The
J. Nelson Young
Tax
Institute
A Program in Continuing Legal/Professional Education
$SrLO 30– May 1, 20 15
UNC Center for School Leadership Development
Chapel Hill, North Carolina
14 hours of CLE credit
16 hours of CPE credit
Register Online!
events.law.unc.edu
Thursday,April͵Ͳ
8:00 a.m.
8:30 - 9:45 a.m.
Registration Opens
Federal Income Tax Developments Part 1: Individual Income Tax Issues
Bruce A. McGovern, Vice President, Associate Dean for Academic Administration and Professor of Law, South Texas College of Law
This session will provide an examination of the legislation, court opinions, and regulations and rules of the past year
outside of the business entity context.
9:50 - 10:50 a.m.
Fixing a Broken Trust
Elizabeth K. Arias, Womble Carlyle Sandridge & Rice, LLP
Trusts are fantastically flexible estate planning vehicles, but irrevocable trusts established during life and trusts
established by testamentary devise suffer from one inconvenient drawback – they cannot be changed. Or can they? This
presentation will examine the options to amend a trust to better serve the objectives of grantors and beneficiaries,
including the prospect of decanting the trust property into a trust with more suitable terms. The various income, gift,
estate, and generation-skipping transfer tax issues implicated by trust decanting also will be explored.
10:55 - 11:55 a.m.
Payroll Tax and Fringe Benefit Update
Mary B. (“Handy”) Hevener, Morgan, Lewis & Bockius LLP
This session will focus on the latest payroll tax and information reporting issues affecting taxpayers, including (1) the
effect on various excludable benefits of the Supreme Court’s decisions under the Defense of Marriage Act; (2) expansion
of the Tax Court’s jurisdiction to hear certain payroll tax cases, (3) developments in the fringe benefit and business
expense deduction areas, and (4) other issues being raised by the IRS and Congress that affect employment tax liabilities.
12:00 - 1:00 p.m.
1:00 - 2:15 p.m.
Lunch (provided)
Federal Income Tax Developments Part 2: Business Entity Tax Issues
Bruce A. McGovern, Vice President, Associate Dean for Academic Administration and Professor of Law, South Texas College of Law
This session will provide an examination of the legislation, court opinions, and regulations and rules of the past year
relating to the taxation of business entities.
2:20 - 3:20 p.m.
Surviving a Gift Tax Audit
James W. Narron, Narron, O'Hale and Whittington, PA
This presentation will explore the audit of forms 709 and the taxpayer’s response and IRS initiatives focusing on gift tax
returns. The session will also cover statute of limitations issues, unreported gifts, ethical issues, valuation issues,
penalties, transferee liability and personal representative liability, and building the foundation for Appeals and beyond.
3:25 - 4:25 p.m.
Staying Abreast of the Ever-Growing Labyrinth of U.S. Tax Reporting and Compliance Requirements for
Inbound Foreign Clients
James E. Croker, Jr., Alston & Bird LLP
This program will cover a variety of tax reporting and compliance headaches faced by foreign-owned U.S. enterprises and
foreign investors in U.S. real estate, including maintenance of proper transfer pricing documentation; FATCA compliance;
filing section 6114 disclosures of treaty-based return positions; complying with section 6038A reporting for related party
transactions (Form 5472); FIRPTA compliance issues, including notices of non-recognition transfers, withholding
certificates, and statements provided by a U.S. corporation as to its non-USRPHC status when foreign shareholder sells
the corporation’s shares; and selected issues relating to U.S. obligations of withholding agents as to FDAP income,
including securing and updating W9-BENs from foreign lenders.
4:30 - 5:30 p.m.
Tax Issues in Middle Market Mergers & Acquisitions
C. Wells Hall III, Nelson Mullins Riley & Scarborough
A discussion of the taxation of merger and acquisition transactions in the vibrant “middle market,” involving the
intersection of limited liability companies, S corporations, and C corporations. The presentation will include the use of
cash and stock in taxable, partially taxable, and nontaxable merger and acquisitions. Current deal structures will be
discussed, along with tax elections under section 338(h)(10), section 336(e), purchase price allocations, post-transaction
reorganizations, and the effective use of earn-outs to capture full value for the sellers.
Friday,ƒ›Ǥͳ
8:30 - 9:30 a.m.
Practical GST in a World of Higher Exemptions
Jill Raspet Peters, Smith Moore Leatherwood LLP
This presentation will focus on reviewing the basic rules of generation skipping transfer tax and how this tax and those
rules still apply to many existing or new transactions that are encountered in our practice. The GST rules must be
examined carefully even if there is not a transfer under which estate or gift taxes must be paid to be sure that GST
exemption is properly allocated or the GST annual exclusion appropriately applies. Presenter will review the rules
regarding the generation skipping transfer tax: when it applies, how it is calculated, and how exemption is allocated.
