2020 FARM AND RANCH INCOME TAX/ESTATE AND BUSINESS PLANNING SEMINAR/WEBINAR

Sponsored by: Co-Sponsored by:

July 20-21Lodge at Deadwood in Deadwood, South Dakota

Break Sponsors:

washburnlaw.edu/farmandranchtax

Seminar & Webinar:

FARM AND RANCH INCOME TAX/ESTATE & BUSINESS PLANNING

WHO SHOULD ATTEND:Agribusiness professionals, attorneys, certified public accountants, enrolled agents, and tax practitioners.

CONTINUING EDUCATION CREDITContinuing legal education (CLE) credit in Kansas: 16 hours total for both days; eight hours per day, including one hour ethics for 3:25 p.m. session on July 21 (Traditional and Online).

CLE credit in other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state.

Continuing education credit for Enrolled Agents (EAs) and Other Tax Return Preparers (OTRPs) will be reported to the IRS by the Kansas State University Department of Agricultural Economics, an IRS Approved Education Provider. The two-day program is approved for EAs and OTRPs for 11 hours of Federal Tax Law and six hours of Federal Tax Update.

LOCATION — IN-PERSON ATTENDEES:Lodge at Deadwood100 Pine Crest LaneDeadwood, SD, 57732877.393.5634 • Deadwoodlodge.com

ONLINE ATTENDEES:This seminar will be streamed using Adobe Connect, a Flash-based product. Some institutions/agencies block Flash-based products on their network. There is no charge to use Adobe Connect. A link to the webinar will be sent to online attendees via email.

REGISTRATION: Paid Through Sunday, July 5, 2020• $405 both full days• $275 Monday only• $275 Tuesday only

Paid Monday, July 6, 2020 or After• $455 both full days• $300 Monday only• $300 Tuesday onlyWASHBURNLAW.EDU/FARMANDRANCHTAXREGISTER

Washburn University School of Law presents the two-day seminar Farm and Ranch Income Tax/Estate and Business Planning. This program may be attended in person or online.

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ROGER MCEOWEN, JD, Kansas Farm Bureau Professor of Agricultural Law and Taxation, Washburn University School of Law. McEowen publishes the online Washburn Agricultural Law and Tax Report (WALTR) which focuses on legal and tax issues that agricultural producers, agricultural businesses, and rural landowners face. He also maintains the Agricultural Law and Taxation Blog.

PAUL NEIFFER, CPA, principal, Agribusiness Group at CliftonLarsonAllen. He specializes in income taxation and accounting services related to farmers and processors. Neiffer actively consults with farm families on succession planning issues and opportunities, and helps farmers understand the proper use of accounting systems to more profitably run their business.

washburnlaw.edu/farmandranchtax

SPEAKERS

JEFFREY D. JACKSON, JD, '92, professor of law and director, Washburn University School of Law Center for Excellence in Advocacy. He was a law clerk for the Honorable Mary Beck Briscoe, U.S. Court of Appeals for the Tenth Circuit; law clerk to The Honorable Justice Robert E. Davis, Kansas Supreme Court; and associate at Bennett & Dillon L.L.P.

BRANDON W. RUOPP, JD, partner, law firm of Moore, McKibben, Goodman & Lorenz, LLP, in Marshalltown, Iowa, where he has a general practice focusing primarily in the areas of real estate, probate, estate planning and taxation.

MARC VIANELLO, CPA, owner, Vianello Forensic Consulting, LLC (VFC), a CPA firm licensed in Kansas. Since 1975, he has had diversified experience in accounting, finance, and business. The American Institute of Certified Public Accountants has accredited him in the area of business valuations and has certified him in the area of financial forensics.

SHAWN S. LEISINGER, JD, '99, associate dean for Centers and External Programs at Washburn Law. Previously he served as assistant general counsel to the Kansas Corporation Commission Oil and Gas Conservation Division and as assistant Shawnee County (Kansas) counselor. He teaches a variety of courses and continuing legal education at Washburn Law.

THE HONORABLE ELIZABETH CREWSON PARIS, JD, LLM, appointed to the United States Tax Court by President George W. Bush in February 2008. She was sworn in on August 1, 2008, and her term on the Court expires July 29, 2023. Paris served as Tax Counsel to the United States Senate Finance Committee from 2000 to 2008.

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CHECK-IN AND CONTINENTAL BREAKFAST

WELCOMEAnnouncements and comments from vendors

FARM INCOME TAX CASELAW AND IRS UPDATE (MCEOWEN) What have been the big agricultural tax issues in the courts and with the IRS during the past year? This session provides a review of the significant developments of importance to tax practitioners with an agricultural clientele base. Included will be a current update of issues associated with the PPP, EIDL, and CFAP.

GAAP ACCOUNTING UPDATE (NEIFFER)This session provides an update regarding the major accounting changes that will affect farmers' financial statements. Topics will include revenue recognition and lease accounting changes.

