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Satisfy Your CLE and CPE Requirements!
Register Online at www.pli.edu or Call (800) 260-4PLI
Tax Planning forDomestic & ForeignPartnerships, LLCs, Joint Ventures & OtherStrategic Alliances 2010
Chicago, May 12-14, 2010New York City, May 25-27, 2010San Francisco, June 16-18, 2010
• Review basic concepts; then tackle more complex issues• Study the effects of recent and proposed tax legislation • Hear speakers from the IRS and Treasury discuss
cutting-edge issuesPlus• New session on advanced Section 752 issues• Picnic lunch sessions on:
– Partnership and LLC compensatory interests– Interesting partnership transactions of the past year– The troubled partnership – workouts and
debt restructurings• Expanded morning session on economic substance,
anti-abuse rules, and recent cases and proposedlegislation
Why You Should AttendThroughout the 1990s and early 2000s, the takeover dominated the world of corporate finance. It no longerstands alone and may even be in the doldrums for now. Rather, the defining deal for 2010 and beyond may wellbe the alliance, the joint venture, the partnership.Few days go by when the Wall Street Journal doesn’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 mimic the tax-advantaged structure known as a
leveraged partnership, as previously used in 2008 to finance Tribune Co.’s disposition of Newsday toCablevision Systems, Inc.; by using this structure, Tribune Co. would not be ”selling“ the assets for taxpurposes, but would be receiving hundreds of millions of dollars in cash tax-free.
• Scripps Networks Interactive, Inc. and Cox Communications, Inc. announcing the creation of a Travel Channeljoint venture in which Cox will retain a 35% stake; Scripps will inject $181 million into the partnership whichwill raise $878 million in debt that will be paid out to Cox.
• Washington Post Co. and Bloomberg, LP joining forces in a venture – called Washington Post News Servicewith Bloomberg – to sell articles to newspaper and other news organizations, hoping there’s a ready marketamong publishers who are struggling to maintain their coverage amid budget cuts.
• Sony Electronics, Inc. and Google, Inc. planning to launch a partnership to battle Amazon.com, Inc.’s Kindleelectronic book reader; the plan would give users of the Sony Reader device access to more than half a millionpublic domain books from Google’s ambitious book digitation project.
• General Electric Co. and Comcast Corp. disclosing a deal for GE to merge NBC Universal with Comcast’s cablechannels in a joint venture that would be 51% controlled by Comcast; the Comcast-NBC joint venture isexpected to bring GE more than $8 billion in cash with Comcast injecting cash in the range of $6.5 billion andwith another $9 billion in debt being taken on by the joint venture. In discussing the deal, Chief Executive ofGE Jeffrey Immelt expressed growing interest in joint ventures and partnerships, particularly outside the U.S.Recently, GE formed a joint venture with a Chinese state-owned aviation company and a partnership with aChinese locomotive maker. ”We’ve always liked joint ventures and partnerships. We think they help usexpand geographically,“ said Mr. Immelt.
• New York developer Related Cos. and investment bank Goldman Sachs Group, Inc. signing a $1 billion jointventure deal to acquire the largest undeveloped parcel of land in Manhattan, Hudson Yards, for long-termdevelopment notwithstanding the slowdown in real estate.
• Hewlett-Packard Co. and Microsoft Corp. announcing the investment of $250 million in a partnership to moretightly couple their software and hardware products, as rivals Oracle Corp., International Business MachinesCorp. and others remake themselves as one-stop shops for technology.
• Dynegy, Inc. announcing the dissolution of its joint venture with LS Power Associates, LP, a 50-50 venture thatfocused on development of new cold-fired power plants and other energy projects whereby LS Power wouldacquire rights to ”green field projects.“
• Fourteen tech companies joining forces and seeking $1 billion in federal aid to build a plant to make advancedbatteries for electric cars, 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 or other smaller companies are now an everydayoccurrence. Partnerships have long been the tried and true format for the holding and operation of real estate,and, since the 1981 Act, for the conduct of closely-held business operations as well. Further, the increase in thenumber of joint ventures to develop large-scale projects and innovative concepts, the rise of the limited liabilitycompany, the promulgation of the final “check-the-box” regulations, and the increasing use of hybrids that havefueled an explosion of tax planning opportunities have led many companies, both large and small, to focus on thepartnership form or the LLC form for structuring subsidiary operations and foreign operations. More than everbefore, corporate tax executives find they must advise senior management, and outside counsel find they mustadvise their clients, on the opportunities and 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 birth of the partnership through its operatinglife, with emphasis on tax issues and planning strategies and opportunities; and then, since for one reason oranother such ventures frequently unwind either before or after satisfying their purpose, will focus on exitstrategies and tax planning possibilities in unwinding.
