Sale of Interest in Trust; Negative Capital Accounts; Final Regs on Transfer for Value

Course Details

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Course Description

First, the IRS has issued private letter rulings deeming an income taxable sale when a trustee commuted a trust. We will review the rules on whether changes to a trust will trigger income tax consequences. 

Next, the IRS has started requiring partnerships to report “tax basis” capital accounts, presumably with an eye toward scrutinizing a “negative basis.” “Negative basis” is the colloquial description where liabilities allocated to one’s partnership interest exceed basis, so that the disposition would be subject to income tax; and the IRS may be seeing whether those are ripe for current taxation. We will briefly review the reporting and income tax planning. Finally, on Halloween final regulations were issued rewriting the rules of when a transfer of a life insurance policy will cause the death benefit to be subject to income tax.

This webinar will go through the basics of the new rules and will cover : 

  • Trust Divisions, Mergers, and Commutations
  • Commutation vs Mere Division
  • Consequences of Changes in Liability Allocations 
  • Tax Basis Capital Reporting
  • Special Rules

Learning objectives

  • To learn about the consequences when a modification or other change to a trust trigger income tax.
  • To understand which modifications or other changes to trusts definitely avoid income tax, which definitely trigger income tax, and what is uncertain.
  • To learn the Strategy of minimizing any adverse income tax consequences of a modification or other change to a trust.
  • To get an overview of basic income tax planning for partnership interests with liabilities in excess of basis.
  • To know when a transfer of a policy will trigger income taxation of its death benefit, including changes arising from 2017 tax reform and changes to the

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

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.2
(82)
45%
38%
13%
2%
1%
  • LS
    Linda Sonnenmoser
    Jun 30th 2020
    I enjoy myCPE webinars. They are very informative.
JO
James O'Brien , CPA, Attorney
Great seminar.
AB
Anne Bacerra , CPAS
On average, most attendees would rate their experience with the webinar based on their first webinar with myCPE if it was a successful first webinar. However, if their first webinar was not successful, than their expectations would depend.
LK
Leanna Krause , CPA
Reduce the number of slides so that the remaining slides can be lectured on.

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upcoming Live CPE Webinars

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BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS
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  • Cost FREE
  • CPE Credits 1.5
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00122-20-O
  • CTEC Course ID 6273-CE-0132
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Tax Attorney Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Tax Managers Accounting Managers
  • Handout Material Download

upcoming Live CPE Webinars

Practical Guide to IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs
Thursday, October 22, 2020 | 10:00 AM EDT View Details/Register
Complete CFO Guide on Analytics,Corporate Performance Management,Budgeting,Reporting
Thursday, October 22, 2020 | 10:00 AM EDT View Details/Register
Best Workshop on S Corporation (Form 1120S) Tax Return Review & Case Study (NEW)
Thursday, October 22, 2020 | 08:00 AM PDT View Details/Register
Tax Updates Latest (Business & Payroll)
Thursday, October 22, 2020 | 08:00 AM PDT View Details/Register
Business Tax Update 2020
Thursday, October 22, 2020 | 03:00 PM EDT View Details/Register
Your Client Has Not Filed a Tax Return for Many Years and Comes To You, Now What?
Thursday, October 22, 2020 | 03:30 PM EDT View Details/Register
PPPFA UPDATES (WITH LATEST GUIDANCE FROM SBA)
Thursday, October 22, 2020 | 04:00 PM EDT View Details/Register
Tactical and Strategic Roth Conversions in 2020 after the Secure Act (Latest Update)
Friday, October 23, 2020 | 09:00 AM EDT View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Friday, October 23, 2020 | 10:00 AM EDT View Details/Register
Fundamentals Concept of Trusts & Estates for Planning & Compliance
Friday, October 23, 2020 | 10:00 AM EDT View Details/Register
DUTY TO REASONABLY ACCOMMODATE: THE ADA, TITLE VII & FMLA
Friday, October 23, 2020 | 10:00 AM EDT View Details/Register
Conversion of Historical data from different Accounting Software to QuickBooks Online
Friday, October 23, 2020 | 10:00 AM EDT View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS
Friday, October 23, 2020 | 11:00 AM EDT View Details/Register
Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis
Friday, October 23, 2020 | 08:00 AM PDT View Details/Register
QBO: Banking Feed and Reconciling - Make Rules & Automate
Friday, October 23, 2020 | 11:00 AM EDT View Details/Register