorneyAdvisor, Office of Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service]
11:45 “Picnic Lunch” Program: Partnership and LLCCompensatory Interests Including Options
Attendees will be given 15 minutes prior to the start of the luncheon presentation to help themselves to a picnic lunch and take their seats in the meeting room.
Capital interests; profits interests; restricted versus unrestricted,Section 83(b) election; options; warrants; equity appreciation rights;consequences to all parties; gray areas; recent IRS releases;proposed regulations dealing with service partners; new focus onearned interests and possible “carried interest” legislation; effects ofrecent statutory amendments, proposed, temporary and new finalregulations; Sections 409A and 457A.CHI: Sheldon I. Banoff, Bahar A. Schippel, Clifford M. Warren[Special Counsel to the Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]NYC: Sheldon I. Banoff, Linda Z. Swartz, Clifford M. Warren [Special Counsel to the Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]SF: Julie A. Divola, Paul F. Kugler, Clifford M. Warren [Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]
1:30 Networking Break
Afternoon Session: 1:45 p.m. – 6:00 p.m.
1:45 Implications of Section 704(c) for Negotiatinga Partnership Agreement
Book/tax disparities; statutory framework; mechanics of Section704(c) and reverse Section 704(c) allocations; final and proposedregulations; the traditional method; ceiling limitation principles;traditional method with curative allocations; remedial allocationmethod; other reasonable allocation methods; anti-abuse principles;Notice 2009-70; remedials and related parties; planning concepts.CHI: Steven G. Frost, Andrea Macintosh WhitewayNYC: Andrew N. Berg, Andrea Macintosh WhitewaySF: Terence Floyd Cuff, Andrea Macintosh Whiteway
2:45 Formation of Partnerships Including Joint Ventures of Operating Businesses
Treatment as partnership versus other arrangements; contributionsof property, rights to use property and services; planning fortransfers of intangibles under Section 197 in light of the finalregulations, start-up costs, and deductibility of liabilities; contingentliabilities and trade or business exception to regulations;introduction to taxable transfers; partnership accounting methods,periods and issues; planning strategies.CHI: Gregory W. Gallagher NYC: Donald E. Rocap SF: Keith E. Villmow
3:45 Networking Break
New Sess ion4:00 “Topside” Planning for Private Equity
(and Hedge) Fund InvestmentsAddressing topside planning for private equity and hedge fundinvestments, including the myriad passthrough, cross-border andother issues involved, including UBTI, ECI, FIRPTA, sovereigninvestors (Section 892), and exit planning.CHI & NYC: David H. Schnabel, Eric B. Sloan, Lewis R. SteinbergSF: Eric B. Sloan, Lewis R. Steinberg
5:15 Practical Problems and Challenges in Formingand Operating a Joint Venture: A Panel of Inside Tax Counsel
CHI: David C. Link, David J. Mangefrida, Henry A. OrphysNYC: B. Benjamin Haas, Linda A. Klang, Scott Naatjes SF: Karen L. Bowen, Linda A. Klang
6:00 Adjourn
Morning Session: 8:30 a.m. – 11:45 a.m.
8:30 Transactions Between Partner andPartnership – 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; TimesMirror/Chandler I and II; introduction to leveraged partnerships;Arco/Arch Coal; Tribune/Newsday/Comcast and others;contributions of encumbered property; withdrawal of proposedregulations on disguised sales of partnership interests; Section737; combined impact of Section 737, Section 704(c)(1)(B),the disguised sale regulations, and the Section 1.701-2 anti-abuse rules; recent IRS Notices, FSAs and CCAs.CHI, NYC & SF: Louis S. Freeman
New Sess ion9:30 Canal Corporation: Implications
for Structuring Transactions In Canal, the Tax Court not only rejected a transaction structurethat many practitioners thought should work, it also imposedpenalties notwithstanding the receipt by the taxpayer of anopinion from a Big 4 accounting firm. Practitioners need toconsider the impact of Canal on their planning, as well as theadvice they give to clients concerning penalties. This panel willaddress how Canal should be considered in tax planning andproviding tax opinions.CHI & SF: Robert J. Crnkovich, Richard M. Lipton, Clifford M. Warren [Special Counsel to the Associate Chief Counsel(Passthroughs & Special Industries), Internal Revenue Service]NYC: William P. Bowers, Blake D. Rubin, Clifford M. Warren[Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]
10:15 Networking Break
10:30 Sale, Exchange or Other Disposition of Partnership Interests; PartnershipDistributions; Partnership Termination
Sections 741 and 751; unrealized receivables; inventory items;effect of liabilities; current distributions; distributions incomplete liquidation of partner interest; post-distributionconsequences to distributee; distributions involving partnershipordinary income property; partnership terminations andconsequences; the final Section 708 termination regulations,including planning strategies; planning to avoid termination.CHI, NYC & SF: Stephen D. Rose
11:45 “Picnic Lunch” Program: InterestingPartnership Transactions of the Past Year
Attendees will be given 15 minutes prior to the start of theluncheon presentation to help themselves to a picnic lunch and take their seats in the meeting room.
