TABLE OF CONTENTS T-1

Transcription

1 TABLE OF CONTENTS T-1

2 T-2

3 Prepared for THE PARTNERSHIP TAX PRACTICE SERIES: PLANNING FOR DOMESTIC AND FOREIGN PARTNERSHIPS, LLCs, JOINT VENTURES & OTHER STRATEGIC ALLIANCES 2016 CONTENTS: VOLUME ONE (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 1. The Partnership Union: Opportunities for Joint Ventures and Divestitures Louis S. Freeman, Retired Partner Victor Hollender Brian D. Krause Skadden, Arps, Slate, Meagher & Flom LLP Dean S. Shulman Kirkland & Ellis LLP 2. Partnership Joint Ventures of Operating Business^ Donald E. Rocap William R. Welke Gregory W. Gallagher Michael Carew Kirkland & Ellis LLP 3. Final Section 197 Regulations: Application to Partnership Transactions Barksdale Hortenstine Gary R. Huffman* Vinson & Elkins LLP 4. Section 197 and Partnership Transactions Mark J. Silverman Aaron P. Nocjar Steptoe & Johnson LLP 5. Enough Anti-Churning: It s Time to Make Butter Romina Weiss Gibson, Dunn & Crutcher LLP 6. RESERVED RESERVED T-3

4 8. RESERVED RESERVED RESERVED RESERVED A. Partnership and LLC Agreements Learning to Read and Write Again A-1 Steven R. Schneider Brian J. O Connor Venable LLP 12. Significant Developments in Partnership Taxation Josh Scala 13. Significant Developments in Partnership Taxation Ossie Borosh* U.S. Department of the Treasury 14. Significant Developments in Partnership Taxation Steven J. Kolias Dechert LLP 15. Significant Developments in Partnership Taxation Gale E. Chan McDermott Will & Emery LLP T-4

5 16. Significant Developments in Partnership Taxation Gale E. Chan McDermott Will & Emery LLP INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME TWO (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 16A. RESERVED... 16A-1 16B. Developments in Partnership and Real Estate Taxation in B-1 Gale E. Chan McDermott Will & Emery LLP 16C. Developments in Partnership and Real Estate Taxation in C-1 Gale E. Chan McDermott Will & Emery LLP T-5

6 16D. Developments in Partnership and Real Estate Taxation in D-1 Gale E. Chan McDermott Will & Emery LLP 16E. Developments in Partnership and Real Estate Taxation in E-1 Gale E. Chan McDermott Will & Emery LLP 16F. Developments in Partnership and Real Estate Taxation in F-1 Gale E. Chan McDermott Will & Emery LLP 17. Getting Down to Business: Partnerships and Miscellaneous Itemized Deductions David W. Mayo Paul, Weiss, Rifkind, Wharton & Garrison LLP 17A. Planning for Real Estate Professionals and Investors Under the Net Investment Income Tax and the Self-Employment Tax^... 17A-1 C. Wells Hall III Nelson Mullins Riley & Scarborough LLP 17B. Impact of the 3.8 Percent Net Investment Tax on Alternatives +^... 17B-1 Kara Friedenberg PwC T-6

7 17C. Proposed Net Investment Tax Regs Impact on Alternatives +^... 17C-1 Kara Friedenberg PwC 17D. Final Net Investment Tax Regs Impact on Alternatives +^... 17D-1 Kara Friedenberg PwC 17E. Partners and the 3.8% Taxes: FICA, SECA, NIIT, or Nothing?... 17E-1 Jeanne Sullivan 18. Selected Partnership Case Studies Michael G. Frankel Ernst & Young LLP 19. RESERVED RESERVED RESERVED RESERVED RESERVED RESERVED A. RESERVED... 24A-1 24B. Interesting Partnership Transactions of 2011 (PowerPoint slides)... 24B-1 Linda E. Carlisle Miller & Chevalier Chartered R. David Wheat Philip B. Wright Bryan Cave LLP T-7

8 24C. Interesting Partnership Transactions of 2012 (PowerPoint slides)... 24C-1 Linda E. Carlisle Miller & Chevalier Chartered Philip B. Wright Bryan Cave LLP R. David Wheat Jasper L. Cummings, Jr. Alston & Bird LLP Phillip J. Gall Diana L. Wollman Cleary Gottlieb Steen & Hamilton LLP 24D. Interesting Partnership Transactions of 2013 (PowerPoint slides)... 24D-1 Linda E. Carlisle Miller & Chevalier Chartered Philip B. Wright Bryan Cave LLP R. David Wheat David B. Strong Morrison & Foerster LLP 25. Opening Pandora s Box: Who Is (or Should Be) a Partner? Eric B. Sloan Gibson, Dunn & Crutcher LLP 26. Alliances Not in Partnership or Corporate Form Gary C. Karch McDermott Will & Emery LLP 27. When Is a Partner Not a Partner? Steven R. Dixon Miller & Chevalier Chartered 28. The Uncertain Certainty of Being a Partner: Classification as a Partner for Tax Purposes Paul Carman Colleen Kushner Chapman & Cutler LLP T-8

9 29. Mythbusters: When Does a Partner Cease to Be a Partner? A Catalogue of Legal Authority Addressing the Federal Definition of Tax Partnership Bradley T. Borden* Brooklyn Law School 31. Rev. Proc , Section 83(B), and Unvested Profits Interests The Final Facet of Diamond? Eric B. Sloan Gibson, Dunn & Crutcher LLP Sheldon I. Banoff Katten Muchin Rosenman LLP INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME THREE (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 32. Compensating the Service Partner with Partnership Equity: Code 83 and Other Issues William R. Welke Kirkland & Ellis LLP Olga A. Loy Jenner & Block LLP 33. RESERVED T-9

