DAY THREE REAL ESTATE & PARTNERSHIPS
VIRTUAL ATTENDEES - Please note the stream will not begin until 8:30 a.m.
There will be a $25 fee for changing from IN PERSON format to Virtual after October 23, 2023.
_______________
Please note – materials for this event will be provided electronically ONLY. Please feel free to bring your own device to view the materials. We recommend that you download them prior to the event date rather than onsite.
Speaker: Andrea Whiteway, JD, LLM, Principal, Ernst & Young, LLP
This session will explore the various partnership anti-abuse rules and disguised sale rules, and discuss techniques available to partners and partnerships to monetize assets, and exit partnerships in a tax-efficient manner.
Speaker: Robert Schachat, SB, J.D., LL.M., Managing Director, BDO USA, LLP
This presentation will begin with a quick summary of the basic requirements for a tax-free like-kind exchange under section 1031, including the definition of real property for section 1031 purposes under the 2020 final regulations. We will then cover more advanced issues, such as parking transactions within and outside the safe harbor of Rev. Proc. 2000-37, build-to-suit replacement property, related party exchanges, and partnership transactions, including split-up structures such as the standard and synthetic drop and swap alternatives, successor partnerships and tracking partnerships.
Speaker: Ryan McCormick, Senior Vice President and Counsel, The Real Estate Roundtable
Discussion of proposed legislation and its potential effects on real estate partnerships.
Speaker: Megan A. Stoner, J.D., LL.M., Tax M&A, Tax Managing Director, National Tax Office – Advisory, Partnership Tax, BDO USA, LLP
This session will touch on issues relating to partnership continuations, revaluations, and the classification of partnership indebtedness under section 752. The discussion will consider important consequences of partnership distributions and transfers of interests, including the application of section 751, potential disguised sale transactions, and adjustments to the basis of partnership assets under section 743 and 734. We will also address relevant recent guidance and considerations for 2023 partnership reporting on Form 1065, Schedule K 1.
Gregory Armstrong, Director, KPMG, LLP
This session will cover the basics of amending federal partnership returns under the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015. This session will explore the forms needed to file an administrative adjustment request (AAR), the impact of filing an AAR on the partnership and its partners, and best practices to avoid traps for the unwary.
Speaker: Norman Lencz, J. D., Partner, Venable LLP and Chris Davidson, LL.M., J.D., Partner, Venable LLP
"Partnership Profits Interests," will address the various equity compensation options available to motivate service providers in real estate and private equity partnerships and LLCs, and will include a discussion of the recent Tax Court case, ES NPA Holding LLC v. Commissioner, T.C. Memo 2023-55 (May 3, 2023), regarding the issuance of profits interests in tiered structures.