Understand how foreign persons holding interests in entities classified as partnerships are subject to United States federal income tax.
In July 2017, the United States Tax Court issued the Grecian Magnesite decision, which held that contrary to prior IRS guidance foreign partners were largely not subject to tax on such a disposition, even if the partnership was engaged in a U.S. business. The congressional response was swift. In a manner of months and as part of the legislation commonly referred to as the Tax Cuts and Jobs Act, the Internal Revenue Code was amended to make clear that such dispositions did raise the potential for U.S. tax. The TCJA further enacted a new withholding regime applicable to transferees of such partnership interests as a collection mechanism, similar in structure to the FIRPTA regime. In the months that followed, the IRS issued notices and proposed regulations, and in October/November 2020, final regulations on the statutory amendments. This topic will offer tax professionals an understanding of the contours of the administrative guidance that has been promulgated in this area to date. The manner of calculating the gain treated as effectively connected with a U.S. business, and the amount realized base for withholding will also be discussed. This topic will explore the exceptions from withholding and required information to satisfy relevant safe harbors and will also identify areas of remaining uncertainty and guidance that the IRS has noted is still forthcoming.
Add to Wishlist
More Program Information
Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
History
- Prior to the Enactment of the TCJA
- TCJA Statutory Amendments
- Regulatory Guidance Issued Subsequent to TCJA Amendments
Substantive Tax Liability Arising From a Sale of a Partnership Interest by a Foreign Person
- Tax Liabilities of Foreign Partners Generally
- Characterization of Gain and Hypothetical Sale of Assets
Liability of Transferees to Withhold on Proceeds
- Amount Realized Base
- Determination Date
- Deadlines and Forms
Exceptions and Limitations on Withholding
- Available Certifications
- Information and Parties Necessary for Certain Certifications
- Maximum Tax Liability Exception
Obligations Imposed on Partnerships in Connection With Dispositions
- Certifications and Information That Must Be Sourced From the Partnership
- Residual Liability to Withhold on Distributions to the Transferee
Add to Wishlist
More Program Information
Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on March 4, 2022.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.5
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- IN CLE 1.5
- This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.5 hours of Distance Education credit.
- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- MS CLE 1.5
- This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
- NC CLE 1.5
- This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.5 CLE hours.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.5
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
- NJ CLE 1.8
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
- NM CLE 1.5
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- OH CLE 1.5
- This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.5 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VA CLE 1.5
- This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 1.5
- This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
Enrolled Agents 1.0
- This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.
This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.5
- HI CLE 1.5
- NJ CLE 1.5
- NY CLE 1.5 including Areas of Professional Practice 1.5
- VT CLE 1.5
- WV MCLE 1.8
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Add to Wishlist
More Program Information
Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Christopher Marotta
Holland & Knight LLP
- Partner at Holland & Knight LLP
- Assists private equity and strategic clients with the tax aspects of acquisitions, divestitures, and restructurings of multinational enterprises
- Advice given with respect to negotiation of public and private mergers and acquisitions, borrowings, and other credit facilities, as well as joint venture formations involving entities taxed as partnerships
- Published in the Bloomberg Tax Management Memorandum, the Banking Law Journal, the Journal of Intellectual Property Law & Practice, and the American Bankruptcy Law Journal
- Admitted to practice in New York and Florida
- LL.M. degree, New York University School of Law; J.D. degree, University of Wisconsin Law School; B.A. degree, Bowdoin College
- Can be contacted at or [email protected]
Add to Wishlist
More Program Information
Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