10 34. A Layman s Guide to LLC Incentive Compensation Linda Z. Swartz Cadwalader LLP 35. Proposed Regulations on Partnership Interests Issued for Services: Practical Problems and Opportunities Andrea Macintosh Whiteway* 36. Prop. Regs. on Partnership Equity for Services: The Collision of Section 83 and Subchapter K Sheldon I. Banoff Katten Muchin Rosenman LLP Paul Carman Chapman & Cutler LLP John R. Maxfield Holland & Hart LLP 37. Proposed Partnership Equity Compensation Regulations: Little or No Chance of Satisfying Everyone Eric B. Sloan Gibson, Dunn & Crutcher LLP 38. Proposed Regulations on Partnership Equity for Services Illustrative Examples Bahar A. Schippel Snell & Wilmer LLP 39. First IRS Ruling on Unvested Partnership Profits Interests: No Income Recognized but Questions Remain Sheldon I. Banoff Katten Muchin Rosenman LLP 40. RESERVED Partners and the SECA Tax James B. Sowell 42. The Application of SECA and NIIT to Investors and Managers of Asset Management Funds David H. Kirk Seda Livian T-10

11 42A. Delimiting Limited Partners: Self-Employment Tax of Limited Partners... 42A-1 David W. Mayo Paul, Weiss, Rifkind, Wharton & Garrison LLP Rebecca C. Freeland Fried, Frank, Harris, Shriver & Jacobson LLP 42B. The New Deal: Hedge Fund Management Fees Are Subject to Social Security Taxes^... 42B-1 Mark H. Leeds Mayer Brown LLP 43. Selected Tax Issues in Equity-Based Compensation for Partnerships and LLCs Roger J. Baneman* Shearman & Sterling LLP 44. Tax Legislation: CRS Report, Taxation of Hedge Fund and Private Equity Managers Tax Legislation: CRS Report, Taxation of Private Equity and Hedge Fund Partnerships: Characterization of Carried Interest Taxation of Carried Interests Paul Carman Chapman & Cutler LLP 46A. Practical Considerations for Issuing Profits Interests A-1 Afshin Beyzaee Liner LLP 46B. Crescent Holdings: The Once and Future Partner That Was Not... 46B-1 Paul D. Carman Chapman & Cutler LLP Sheldon I. Banoff Katten Muchin Rosenman LLP 47. Is Debt vs. Equity Different in a Partnership? Steven R. Schneider 48. Taxing Partnership Profits Interests as Compensation Income Michael L. Schler Cravath, Swaine & Moore LLP T-11

12 49. Taxation of Service-Connected Property Transfers under Code Section Stephen L. Feldman Morrison & Foerster LLP 49A. Should My CEO Be My Partner? A Practical Approach to Dealing with LLC and Partnership Equity Compensation... 49A-1 Bahar Schippel Snell & Wilmer L.L.P. 50. A Pragmatic Case for Taxing an Equity Fund Manager s Profit Share as Compensation Mark P. Gergen Berkeley Law School 50A. New York State Bar Association Tax Section Report on the Proposed Regulations on Disguised Payments for Services... 50A Tax Planning for Partnership Options and Compensatory Equity Interests Partnership Use of Corporate Partner Stock and Options as Compensation Easier under the 1032 Regs Sheldon I. Banoff Katten Muchin Rosenman LLP 52A. Equity and Equity-Related Compensation: A Jaunt Through Sections 83, 409A, 457A and Proposed Section A-1 Jason Factor Cleary Gottlieb Steen & Hamilton LLP 53. Section 83(b), Section 409A, Section 457A, and Subchapter K Linda Z. Swartz Cadwalader LLP T-12

13 54. Employee Benefits Considerations in Joint Ventures Susan P. Serota Peter J. Hunt Pillsbury Winthrop Shaw Pittman LLP 55. U.S. Partnership Retirement Plan Considerations Stephen LaGarde Deloitte Tax LLP 56. Noncompensatory Partnerships Options: The Final Regulations Matthew P. Larvick Vedder Price P.C. 56A. Options and Convertible Interests for LLCs Taxed as Partnerships... 56A-1 William P. Bowers Patrick L. O Daniel Norton Rose Fulbright LLP 56B. Final and Proposed Regulations Regarding Partnership Noncompensatory Options... 56B-1 Andrea M. Whiteway* Gale E. Chan McDermott Will & Emery LLP INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. T-13

14 VOLUME FOUR (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) CONTENTS: 57. Noncompensatory Partnership Options Howard E. Abrams* University of San Diego School of Law Robert J. Crnkovich 58. Basis Calculations for Real Partners Kenneth N. Orbach Florida Atlantic University Edward J. Schnee University of Alabama W. Eugene Seago Virginia Tech University 59. Partnership Interest Basis Issues Christian Brause Sidley Austin LLP William B. Brannan 59A. VisionMonitor Software A Little-Noticed Partnership Case with Flawed Logic A-1 Richard M. Lipton 60. Planning Partnership Admissions and Book-ups Stephen D. Rose David B. Goldman Munger, Tolles & Olson LLP 60A. Partnership Book-Ups A-1 Howard E. Abrams* University of San Diego School of Law 61. RESERVED T-14

15 62. RESERVED A Framework for Evaluating Anticipatory Allocations James R. Brown Catherine Harrington Willkie Farr and Gallagher LLP Carlos Schmidt Ares Management LLC 64. Reverse Allocations: More than Meets the Eye Howard E. Abrams* University of San Diego School of Law 65. Guarantees, DROs, and CCOs: Getting Partnership Liability Allocations Right Andrea Macintosh Whiteway* 65A. A Guaranteed Debacle: Proposed Partnership Liability Regulations... 65A-1 Andrea M. Whiteway* 66. The Liability-Offset Theory of Peracchi Bradley T. Borden* Brooklyn Law School Douglas L. Longhofer 67. Target Allocations: The Swiss Army Knife of Drafting (Good for Most Situations But Don t Bet Your Life on It) Todd D. Golub* 67A. New York State Bar Association Tax Section Report on the Treatment of Exculpatory Liabilities for Purposes of Section 704 and Section A Economic Risk of Loss: The Devil We Think We Know Eric B. Sloan Gibson, Dunn & Crutcher LLP T-15