Additionally, will highlight the number of real world instances where the generation skipping transfer tax still applies even
if a client is under the estate tax threshold, and how those instances can be avoided or how exemption can be properly
allocated to avoid those cases.
9:35 - 11:05 a.m.
Is Possible Estate Tax Repeal for Real – Estate Planning in a Post-ATRA World *
Sanford J. Schlesinger, Schlesinger Gannon & Lazetera LLP
The speaker will discuss estate planning techniques that are designed to take advantage of the gift tax, estate tax and
generation-skipping transfer tax provisions of the American Taxpayer Relief Act of 2012, including the advantages and
disadvantages of using portability. Schlesinger will also review the Obama Administration’s current transfer tax and
related income tax proposals, and how they would affect estate planning decisions if enacted. The session will also
include a discussion of recent state transfer tax developments, and recent IRS developments regarding various aspects of
estates and trusts.
11:10 a.m. - 12:10 p.m.
LLC Statutory, Fiscal, and Tax Accounting – Keeping Score of the Convoluted Blend of Concepts of
Subchapter K and the Reporting and Record-Keeping Responsibilities, Duties, and Liabilities of, and
Planning Opportunities for, LLCs and their Management
Warren P. Kean, Shumaker, Loop & Kendrick and Todd Sinnett, Grant Thorton LLP
This is a discussion of the importance of proper record keeping for LLCs and the meaning and import of terms such as
“book value” and “capital account” under each. The presentation will focus on the consequences, including pros and
cons, of adopting “layer cake” allocations, as compared to forced or “targeted” allocations, as compared to ill-defined
“partners’ interests in the partnership” allocations. The panelists also will discuss mistakes, oversights and challenges that
they have encountered with each. There will be a robust discussion between the attorney panelist and the tax accountant
panelist about the life cycle of an LLC and the types of errors and miscommunications that can occur when drafting,
interpreting, and applying operating agreements and tax law in connection with preparing tax returns, including the
limitations and restrictions that often are imposed on legal and accounting professionals attempting to cure or otherwise
remedy drafting and accounting mistakes and misunderstandings and unexpected or unanticipated developments. The
panelists also will suggest steps that may be taken to minimize or avoid those problems.
12:10 - 12:55 p.m.
12:55 - 2:55 p.m.
Lunch (provided)
Ethics Topic: Oversight Responsibilities in Tax Practice under §10.36
Peter S. Wilson, Tax Quality and Risk Management – National Partner, McGladrey LLP and Michael J. Villa, Tax Quality
and Risk Management – Senior Manager, McGladrey LLP
This session will discuss the 2014 changes to Circular 230 §10.36 and the oversight responsibilities of professionals who
manage their firm’s tax practice. The revised §10.36 obligations will be contrasted with obligations under the AICPA Code
of Conduct and the ABA Model Rules, and examples of how certain §10.36 responsibilities can be addressed will also be
presented.
3:00 - 4:00 p.m.
Defending Against IRS Penalty Assertions
David D. Aughtry, Chamberlain Hrdlicka
How do you convince someone who disagrees with your position on the merits that you possessed substantial authority,
a reasonable belief that you were more likely than not correct, or good faith reasonable cause? While Congress and
traditional constitutional principles contemplated that penalties should only be imposed upon a clear violation of a clear
standard, the IRS now presumes the application of penalties and often measures them by way of hindsight. And trial
courts facing an appeal may not be inclined to undermine their ruling on the merits. We will focus upon defenses and
strategies in pressing those defenses.
The School of Law is greatly appreciative of the Marvin K. and Florence T. Blount Lecture, which was established in 1973 by Marvin (J.D., 1916) and Florence Blount to
promote greater professional and public awareness of estate planning and tax issues.
ʹͲͳͷǤǤǤ‡Ž•‘Ǥ‘—‰ǤƒšǤ•–‹–—–‡Ǥ’‡ƒ‡”•
Elizabeth K. Arias
Womble Carlyle Sandridge and Rice, LLP
B.A., 1995, UNC-Chapel Hill; J.D., 2000, Campbell.
David D. Aughtry
Chamberlain, Hrdlicka, White, Williams & Aughtry
B.A., 1975, Citadel; J.D.; M. Accountancy., 1978, University of South Carolina; LL.M. Taxation, 1982, Emory.
James E. Croker, Jr.