Tax Planning forDomestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2010
Chicago, May 12-14, 2010
New York City, May 25-27, 2010
San Francisco, June 16-18, 2010
Some of the sessions on the first day are intended to serve as a review of basics. In addition, there will bepanels on partnership and LLC compensatory interests and on non-compensatory partnership options,convertibles, recapitalizations and similar interests; there will be a panel on state taxation; there will besessions on disguised sales and guaranteed payments; there will be a session on partnership mergers anddivisions; there will be a session on energy credit partnerships; there will be a new panel on advanced Section752 issues; there will be an entire morning on economic substance, anti-abuse rules and recent cases andproposed legislation including a panel on disputing and litigating partnership tax cases, and there will be atwo-hour session on the entire area of partnership workouts and debt structurings. Special attention will also be given to planning under recently finalized sets of regulations and proposedregulations and to changes wrought by recent legislation and legislative proposals. Speakers from Treasuryand the IRS will be joining a number of the more advanced panels in order to discuss cutting-edge issues.Finally, the entire afternoon of the third day will be committed to international joint venture tax planningincluding 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 “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• Structuring issues for private equity funds• Energy tax credit partnerships• Advanced Section 752 issues• Extended session on partnership workouts and debt restructurings• The effects of the final partnership anti-abuse regulations on planning• Update on the economic substance doctrine, recent tax shelter cases and legislation, preparer penalties,
ethical considerations• Dispute and litigation strategies in partnership tax cases• 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 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 proposalsThe faculty will consist of both inside and outside tax counsel with special expertise in the transactionalaspects of structuring partnerships, joint ventures and other strategic alliances, both domestic and foreign. For some of the more advanced topics, the faculty will be joined by panelists from IRS and Treasury. Many ofthe faculty have significant teaching experience and will adopt an approach designed to enable attendees toprogress rapidly from an elementary understanding of the rules to the cutting-edge of the most complex ofcurrent transactional issues.
Reserve your place today, call (800) 260-4PLI.
Faculty
Jennifer H. AlexanderDeloitte Tax LLPWashington, D.C.(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)
Joseph M. CaliannoGrant Thornton LLPWashington, D.C.(Chicago)
Linda E. Carlisle White & Case LLPWashington, D.C.
Paul D. CarmanChapman & Cutler LLPChicago(Chicago)
Terence Floyd CuffLoeb & Loeb LLPLos Angeles(San Francisco)
Jasper L. Cummings, Jr.Alston & Bird LLPRaleigh, North Carolina(Chicago)
Jeffrey G. DavisMayer Brown LLPWashington, D.C.
Co-Chairs
Louis S. FreemanSkadden, Arps, Slate,
Meagher & Flom LLPChicago
Henry A. OrphysDirector, U.S. Tax & TradeIntel CorporationSanta Clara, California(Chicago & San Francisco)
Clifford M. WarrenTax DirectorKohlberg Kravis Roberts & Co.New York City(New York City)
Department of the Treasury
Jeffrey Van HoveDeputy Tax Legislative
Counsel(Regulatory Affairs)Department of the TreasuryWashington, D.C.
Robert J. CrnkovichSenior Counsel(Tax Policy)Department of the TreasuryWashington, D.C.
Helen H. MorrisonDeputy Benefits Tax
CounselDepartment of the TreasuryWashington, D.C.
Curtis G. WilsonAssociate Chief Counsel(Passthroughs & Special
Industries)Internal Revenue ServiceWashington, D.C.
Steven A. MusherAssociate Chief CounselInternationalInternal Revenue ServiceWashington, D.C.(San Francisco)
Michael A. DiFronzoDeputy Associate
Chief Counsel(International)Internal Revenue ServiceWashington, D.C.(New York City)
Joy C. SpiesTax Attorney Advisor(Passthroughs &
Special Industries)Internal Revenue ServiceWashington, D.C.(Chicago)
Christopher T. KelleySpecial Counsel to
the Associate Chief Counsel
(Passthroughs & SpecialIndustries)
Internal Revenue ServiceWashington, D.C.
Jackie S. LevinsonSpecial Counsel to
the Associate Chief Counsel
(International)Internal Revenue ServiceWashington, D.C.(Chicago)
Dianna MiosiSpecial Counsel to
the Associate Chief Counsel
(Passthroughs & SpecialIndustries)
Internal Revenue ServiceWashington, D.C.(New York City &
San Francisco)
Avi AbergelManaging Director,
Finance GroupHead of Global Tax PlanningBlackstone, Inc.New York City(New York City)
Wendy E. AitkenTax Director,
Pass Thru EntitiesThe Fremont GroupSan Francisco(San Francisco)
Kenneth F. BarkoffSenior Vice President and
Director of TaxationAllianceBernstein L.P. New York City(New York City)
David K. BurtonManaging Director &
Senior Tax CounselGE Energy Financial
ServicesStamford, Connecticut(New York City)
Robert M. GordonRobert M. Gordon, P.C.Wilmette, Illinois(Chicago)
Linda A. Klang Senior Vice PresidentLehman Brothers
Holding Inc.Jersey City, New Jersey(New York City &
San Francisco)
David C. LinkSenior Tax CounselCargill, IncorporatedMinneapolis(Chicago)
Scott Naatjes Vice President, Global Tax
and CustomsCargill, IncorporatedWayzata, Minnesota(San Francisco)
Daniel J. Widawsky Managing DirectorCitadel Investment
Group, L.L.C.Chicago(Chicago)
Internal Revenue Service Outside Counsel
Corporate Tax Management
Michael J. DesmondBingham McCutchen LLPWashington, D.C.(Chicago)
Julie A. DivolaPillsbury Winthrop Shaw
Pittman LLPSan Francisco(San Francisco)
Daniel A. DumezichMayer Brown LLPChicago(Chicago)