16 69. Simple Distributions from Leveraged Partnerships Howard E. Abrams* University of San Diego School of Law 69A. The Math Behind Financial Concepts in Real Estate Partnership Distribution Waterfalls +^... 69A-1 Bradley T. Borden* Brooklyn Law School 70. The Impact of Disregarded Entities on Partnership Liability Allocations: Proposed Regulations under I.R.C. Section Andrea Macintosh Whiteway* 71. New Ruling on Allocating Partnership Liabilities Disregards Technicalities to Absolve Taxpayer of Gain Andrea Macintosh Whiteway* 71A. The IRS Did What to the Partnership Debt Allocation and Disguised Sale Rules?!?... 71A-1 Steven R. Schneider Brian J. O Connor Venable LLP 71B. Proposed Regulations Address Debt Allocations for Partners and Related Parties^... 71B Proposed Regulations on Debt Allocations: Controversial, and Deservingly So^ New Partnership Liability Regulations Target Abuse but Sweep More Broadly Andrea Macintosh Whiteway* T-16

17 73A. Put a Bottom Deficit Restoration Obligation in Your Partnership Liability Allocation Tool Box... 73A-1 Andrea M. Whiteway* 74. Final Regulations on the Treatment of Disregarded Entities for Purposes of Characterizing and Allocating Liabilities under Code Sec. 752: Questions and Complexities Continue Andrea Macintosh Whiteway* 75. Planning for Partnership Liability Allocations Including the New Proposed Regulations Blake D. Rubin Andrea M. Whiteway Jon G. Finkelstein 76. RESERVED Selected Operating Agreement Tax Allocation Provisions for Limited Liability Companies Leslie H. Loffman* Proskauer Sanford C. Presant* Greenberg Traurig, LLP 77A. Capital Account-Based Liquidations: Gone with the Wind or Here to Stay?... 77A-1 Brian J. O Connor Venable LLP Steven R. Schneider 78. RESERVED Drafting Partnership Agreements for Substantial Economic Effect (PowerPoint slides) David H. Schnabel* Davis Polk & Wardwell LLP T-17

18 80. Annotated Tax Provisions for Limited Liability Companies Matthew S. Beard Meadows Collier LLP 81. Hedge Fund Stuffing Allocations: A Path Through the Maze William S. Woods, II James M. Lowy 81A. The Problem with Stuffing Allocations A-1 Andrew W. Needham Cravath, Swaine & Moore LLP INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME FIVE (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 82. RESERVED Ruminations on Substantiality under the Section 704(b) Regulations Joel Scharfstein Andrew Falevich Fried, Frank, Harris, Shriver & Jacobson LLP 84. Rev. Rul : When to Hold em, When to Fold em, and When to Book-Down Andrea M. Whiteway* T-18

19 85. A Partner s Interest in the Partnership for Purposes of Section 704(b) Appendix A: Capital Accounts, Who Needs Them? Warren P. Kean Shumaker, Loop & Kendrick LLP 86. Identifying Partners Interest in Profits and Capital: Uncertainties, Opportunities and Traps Sheldon I. Banoff Katten Muchin Rosenman LLP 87. FAQ-Filled Guidance on Computing a Partner s Interest in Profits, Losses, and Capital Part Sheldon I. Banoff Katten Muchin Rosenman LLP 88. FAQ-Filled Guidance on Computing a Partner s Interest in Profits, Losses, and Capital Part Sheldon I. Banoff Katten Muchin Rosenman LLP 88A. LLC Capital Shifts: Avoiding Problems When Applying Corporate Principles... 88A-1 Steven R. Schneider Brian J. O Connor Venable LLP 89. In Search of Partners Interests in the Partnership: The Alternative to Substantial Economic Effect Paul Carman Chapman and Cutler LLP 90. RESERVED RESERVED RESERVED RESERVED T-19

20 94. The Impact of a Capital Account Deficit Restoration Obligation on a Partner s At-Risk Amount and Share of Liabilities: Hubert Enterprises, Inc. v. Commissioner Andrea M. Whiteway* 95. Tax Court Sticks to Its Guns and Sticks It to Taxpayers in Hubert Case Andrea Macintosh Whiteway* 96. Sixth Circuit Vacates Controversial Hubert Case Dealing with Partner s At-Risk Amount Andrea Macintosh Whiteway* 97. Passive Losses, LLCs and LLPs Courts Reject IRS Attempt to Limit Losses Sheldon I. Banoff Katten Muchin Rosenman LLP 98. RESERVED A Primer on Allocations with Respect to Contributed and Revalued Property Section 704(c)^ Andrew N. Berg Debevoise & Plimpton LLP 100. RESERVED Exploring the Outer Limits of Section 704(c)(1)(A) Andrea Macintosh Whiteway* T-20

21 102. Planning Opportunities Remain under the Final Partnership Allocation Rules for Contributed Property Michael G. Frankel Ernst & Young LLP Leslie H. Loffman* Proskauer Sanford C. Presant* Greenberg Traurig, LLP 103. Section 704(c) and the Regulations Thereunder Barksdale Hortenstine Robert Honigman Arent Fox LLP 104. The Proposed Regulations on Partnership Allocations with Respect to Contributed Property Seth Green 105. Making Section 704(c) Sing for You Andrea Macintosh Whiteway* 106. Section 704(c) and Related Issues John G. Schmalz Samuel P. Starr (retired) Jeffrey I. Rosenberg PwC 106A. The Proposed Regulations Under Sections 704(c)(1)(C), 734, 743, and 755^ A-1 Peter Mahoney William P. Wasserman William P. Wasserman, a Professional Corporation 106B. Contribution of a Built-In Loss to a Partnership B-1 Douglas A. Kahn University of Michigan T-21

22 INDEX... l-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME SIX (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 107. Disharmony in the Search for Purity in Section 734(b) Common Basis Methodology: Interfaces with Section 704(c) Built-in Gain Shares and Outside Basis (PowerPoint slides) Barksdale Hortenstine Telma Cox Jeff Helm 108. New York State Bar Association Tax Section Report on the Proposed Regulations on Partnership Built-in Losses Notice : A Focus on Complex Section 704(c) Netting Versus Layering Issues Roger F. Pillow Glenn E. Dance Internal Revenue Service 110. Revaluations Revisited: Partnership Allocations and the Demise of the Ceiling Rule Stephen B. Land Duval & Stachenfeld LLP 111. RESERVED T-22