BREAK

MISCELLANEOUS TOPICS (MCEOWEN)This session takes a look at several topics of importance to farm and ranch clients. Discussed will be: tax issues associated with restructuring credit lines; deducting bad debts; forgiving installment sale debt; and selected passive loss issues.

I.R.C. §199A ADVANCED PLANNING (NEIFFER) We have now had two tax seasons under our belt on Section 199A. This session reviews what we have learned and goes over the planning needed to maximize the deduction.

LUNCH (PROVIDED)

A U.S. TAX COURT PRACTICE—WHAT YOU NEED TO KNOW BEFORE YOU FILE THAT PETITION (PARIS)This session presents information all attorneys and CPAs need to consider if they are interested in representing clients in the U.S. Tax Court. U.S. Federal Judge Elizabeth Crewson Paris will lead a discussion that will include topics such as: successful satisfaction of Tax Court notice pleading requirements; exploring multiple exclusive jurisdictions of the Tax Court; troubleshooting potential conflicts and innocent spouse issues; utilizing S-Case procedures to clients' advantage; and exploring Tax Court website resources available to you.

7:30-8 a.m.

8-8:15 a.m.

8:15-9:15 a.m.

9:15-10 a.m.

10-10:20 a.m.

10:20-11 a.m.

11 a.m.-Noon

Noon-1 p.m.

1-2:30 p.m.

MONDAY

JULY 20

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BREAK

NOLS AND EBLS: HOW DO THE NEW RULES WORK? (MCEOWEN) Legislation enacted in late 2016 changed the rules for net operating losses (NOL) and excess business losses (EBL). How do the new rules work? Topics covered include NOL carrybacks and carryforwards; limitations; guidance (or lack thereof ); business and non-business income; and entity sales.

FSA ADVANCED PLANNING (NEIFFER)We sometimes strive to save $10,000 in self-employment taxes not realizing we may cost farmers $250,000 or more of Agriculture Program payments. This session will review the pertinent Farm Service Agency rules on payments and the planning needed to maximize those payments.

LIKE-KIND EXCHANGES WHEN I.R.C. §1245 PROPERTY IS INVOLVED (MCEOWEN)This brief session will wrap up the day with a discussion of real estate trades when I.R.C. §1245 property (such as grain bins, hog confinement buildings, and other structures) is involved in the exchange. What are the rules? How do you identify and avoid the traps? What are the necessary forms to be filed?

ADJOURN

2:30-2:50 p.m.

2:50-3:30 p.m.

3:30-4:15 p.m.

4:15-4:35 p.m.

4:35 p.m.

MONDAY

JULY 20 (CONT.)

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CHECK-IN AND CONTINENTAL BREAKFAST

WELCOME AND ANNOUNCEMENTS

FARM ESTATE AND BUSINESS PLANNING CASELAW AND IRS UPDATE (MCEOWEN) This session provides an update of key developments in the courts and the IRS during the past year that impact estate, business, and succession planning for farmers and ranchers. It's a fast-paced survey of cases and rulings that practitioners must be aware of when planning farm and ranch estates and succession plans.

INCORPORATING A GUN TRUST INTO AN ESTATE PLAN? (JACKSON)This session explores the basic operation of a gun trust to hold firearms and the mechanics of such a trust's operation. It will discuss the reasons to create a gun trust; their effectiveness as an estate planning tool to hold firearms; common myths and understandings about what a gun trust can do; special rules associated with gun trusts; and client counseling issues associated with gun trusts.

BREAK RETIREMENT PLANNING (RUOPP)This session involves a comprehensive review of the rules concerning contributions, rollovers, and required minimum distributions for IRAs and qualified retirement plans following the passage of the SECURE Act.

COMMON ESTATE PLANNING MISTAKES OF FARMERS AND RANCHERS (MCEOWEN)This session looks at common errors that can derail the estate and business succession plans of a farm or ranch family. These are "foot-faults" that can easily be avoided but are nevertheless fairly common. With the many technical rules that govern estate and business planning, sometimes the "little things" loom large. This session reviews common issues that must be addressed with clients.

LUNCH (provided)

7:30-8 a.m.

8-8:05 a.m.

8:05-9 a.m.

9-10 a.m.

10-10:20 a.m.

10:20-11:35 a.m.

11:35 a.m.- Noon

Noon-1 p.m.

TUESDAY

JULY 21

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POST-DEATH MANAGEMENT OF THE FAMILY FARM OR RANCH BUSINESS (MCEOWEN)What are the issues that must be dealt with after the death of family member in the family business? This session examines probate administration issues that commonly arise with respect to a farm or ranch estate, including the application of Farm Service Agency Rules and Requirements. Also addressed will be: distributional and tax issues; issues associated with partitioning property; handling marital property and disclaimers; potential CERCLA liability; and issues associated with estate tax audits.