Miriam L. FisherMorgan, Lewis & Bockius LLPWashington, D.C.(Chicago)
Michael G. FrankelErnst & Young LLPMiami, Florida(San Francisco)
Steven G. FrostChapman & Cutler LLPChicago(Chicago)
James P. FullerFenwick & West LLPMountain View, California(New York City &
San Francisco)
Phillip GallDeloitte Tax LLPNew York City(New York City)
Gregory W. Gallagher Kirkland & Ellis LLPChicago(San Francisco)
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 Bingham McCutchen LLPWashington, D.C.(Chicago & New York City)
Barbara T. KaplanGreenberg Traurig, LLPNew York City(New York City)
Donald L. KorbSullivan & Cromwell LLPWashington, D.C.(New York City)
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(San Francisco)
Karen LohnesPricewaterhouseCoopers LLPWashington, D.C.(San Francisco)
James M. LowyErnst & Young LLPSan Francisco(San Francisco)
Todd F. MaynesKirkland & Ellis LLPChicago(Chicago)
William S. McKeeBingham McCutchen LLPWashington, D.C.(New York City)
William F. NelsonBingham McCutchen 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)
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. PresantGreenberg Traurig, LLPSanta Monica(New York City)
Loretta R. RichardRopes & Gray LLPBoston(San Francisco)
Donald E. Rocap Kirkland & Ellis LLPChicago(New York City)
Stephen D. RoseMunger, Tolles & Olson LLPLos Angeles(Chicago & San Francisco)
Stuart L. Rosow Proskauer Rose LLPNew York City
Blake D. Rubin McDermott Will & Emery LLPWashington, D.C.(Chicago & San Francisco)
Bahar A. SchippelSnell & Willmer L.L.P.Phoenix(Chicago)
David H. SchnabelDebevoise & Plimpton LLPNew York City(Chicago & San Francisco)
Sean ShimamotoSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(Chicago & San Francisco)
Dean S. ShulmanSkadden, Arps, Slate,
Meagher & Flom, LLPNew York City(Chicago)
Mark J. SilvermanSteptoe & Johnson LLPWashington, D.C.(New York City &
San Francisco)
Bryan C. SkarlatosKostelanetz & Fink LLPNew York City(New York City)
Eric B. SloanDeloitte Tax LLPNew York City (Chicago & New York City)
Eric SolomonErnst & Young LLPWashington, D.C.(New York City)
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)
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(Chicago)
Anna VoortmanErnst & Young LLPChicago(San Francisco)
William P. Wasserman Consultant to Ernst &
Young LLPLos Angeles(New York City &
San Francisco)
R. David WheatThompson & Knight LLPDallas(San Francisco)
Andrea MacintoshWhiteway McDermott Will & Emery LLPWashington, D.C.(Chicago & New York City)
B. John Williams, Jr.Skadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.(San Francisco)
Fred T. WittDeloitte Tax LLPPhoenix(Chicago)
Diana L. WollmanSullivan & Cromwell LLPNew York City(New York City)
Philip B. WrightBryan Cave LLPSt. Louis(Chicago & San Francisco)
Program Attorney:Stacey L. Greenblatt
Day One: 9:00 a.m. – 6:00 p.m.
Morning Session: 9:00 a.m. – 12:15 p.m.
9:00 Partnership Basis Issues IncludingAllocating Liabilities Among Partners
Relevance of basis in partnership interest; equality ofinside 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 ofdistributions; ordering and timing rules; allocation schemesfor recourse and nonrecourse liabilities; bottom-dollarguarantees; capital account deficit restoration obligations;capital contribution obligations; final regulations for DREs;contingent liabilities 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 forSubstantial 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; partner nonrecoursedebt; alternative test for economic effect; economicequivalence test; substantiality and related persons; PIP;”targeted“ versus ”layercake“ allocations; at risk anddeficit restoration agreement; regulations on ”non-taxbasis liabilities“; tiered partnerships; joint ventures withtax-exempt investors; Series LLCs; planning strategies. CHI: Todd D. Golub, David H. Schnabel NYC: Sanford C. Presant SF: Karen Lohnes, David H. Schnabel
11:30 Non-Compensatory Partnership Options,Convertibles, Recapitalizations andSimilar Transactions
Taxability of issuance, exercise and lapse ofnoncompensatory partnership options; definition of option,including options, warrants and conversion features ofdebt or preferred equity instruments; Section 704(b) andSection 704(c) consequences; basis issues; distinguishingcompensatory from noncompensatory transactions;Section 708 and Section 752 impacts; proposed and final(hopefully) regulations; planning opportunities andstrategies.CHI: Gary R. Huffman, Joy C. Spies [Tax Attorney Advisor (Passthroughs & Special Industries),Internal Revenue Service] NYC: Gary R. Huffman, Dianna Miosi [Special Counsel to the Associate Chief Counsel(Passthroughs & Special Industries), Internal Revenue Service] SF: David H. Schnabel, Dianna Miosi [Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]
12:15 “Picnic Lunch” Program: Partnership and LLC Compensatory InterestsIncluding Options
Capital interests; profits interests; restricted versusunrestricted, Section 83(b) election; options; warrants;equity appreciation rights; consequences to all parties;gray areas; recent IRS releases; proposed regulationsdealing with service partners; new focus on earnedinterests and possible “carried interest” legislation; effectsof recent statutory amendments, proposed, temporary andnew final regulations; Sections 409A and 457A.CHI: Sheldon I. Banoff, Bahar A. Schippel, Helen H. Morrison [Deputy Benefits Tax Counsel,Department of the Treasury], Robert J. Crnkovich [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], Robert J. Crnkovich [Senior Counsel (Tax Policy), Department of the Treasury]SF: Julie A. Divola, Paul F. Kugler, Helen H. Morrison[Deputy Benefits Tax Counsel, Department of the Treasury],Robert J. Crnkovich [Senior Counsel (Tax Policy),Department of the Treasury]
Afternoon Session: 2:30 p.m. – 6:00 p.m.
