The
J. Nelson Young
Tax
Institute
A Program in Continuing Legal/Professional Education
$SrLO 28 – 29, 2016
The Carolina Club, UNC Campus
Chapel Hill, North Carolina
15.5 hours of CLE credit
18.6 hours of CPE credit
Register Online!
events.law.unc.edu
Thursday, April 28
7:30 a.m.
Registration Opens - Continental Breakfast
7:50 a.m.
Welcome
Martin H. Brinkley, Dean, UNC School of Law
8:00 - 9:00 a.m.
How to Foul Up Drafting Partnership and Limited Liability Agreements
Terence F. Cuff, Loeb & Loeb LLP
This session will cover techniques that draftsmen can use to foul up their partnership and limited liability agreements.
Including a discussion of contribution provisions, Section 704(c) provisions, allocations, and distribution provisions.
9:00 - 10:00 a.m.
A Review of Federal Tax Policy in an Election Year
Jonathan G. Traub, Deloitte Tax LLP
This session is a review of recent developments in tax policy, a status update on efforts to enact comprehensive tax
reform and an outline of the barriers standing in the way of policy-makers. The presenter will explore the sometimes
uneasy interaction between policy and politics.
10:00 a.m. - 12:00 p.m.
Federal Income Tax Developments
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.
12:00 - 1:00 p.m.
1:00 - 2:00 p.m.
Buffet Lunch (provided)
A Review of the Landscape of the Federal and State Income Taxation of Non Grantor Trusts
Andrea C. Chomakos, McGuireWoods LLP
A trust is a unique type of taxpayer. A trust is not an individual, but it is not an entity. A trust is created through the
relationship of the trustee (or trustees) to the trust property and the trust beneficiaries. The provisions of the Internal
Revenue Code applicable to the taxation of trusts are complex and can result in unintended and unanticipated
income tax liability. In addition, for any trust that is subject to Federal income taxation, the trust may also be subject
to state income taxation. A determination of whether a trust is considered a resident trust of a particular state is
required to determine the trust’s state income tax liability and it is the complex relationship between trustee, trust
property and trust beneficiary that makes the determination of the relationship of the trust to a state difficult in
assessing where the trust has “nexus.”
2:00 - 3:15 p.m.
Transfers of Property to and Distributions and Redemptions of Stock in Closely-held Corporations
C. Wells Hall III, Nelson Mullins Riley & Scarborough LLP
Structuring taxable and nontaxable transfers of property to closely-held C and S corporations, use of section 351 in
acquisition transactions, shareholder and corporation basis determination, holding period for transferred property,
tax treatment of distributions, including qualified dividend treatment, actual versus constructive distributions,
distributions from S corporations with and without earnings and profits, treatment of redemptions of stock qualifying
for dividend versus capital gains treatment, adjustments to basis, special elections for closing of the books,
distributions bypassing AAA.
3:15 - 4:15 p.m.
Effective Tag Team Defense
David D. Aughtry, Chamberlain, Hrdlicka, White, Williams & Aughtry LLP
Almost all tax defenses constitute accounting arguments with a case law or statutory construction wrapper. We will
focus upon the most effective way for accountants and lawyers to contribute to presenting the winning coordinated
defense at audit, appeals and litigation.
4:15 - 5:30 p.m.
Corporate Tax Developments
Gregory N. Kidder, Steptoe & Johnson LLP
This presentation will cover recent developments in corporate tax, including changes in IRS ruling policy, Section 355
Developments, Final “F” Reorganization Regulations, Final Regulations Under Sections 312 and 381, developments in
the step transaction doctrine (including Rev. Rul. 2015-9 and Rev. Rul. 2015-10), Proposed Regulations under Treas.
Reg. § 1.1502-76 (“Next Day Rule”), Final Regulations on Agent of Consolidated Group, Treas. Reg. § 1.337(d)-3T (May
Company Regulations).
Friday, April 29
7:30 a.m.
8:00 - 10:00 a.m.
Registration Opens - Continental Breakfast
Ethical Practitioners Don't Go to Jail: Distinguishing Aggressive Tax Planning from Tax Fraud (PR/Ethics)
W. Curtis Elliottt, Culp Elliott & Carpenter PLLC and Christopher S. Rizek, Caplin & Drysdale
Tax practitioners are governed by a host of rules and regulations, from Circular 230 to IRC 6694, to the criminal
provisions of the Internal Revenue Code. It is important to understand how these standards apply in everyday
practice. How sure do you have to be before you can tell a client it is okay to take a deduction or report income as
capital gain? Do you have to audit the client’s records, or can you just rely on what the client tells you? When can the
client be penalized and when are you, as the tax practitioner, subject to penalties. Finally, where is the line between
civil penalties and criminal prosecution and how can you avoid crossing that line? This program will address these and
other issues and will provide real-world practical advice on how to approach sensitive situations.
10:00 - 11:30 a.m.
Recent Developments in Estate Planning and Federal and State Transfer Taxation*
Sanford J. Schlesinger, Schlesinger Gannon & Lazetera LLP
Presenter will review current developments regarding estate planning and federal and state transfer taxation,
including the Internal Revenue Service’s final regulations regarding portability, the new income tax basis consistency
requirements under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, and the
Service’s proposed regulations under the Achieving a Better Life Experience (“ABLE”) Act. He will discuss drafting
estate planning documents to comply with and take advantage of current transfer tax laws, and transfer tax vs.
income tax basis planning. The session also includes a review the Obama Administration’s current transfer tax and
related income tax proposals, and how they would affect estate planning decisions if enacted.
