Gain insight into how to minimize the impact for clients buying or selling a partnership interest.
Following the enactment of section 1446(f), buyers of U.S. partnership interests may be required to withhold a certain amount of the sales proceeds and deposit the amounts with the IRS. These withholding and reporting obligations are new and continue to evolve as Treasury and the IRS release more guidance. This topic will discuss the legal background of these new rules, demonstrate how they apply in practice, and discuss methods to minimize the impact for clients buying or selling a partnership interest.
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Why Lorman?
Over 33 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
Background
- Rev. Rul. 91-32
- Grecian Magnesite
- TCJA: New Sections 864(c)(8) and Section 1446(f)
- Guidance to Date
Determining Gain or Loss
- Calculation Mechanics
- Determination of Distributive Share
- Coordination With FIRPTA
Withholding
- General Withholding Requirements
- Exceptions
- Documentation
Advising Buyers and Sellers of Partnership Interests
- Considerations for Buyers
- Considerations for Sellers
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Why Lorman?
Over 33 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 December 10, 2019.
Call 1-866-352-9540 for further credit information.
Enrolled Agents 2.0
- This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
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
- ME CLE 1.5
- MT CLE 1.75
- NJ CLE 2.0
- NV CLE 1.5
- NY CLE 2.0
- VT CLE 1.5
- WA CLE 1.75
- WV MCLE 2.0
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 33 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
Jared Binstock
Skadden, Arps, Slate, Meagher & Flom LLP
- Associate in the Washington, D.C. office of Skadden, Arps, Slate, Meagher & Flom LLP
- Advises public and private companies on a broad range of domestic and international U.S. federal income tax issues, with particular focus on joint ventures, M&A and restructuring transactions, information reporting and tax equity financings
- Regularly counsels clients on the various U.S. and international information reporting and withholding requirements
- Can be contacted at [email protected]
Joshua G. Rabon
Skadden, Arps, Slate, Meagher & Flom LLP
- Associate in the Washington, D.C. office of Skadden, Arps, Slate, Meagher & Flom LLP
- Advises public and private companies on a broad range of domestic and international U.S. federal income tax issues, with particular focus on international joint ventures, M&A and integration and restructuring transactions
- Practice includes significant work on the various U.S. and international information reporting and withholding requirements
- Before joining Skadden, worked at the IRS Office of Associate Chief Counsel (international) on numerous regulations and other guidance projects, including guidance under section 1446(f)
- Can be contacted at [email protected]
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Why Lorman?
Over 33 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.
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