2:30 Implications of Section 704(c) forNegotiating a Partnership Agreement
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; otherreasonable allocation methods; anti-abuse principles;Section 704(c) in tiered structures and in mergers anddivisions; 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, Barksdale Hortenstine, Robert J. Crnkovich [Senior Counsel (Tax Policy),Department of the Treasury]
3:45 Networking Break
4:00 Formation of Partnerships Including JointVentures 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-up costs,and deductibility of liabilities; contingent liabilities andtrade or business exception to regulations; introduction totaxable transfers; partnership accounting methods, periodsand issues; planning strategies.CHI: Keith E. Villmow NYC: Donald E. RocapSF: Gregory W. Gallagher
5:00 Practical Problems and Challenges inForming and Operating a Joint Venture: A Panel of Inside Tax Counsel
CHI: Henry A. Orphys, Robert M. Gordon, David C. Link, Daniel J. WidawskyNY: Clifford M. Warren, Avi Abergel, Kenneth F. Barkoff, Linda A. KlangSF: Henry A. Orphys, Wendy E. Aitken, Linda A. Klang,Scott Naatjes
6:00 Adjourn
Program Schedule
Day Two: 9:00 a.m. – 6:00 p.m.
Morning Session: 9:00 a.m. – 12:00 p.m.
9:00 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 Section707(a)(2) regulations; nonsimultaneous transfers; mixingbowl transactions; entrepreneurial risk situations; TimesMirror/Chandler I and II; leveraged partnerships; Arco/ArchCoal; Tribune/Newsday/Comcast and others; In Re: G-IHoldings, Inc., et al. (the GAF case); contributions ofencumbered property; withdrawal of proposed Regulationson disguised sales of partnership interests; Section 737;combined impact of Section 737, Section 704(c)(1)(B), the disguised sale regulations, and the Section 1.701-2anti-abuse rules; recent IRS Notices, FSAs and CCAs.CHI, NYC & SF: Louis S. Freeman
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; accruedbut unpaid; retroactive approval; planning ideas.CHI & NYC: Eric B. Sloan, Lewis R. SteinbergSF: Jennifer H. Alexander, Lewis R. Steinberg
10:45 Networking Break
11:00 Sale, Exchange or Other Disposition ofPartnership Interests; PartnershipDistributions; Partnership Termination
Sections 741 and 751; unrealized receivables; inventoryitems; effect of liabilities; current distributions; distributionsin complete 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: InterestingPartnership Transactions of the Past Year
CHI: Linda E. Carlisle, Paul D. Carman, Philip B. WrightNYC: Linda E. Carlisle, Phillip Gall, Diana L. WollmanSF: Linda E. Carlisle, R. David Wheat, Philip B. Wright
Afternoon Session: 2:00 p.m. – 6:00 p.m.
2:00 Adjustments to the Basis of PartnershipAssets (Sections 734, 743 and 754)Including Effects of 2004 Jobs ActAmendments
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, Dean S. ShulmanNYC & 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; effectsunder Section 752; buyout of a partner; merger or divisionas 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
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],Jeffrey Van Hove [Deputy Tax Legislative Counsel (Regulatory Affairs), Department of the Treasury],Robert J. Crnkovich [Senior Counsel (Tax Policy),Department of the Treasury], Steven G. FrostNYC: Curtis G. Wilson [Associate Chief Counsel(Passthroughs & Special Industries), Internal Revenue Service],Jeffrey Van Hove [Deputy Tax Legislative Counsel (Regulatory Affairs), Department of the Treasury],Robert J. Crnkovich [Senior Counsel (Tax Policy),Department of the Treasury], James B. SowellSF: Curtis G. Wilson [Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service],Jeffrey Van Hove [Deputy Tax Legislative Counsel (Regulatory Affairs), Department of the Treasury],Robert J. Crnkovich [Senior Counsel (Tax Policy),Department of the Treasury], William P. O’Shea
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 issuesfor PTCs and ITCs, including minimum allocations;treatment of depreciation; pre-tax profit requirement;unrelated person requirement; restrictions on puts andcalls, including fixed price purchase options; passive lossrules; Washington update.CHI & SF: Jeffrey G. Davis, Sean Shimamoto,Christopher T. Kelley [Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]NYC: David K. Burton, Jeffrey G. Davis, Christopher T. Kelley [Special Counsel to the Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service]
6:00 Adjourn
Please plan to arrive with enough time to register before the conference begins. A networking breakfast will be available upon your arrival.