23 111A. Take the Money and Run: Extracting Equity on a Tax-Free Basis A-1 Andrea M. Whiteway* 112. Partnership Disguised Sale Rules Mark J. Silverman Aaron P. Nocjar Steptoe & Johnson LLP 113. Gateway Hotel Partners: Decision Illustrates the Disguised Sale Quandary^ RESERVED An Analysis of the Rules Governing Disguised Sales to Partnerships: Section 707(a)(2)(B) Barksdale Hortenstine 116. New Proposed Regulations on Disguised Sales of Partnership Interests Andrea Macintosh Whiteway* 117. Recent Developments Regarding Disguised Sales of Partnership Interests Andrea Macintosh Whiteway* 117A. Partnership Disguised Sales of Property: G-I Holdings Misses the Mark A-1 Andrea Macintosh Whiteway* T-23

24 117B. Tax Court Goes Overboard in Canal B-1 Andrea Macintosh Whiteway* 117C. The Tax Court Drains Canal Corporation C-1 Todd D. Golub* Ernst & Young LLP 117D. Implications of Canal Corporation for Structuring Partnership Transactions D-1 Andrea Macintosh Whiteway* 117E. Send Not to Know for Whom the Bell Tolls E-1 William P. Bowers Patrick L. O Daniel Norton Rose Fulbright LLP 117F. SWF Real Estate: Tax Credits and Disguised Sales Reasons for Concern F-1 Richard M. Lipton 118. IRS Stretches to Help a Taxpayer in New Disguised Sale Private Letter Ruling Andrea Macintosh Whiteway* 119. Final Regulations under Sections 704(c)(1)(B), 737 and 731(c) Barksdale Hortenstine T-24

25 INDEX... l-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME SEVEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 120. RESERVED Partnership Mixing-Bowl Issues (PowerPoint slides) Mark J. Silverman Aaron P. Nocjar Steptoe & Johnson LLP 122. Creative Partnership Exit Strategies Stephen D. Rose Munger, Tolles & Olson LLP Robert E. Holo Simpson Thacher & Bartlett LLP 123. Partnership Exit Strategies and the Failure of the Substantiality Test Thomas W. Henning Allen Matkins Leck Gamble Mallory & Natsis LLP 124. Deceptive Simplicity: Continuing and Current Issues with Guaranteed Payments Eric B. Sloan Gibson, Dunn & Crutcher LLP Matthew Sullivan Deloitte Tax LLP T-25

26 125. RESERVED Selling Your Partnership Business? You Have Two Choices with Different Tax Consequences Jerry S. Williford (retired) Barbara Koosa Ryan Grant Thornton LLP 127. The Tax Consequences of Partnership Break-Ups: A Primer on Partnership Sales and Liquidations Daniel L. Simmons University of California, School of Law 128. RESERVED RESERVED A. The Tax Treatment of Earnouts in Business Acquisitions A-1 Kimberly S. Blanchard Weil, Gotshal & Manges LLP 129B. Assumed Liability Deductions B-1 Jasper L. Cummings, Jr. Alston & Bird LLP 129C. Code Section 736: A Retiring Partner Case Study Involving Flexible Payments C-1 R. Zebulon Law* Law & Stein LLP Christy L. Lewis Lewis Business & Estate Planning, APC 130. Paying for Assumption Jasper L. Cummings, Jr. Alston & Bird LLP 130A. Mythbusters: Tax Treatment of Distributions of Marketable Securities A-1 Richard M. Lipton 131. Partnership Distributions of Marketable Securities Phillip Gall David R. Franklin* T-26

27 132. Tax Court Respects Partnership s Property Distribution: Countryside Limited Partnership v. Commissioner Andrea Macintosh Whiteway* 133. A Comprehensive Guide to Partnership Terminations, Including the New Proposed Regulations A. Let s Get Technical: Partnership Terminations A-1 Eric B. Sloan Gibson, Dunn & Crutcher LLP Mark Opper Teresa Lee DeloitteTax LLP 134. Planning with and Around the Partnership Termination Rules Andrea Macintosh Whiteway* James E. Wreggelsworth Davis Wright Tremaine LLP 135. Planning for Partnership Distributions with Respect to Redemptions, Withdrawals, Retirements, Dismissals, Expulsions, Terminations, Liquidations, and Deaths of Partners Jeffrey Erickson Jerry S. Williford (retired) Todd Sinnett Grant Thornton LLP 136. Order in the Court: Why Ordering Matters in Partnership Transactions Eric B. Sloan Gibson, Dunn & Crutcher LLP Matthew Sullivan Deloitte Tax LLP Judd Sher Julia Arnold Hellman & Friedman LLC T-27

28 137. RESERVED The Treatment of Liabilities in Rev. Rul and Rev. Rul Situations H. Grace Kim Grant Thornton LLP 138A. RESERVED A-1 138B. Overshooting the Mark? Section 751, Sale of Goodwill, and the Assignment of Income Doctrine B-1 David S. Raab Latham & Watkins LLP 139. Operational Issues of Section 751(b) Current and Future (PowerPoint slides) William P. Wasserman William P. Wasserman, a Professional Corporation 140. New York State Bar Association Tax Section Proposed Regulations under Section 751(B) INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. CONTENTS: VOLUME EIGHT (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 141. RESERVED RESERVED T-28

29 143. Applying Sections 704(c) and 737 in Partnership Mergers and Divisions James B. Sowell* 144. Proposed Regulations on Application of the Anti-Mixing Bowl Rules after a Partnership Merger to Apply Prospectively Andrea Macintosh Whiteway* 145. Partnership Mergers and Divisions: A User s Guide Eric B. Sloan Gibson, Dunn & Crutcher LLP 146. Partnership Mergers and Divisions^ William S. McKee Sarah L. Brodie Morgan, Lewis & Bockius LLP Bradford D. Whitehurst Energy Transfer Equity, L.P Creative Transactional Planning Using the Partnership Merger and Division Regulations Andrea M. Whiteway* 148. Partnership Mergers: The Saga Continues James B. Sowell* 149. Transactional Planning under the Partnership Merger & Division Regulations Barksdale Hortenstine Peter C. Mahoney William S. Woods, II William P. Wasserman William P. Wasserman, a Professional Corporation 150. Mergers and Divisions of Partnerships Barbara Spudis de Marigny McGuireWoods LLP T-29

