Free Webinar – Planning for Business Exits from C Corporations; Intrafamily Business Transactions; Other Developments – Wednesday, December 18, 2019 at 12:00 PM EST
Lower C corporation income tax rates have increased attention to the Code § 1202 exclusion for gain on sale of stock. We will discuss how that, and related provisions work, how they compare with other business exit strategies, and a recent Tax Court case that informs intrafamily business sales and loans. We also mention a new favorable IRS position regarding deducting charitable contributions that generate state tax credits for business owners.
You will learn:
• How the Code § 1202 exclusion works, how it applies when a business changes from another entity to a C corporation, how it informs a C corporation’s business structure, and how it compares to other business exit strategies.
• How to move from corporate status to a partnership once the tax benefits of being a C corporation has run its course.
• The impact of Dynamo Holdings Ltd. Partnership v. Commissioner, T.C. Memo. 2018-61, which addresses sales and loans between businesses owned by related parties. It limits the application of a taxpayer-friendly 2009 case on business transfers but also provides hope for those with relaxed documentation of loans.
• How states’ reactions to 2017 tax reform imposing a limit on state income tax and personal property tax deductions led to the IRS attacking state tax credits awarded for charitable contributions, which ironically resulted in a Revenue Procedure that provides favorable rules when businesses make those contributions.
Speakers: Martin Shenkman, Esq. and Steve Gorin, Esq., a Partner at Thompson Coburn LLP.
Sponsor: Interactive Legal and Peak Trust Company.
*There are no professional advancement credits (CPE, CLE, etc.) offered for viewing this webinar.
*This may constitute attorney advertising.
Registration URL: https://attendee.gotowebinar.com/register/6795033939379268364
After registering, you will receive a confirmation email containing information about joining the webinar.
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