PLI Scholarships: Please check the Registration Informationsection of this brochure for more information about PLI scholarships.
Day Three: 8:30 a.m. – 5:00 p.m.
Morning Session: 8:30 a.m. – 12:00 p.m.
8:30 Economic Substance – Understanding theLimits; Anticipated Effects of Codification;Partnership, Anti-Abuse Rules, TaxShelters, Recent Tax Shelter Cases,Ethical Considerations – DistinguishingGood Tax Planning from Aggressive TaxAdvice and Criminal Tax Evasion
The impact on partnership and other transactions of recentcase law, 2004 Jobs Act amendments, and administrativedevelopments relating to economic substance and taxshelters; infiltration of the pending codification of theeconomic substance doctrine; the application of variousregulatory anti-abuse rules; new regulations on taxpreparer standards; developing interpretations of theattorney-client privilege and work product doctrine;Circular 230. CHI: Jasper L. Cummings, Jr., Michael J. Desmond,Pamela F. Olson, Jeffrey Van Hove [Deputy Tax LegislativeCounsel (Regulatory Affairs), Department of the Treasury]NYC: Mark J. Silverman, Bryan C. Skarlatos, Eric Solomon, Jeffrey Van Hove [Deputy Tax LegislativeCounsel (Regulatory Affairs), Department of the Treasury]SF: Armando Gomez, Richard M. Lipton, Mark J. Silverman, Jeffrey Van Hove [Deputy TaxLegislative Counsel (Regulatory Affairs), Department of the Treasury]
10:00 Hot Audit/Controversy Issues, Disputeand Litigation Strategies – PartnershipTax Cases
Effects of TEFRA; how to handle an IRS controversy;alternative ways to settle; possibility of fresh look fromAppeals; IRS key issues for partnerships; litigating apartnership dispute.CHI: Daniel A. Dumezich, Miriam L. FisherNYC: Barbara T. Kaplan, Donald L. KorbSF: Loretta R. Richard, B. John Williams, Jr.
10:45 Networking Break
NEW SESSION: 11:00 Advanced Section 752: What’s a Tax
Planner to Do?Building on the introduction to Section 752 (on Day One)and exploring the complexities arising from the Section752 regulations and the perils and opportunities theycreate; recent transactions and cases in which the Section 752 regulations feature prominently.CHI & NYC: Eric B. Sloan, Lewis R. SteinbergSF: Jennifer H. Alexander, Lewis R. Steinberg
12:00 “Picnic Lunch” Program: The TroubledPartnership – Workouts and DebtRestructurings
Distressed partnerships and the effect of debtmodifications, debt workouts, and partnership bankruptcyproceedings on partners and creditors. Debt modificationand amount and timing of cancellation of indebtedness(COD) income; differences between discharge/workouts ofrecourse and non-recourse indebtedness; effect of CODincome recognized by a disregarded entity; allocation ofCOD income; strategies to mitigate the effects of CODincome; partial relief from COD income as provided in the2009 Stimulus legislation (the application of these rules topartnerships raises many difficult questions); passiveactivity and at-risk implications; Rev. Proc. 2009-37;
partner-level deductions for worthlessness andabandonment; timing of losses for lenders.CHI: David F. Levy, Todd F. Maynes, Fred T. Witt,Jeffrey Van Hove [Deputy Tax Legislative Counsel(Regulatory Affairs), Department of the Treasury]NYC: Andrew N. Berg, Martin D. Pollack, James B. Sowell, Jeffrey Van Hove [Deputy TaxLegislative Counsel (Regulatory Affairs), Department of the Treasury]SF: Adam M. Handler, David F. Levy, James M. Lowy,Jeffrey Van Hove [Deputy Tax Legislative Counsel(Regulatory Affairs), Department of the Treasury]
Afternoon Session: 2:00 p.m. – 5:00 p.m.
2:00 State Taxation of Partnerships, LimitedLiability 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 allocationsof state-specific income; SALT and investment activities;managers’ income; current events.CHI: John A. BiekNYC & SF: Linda A. Klang, Carolyn Joy Lee
2:45 International Joint Venture Issues –Outbound and Inbound General JointVenture 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 credit; tax treatyand Subpart F and withholding tax issues; problems withintangible property and multi-country joint ventures,including Section 894(c), final regulations under Section 894, foreign partnership reporting rules; effects of 2004 Jobs Act amendments.