30 151. Mergers & Acquisitions Involving Partnerships Stephen A. Kuntz Robert W. Phillpott Norton Rose Fulbright LLP 152. Partnership Mergers, the Anti-Mixing Bowl Rules and Rev. Rul : How Could the Service Be So Wrong? Andrea Macintosh Whiteway* 153. Mapping the Labyrinth: Partnership Mergers and Divisions Ezra Dyckman Roberts & Holland LLP Seth Hagen 154. Recapitalization of Partnerships: General Issues under Subchapter K Jeffrey Erickson Ernst & Young LLP 155. M&A Transactions Involving Partnerships and LLCs, Including Conversions, Mergers and Divisions Warren P. Kean Shumaker, Loop & Kendrick LLP 156. RESERVED RESERVED RESERVED JOBS Act Tightens Partnership Tax Rules Andrea M. Whiteway* 160. RESERVED RESERVED T-30

31 INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME NINE (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 162. A Section 754 Paradox: Basis Step-Up Triggers Gain Recognition in UPREIT and Other Partnership Contribution Transactions Andrea M. Whiteway* 163. Tiers in Your Eyes: Peeling Back the Layers on Tiered Partnerships Gary R. Huffman* Vinson & Elkins LLP Barksdale Hortenstine 163A. Tiers of Partnerships and Corporations: Does the Chain s Length Change the DNA? A-1 William P. Wasserman William P. Wasserman, a Professional Corporation Barksdale Hortenstine Kevin M. Richards 163B. The 80-Percent Dividends-Received Deduction under Section 243: Does a Partnership Mess It All Up? B-1 Eric B. Sloan Gibson, Dunn & Crutcher LLP Dina A. Wiesen Deloitte Tax LLP T-31

32 164. The Check-the-Box Regulations: Elective Entity Classification under Section Barbara Spudis de Marigny McGuireWoods LLP 165. Tax Planning for Single Member Entities: Check-the-Box, Qualified REIT Subsidiaries and S-Corp Subsidiaries Thomas M. Stephens Timothy J. Santoli Ryan J. Zucchetto Dentons US LLP 166. Entity Identity: The Taxation of Quasi-Separate Enterprises Stephen B. Land Duval & Stachenfeld LLP 167. Tax Classification of Segregated Portfolio Companies James M. Peaslee Cleary Gottlieb Steen & Hamilton LLP Jorge G. Tenreiro U.S. Securities and Exchange Commission 168. RESERVED RESERVED A. First Steps Proposed Regulations on Series LLCs Provide Clarity A-1 Paul Carman Steven G. Frost Kelley Bender Chapman and Cutler LLP 169B. Series LLC Is It Finally Usable? B-1 Howard J. Levine Daniel W. Stahl Roberts & Holland LLP 170. RESERVED Use of Limited Liability Companies in Corporate Transactions Mark J. Silverman Lisa M. Zarlenga Steptoe & Johnson LLP T-32

33 172. Disregarded Entities: Issues and Opportunities Daniel C. White Philip B. Wright Bryan Cave LLP 172A. Now You See It, Now You Don t: The Comings and Goings of Disregarded Entities A-1 Martin J. McMahon, Jr. University of Florida College of Law 173. RESERVED Through the Looking Glass: Seeing Corporate Problems as Partnership Opportunities Eric B. Sloan Gibson, Dunn & Crutcher LLP 175. How and When to Apply Step Transaction Doctrine in Corporate and Partnership Restructuring Transactions Gary B. Wilcox PwC 176. New Proposed Regulations on Mergers Involving Disregarded Entities Andrea Macintosh Whiteway* 176A. The Umbrellas of Subchapter K A-1 John C. Hart Simpson Thacher & Bartlett LLP 177. The Corporation as Partner Tax Reasons and Tax Effects Jasper L. Cummings, Jr. Alston & Bird LLP 178. Opportunities and Pitfalls for the Property Owner in Transactions with a REIT Andrea M. Whiteway* T-33

34 179. Taxation of Real Estate Investment Trusts and Shareholders Stephen L. Feldman Shane M. Shelley Morrison & Foerster LLP INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. CONTENTS: VOLUME TEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 179A. Federal Income Tax Aspects of REITs^ A-1 Christian Brause Sidley Austin LLP 180. IRS Clarifies Tax Treatment of Foreign Governments Investing in REITs, Highlighting Tax Planning Opportunities The Private REIT: Selected Tax Issues^ Hershel Wein Naftali Z. Dembitzer DLA Piper LLP (US) 181A. Back to the Future: UPREIT Deals Are Back Opportunities and Pitfalls in Structuring UPREIT Transactions A-1 Ezra Dyckman Daniel W. Stahl Roberts & Holland LLP 182. RESERVED T-34

35 183. The S Corporation Rules and the Use of S Corporations as Acquisition Vehicles Appendix Mark J. Silverman Aaron P. Nocjar Steptoe & Johnson LLP 184. RESERVED RESERVED The State of the Art in Like-Kind Exchanges, Tax Court Again Rejects Purchase from a Related Person of 1031 Replacement Property A. IRS Provides Limited Relief for Section 1031 Exchanges That Fail Due to Default by a QI A The State of the Art in Like-Kind Exchanges Richard M. Lipton Samuel P. Grilli Samuel Pollack 188A. Eighth Circuit Sheds Light on Like-Kind Exchanges A-1 Richard M. Lipton 189. Aligning the Stars Estate Planning for Entrepreneurs in Interesting Times Stefan F. Tucker Tammara Langlieb Venable LLP Mary Ann Mancini Loeb & Loeb LLP 190. RESERVED RESERVED T-35

