Tax Strategies for Corporate Acquisitions, …€¢ Tax Accounting Issues in Mergers and...
Transcript of Tax Strategies for Corporate Acquisitions, …€¢ Tax Accounting Issues in Mergers and...
Tax Strategies for
Corporate Acquisitions,Dispositions, Spin-Offs,
Joint Ventures, Financings,Reorganizations &Restructurings 2006
Satisfy Your CLE Requirements!
P R A C T I S I N G L A W I N S T I T U T E ®
®
newsVol. 43, No. 82, July 10, 2006
New York CityCrowne Plaza Hotel
September 13-15, 2006
Beverly HillsBeverly Hilton HotelNovember 1-3, 2006
NEW Location!Chicago
Hard Rock HotelNovember 15-17, 2006
Special Feature:“THE IRS SPEAKS”Panel chaired by the Deputy Chief Counsel-Technical, and featuring the Associate ChiefCounsels of Corporate, of Passthroughs andSpecial Industries, and of International
• Effects of 2004 and 2006 Tax Legislation on Tax Strategies
• Recent Developments in Tax-Free Reorganizations
• Panel on Spin-Offs Including Recent IRS Guidance
• Panel on Dealing with Restricted Stock, Stock Options and Executive Compensation in Corporate M&A Transactions including Effects of New Section 409A
• 3-hour Session on the Consolidated Return Regulations
• Breakfast Panel on Interesting Transactions of the Past Year
• An Afternoon on International M&A
• Session on Private Equity Funds
• Related Sessions on: (1) Exploring the Limits of the EvolvingEconomic Substance and Business Purpose Doctrines, and (2) Ethical and Practice Issues Raised by Recent Tax ShelterRegulations and Legislation and by Circular 230
• Participate in the “Corporate Transactions” Breakfast
Scholarship support provided by Global Securities Information
Register Online at www.pli.edu or Call (800) 260-4PLI
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Reserve your place today, call (800) 260-4PLI
A LETTER FROM THE PROGRAM CHAIRMAN
Dear Colleague:
I am honored to chair this year’s Tax Strategies for Corporate Acquisitions, Dispositions,Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings. The program willfocus on the entire spectrum of modern major corporate transactions and will update you on thelatest regulations and rulings affecting tax practice.
I’d like to take this opportunity to tell you about three aspects of this year’s program that make itwell worth your time to attend:
1. You’ll get three packed-full days of instruction from leading tax practitioners from lawfirms, the Big 4, corporations and academia from across the United States.
2. You’ll also get to hear from policymakers at the IRS and Department of the Treasury at theluncheon programs and on the panels, including an “IRS Speaks” panel chaired by theDeputy Chief Counsel-Technical and featuring the Associate Chief Counsels of Corporate,of Passthroughs and Special Industries, and of International.
3. You’ll receive two complimentary CD-ROM versions of the Tax Strategies CourseHandbook containing outlines and articles from more than 200 of today’s leading corporatetax practitioners. You’ll also receive the opportunity to purchase the 27-Volume, 25,000page print version of the Course Handbook at a discounted price. In response to yourrequests, you’ll also receive a Conference Book containing speaker outlines, overheads andPowerPoint slides for use at the program.
I am confident that this year’s Tax Strategies program will be the most comprehensive andinsightful conference you could possibly attend on corporate tax in 2006. You will receive the verylatest information, strategies and practical insights available.
I encourage you to review the program content carefully, read the 10 Compelling Reasons toAttend PLI’s Tax Strategies and What Past Attendees Have Said (on page 5), and then decide ifyou can afford to miss this unique program.
Very truly yours,
Louis S. FreemanProgram ChairmanSkadden, Arps, Slate, Meagher & Flom LLPChicago
P.S. In order to serve you most effectively, PLI has scheduled Tax Strategies in 3 locations – New York City, Beverly Hills and Chicago. Select the location and date most convenient for you,and call or fax PLI today to ensure that you and your colleagues have reservations.
PLI’S GUARANTEEIt’s simple. If you’re not completely satisfied with the return on your investment
from any PLI program, your money will be refunded in full.
