American Bar Association - Section of Taxation

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Conference : 2012 Midyear Meeting
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Session : ABATX1201
Capital Recovery & Leasing
Conference : 2012 Midyear Meeting
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$30.00

Chair: Katherine Breaks, KPMG LLP, Washington, DC

Current Developments. This program will cover important recent developments in the area of capital recovery and leasing with a special focus on the final repair regulations. Moderator: Jane Rohrs, Deloitte Tax LLP, Washington, DC Panelists: Sam Weiler, Ernst & Young LLP, Columbus, OH; Colleen O�Connor, KPMG LLP, Washington, DC; Scott Dinwiddie, Special Counsel, Office of Chief Counsel, IRS, Washington, DC; Kathleen Reed, Branch Chief, Branch VII, Office of Chief Counsel, IRS, Washington, DC

Current Issues and Topics in Depreciation Methods and Classifications. This panel will address issues associated with asset classification, placed in service determinations and cost recovery, discussing both opportunities for planning and exposure areas under IRS exam. The panel will also discuss current issues faced by taxpayers in properly navigating a variety of cost recovery issues related to tangible assets, especially in light of the looming expiration of bonus depreciation and changes in unit of property determinations. Moderator: Alison Jones, Ernst & Young LLP, Washington, DC

Deduction for Qualified Film and Television Production Expenditures. The deduction for qualified film and television production expenditures provides an immediate deduction for certain film and television production expenses as long as the production occurred in the United States. It was originally enacted as a temporary provision as part of the American Jobs Creation Act of 2004, but has since been extended in 2008 and 2010. Temporary regulations were issued under the provision in February of 2007. Panelists will discuss qualification requirements, the definition of �production,� and the available methods for determining whether services have been provided in the United States. Moderator: Christopher J. Ohmes, Ernst & Young LLP, Washington, DC

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Session : ABATX1202
US Activities of Foreigners and Tax Treaties
Conference : 2012 Midyear Meeting
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$30.00

Chair: Alan Appel, Bryan Cave LLP, New York, NY

The New Proposed Foreign Account Tax Compliance Act (�FATCA�) Regulations. Financial and non-financial foreign entities of all sorts will be greatly impacted by the new Foreign Account Tax Compliance Act (�FATCA�) information reporting and withholding rules. The IRS has previously released three notices that contain important preliminary guidance on the new rules. The IRS has recently issued proposed regulations that more fully explain how FATCA will be implemented. The panel will provide an overview of FATCA and the important points developed by the guidance, and an update on related enforcement issues. Panelists: Michael Hirschfeld, Dechert LLP, New York, NY; Fred Murray, Grant Thornton LLP, Washington, DC; Michael H. Plowgian, Attorney-Advisor, Office of the International Tax Counsel, Office of Tax Policy, Department of Treasury, Washington, DC; John Sweeney, Senior Technical Reviewer, Office of Associate Chief Counsel, IRS, Washington, DC

The Corporate Mixed Marriage. This panel will explore inbound international tax considerations arising when a corporate executive of a foreign parent corporation works for a US subsidiary, and similar foreign tax considerations arising when a US corporate executive works for an affiliated foreign corporation. The panel will focus on US trade or business and permanent establishment issues, but will also consider privilege and related issues that arise when working across borders. Moderator: David Shapiro, Shapiro Tax Law LLC, Philadelphia, PA Panelists: Diana Wollman, Sullivan & Cromwell LLP, New York, NY; Friedhelm Jacob, Hengeler Mueller, Frankfurt am Main, Germany; Stuart Chessman, Vivendi SA, New York, NY; Lara A. Banjanin, Attorney Advisor, Office of Associate Chief Counsel, IRS, Washington, DC

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Session : ABATX1203
Administrative Practice
Conference : 2012 Midyear Meeting
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Chair: Sheri Dillon, Bingham McCutchen LLP, Washington, DC

Important Developments.The panelists will discuss the most significant recent developments in the area of administrative practice, including recently issued guidance and court decisions. Moderator: Bryon Christensen, Skadden Arps Slate Meagher & Flom LLP, Washington, DC Panelists: Thomas J. Kane, Counselor to the Associate Chief Counsel, Procedure and Administration, IRS, Washington, DC; Alexandra Minkovich, Attorney-Advisor, Office of Tax Policy, Department of Treasury, Washington, DC

Money Ball: Inside the IRS's Global High Wealth Industry Group. This panel will explore how this new IRS audit program really works. With the experience of auditing major multinational corporations and the entire toolkit available to the Large Business & International Division, the current examinations of "family offices" bear no resemblance to their historic IRS audit experiences. The program will separate myth from fact through dialogue among practitioners who have experience with these audits, the GHWI IRS Industry Counsel and other IRS officials. Moderator: Phillip Pillar, Greenberg Traurig LLP, Washington, DC Panelists: James Fee, Office of Chief Counsel, IRS, Philadelphia, PA; Thomas V. Collins, Territory Manager, Global High Wealth, Ogden, UT; Kurt Brune, WTAS LLC, Los Angeles, CA