36 191A. How Do Investment Fund Clawback Provisions Affect Partnership Income Allocations? A-1 Steven R. Schneider 192. RESERVED A. Federal Income Tax Treatment of Hedge Funds, Their Investors, and Their Managers A-1 David S. Miller Jean Marie Bertrand Cadwalader, Wickersham & Taft LLP 193. U.S. Taxation of Private Equity and Hedge Funds John (Jay) Soave III Tishman Speyer 194. Exploring the Reasons Behind the Bias of Private Equity and Venture Capital Firms Investing in Corporations Rather Than Limited Liability Companies A Time to Reconsider Warren P. Kean Shumaker, Loop & Kendrick LLP 195. Commentary Partnerships: From the Tax Exempt s Perspective Stuart L. Rosow Proskauer 196. Investments by Tax-Exempt Organizations Intersections and Collisions with the Taxable World Patrick C. Gallagher Kirkland & Ellis LLP 197. Taxation of United States Tax-Exempt Entities Offshore Hedge Fund Investments: Application of the Section 514 Debt-Financed Rules to Leveraged Hedge Funds and Derivatives and the Case for Equalization Summer A. LePree Bilzin Sumberg Baena Price & Axelrod, LLP 198. UBIT Issues in Investment Partnerships: What Tax-Exempt Organizations (and Their Taxable Partners) Should Know David A. Stein Withers Bergman LLP T-36

37 199. Joint Ventures with Tax-Exempt Entities and Taxable Operations (Including REITS) Sanford C. Presant* Greenberg Traurig, LLP Leslie H. Loffman* Proskauer 199A. A Guide to Election Year Activities of Section 501(c)(3) Organizations^ A-1 Steven H. Sholk Gibbons P.C. INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME ELEVEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 200. Help with Fractions: A Fractions Rule Primer David O. Kahn Latham & Watkins LLP 201. RESERVED Possible Approaches for Avoiding UBTI on Real Estate Investments Richard M. Nugent* Cadwalader, Wickersham & Taft LLP T-37

38 203. Certain U.S. Tax Considerations for Organizing U.S. Hedge Funds Peter A. Furci Huey-Fun Lee Cécile Beurrier Debevoise & Plimpton LLP 204. Cross-Border Tax Problems of Investment Funds Kimberly S. Blanchard Weil, Gotshal & Manges LLP 205. RESERVED Partnerships as an Alternative to Secured Loans Robert H. Scarborough Freshfields Bruckhaus Deringer US LLP 207. Debt vs. Equity in the Partnership Context J. William Dantzler, Jr. White & Case LLP 208. Partner or Lender? Debt/Equity Issues Arise in Second Circuit s Reversal of Castle Harbour Jenny A. Austin 209. Economic, Tax, and Drafting Considerations for Preferred Partnership Interests Todd D. Golub* Carlene Y. Miller-Lowry Snell & Wilmer LLP 210. Revival of the Choice of Entity Analysis: Use of Limited Liability Companies for Start-Up Businesses and the Up-C Structure^ Laurence E. Crouch Shearman & Sterling LLP 210A. Joint Committee on Taxation: Overview of the Federal Tax System as in Effect for 2013 (JCX-2-13, January 8, 2013) A-1 210B. Joint Committee on Taxation: Selected Issues Relating to Choice of Business Entity (JCX-66-12, July 27, 2012) B-1 T-38

39 210C. Should There Be One Set of Passthrough Rules for All Non- Publicly Traded Businesses? (Option 2 of the Ways and Means Committee draft to reform the taxation of small businesses and passthrough entities) C-1 Willard Taylor Sullivan & Cromwell LLP 211. Organizing the Corporate Venture Jeffrey T. Sheffield Kirkland & Ellis LLP Christian E. Kimball Jenner & Block LLP 212. RESERVED RESERVED Noted Trends in the State Taxation of Pass-Through Entities Bruce P. Ely* Bradley Arant Boult Cummings LLP Preamble: State Tax Treatment of LLCs and LLPs Bruce P. Ely Chris R. Grissom William T. Thistle Bradley Arant Boult Cummings LLP Attachments: Chart 1: State Tax Treatment of Limited Liability Companies and Limited Liability Partnerships Bruce P. Ely Christopher R. Grissom William T. Thistle Bradley Arant Boult Cummings LLP Chart 2: Tax Treatment of LLCs/LLPs/LPs ( LLEs ) by States Imposing Net Worth-Or Debt-Based Corporate Franchise Taxes Bruce P. Ely Christopher R. Grissom William T. Thistle Bradley Arant Boult Cummings LLP 215. A Primer on Income Tax Compliance for Multistate Pass-Through Entities and Their Owners^ William C. Brown Brown, Winick, Graves, Gross, Baskerville and Schoenebaum, P.L.C. T-39

40 216. Select Transactional Issues in State Partnership Taxation Steven N.J. Wlodychak Brian P. Ruchlewicz 217. Limited Liability Company Conversions Navigating the State Tax Implications Kelly W. Smith Barbara Coulter PwC 218. Publicly Traded Partnerships Lynn E. Fowler Kilpatrick Townsend & Stockton LLP 218A. Partnerships in the Public Space A-1 Eric B. Sloan Gibson, Dunn & Crutcher LLP INDEX... l-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME TWELVE (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 219. Section 7704 and Publicly (or Non Publicly) Traded Partnerships Joel Scharfstein Fried, Frank, Harris, Shriver & Jacobson LLP Brian Kniesly Gibson, Dunn & Crutcher LLP T-40

41 220. New York City Bar Report Requesting Guidance Concerning Various Provisions of Section RESERVED Joint Committee on Taxation: Description of Present Law and Select Proposals Relating to the Oil and Gas Industry (JCX-27-11, May 11, 2011) Joint Committee on Taxation: Overview of Selected Tax Provisions Relating to the Financing of Infrastructure (JCX-29-11, May 13, 2011) United States Federal Taxation of Derivatives: One Way or Many? Yoram Keinan Carter Ledyard & Milburn LLP 224A. RESERVED A-1 224B. Joint Committee on Taxation: Present Law and Background Relating to Tax Treatment of Business Debt (JCX-41-11, July 11, 2011) B Debt Workouts: The Partnership and the Partners^ James B. Sowell* 225A. New COD Income Deferral Guidance Allows Flexibility for Partnership A-1 Andrea Macintosh Whiteway* 225B. Taxation Meets Bizarro World: Passthroughs and Debt Workouts B-1 Todd D. Golub* 225C. Great Expectations: The Basic Tax Problem with Distressed Debt C-1 David H. Schnabel Davis Polk & Wardwell LLP T-41

