An overview of significant developments in litigation, administrative rulings, and legislation during the past year. The overview is focused on those topics that are most likely to impact a broad range of practitioners and their clients.
8:30 AM to 10:00 AM
10:00 AM to 10:15 AM
10:15 AM to 11:15 AM
A discussion of buy-sell agreements, including general considerations, where to docu- ment, and types of such agreements. Covers estate planning advantages and disadvan- tages of using buy-sell agreement and some of the requirements for using them to x estate tax values. Consideration of Section 2703 and the valuation of interest subject to the buy-sell agreement. Explores various tax implications, funding the buy-sell agree- ment, and important nontax provisions.
11:15 AM to 12:15 PM
The IRS has finally issued the long-awaited proposed regulations on Section 2704, and they hold the potential for eliminating most, if not all, valuation discounts for family-controlled corporations, partnerships, and limited liability companies. This presentation will go over the new proposed regulations, discuss their scope, their details, what valuation planning options will remain if they are finalized in their present form, and when practitioners need to act to give their clients the best chance of obtaining valuation discounts.
12:15 PM to 1:15 PM
1:15 PM to 2:15 PM
Provides five ground rules for client-technique suitability. Addresses valuation discount planning with tenancies in common and community property; maximizing annual exclusion gifts; and intrafamily loans and charitable gift annuities.
2:15 PM to 3:15 PM
A discussion of recent legislation and cases and potential legislation impacting farm and ranch clients. Special topics include the distinctions between a capital lease and a nance lease, farm loss deductibility, depreciation, split-interest purchases, etc. A must for anyone who prepares farm and ranch returns or who advises landowners on income taxes.
3:15 PM to 3:30 PM
3:30 PM to 5:30 PM
Circular 230 background and rules. Also tax return preparer rules.
8:00 AM to 9:30 AM
Current state and local tax and incentive developments. Nebraska, Iowa plus national highlights. Impact on planning strategies, audits and appeals for existing and startup companies. A look ahead at possible legislation.
9:30 AM to 9:45 AM
9:45 AM to 11:45 AM
As a follow-up to last year’s discussion on target allocations, this session will discuss common considerations when determining partners’ allocations of income in operating agreements that utilize “target capital accounts.”
11:45 AM to 12:00 PM
12:00 PM to 1:00 PM
1:00 PM to 3:00 PM
How to adapt AB trusts and LLC agreements and use qualified disclaimers to maximize the step up in basis (and, reduce any “step down” in basis) through using formula testamentary GPOAs and the Delaware Tax Trap, not only at the second spouse’s death, but even at the first spouse’s or even older relative’s death (aka “upstream basis planning”). This will include discussion of adapting preexisting irrevocable trust for superior income tax results.
3:00 PM to 3:15 PM
3:15 PM to 4:10 PM
A longtime mainstay of the Institute: a comprehensive review of current developments in estate and gift taxation with an emphasis on planning implications
4:10 PM to 5:00 PM
A brief introduction to virtual currency, including Bitcoin—its characteristics and recent history. Addresses virtual currency risks, benefits, regulatory developments, and other issues. What is blockchain? Learn types of blockchains as well as issues and opportunities presented by this technology.