The Administrative Procedure Act and Tax Administration: How Does it Apply? What Is the Debate? What Do Tax Professionals Need to Know? This panel will examine whether and how the Administrative Procedure Act applies to IRS actions in the wake of the Supreme Court's decision in Mayo Foundation for Medical Education and Research v. United States and the DC Circuit's en banc opinion in Cohen v. United States. Topics for discussion include: What do tax professionals need to learn about the APA? Should the IRS now be treated the same as any other agency under the APA? How should different forms of tax guidance (temporary regulations, PLRs, Notices, etc.) issued by the IRS be interpreted under Chevron and its progeny (e.g., Mead)? What questions remain unanswered? Moderator: Kevin Stults, Bingham McCutchen LLP, Washington, DC Panelists: Professor Kristin Hickman, University of Minnesota Law School, Minneapolis, MN; Patrick Smith, Ivins Phillips & Barker, Washington, DC; Honorable Judge James Halpern, US Tax Court, Washington, DC; Gilbert Rothenberg, Chief, Appellate Section, Tax Division, Department of Justice, Washington, DC

The Technical (or "Terrible?") Advice Process: Using "TAM" As an Effective Issue Resolution Tool. A technical advice memorandum ("TAM") can be an effective tool to resolve technical issues during an examination or appeal. This panel will explore, through both the perspectives of practitioners and the IRS, practical approaches to the TAM process that can facilitate or impede the successful resolution of a technical or procedural question that has developed during a proceeding. The discussion will include what issues are most appropriate for the TAM process, what makes a good TAM submission, what practitioners can expect during the submission and consideration process, and how practitioners can best represent their clients during the process. The panel will also examine situations where guidance may have already been issued during the pendency of the proceeding, in the form of a Field Service Advice ("FSA") or a Chief Counsel Advice ("CCA"), including what the impact of the prior advice has on the TAM process. Moderator: Daniel J. Wiles, PricewaterhouseCoopers LLP, Washington, DC Panelists: Sara Coe, Deputy Division Counsel, SBSE, Washington, DC; Gerald Kafka, Latham & Watkins LLP, Washington, DC; Beth Williams, Bingham McCutchen LLP, Palo Alto, CA; Curt Wilson, Associate Chief Counsel, P&SI, IRS, Washington, DC; Laurel Robinson, LB&I Area Counsel, Office of Chief Counsel, IRS, Oakland, CA

Session : ABATX1204
Affiliated & Related Corporations
Conference : 2012 Midyear Meeting
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Chair: Mark Schneider, Deloitte Tax, Washington, DC

Application of Section 382 to Consolidated Groups. This panel will discuss the basics of applying section 382 to consolidated groups and will then focus on the challenges faced by practitioners in applying recent guidance. Panelist: Theresa Abell, Counsel to the Associate Chief Counsel, Corporate, Washington, DC

Current Developments. This panel will discuss current trends and authority pertaining to consolidated groups. Panelist: Marie Milnes-Vasquez, Senior Technical Reviewer, Office of Chief Counsel, IRS, Washington, DC

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Session : ABATX1205
Banking & Savings Institutions
Conference : 2012 Midyear Meeting
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Chair: Yoram Keinan, Shareholder, Greenberg Traurig LLP, New York, NY

Foreign Tax Credit Generators, Economic Substance and the Future. Government recently won its first case involving �foreign tax credit generators� this past fall, in Pritired 1 LLC v United States. At least four other cases involving different types of foreign tax credit generators are docketed or have been tried and are awaiting decisions. Many more are likely in audit or appeals. Unlike previous coordinated issues such as LILOs and Son-of-BOSS transactions, foreign tax credit generators come in many varieties and often have no features in common with one another. In addition, the structures often use long accepted tax structuring techniques. For this reason, the outcome of these litigations may have far-reaching effects on a range of current assumptions in tax planning. This panel will explore several of the current generators being challenged, and discuss the possible effects of government or taxpayer victories on tax planning. Moderator: Stow Lovejoy, Kostelanetz & Fink, LLP, New York, NY Panelists: Yoram Keinan, Shareholder, Greenberg Traurig LLP, New York, NY; Michael I. Gilman, Senior Counsel, Office of Chief Counsel, IRS, Washington, DC; Mark Perwien, Special Counsel to Associate Chief Counsel, Office of Associate Chief Counsel, IRS, Washington, DC