11:30 a.m. - 12:30 p.m.
IRS Administrative Appeals and Tax Case ADR
W. Curtis Elliott, Jr., Culp Elliott & Carpenter PLLC
The Mission of IRS Appeals is to “resolve tax controversies, without litigation, on a basis which is fair and impartial to
both the government and the taxpayer and in a manner that will enhance voluntary compliance and public
confidence in the integrity and efficiency of the Internal Revenue Service.” With the issuance of new streamlined
procedures, including rules on ex parte communications pursuant to Rev. Proc. 2012-18, IRS Appeals has adopted its
“Appeals Judicial Attitude and Culture” approach in the resolution of federal tax cases (AP-08—713-03; 7/18/13). This
presentation will focus on the updated Appeals procedures now in place, and will address how the new procedural
rules impact the practitioner’s strategies to negotiate a settlement resolution which is effective for clients. The
presentation will also look at fast track settlement procedures, treatment of cases docketed in the Tax Court and tools
available to the IRS and to taxpayers in seeking alternative dispute resolution in certain cases.
12:30 - 1:30 p.m.
Buffet Lunch (provided)
1:30 - 2:45 p.m.
Compensation Deductions
Elizabeth E. Drigotas, Deloitte Tax LLP
The rules related to deductions for compensation expenses include provisions that regulate timing and amount of
deductions, some resulting in timing differences and some in permanent differences. Presenter will provide an
overview of the requirements applicable to different types of compensation, including current compensation,
qualified and nonqualified deferred compensation, equity compensation, and fringe benefits. This session will also
address compensation deductions in the context of mergers and acquisitions.
2:45 - 4:00 p.m.
Market Based Sourcing: The End of Cost of Performance?
Sheldon H. Laskin, Multistate Tax Commission
This presentation will trace the evolution of sourcing receipts derived from the sale of services and intangibles away
from cost of performance towards market based sourcing. Emphasis will be on the Multistate Tax Commission’s
project to amend the sourcing rules in Section 17 of the Uniform Division of Income for Tax Purposes Act (UDITPA)
and the response of the states to the problems of cost of performance sourcing.
*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.
2016 J. Nelson Young Tax Institute Speakers
David D. Aughtry
Chamberlain, Hrdlicka, White, Williams & Aughtry
B.A., 1975, The Citadel; J.D., 1978, University of South Carolina; LL.M., 1982, Emory University.
Andrea C. Chomakos
McGuireWoods LLP
A.B., 1993, University of Michigan; J.D., 1997, University of Detroit; LL.M., 2001, New York University.
Terence F. Cuff
Loeb & Loeb LLP
B.A., 1974, University of California-Santa Cruz; J.D., 1977, University of Southern California; LL.M., 1979, New York University.
Elizabeth E. Drigotas
Deloitte Tax LLP
A.B., 1988, Bowdoin College; J.D., 1992, University of North Carolina.
W. Curtis Elliott, Jr.
Culp Elliott & Carpenter PLLC
B.S., J.D., University of South Carolina; LL. M., George Washington University.
C. Wells Hall III
Mayer Brown, LLP
B.S., 1970, NCCU; J.D., 1973, Duke University.
Gregory N. Kidder
Steptoe & Johnson LLP
A.B., 1999, Duke University; J.D., 2002, Harvard University.
Sheldon H. Laskin
Multistate Tax Commission
B.A., J.D., Rutgers University; L.LM. Taxation, University of Baltimore.
Bruce A. McGovern
Vice President, Associate Dean for Academic Administration and Professor of Law, South Texas College of Law
B.A., 1975, Columbia University; J.D., 1978, Fordham University; LL.M., 1983, University of Florida.
Christopher S. Rizek
Caplin & Drysdale
J.D., LL. M., George Washington University.
Sanford J. Schlesinger
Schlesinger Gannon & Lazetera LLP
B.S., 1963, Columbia University; J.D., 1966, Fordham University.
Jonathan G. Traub
Deloitte Tax LLP
B.A., 1998, Haverford College; J.D., 1994, University of Virginia.
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
Paralegal
$300
*The registration fee includes a continental breakfast, buffet lunch, breaks
and parking.Please note that this is a paperless event. The 2016 Tax
Institute materials will be available for download before the conference.
Prior to the conference you will receive an email with instructions and a
link so that you can download all the conference materials onto your
laptop or tablet directly.
Location
The Tax Institute will be held at the Carolina Club on UNC
Campus. Complementary parking is available in the Rams
Head Deck next to the Carolina Club.
Course Credit
CLE Credit for Attorneys: The Tax Institute is accredited for
15.5 hours (including 2.0 hours of ethics) under the N.C. State
Bar Mandatory Continuing Legal Education requirements.
CPE Credit for CPAs: The Tax Institute is recommended for 18.6
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.
: s
Registrations will be accepted at the door on a space-available
basis. To check space availability, please contact the CLE
Office before April 28 at unclawcle@unc.edu.
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.
i
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.
The 2016 J. Nelson Young Tax Institute April 28 - 29
Office of Continuing Legal Education
Campus box 3380
160 Ridge Road
Chapel hill, nC 27599
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reGisTrATion inforMATion
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Program Fees
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If you have questions about registration or the courses, please
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Name, as you would like it to appear on nametag:
you MAy reGisTer
__________________________________________________
l I would like to receive CLE credit in North Carolina.
Online: events.law.unc.edu
My N.C. Bar number is: ____________________.
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CB # 3380, Chapel Hill, NC 27599-3380,
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