42 226. Partnership COD Income and Other Debt Issues Howard E. Abrams* University of San Diego School of Law 226A. Recourse or Nonrecourse: Liability Treatment for COD, Other Purposes A-1 Andrea Macintosh Whiteway* 226B. RESERVED B-1 226C. The Mysterious Case of Disappearing Debt in Partnership Transactions C-1 Phillip Gall Franny Wang 226D. Planning for Section 108 Relief D-1 Fred Witt Fred Witt P.L.C. Jackie Lee Deloitte Tax LLP 226E. New York State Bar Association Tax Section Report Addressing Proposed Treasury Regulation E-1 226F. IRS Helps Insolvent Partners in Revenue Ruling F-1 Andrea M. Whiteway* 227. NYC Bar Reports on Accounting for Interest on Nonperforming Loans Mark Stone Holland & Knight LLP 228. Creditors Beware: Proposed Partnership Debt-for- Equity Regulations Deny Your Tax Loss Andrea Macintosh Whiteway* T-42

43 229. Briarpark and the Unexpected Limits to Careful Tax Planning Worthless Partnership Interests James B. Sowell* 231. RESERVED Partner Guarantees in Debt Workouts^ James B. Sowell* 233. RESERVED Debt Workout Issues for REITs Are Complicated, Whether They Are Debtors or Creditors INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME THIRTEEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 235. Partnership Bankruptcy Tax Issues Linda Z. Swartz Cadwalader LLP T-43

44 236. RESERVED RESERVED A. The Partnership Anti-Abuse Rules: Where Have We Been and Where Are We Going? A-1 James B. Sowell* 238. A Short History of Tax Shelters Eric Solomon 239. RESERVED Joint Committee on Taxation: Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues, and Policy Recommendations (Excerpts Relating to Partnership Tax Issues) Broad Scope of Section 470 Catches Many Non-Abusive Transactions Here Comes the Kitchen Sink: IRS Throws Everything But at Two Partnership Tax Deferral Structures Andrea Macintosh Whiteway* 243. Son of BOSS Transactions: Taxpayers Win the First Round in Klamath What Will Be the Impact of the Government s Victory in Coltec? What Will Be the Long-Term Impact of the Sixth Circuit s Divided Decision in Dow Chemical? T-44

45 246. Will Black & Decker Turn Out to Be a Pyrrhic Victory for the IRS? The STARS Continue to Revolve The First Appellate Decision Richard M. Lipton 248. Klamath Dispatches Another Tax Shelter, But Without Penalties LILO Transaction Upset by District Court on Motion for Summary Judgment in BB&T Son of BOSS Update: Summary Judgment on the Tax Liability in Cemco But No Fraud in Sala Robert S. Walton 251. RESERVED IRS Goes Over the Top in Attacking State Tax Credit Partnerships Taxable Sale or Nontaxable Reorganization? Tax Court Draws a Distinction in Tribune Company Court of Federal Claims Rejects Taxpayer s Claims of a Business Purpose in Heinz T-45

46 255. The Non-Tax Implications of the Taxation of Partnership Options^ Howard E. Abrams* University of San Diego School of Law Robert Crnkovich 256. RESERVED No Bliss in New Phoenix Sunrise Tax Court Rejects and Penalizes a Tax Shelter Transaction CA-7 Sinks Penalties in One Son-of-BOSS Case, While Reg Is Torpedoed Again in Another Jaclyn Pampel 259. Castle Harbour III: A Taxpayer Victory as the District Court Refuses to Surrender RESERVED Bad Facts Result in a Taxpayer Loss in the First SILO Case to Be Adjudicated In Klamath, the Fifth Circuit Clarifies Its Test for Economic Substance A. A Tale of Two Cases: G-I Holdings and Virginia Historic Tax Credit Fund Can They Both Be Right? A-1 Patricia W. McDonald Todd D. Golub* Ernst & Young LLP T-46

47 262B. Who s Afraid of Virginia Historic Tax Credit Fund? B-1 Todd D. Golub* 262C. IRS Misses on the Boardwalk C-1 262D. New Rehabilitation Credit Safe Harbor Limiting Historic Boardwalk Hall^ D-1 262E. Hoosier Energy and the Limits of the Tax Law E-1 262F. New Tax Shelter Cases and Notices Put Spotlight on the Economic Substance Doctrine F Avoiding Penalties with Tax Opinions After Long Term Capital Henry P. Bubel Patterson, Belknap, Webb & Tyler LLP 264. New Guidance Sheds Light on Economic Substance Doctrine and Related Penalties Richard M. Lipton 265. Tax Shelters: Appropriate Tax Minimization Planning and Compliance vs. Abusive Tax Avoidance Transactions and Penalties Jeffrey H. Paravano Paul M. Schmidt Baker & Hostetler LLP 265A. Codification of the Economic Substance Doctrine Much Ado About Nothing? A-1 T-47

48 265B. Living With (And Dying By) the Codified Economic Substance Doctrine B-1 Martin J. McMahon, Jr. University of Florida College of Law INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME FOURTEEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 265C. Tax Credit Investments and the Ossification of the Economic Substance Doctrine C-1 Hershel Wein 265D. Flextronics, Sundrup, and the Application of the Economic Substance Doctrine D-1 265E. RESERVED E-1 265F. Tax Shelters and the Decline of the Rule of Law F-1 265G. Second Circuit Sinks Castle Harbour (Again) Did It Sink the FISC, Too? G-1 T-48

49 265H. Legitimate and Illegitimate Tax Planning Two Recent Cases Show the Way H-1 265I. Federal Circuit Upsets a LILO Deal, and Maybe the Law on Step Transactions and Substance over Form...265I-1 265J. Reasonable Cause and Good Faith Reliance on an Advisor Help a Son-of-BOSS Taxpayer Avoid Penalties J-1 265K. The STARS Are Not Aligned: Courts Split in Assessing an Alleged Tax Shelter Transaction^ K-1 265L. John Hancock the Tax Court Applies Judicial Doctrines to SILOs and LILOs^ L-1 265M. In Southgate, Economic Substance, Substance Over Form, and Penalties Are a Dangerous Mix M-1 265N. The Tax Court in Barnes Group Misapplies the Step Transaction Doctrine, Imposes Penalties^ N-1 Joshua S. Richardson Matthew S. Jenner 265O. BNY and AIG Using Economic Substance to Attack Transactions the Courts Do Not Like O-1 265P. The Economic Substance Doctrine in Federal and State Taxation^ P-1 William Joel Kolarik II Steven N.J. Wlodychak* T-49