CHI: Linda E. Carlisle, Jasper L. Cummings, Jr., R. David Wheat, Philip B. WrightNYC: Linda E. Carlisle, Phillip Gall, Diana L. Wollman SF: Linda E. Carlisle, Diana L. Wollman, Philip B. Wright
1:30 Networking Break
Afternoon Session: 1:45 p.m. – 6:00 p.m.
1:45 Adjustments to the Basis of Partnership Assets (Sections 734, 743 and 754) Including Effects of 2004 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; planningopportunities and techniques involving making or not makingthe Section 754 election; final regulations under Section 755;effects of 2004 Jobs Act amendments, including mandatoryadjustments for built-in losses.CHI, NYC & SF: Stuart L. Rosow, Dean S. Shulman
2:45 Networking Break
3:00 Partnership Mergers and DivisionsFinal regulations; forms of partnership mergers; Assets-OverForm; Assets-Up Form; Interest-Over Form; effects underSection 752; buyout of a partner; merger or division as part of alarger transaction; forms of divisions; consequences underSections 704(c)(1)(B) and 737.CHI & SF: Blake D. RubinNYC: William S. McKee
4:00 Hot Topics in Partnership Taxation: The Government Perspective
Recent and pending developments in partnership taxationfeaturing present and recently “retired” Treasury and IRSrepresentatives.CHI: Curtis G. Wilson [Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Clifford M. Warren[Special Counsel to the Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Jennifer H. Alexander[Attorney Advisor (Office of Tax Legislative Counsel), Department ofthe Treasury], Steven G. Frost, ModeratorNYC: Curtis G. Wilson [Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Clifford M. Warren[Special Counsel to the Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Jennifer H. Alexander[Attorney Advisor (Office of Tax Legislative Counsel) Department of theTreasury], William P. Bowers, ModeratorSF: Curtis G. Wilson [Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Clifford M. Warren[Special Counsel to the Associate Chief Counsel (Passthroughs &Special Industries), Internal Revenue Service], Jennifer H. Alexander[Attorney Advisor (Office of Tax Legislative Counsel), Department ofthe Treasury], William P. O’Shea, Moderator
5:00 Tax Credit Partnerships: Energy Credit Deals
Section 45 production tax credit (PTC) for wind, biomass,geothermal and other renewable resources; Section 48investment tax credit (ITC) for solar; election to claim ITCinstead of PTC; Treasury grants in lieu of tax credits;partnership “flip” structures; partnership allocation issues forPTCs and ITCs, including minimum allocations; treatment ofdepreciation; pre-tax profit requirement; unrelated personrequirement; restrictions on puts and calls, including fixed pricepurchase options; passive loss rules; Washington update.CHI, NYC & SF: Jeffrey G. Davis, Sean Shimamoto, Christopher T. Kelley [Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]
6:00 Adjourn
D a y Tw o : 8 : 3 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.
D a y T h r e e : 8 : 3 0 a . m . – 5 : 0 0 p . m .
P R O G R A M S C H E D U L E (con t inued)
Morning Session: 8:30 a.m. – 12:15 p.m.
New Sess ion8:30 The Application of Self-Employment
Tax and the New Medicare Tax toLLC Members and Limited Partners
Current state of the law on the application of the self-employment tax to LLC members and limitedpartners; impact of the new Medicare tax on netinvestment income, planning opportunities.CHI, NYC & SF: C. Wells Hall, III
New Sess ion9:15 Special Issues of
Tiered PartnershipsEffects of tiering on Section 704(b) allocations,allocation of liabilities, mergers, Section 704(c)allocations, disposition of Section 704(c) property,special basis adjustments and other representativeeffects of tiered partnerships.CHI: Monte A. Jackel, Jennifer A. BennettNYC: Monte A. Jackel, Nadine A. HolovachSF: Monte A. Jackel, Arielle S. Krause
10:00 Networking Break
10:15 Economic Substance –Understanding the Limits; Effects ofCodification; Partnership Anti-AbuseRules, Tax Shelters, Recent TaxShelter Cases, EthicalConsiderations – DistinguishingGood Tax Planning from AggressiveTax Advice and Criminal Tax Evasion
The impact on partnership and other transactions ofrecent judicial decisions, legislation, and administrativedevelopments relating to economic substance and taxshelters and the codification of the economic substancedoctrine, including the 2011 LB&I Directive; laying thegroundwork for penalty defenses; Circular 230 andrelated ethical considerations that come into play inevaluating the difference between good tax planningand overly aggressive or even criminal tax advice.CHI: Bryon A. Christensen, Michael J. Desmond NYC: David P. Hariton, Bryan C. SkarlatosSF: Armando Gomez, Richard M. Lipton
New Sess ion 11:15 Nuts and Bolts of a Partnership
Tax Controversy How to handle an IRS controversy involving a TEFRApartnership, including alternative ways to approach aresolution during the examination, in Appeals and inlitigation, with a focus on the particular challenges andopportunities for TEFRA partnerships.CHI: Loretta R. Richard, Bryan C. SkarlatosNYC: Barbara T. Kaplan, Donald L. Korb SF: Barbara T. Kaplan, Julia M. Kazaks
12:15 “Picnic Lunch” Program: The TroubledPartnership – Workouts and Debt Restructurings
Attendees will be given 15 minutes prior to the start of the luncheon presentation to help themselves to a picnic lunch and take their seats in the meeting room.