“Check-the-Box” Planning Current 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 andRev. Ruls. 99-5 and 99-6, and impact on treatyentitlements); harmonization of foreign tax planning withthese rules; planning opportunities with hybrids, check andsell issues.CHI: Joseph M. Calianno, Hal Hicks, Steven M. Surdell, Carol P. Tello, Jackie S. Levinson[Special Counsel to the Associate Chief Counsel (International),Internal Revenue Service] NYC: Kimberly S. Blanchard, James P. Fuller, Paul W. Oosterhuis, Willard B. Taylor,Michael A. DiFronzo [Deputy Associate Chief Counsel(International), Internal Revenue Service]SF: Joan C. Arnold, James P. Fuller, Hal Hicks, Anna Voortman, Steven A. Musher [Associate ChiefCounsel (International), Internal Revenue Service]
3:45 Networking Break
4:00 International Joint Venture Issues –Outbound and Inbound General JointVenture Tax Issues (continued)
“Check-the-Box” Planning (continued)
5:00 Adjourn
Program Schedule (continued)
PLI’s Partnership Tax Practice Series and Corporate Tax Practice Series
make it possible to consult over 500 world-class practitioners tohelp solve your tough tax problems without ever leaving your office.
Don’t miss your chance to own the practitioner’s ultimate tax library at ourspecial attendee discount prices!
As an attendee of Tax Planning 2010 you can purchase hardcopies of The Partnership Tax Practice Series: Planning for Domestic and ForeignPartnerships, LLCs, Joint Ventures & Other Strategic Alliances 2010 atthe special attendee discount price of $995. You can also pre-order your copyof the companion series The Corporate Tax Practice Series: Strategies forAcquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings,Reorganizations & Restructurings 2010 at the special attendee discountprice of $1,295.
The 2010 edition of The Partnership Tax Practice Series contains 325chapters written by more than 180 leading tax practitioners and delivers asound analysis of cutting-edge transactional tax-related issues and innovativesolutions for highly effective tax planning results.
PLEASE NOTE: The program fee does not include hardcopies of the 2010 edition of The Partnership Tax Practice Series. Attendees will receive a complimentary copy of the 2010 edition of The Partnership Tax Practice Series on a fully searchable CD-ROM, shippeddirectly to you in the Fall of 2010 (NOTE: Approximately 34 out of 325 chapters will not be included on the CD-ROM). Attendees will also receive a complimentary Conference Book containing speakeroutlines and PowerPoint slides for reference at the program.
The 2010 edition of The Corporate Tax Practice Series will includemore than 515 chapters written by over 330 leading practitioners and is thedefinitive resource on corporate tax strategies.
New this year! Both series will be produced in a “treatise-style” format andwill be updated through supplements in future years, making it even easier tomaintain your tax library.
Additional Course Handbook Authors:
Howard E. AbramsEmory University School of Law
Atlanta
Alan S. 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
Jean Marie BertrandCadwalader, Wickersham &Taft LLP
New York City
Cecile BeurrierDebevoise & Plimpton LLPLondon
Robert D. BlashekO’Melveny & Myers LLPLos Angeles
Peter H. BlessingShearman & Sterling LLPNew York City
Bradley T. BordenWashburn University of Law
Topeka, Kansas
Ossie BoroshArnold & Porter LLPWashington, D.C.
Nancy T. BowenFulbright & Jaworski LLPHouston
William P. BowersMcKee Nelson LLPWashington, D.C.
William B. BrannanCravath, Swaine & Moore LLP
New York City
Christian BrauseCravath, Swaine & Moore LLP
New York City
John C. BrouwerAllen & Overy LLPAmsterdam, Netherlands
Henry P. BubelPatterson, Belknap, Webb &Tyler LLP
New York City
Edward J. BuchholzThompson Coburn LLPSt. Louis
Timothy BurnsPillsbury Winthrop ShawPittman LLP
San Francisco
Paul CarmanChapman and Cutler LLPChicago
William H. CaudillFulbright & Jaworski LLPHouston
Gale E. ChanMcDermott Will & Emery LLP
Washington, D.C.
Edouard ChapellierLinklatersParis, France
David L. ClickRSM McGladreyBoston
Lawrence CohenLowenstein Sandler PCNew York City
Steven J. CohenDeloitte Tax LLPSan Francisco
Barbara CoulterPricewaterhouseCoopersLLP
Atlanta
Lawrence CrouchShearman & Sterling LLPMenlo Park, California
J. William DantzlerWhite & Case LLPNew York City
Barbara Spudis de Marigny
Oppenheimer, Blend,Harrison & Tate, Inc.
San Antonio, Texas
Naftali Z. DembitzerDLA Piper LLP (US)New York City
Nicholas J. DeNovioLatham & Watkins LLPWashington, D.C.
Timothy J. DevetskiVinson & Elkins LLPHouston
Steven R. DixonShearman & Sterling LLPWashington, D.C.
Andrew J. DubroffErnst & Young LLPWashington, D.C.
Brian DuncanSkadden, Arps, Slate,Meagher & Flom, LLP
Washington, D.C.
Daniel M. DunnDechert LLPNew York City
Ezra DyckmanRoberts & Holland LLPNew York City
Bruce P. ElyBradley, Arant, Rose & White LLP
Birmingham, Alabama
Jeffrey EricksonGrant Thornton LLPWashington, D.C.
Jason R. FactorCleary Gottlieb Steen &Hamilton LLP
New York City
Andrew FalevichFried, Frank, Harris, Shriver& Jacobson LLP
New York City
Stephen L. FeldmanMorrison & Foerster LLPNew York City
Jon G. FinkelsteinMcDermott Will & Emery LLP
Washington, D.C.
