Code § 199A Safe Harbor for Rental Real Estate; Partnership Issues; Sale of Intangible Assets
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Course Details

Overview of Topics

  • Rental Real Estate as a Qualified Business Income under Code § 199A02 mins
  • Planning tips for Real Estate businesses3 mins
  • Recent developments in partnership tax structuring38 mins
  • Income taxation of intellectual property and other intangibles in the light of 2017 tax reform39 mins
  • Partnership Structure - regulations discussing employee vs. partner in a tiered structure40 mins
  • Partnership structure - nature of interest expense when a partnership interest changes hands49 mins
  • Effect of changes on the inside basis when an interest in a tiered structure changes hands56 mins
  • Intellectual property post-2017 Tax law changes62 mins
  • How the treatment of goodwill differs from Intellectual Property66 mins
  • Query session74 mins

Course Description

The IRS issued a long-awaited safe harbor for when real estate rental qualifies as a trade or business for purposes of the 20% deduction for qualified business income under IRC § 199A. We will review the rules for rental under Code § 199A and explain how the new safe harbor fits into the framework. We will explore a smattering of recent developments in partnership tax, such as final regulations discussing employee vs. partner in tiered structures, the nature of interest expense when a partnership interest changes hands, and the effect of changes on inside basis when an interest in a tiered structure changes hands. Finally, we will discuss the income taxation of intellectual property and other intangibles in light of 2017 tax reform.

Learning objectives

  • Strategy for qualifying real estate rental as a trade or business under IRC § 199A independent of the safe harbor.
  • How the new safe harbor for real estate changed from its proposed terms and the extent to which the safe harbor helps.
  • How recently finalized regulations treat compensatory payments from disregarded entities to partners in the parent partnership.
  • What those regulations intentionally did not address that provide opportunities for tiered partnership structures.
  • How to determine the deductibility of interest expense incurred by a partnership and how distributions from a partnership affect that determination.

About Presenter

Steve Gorin, CPA

Advisor,Thompson Coburn LLP

sgorin@thompsoncoburn.com

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their achieve their personal, business, and financial goals while trying to reduce the drag that taxes impose on them. His firm provides full service to businesses; however, he also act as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefer to refer income tax returns to practicing CPAs.

Steve Gorin is former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin



For almost 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. With more than 380 lawyers and 40 practice areas, we serve clients throughout the United States and beyond. Whether helping with a real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.

Here's a link to the free resources that Thompson Coburn has to offer:

https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 00:58
  • Question 5 : 01:12
  1. Which one of the following is not the relevant factors to determine whether a rental real estate activity is a section 162 trade or business?
  2. Which one of the following is the key rental property bifurcations for the Rental Real Estate & Code §199A for the purpose of interest declaration?
  3. Which one of the following is essential for treating Rental Real Estate Enterprise as a single trade or business under the safe harbor?
  4. What is the right method to allocate the interest of the funds borrowed by a partner and used for the investment in a Real Estate for personal use?
  5. Code §1231 treats any gain from the sale of the business as capital gain except____
  1. If Ms. Maggi owns a dingle building with mixed-use it may be treated as _______
  2. According to Rule 69-184, payments from a partnership firm to a partner are never reported on Form ___ and must be reported on Form ____.
  3. According to the rule of compensatory payments from disregarded entities to partners Which one of the following cannot happen if Peter’s Coffee Bar a partnership firm owns 95% of Partnership firm Sandra’s Buns and Arthur owns an 8% share in Sandra’s Buns?
  4. Mr. Albert a retiring partner of J. Patrick Traders bequeathed his share to Ms. De la core. If Mr. Albert had an outstanding debt of $450,000 that he used to buy a business investment for the firm, which head would the interest be charged to?
  5. When a partnership has a net unrealized loss that exceeds _______, the qualified transfer triggers decrease in the basis of that partnership’s assets even if code §754 election is not in effect?
  6. Which one of the following intellectual property is eligible under Code § 1231?
  7. The sale of an interest in a partnership that holds the intellectual property may receive capital gain treatment with respect to the value attributable to that property if ____.
  8. Which one of the statements is true according to Rental Real Estate & Code §199A?

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  • As per NASBA guidelines, you have one year from date of registration to complete each program.
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Reviews

4.2
(82)
49%
30%
16%
4%
1%
  • ET
    Erin Thunander , CPA
    Nov 25th 2019
    This course really gave me a lot of information in a short period of time. Condensed but not too heavy. Clear and well presented. At no point was I bored or feeling like he rushed too quick
IF
IMELDA FLORES
Awesome
DH
Donnie Holmes
The information was presented at a reasonable pace. The displays were easy to read, very informative and answered any questions, which came to mind . Also, really love the manual and the wealth of information provided
RB
Robert Blair , CPA
The presenter was very lively and gave us many examples of issues to help show us the material in a way we can apply it. Steve explained so we could easily understand the subject matter.
JW
Jeffrey Walters , CPA, CPA
The webinar was more to the point than the live classes I have been to. I was able to attend this webinar on my phone while commuting! I’m glad that this webinar functioned well on my phone as it functions on my laptop.
JB
Jonathan Barker , CFF, CPA, EA
Very informative webinar. The material was well presented and and certainly clarified many questions on a little-known but valuable subjects ! I also liked the entire query session.

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  • Cost $15
  • CPE Credits 1.5
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00090-19-S
  • CTEC Course ID 6273-CE-0065
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date November 13 ,2019
  • Who should attend? Accountant
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register