Alston & Bird LLP
A.B., 1971, Princeton; J.D., 1974, Columbia.
C. Wells Hall III
Nelson Mullins Riley & Scarborough
B.S., 1970, NCCU; J.D., 1973, Duke.
Mary B. (“Handy”) Hevener
Morgan, Lewis & Bockius LLP
B.A., 1974, Wellesley College; J.D., 1978, UVA.
Warren P. Kean
Shumaker, Loop & Kendrick
B.A., 1981, Washington and Lee University; J.D., 1985, Louisiana State; LL.M., 1994, NYU; LL.M., 1998, Georgetown.
Bruce A. McGovern
Vice President, Associate Dean for Academic Administration and Professor of Law
South Texas College of Law
B.A., 1975, Columbia; J.D., 1978; Fordham, LL.M, 1983, University of Florida.
James W. Narron
Narron, O'Hale and Whittington, PA
A.B., 1970, UNC; J.D., 1975, Wake Forest; LL.M., 1983, NYU.
Jill Raspet Peters
Smith Moore Leatherwood
B.S., 1999, UNC- Wilmington; J.D., 2002, Wake Forest.
Sanford J. Schlesinger
Schlesinger Gannon & Lazetera LLP
B.S., 1963, Columbia; J.D., 1966, Fordham.
C. Todd Sinnett
Grant Thorton LLP
B.S., 1987; M.S., 1993, ECU.
Michael J. Villa
McGladrey, LLP
J.D., 1978, Syracuse; M.B.A., 1982, University of Rochester.
Peter S. Wilson
McGladrey, LLP
J.D., 1985, Columbia.
ION
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have a MasterCard or visa r eady and visit
events.law.unc.edu to start the r egistration process.
Registration
Online Registration is now available!
Attorney/CPA
Registration
$400
Location
Paralegal
The Tax Institute will be held at the Center for School Leadership
Development near UNC campus on Friday Center Drive.
$200
Registr
Course Credit
*The registration fee includes a continental breakfast each day, morning and afternoon breaks, and
conference materials.
Registrations will be accepted at the door on a space-available
basis. To check space availability, please contact the CLE Office
before April 25 at (919) 962-1679 or unclawcle@unc.edu.
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CLE Credit for Attorneys: The Tax Institute is accredited for 14
hours (including 2.0 hours of ethics) under the N.C. State Bar
Mandatory Continuing Legal Education requirements.
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Cancellations
Cancellations Registrations cancelled more than 30 days prior to
the course date to receive a full refund of the registration fees.
Registrations cancelled less than 30 but more than 15 days prior
to the course date will result in a refund less $75. Registrations
cancelled less than 15 days prior to the course date will not be
eligible for a refund. Cancellations received after this cut-off time
will not be eligible for refund. Confirmed participants who do not
attend the program are responsible for the entire fee unless other
arrangements have been made with the School of Law’s director
of continuing legal education at (919) 962-7815.
School of Law's Office of Continuing Legal Education reserves
the right to cancel or reschedule seminars at any time. If the
University of North Carolina or the School of Law's Office of
Continuing Legal Education cancel or reschedule the event due
to weather or unforeseen circumstances beyond our control, you
are entitled to a full refund, but are not responsible for travel
arrangements, travel fees, or any expenses incurred by you as
a result of such cancellation. If the Office of Continuing Legal
Education cancels a seminar in which you are enrolled, you will
be contacted at the email address you provided when registering,
so please be sure to provide a valid email address.
CPE Credit for CPAs: The Tax Institute is recommended for 16
hours of CPE (taxes) credit (including 2 hours of ethics). UNC
School of Law is registered with the N.C. State Board of CPA
Examiners as a sponsor of continuing professional education.
UNC School of Law Office of Continuing Education is registered
with the National Association of State Boards of Accountancy
(NASBA) as a sponsor of continuing professional education on the
National Registry of CPE Sponsors. State boards of accountancy
have final authority on the acceptance of individual courses for CPE
credit. Complaints regarding registered sponsors may be submitted
to the National Registry of CPE Sponsors through its website:
www.learningmarket.org.
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CLE and CPE Credit in Other States:
Please indicate states in which you would like to receive credit on
your registration form, and we will assist in that process. Payment
of out-of-state fees is the responsibility of the attendee.
For more information regarding administrative policies such as
complaint and refund, please contact our offices at (919) 962-7815.
By Phone:
Call the CLE Office at (919) 962-7815
9:00 a.m. – 5:00 p.m., Monday
THE UNIVE
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The 2015 J. Nelson Young Tax Institute April 30 - May 1
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