Distressed partnerships and the effect of debt modifications, debt workouts, and partnership bankruptcy proceedings on partnersand creditors. Debt modification and amount and timing ofcancellation of indebtedness (COD) income; differences betweendischarge/workouts of recourse and non-recourse indebtedness;effect of COD income recognized by a disregarded entity; allocation of COD income; strategies to mitigate the effects of COD income;disappearing debt in partnership transactions; passive activity and at-risk implications; Rev. Proc. 2009-37; partner-level deductions forworthlessness and abandonment; timing of losses for lenders; final regulations under Section 108(e)(8).CHI: David F. Levy, Richard M. Lipton, Fred T. Witt, Beverly M. Katz[Special Counsel to the Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service] NYC: Andrew N. Berg, Martin D. Pollack, James B. Sowell, Beverly M. Katz [Special Counsel to the Associate Chief Counsel(Passthroughs & Special Industries), Internal Revenue Service] SF: Adam M. Handler, David F. Levy, James M. Lowy, Beverly M. Katz[Special Counsel to the Associate Chief Counsel (Passthroughs & SpecialIndustries), Internal Revenue Service]
2:00 Networking Break
Afternoon Session: 2:15 p.m. – 5:00 p.m.
2:15 State Taxation of Partnerships, Limited LiabilityCompanies and Their Owners
SALT diversions from classic passthrough treatment; partnership-level taxes; entity-level fees; withholding and estimatedtax obligations; composite filings; non-income taxes; partners’ taxstatus – individuals, trusts, corporations; allocation/apportionment;special allocations of state-specific income; SALT and investmentactivities; managers’ income; current events.CHI: John A. Biek, Andrea M. DespotesNYC & SF: Linda A. Klang, Carolyn Joy Lee
3:00 International Joint Venture Issues – Outboundand Inbound General Joint Venture Tax Issues
General review of benefits/detriments in using U.S. or foreign taxpartnership vs. corporate structure in outbound/inbound joint ventures;formation, operation and termination of joint venture; foreign tax credit;tax treaty and Subpart F and withholding tax issues; problems withintangible property and multi-country joint ventures, including Section894(c), final regulations under Section 894, foreign partnershipreporting rules; effects of 2004 Jobs Act amendments.“Check-the-Box” PlanningCurrent planning techniques and issues under “Check-the-Box”regulations, including collateral consequences (e.g., branch accountingfor foreign currency under Section 987, U.S. withholding taxregulations, conversion issues and Rev. Ruls. 99-5 and 99-6, and impacton treaty entitlements); harmonization of foreign tax planning withthese rules; planning opportunities with hybrids, check and sell issues.CHI: Joan C. Arnold, Peter H. Blessing, Hal Hicks, Steven M. Surdell,John J. Merrick [Special Counsel to the Associate Chief Counsel(International), Internal Revenue Service] NYC: Nicholas J. DeNovio, James P. Fuller, Michael Hirschfeld, Paul W. Oosterhuis, Ronald A. Dabrowski [Deputy Associate ChiefCounsel (International), Internal Revenue Service]SF: James P. Fuller, Eric B. Sensenbrenner, Eric Solomon, Anna Voortman, Steven A. Musher [Associate Chief Counsel,(International), Internal Revenue Service]
3:45 Networking Break
4:00 International Joint Venture Issues – Outboundand Inbound General Joint Venture Tax Issues(continued)
“Check-the-Box” Planning (continued)
5:00 Adjourn
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As an attendee of this year’s Tax Planning program, if you choose topurchase hard copies of the current edition of The Partnership TaxPractice Series: Planning for Domestic and Foreign Partnerships,LLCs, Joint Ventures & Other Strategic Alliances, or to pre-order acopy of this year’s edition of the companion series The Corporate TaxPractice Series: Strategies for Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings, you’ll receive a discount of 50% off the retail price of either series.*†As an added bonus, if you take advantage of our special attendee discountoffer and purchase hard copies of either The Partnership or CorporateTax Practice Series, you will receive all future supplements at thespecial attendee discount rate of 50% off the current retail price, regardless of your future program attendance.The Partnership Tax Practice Series contains over 325 chapters writtenby more than 180 leading tax practitioners and delivers a sound analysis ofcutting-edge transactional tax-related issues and innovative solutions forhighly effective tax planning results.The Corporate Tax Practice Series includes more than 485 chapterswritten by over 330 leading practitioners and is the definitive resource oncorporate tax strategies.*If you have already purchased the 2011 edition of The Partnership Tax Practice Seriesor the 2011 edition of The Corporate Tax Practice Series you’ll automatically receive the 2012 Supplement, which includes updated articles and new chapters along with instructions for removing material that has been deleted from the series. If you choose to keep yoursupplements you’ll be billed 50% off the current retail price of the relevant supplement.
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