Distressed Debt Tax Issues from the Perspective of Banks. This panel will consider the various tax issues that arise for banks with respect to distressed debt, including both loans originated by the bank and loans acquired at a discount. The tax issues include (1) when it is proper to cease interest accruals, (2) issues relating to the computation of the book charge-off and tax bad debt deduction, and (3) book-tax conformity on bad debt losses for non-bank affiliates of banks. Moderator: David C. Garlock, Ernst & Young LLP, Washington, DC Panelists: Daniel Mayo, KPMG LLP, Washington, DC; John W. Rogers, Financial Institutions and Products, Office of Chief Counsel, IRS, Washington, DC; Francisca N. Mordi, American Bankers Association, Washington, DC

Hot Topics in Taxation of Banking: (1) IRS�s OID Calculation Safe Harbor for Pools of Credit Cards Receivables � Helpful or Harmful? (2) Mortgage Servicing Rights � Capital or Ordinary? Assets or Liabilities? This panel will discuss two hot topics in taxation of banking banking industry. First it will discuss a proposed revenue procedure pursuant to which banks and credit card companies will be able to rely on the proportional method for accounting for OID on a pool of credit card receivables. Second, it will discuss the economics and business aspects of mortgage servicing rights, and will consider the fundamental US tax considerations involved in retaining, acquiring, holding and disposing of mortgage servicing rights. Moderator: Clay Littlefield, Alston & Bird LLP, Charlotte, NC Panelists: Louis J. Garday, Carrington Holding Company, LLC, Greenwich, CT; Scott Brown, Financial Institutions and Products, Office of Chief Counsel, IRS, Washington, DC; Francisca N. Mordi, American Bankers Association, Washington, DC

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Session : ABATX1206
Closely Held Businesses
Conference : 2012 Midyear Meeting
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Chair: Eric Green, Convicer Percy & Green LLP, Glastonbury, CT

Estate Planning Gone Awry: What Happens When Things Don�t Work Out the Way We Planned? While certain estate tax planning strategies may be effective in minimizing state and federal taxes, and may provide clients with a certain level of comfort and satisfaction, these strategies may result in unanticipated consequences for the beneficiaries either during a client�s lifetime or after the client�s death. This panel will discuss three types of trusts commonly used in estate tax planning (the QPRT, the ILIT, and the GRAT), and will consider some of the non-tax and familial issues that may arise in attempting to administer such trusts. Panelists: Eric Green, Convicer Percy & Green LLP, Glastonbury, CT; Alfred Casella, Murtha Cullina LLP, Hartford, CT; Shelby Wilson, Berchem Moses & Devlin PC, Westport, CT

Reformation of Estate Documents: Why Your Documents Are Alive Even After You�re Dead! This panel will address litigation issues involving closely held businesses, taxes, and wills and trusts, including litigating reformation of wills and trusts. It will include a discussion of national trends, common estate planning pitfalls, and best practices to avoid future litigation or disputes involving your legal work. Panelist: John Pankauski, Attorney, West Palm Beach, FL

Sales of Personal Goodwill. This presentation will focus on the nature of personal goodwill as distinguished from business/practice goodwill, when a sale of personal goodwill is advantageous, how it is accomplished, the role of an appraisal, and various other issues, such as application of the anti-churning rules. Court cases on personal goodwill, including recent cases, will be discussed. Panelists: William Prescott, Wickens Herzer Panza Cook & Batista Co, Avon, OH; Alson Martin, Lathrop & Gage LLP, Overland Park, KS; Morton Harris, Hatcher Stubbs Land Hollis & Rothschild LLP, Columbus, GA

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Session : ABATX1207
Estate & Gift Taxes
Conference : 2012 Midyear Meeting
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Chair: Paul E. Van Horn, McLaughlin & Stern LLP, New York, NY

Current Developments. This panel will review developments in the federal estate, gift and generation-skipping transfer tax laws since October, 2011. Panelists: Catherine V. Hughes, Office of Tax Policy, Department of Treasury, Washington, DC; George D. Karibjanian, Proskauer Rose LLP, Boca Raton, FL; Hannah W. Mensch, McLaughlin & Stern LLP, New York, NY

Estate and Income Tax Planning for the Passage of Family Homes. For many families, a family home is among the most cherished assets, but preserving that property as a family asset for the use and enjoyment of successive generations can present significant challenges to the estate planner. This presentation addresses some of the key issues to consider in planning for intergenerational succession for family homes using QPRTs, split interest purchases, family LLCs, dynasty trusts, and other strategies. In addition to the estate, gift and GST tax considerations involved in the transfer of a family home, the presentation will also discuss how to anticipate and avoid common disputes that arise in the context of the co-ownership of family properties and means for resolving disputes if and when they do arise. Panelist: Nancy C. Henderson, Henderson Caverly Pum & Charney LLP, San Diego, CA