ESTATE AND GIFT TAX DISCOUNTS FOR LACK OF MARKETABILITY (VIANELLO)The appropriate amount of discount for lack of marketability (DLOM) has long been critical for valuation professionals; investors in and issuers of illiquid securities; financial statement issuers and auditors; the courts; and others. The determination of an appropriate discount has been extensively discussed and debated. Yet, before Vianellos's research, an empirical study using defined and objective data that could actually justify a methodology for a lack of marketability discount was lacking. This session is a summary of Vianello's research into the market evidence of discounts for lack of marketability. The presentation will challenge broadly used methodologies for determining discounts for lack of marketability, and illustrate why such discounts should be supported by probability-based option modeling.

BREAK

VALUATION OF FARM CHATTELS AND MARKETING RIGHTS (MCEOWEN)The valuation of tangible personal property in an agricultural estate presents unique issues. Similarly, the valuation of growing crops and livestock can present challenges. This session provides some basic guidelines for determining estate tax value of such property.

ETHICAL ISSUES RELATED TO RISK: UNDERSTANDING AND ADVISING CLIENTS (LEISINGER) (1 HOUR ETHICS)This ethics hours will involve a short live exercise with the results applied to contemplating how practitioners address risk personally, and how they both address and fail to address their clients in regards to risk in all legal and tax counseling situations. The focus of this discussion will be on ethical obligations related to risk and how practitioners can be mindful of how they communicate and are received when relaying risk considerations to clients. ADJOURN

1-1:30 p.m.

1:30-2:40 p.m.

2:40-3 p.m.

3-3:25 p.m.

3:25-4:25 p.m.

4:25 p.m.

TUESDAY

JULY 21 (CONT.)

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REGISTRATION FEE: IN PERSON AND ONLINE• $455 both full days• $300 Thursday only• $300 Friday only

Early registration discount of $50 per person (two-day fee) and $25 per person (one-day fee) if paid through July 5, 2020.

REGISTRATION DEADLINE:Registrations will be accepted until all seats are full. Attendees must pay the registration fee prior to start of the program.

LODGINGAttendees are responsible for making their own lodging arrangements. The Lodge at Deadwood has a block of rooms set up under Washburn University School of Law at a rate of $169 per night plus tax and fees for July 17 thru July 22. The room block will release June 19. Call 877.393.5634 to reserve. Continental breakfast and lunch are provided as part of the registration fee. Dinner is on your own.

CANCELLATION POLICYIf you cannot attend the seminar, you may send a substitute. If you cancel your registration before midnight on Monday, July 13, your registration fee will be refunded. After that date, non-attending registrants will receive the course materials in electronic form and be subject to a $50 cancellation fee. The sponsors reserve the right to cancel this seminar and return all fees.

CONTINUING EDUCATION CREDITContinuing legal education (CLE) credit in Kansas: 16 hours (total for both days; eight hours per day, including one hour ethics for 3:25 p.m. session on July 21) (Traditional and Online). You must provide your correct Kansas bar number for credit to be reported.

CLE credit in other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state.

Continuing education credit for Enrolled Agents (EAs) and Other Tax Return Preparers (OTRPs) will be reported to the IRS by the Kansas State University Department of Agricultural Economics, an IRS Approved Education Provider. The full program is approved for EAs and OTRPs for 11 hours of Federal Tax Law and six hours of Federal Tax Update.

ONLINE REGISTRATION RECOMMENDED: washburnlaw.edu/farmandranchtaxregister

PROGRAM MATERIALS IN HARD COPYAll attendees will receive access to the program materials in electronic form. The link to the electronic materials will be sent via email no later than Friday, July 17, 2020.

Attendees (in-person and online) who would like hard copy of the materials may purchase them for an additional $95 as indicated on the online registration form.

In-person attendees: if purchased, hard copy materials will be handed out at the seminar.

Online attendees: if purchased, hard copy materials will be mailed as soon as they are available. Please note that you may not receive hard copy materials until after the seminar.

Non-attendees can purchase program materials at washburnlaw.edu/farmandrachtaxbook:

• $95 - Hard copy • $50 - Electronic format (PDF) • $125 - Hard copy and electronic

INFORMATION FOR ONLINE ATTENDEESThis seminar will be streamed using Adobe Connect, a Flash-based product. Some institutions/agencies block Flash-based products on their network. There is no charge to use Adobe Connect. The seminar link will be sent to online attendees via email.

Online attendance at this program falls under the Kansas Continuing Legal Education Commission's "Live programming" definition; 12 CLE credit hours may be earned through online attendance each compliance period. See Rule 802(k) and Rule 803(a) at the Kansas CLE Commission website, kscle.org, for more information.

Nontraditional programming limitations may vary in other jurisdictions; it is the responsibility of the attendee seeking credit to verify limitations.

NEED ASSISTANCE?If you require special services or auxiliary aids to assist you while attending the event or have questions regarding registration or the program, please contact Donna Vilander at Donna.Vilander@washburn.edu.