50 266. Code Sec and the Partnership Tax Practitioner Final Corporate Tax Shelter Disclosure and List Maintenance Regulations Impose Burdens on Everyone To Disclose or Not to Disclose: Tax Shelters, Penalties, and Circular 230 in Linda Z. Swartz Jean Marie Bertrand Cadwalader LLP 269. Final Regulations for the Tax Shelter Disclosure Regime Making the Rules More User Friendly Robert S. Walton 270. RESERVED RESERVED Misuse of Anti-Abuse Reliance on Tax Opinions: The World Changes Due to Long Term Capital Holdings and the American Jobs Creation Act The World Changes: Broad Sweep of New Tax Shelter Rules in AJCA and Circular 230 Affect Everyone Robert S. Walton Steven R. Dixon Miller & Chevalier Chartered 275. What Hath Congress Wrought: The Amendment to Section 6694 Will Cause Major Problems for Everyone T-50

51 276. Privileged Communications in the Context of U.S. Tax Practice Peter H. Blessing 277. RESERVED In Search of a Normative Theory of Partnership Taxation for International Tax (or How We Learned to Stop Worrying and Love Subchapter K)^ Christopher Trump Mark Graham* Deloitte Tax LLP 278A. Joint Committee on Taxation: Present Law and Issues in U.S. Taxation of Cross-Border Income (JCX-42-11, September 6, 2011) A International Joint Venture Issues and Planning with an Emphasis on Utilizing Partnership Structures^ James P. Fuller Fenwick & West LLP 280. Foreign Partnerships Cross Border Planning Michael Hirschfeld Dechert LLP 281. Playing with Blocks: Testing a Fund s Blocker Allocations Vadim Mahmoudov Rafael Kariyev Debevoise & Plimpton LLP 282. International Joint Ventures: Basic Tax Goals and Structures Edward C. Osterberg, Jr. Mayer Brown LLP 283. International Joint Ventures: Basic Tax Goals and Structures (PowerPoint slides) Edward C. Osterberg, Jr. Mayer Brown LLP 284. International Partnerships and Joint Ventures David L. Forst Fenwick & West LLP T-51

52 INDEX... I-1 Program Attorney: Stacey L. Greenblatt * The author s updated bio can be found in the Updated Author Bios section at the end of Volume Due to reprint restrictions, this chapter will not be made available electronically. ^ Article reprinted from the previous year s edition. CONTENTS: VOLUME FIFTEEN (See Back of Volume Sixteen for Table of Contents for All Volumes in this Set) 285. The Anti-Inversion Provisions of Internal Revenue Code Section Stephen L. Feldman Morrison & Foerster LLP 286. Notice : IRS Attacks Transfers of Property to Partnership with Related Foreign Partners and Controlled Transactions Involving Partnerships Richard M. Lipton Russell R. Young Elizabeth A. Yablonicky 286A. New York State Bar Association Tax Section Report on Notice , Transfers of Property to Partnerships with Related Foreign Partners and Controlled Transactions Involving Partnerships A-1 286B. The Omnipresence of Subchapter K in the International Arena? B-1 Philip F. Postlewaite Northwestern University School of Law 287. American Bar Association Section of Taxation Comments on Notice George C. Howell, III Hunton & Williams LLP T-52

53 287A. Joint Committee on Taxation: Present Law and Background Related to U.S. Activities of Foreign Persons (JCX-37-11, June 22, 2011) A RESERVED The U.S. Tax Effects of Choice of Entities for Foreign Investment in U.S. Real Estate and Businesses and the Taxation of Dispositions of U.S. Partnership Interests Robert F. Hudson, Jr Taxation of U.S. Individual Investor in Private Fund Exiting a Non-U.S. Project Timothy J. Devetski Sidley Austin LLP 291. The Unresolved Tax Status of Multinational Service Partnerships and Their Partners Kimberly S. Blanchard Weil, Gotshal & Manges LLP 292. RESERVED RESERVED A. The Schizophrenic Partnership: IRS Issues Notice Addressing Partnership Blocker to Subpart F Inclusions A-1 Noel P. Brock Nextera Energy Joseph M. Calianno* BDO LLP 294. Final Regulations Apply Subpart F to a CFC s Distributive Share of Partnership Income Lowell D. Yoder Thomas P. Ward Elizabeth P. Lewis Susan E. O Banion McDermott Will & Emery LLP 295. Notice : IRS Designates Partnership Blocker to Subpart F Inclusions as a New Transaction of Interest Noel P. Brock Nextera Energy Joseph M. Calianno* BDO LLP T-53

54 295A. Blockers, Stoppers, and the Entity Classification Rules A-1 Willard B. Taylor Sullivan & Cromwell LLP 296. Partnerships Change Everything: Using a Partnership in an Outbound Stock Acquisition Janet Andolina Eric Willenbacher Goodwin Procter LLP 297. Foreign Partnership Reporting Requirements: Regulations under Sections 6038, 6038B and 6046A Willys H. Schneider Kaye Scholer LLP 298. Reporting Obligations for Foreign Partnerships Alan S. Lederman Gunster Yoakley & Stewart, P.A. Bobbe Hirsh Hirsh & Associates 299. Living with the 2008 Final Partnership Withholding Regulations Michael J.A. Karlin Karlin & Co. LLP Alan I. Appel New York Law School 299A. Kissing the Blarney Stone A Practical Guide to Structuring Partnership Agreements and Limited Liability Company Operating Agreements in Light of the Section 1446 Regulations A-1 Michael J.A. Karlin Karlin & Co. LLP Alan I. Appel New York Law School 300. U.S. Taxation of Foreign Partners Thomas S. Wisialowski Paul Hastings LLP 301. U.S. Taxation of Foreign Partners Laurence E. Crouch Shearman & Sterling LLP 302. Special Problems of Foreign Partners Kimberly S. Blanchard Weil, Gotshal & Manges LLP T-54