Portability � Plethora of Problems, Pitfalls and Planning Possibilities. Although enacted a little more than one year ago, the implementation of �Portability� has been questioned and debated by many of the most astute minds in the estate planning community. This presentation will trace the history of Portability from proposal to enactment, discuss the law as enacted, illustrate perceived problems with the current enactment, propose solutions to correct such problems and present planning options, problems and solutions for 2012. Panelists: George D. Karibjanian, Proskauer Rose LLP, Boca Raton, FL; Lester B. Law, US Trust, Naples, FL

Mending Wayward Wealth Transfer Strategies (With the Help of a $5,000,000 Exclusion Amount). GRATs, installment sales, intrafamily loans and QPRTs often transfer wealth in a tax-efficient manner. Sometimes, they may not yield the expected results. Unsuccessful economic performance, changes in circumstances, drafting errors and other events may require an �exit� strategy. Ben Carter will discuss various exit strategies, particularly in light of the (possibly fleeting) $5 million federal gift tax exclusion and planning for an exit strategy before problems arise. Panelist: Benjamin G. Carter, Winstead PC, Dallas, TX

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Session : ABATX1208
Individual & Family Taxation
Conference : 2012 Midyear Meeting
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Chair: Professor David L. Rice, California State Polytechnic University, Pomona, CA

Am I Really an Independent Contractor? �� The IRS, US Department of Labor and states agencies have all taken a renewed interest in the question of whether a worker is an employee or independent contractor. In addition, the IRS has enacted a new Voluntary Compliance Settlement Program that could clearly reduce the amount of exposure to those businesses that have misclassified their employees. The benefits and pitfalls of this new program will be discussed. This is a great opportunity to hear from the IRS and well versed tax practitioners on how the IRS evaluates the status of workers and what steps potential employers can take to ensure they have correctly classified them. Panelists: William Hays Weissman, Littler Mendelson, Walnut Creek, CA; Elizabeth Nelson, Law Offices of David Lee Rice APLC, Torrance, CA; Paul Carlino, Branch Chief, Office of Chief Counsel, IRS, Washington, DC; Dan Boeskin, PricewaterhouseCoopers LLP, Washington, DC Co-sponsored by: Employment Taxes

Highlights from the National Taxpayer Advocate 2011 Annual Report to Congress. The National Taxpayer Advocate will discuss items from her 2011 annual report that are of interest to and impact individuals and families. The National Taxpayer Advocate��s Annual Report includes a summary of the most serious problems encountered by taxpayers, recommendations for solving these problems, and other IRS efforts to improve customer service and reduce taxpayer burden. Panelists: Laura Baek, Taxpayer Advocate Service, IRS, Washington, DC; Nina Olson, National Taxpayer Advocate, IRS, Washington, DC

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Session : ABATX1209
Investment Management
Conference : 2012 Midyear Meeting
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Chair: Raj Tanden, Proskauer Rose LLP, Los Angeles, CA

Current Hedge Fund and Private Equity Fund Drafting Issues. This panel will focus on selected topics arising under tax, securities, and state laws, as well as business issues to be considered in the drafting of operating agreements and limited partnership agreements for private funds, including private equity, hedge, venture and SBIC funds. Specific topics to include (i) the factors to consider in utilizing capital accounts versus partnership interests (including target allocations) in the partnership allocation methodologies; (ii) the nuances of drafting and negotiating performance allocations (carry), as well as the proper application of preferred return (hurdle rate) provisions; and (iii) the different arrangements regarding clawbacks in terms of amount, character and other aspects. Moderator: Gregory J. Nowak, Pepper Hamilton LLP, Philadelphia, PA

RICs and PFICs � A Couple That Still Can�t Get Along. This panel will review the history of regulated investment companies making investments in passive foreign investment companies. Attention will be given to the difficulties reconciling the RIC and PFIC regimes, and the panel will review the issues that continue to bedevil RICs when they invest in foreign corporations that are themselves or hold indirect interests in PFICs. Moderator: Paul Murphy, Deloitte LLP, Boston, MA

Liquidations of Regulated Investment Committees. This panel will focus on tax issues that result from liquidations of regulated investment companies, including circumstances where the fund has not previously paid out all of its income and gains to its investors, or has accrued but not deducted expenses, as well as compensation issues for the board of the liquidating company, and the interaction of the reporting regimes applicable to RIC liquidations under the tax and securities laws. Moderator: Raj Tanden, Proskauer Rose LLP, Los Angeles, CA Panelists: Dale Collinson, KPMG LLP, Washington, DC; Theodore L. Press, K&L Gates LLP, Washington, DC; Keith Lawson, Investment Company Institute, Washington, DC

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