David L. ForstFenwick & West LLPMountain View, California
Lynn E. FowlerKilpatrick Stockton LLPAtlanta
David R. FranklinCooley Godward Kronish LLP
New 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
Craig A. GersonPricewaterhouseCoopersLLP
Washington, D.C.
David B. GoldmanMunger, Tolles & Olson LLPLos Angeles
Jennifer B. GreenKPMG LLPBoston
Seth GreenCaplin & DrysdaleWashington, D.C.
Jeffrey A. GreenblattSkadden, Arps, Slate,Meagher & Flom LLP
Chicago
Christopher R. GrissomBradley, Arant, Rose &White LLP
Birmingham, Alabama
Shaul GrossmanMeitar Liquornik Geva &Leshem Brandwein, Law Offices
Ramat Gan, Israel
Seth HagenRoberts & Holland LLPNew York City
Sigrid J.C. HemelsAllen & Overy LLPAmsterdam, Netherlands
Bobbe HirschBell, Boyd & Lloyd LLCChicago
Victor HollenderSkadden, Arps, Slate,Meagher & Flom LLP
New York City
Robert E. HoloSimpson Thacher & Bartlett LLP
New York City
Robert HonigmanErnst & Young LLPWashington, D.C.
Paul HouseySonnenschein Nath & Rosenthal LLP
New York City
Robert F. Hudson, Jr.Baker & McKenzie LLPMiami, Florida
Peter J. HuntPillsbury Winthrop ShawPittman LLP
New York City
Terril A. HydeWilmer Cutler PickeringHale and Dorr LLP
Washington, D.C.
Monte A. JackelPricewaterhouseCoopersLLP
Washington, D.C.
Jeff JacobsPillsbury Winthrop ShawPittman LLP
Palo Alto
Gary C. KarchMcDermott Will & Emery LLP
Chicago
Adele M. KarigDebevoise & Plimpton LLPNew York City
Michael KarlinKarlin & Peebles, LLPBeverly Hills
Warren P. KeanKennedy, Covington,Lobdell, Hickman LLP
Charlotte
Yoram KeinanGreenberg 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 LLP
New York City
Steven J. KoliasArnold & Porter LLPWashington, D.C.
Colleen KushnerChapman & Cutler LLPChicago
Brian E. LadinErnst & Young LLPLos Angeles
Stephen B. LandLinklaters, LLPNew York City
Matthew P. LarvickVedder, Price, Kaufman &Kammholz, P.C.
Chicago
Guillermo CanalejoLasarte
Uría MenendezMadrid, Spain
Alan S. LedermanAkerman SenterfittMiami, Florida
Huey-Fun LeeDebevoise & Plimpton LLPNew York City
Mark H. LeedsGreenberg Traurig, LLPNew York City
Summer A. LepreeHolland & Knight LLPMiami, Florida
Leslie H. LoffmanDLA Piper LLP (US)New York City
James H. LokeyKing & Spalding LLPAtlanta
Olga A. LoyMayer Brown LLPChicago
James M. LynchWinston & Strawn LLPChicago
Kimberly Tan MajureMiller & Chevalier CharteredWashington, D.C.
Arthur ManMorrison & Foerster LLPNew York City
Mary Ann ManciniBryan Cave LLPWashington, D.C.
Prof. Elliot ManningUniversity of Miami School of Law
Coral Gables, Florida
Gregory J. MarichErnst & Young LLPWashington, D.C.
Jose G. MartinezUría MenendezMadrid, Spain
John R. MaxfieldHolland & Hart LLPDenver
Gregory MayFreshfields BruckhausDeringer LLP
Washington, D.C.
David W. MayoPaul, Weiss, Rifkind,Wharton & Garrison LLP
New York City
Scot A. McLeanDeloitte Tax LLPSan Francisco
Carlene MillerSnell & Wilmer LLPPhoenix
David A. MillerErnst & Young LLPDallas
Stephen MillsGoodwin Procter LLPNew York City
Glenn E. MinceyDeloitte Tax LLPNew York City
Todd E. MolzOaktree CapitalManagement
Los Angeles
Michael E. MooneyNutter McClennen & Fish LLP
Boston
Erika W. NijenhuisCleary Gottlieb Steen & Hamilton
New York City
Aaron P. NocjarSteptoe & Johnson LLPWashington, D.C.
Richard M. NugentCadwalader, Wickersham & Taft LLP
New York City
Margaret M. O’ConnorErnst & Young LLPWashington, D.C.
Eric E. OmanErnst & Young LLPWashington, D.C.
Sandra FavelukesO’Neill
Ropes & Gray LLPBoston
Shane C. OrrJacobs, Chase, Frick,Kleinkopf & Kelley, LLC
Denver
Edward C. Osterberg, Jr.
Vinson & Elkins LLPHouston
Jeffrey H. ParavanoBaker & Hostetler LLPWashington, D.C.
James M. PeasleeCleary Gottlieb Steen &Hamilton LLP
New York City
Timothy J. PronleyDeloitte Tax LLPMinneapolis
Marjorie A. RollinsonErnst & Young LLPWashington, D.C.
Elena V. RomanovaCleary Gottlieb Steen & Hamilton
New York City
Jeffrey I. RosenbergPricewaterhouseCoopersLLP
Washington, D.C.
Robert P. RothmanAkin Gump StraussHauer & Feld LLP
New York City
Jeffrey L. RubingerHolland & Knight LLPFt. Lauderdale, Florida
Stanley C.Ruchelman
The Ruchelman Law FirmNew York City
Barbara Koosa RyanGrant Thornton LLPColumbia, South Carolina
Tim SandersSkadden, Arps, Slate,Meagher & Flom, LLP
London
Timothy J. SantoliSonnenschein Nath & Rosenthal LLP
New York City
Josh ScalaHearthstone PropertiesLLC
Trussville, Alabama
Robert H.Scarborough
Freshfields BruckhausDeringer LLP
New York City
Joel ScharfsteinFried, Frank, Harris,Shriver & Jacobson LLP
New York City
Michael L. SchlerCravath, Swaine & Moore LLP
New York City
John G. SchmalzPricewaterhouseCoopersLLP
Washington, D.C.
Paul M. SchmidtBaker & Hostetler LLPWashington, D.C.
Willys H. SchneiderKaye Scholer LLPNew York City
Eric B.Sensenbrenner
Skadden, Arps, Slate,Meagher & Flom, LLP
Washington, D.C.
Elizabeth PagelSerebransky
Debevoise & PlimptonLLP
New York City
Susan P. SerotaPillsbury Winthrop ShawPittman LLP
New York City
Jeffrey T. SheffieldKirkland & Ellis LLPChicago
Judd SherDeloitte Tax LLPSan Francisco
Gretchen T. SierraDepartment of the Treasury
Washington, D.C.
Todd SinnettGrant Thornton LLPCharlotte
Kelly W. SmithPricewaterhouseCoopersLLP
Atlanta
Scott SmithBaker, Donelson,Bearman, Caldwell & Berkowitz
Washington, D.C.
Johan (Jay) Soave III
Baker & McKenzie LLPChicago
Samuel P. StarrPricewaterhouseCoopersLLP
Washington, D.C.
David A. SteinWithers Bergman LLPNew York City
Thomas M. StephensSonnenschein Nath &Rosenthal LLP
Chicago
Avery I. StokDeloitte Tax LLPNew York City
Mark StoneHolland & Knight LLPNew York City
Matthew SullivanDeloitte Tax LLPWashington, D.C.
Alan J. TarrLoeb & Loeb LLPNew York City
Jorge G. TenreiroCleary Gottlieb Steen &Hamilton LLP
New York City
William T. ThistleBradley Arant BoultCummings LLP
Birmingham, Alabama
Kevin ThomasonThompson & Knight LLPDallas
Christopher TrumpDeloitte Tax LLPWashington, D.C.
Stefan F. TuckerVenable LLPWashington, D.C.
T. Timothy TuerffDeloitte Tax LLPWashington, D.C.
Suzanne WalshMcKee Nelson LLPWashington, D.C.
Robert S. WaltonBaker & McKenzie LLPChicago
Hershel WeinDewey & Leboeuf LLPNew York City
Romina WeissGibson, Dunn & Crutcher LLP
New York City
William R. WelkeKirkland & Ellis LLPChicago
Daniel C. WhiteBryan Cave LLPSt. Louis
Gary B. WilcoxMorgan, Lewis & Bockius LLP
Washington, D.C.
Richard P. WildDechert LLPPhiladelphia
Jerry S. WillifordGrant Thornton LLPCharlotte
Roger WiseKirkpatrick & LockhartPreston Gates Ellis LLP
Washington, D.C.
Thomas S.Wisialowski
Paul, Hastings, Janofsky& Walker LLP
Palo Alto
Steven N.J.Wlodychak
Ernst & Young LLPLos Angeles
William S. Woods, IIErnst & Young LLPLos Angeles
James E.Wreggelsworth
Davis Wright Tremaine LLP
Seattle
Lowell D. YoderMcDermott Will & Emery LLP
Chicago
Lisa M. ZarlegnaSteptoe & Johnson LLPWashington, D.C.
Chicago Seminar Location: University of Chicago Gleacher Center, 450 N. Cityfront Plaza Drive, Chicago, Illinois 60611. (312) 464-8787.Chicago Hotel Accommodations: Sheraton Chicago Hotel & Towers, 301 East North Water Street, Chicago, Illinois 60611. (312) 464-1000. When calling,mention PLI and the name of the program you are attending. Attendees will have until30 days prior to the program to receive the preferred rate.New York City Seminar Location: PLI New York Center, 810 Seventh Avenue at53rd Street (21st floor), New York, New York 10019. Message Center, program daysonly: (212) 824-5733.New York City Hotel Accommodations: Due to high demand and limited inventory in NYC, we recommend reservinghotel rooms as early as possible. Hilton New York Hotel, 1335 Avenue of the Americas, New York, New York 10019.Reservations (877) NYC-HILT. Please mention you are booking a room under thePractising Law Institute Corporate Rate and the Client File N# is 0495741. 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ries:
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ning
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dFo
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onCD
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†$2
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m23
648
The
Partn
ersh
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actic
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Plan
ning
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and
CD-R
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††$2
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