New York City, September 13-15, 2006 • Beverly Hills, November 1-3, 2006Chicago, November 15-17, 2006
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• Overview and Strategies in Representing Sellers
• Selected Seller and Buyer Issues Including the Tax DueDiligence Process, Negotiating and Drafting Tax Provisions inAcquisition Agreements, Financial Accounting Considerations,and State and Local Tax Issues
• Tax Accounting Issues in Mergers and Acquisitions
• Section 338(h)(10) Strategies
• Contingent Liabilities in Acquisition Transactions
• Restricted Stock, Stock Options and Executive Compensationin M&A Transactions Including Effects of New Section 409A
• Corporate Tax Strategies and Techniques Using Partnershipsand LLCs
• Structuring Buyouts/Venture Capital Deals
• Tax-Free and Partially Tax-Free Acquisitive Reorganizations
• Divisive Strategies – Spin-Offs, Split-Offs and Split-Ups
• “The IRS Speaks” – A panel chaired by the Deputy ChiefCounsel-Technical, and Featuring the Associate Chief Counselsof Corporate, of Passthroughs and Special Industries, and ofInternational
• Selected Current Issues in M&A
• Recent Strategies for Financially Troubled Businesses and OtherLoss Companies
• Strategies and Issues for International Acquisitions
• “Cross-Border” Mergers, Virtual Mergers and OtherInternational Issues
• Strategies for Private Equity Funds
• Interesting Corporate Transactions of the Past Year
• Issues and Strategies in Corporate Financings and Refinancings
• Financial Products and Transactions
• Exploring the Limits of the Evolving Economic Substance andBusiness Purpose Doctrines
• Ethical and Practice Issues Raised by Recent Tax ShelterRegulations and Legislation and by Circular 230
• Treasury Luncheon Speaker
• Consolidated Return Planning and Strategies Under the NewRegulations
- Intercompany Transactions
- Investment Adjustments
- Loss Disallowance
- SRLY and Consolidated Section 382
- Making and Breaking Affiliation
- Utilizing LLCs in a Consolidated Return Context
This three-day program will focus on the tax issues presented by the entire spectrum of modern major corporatetransactions, from relatively simple single-buyer acquisitions of a division or subsidiary to multi-party jointventures, private equity buyouts, cross-border mergers, and complex acquisitions of public companies withdomestic and foreign operations, including spin-offs and other dispositions of unwanted operations. Evolvingtechniques for structuring, financing, and refinancing corporate turnovers and other activities will be emphasized,with particular attention being paid to consolidated return issues, to the role of new financial products, to theeffects of the evolving economic substance and business purpose doctrine, and to selected current issues inmergers and acquisitions including the effects of recent legislation on executive compensation.
PLI NEWS (ISSN 0479-0219), published triweekly on Monday, Wednesday and Friday from January to September and weekly on Wednesday from October to December by Practising Law Institute, 810 Seventh Avenue, New York, NY 10019. Periodicals Postage Paid at New York, NY and at additional mailing offices. Printed in the United States.
Vol. 43, No. 82, July 10, 2006. POSTMASTER: Please send address changes to PLI News, Practising Law Institute, 810 Seventh Avenue, 25th Floor, New York, NY 10019.
Tax Strategies for
Corporate Acquisitions, Dispositions, Spin-Offs,Joint Ventures, Financings, Reorganizations
& Restructurings 2006
MAJOR TOPICS & SPECIAL FEATURES INCLUDE:
PRO BONO EFFORTS: Since 1933, PLI has been the comprehensive resource for the training and development needs of legal professionals. PLI is heavily involved inpro bono and research and development activities to ensure that all practicingattorneys and law students remain on the cutting-edge. These activities includeawarding full and partial scholarships to our institutes and programs, assisting publicinterest organizations in their training needs, and helping law students become first-rate attorneys by posting free lectures on our web site and offering free MPRE courses. For more information, go online to pro-bono.pli.edu.
SCHOLARSHIP SUPPORT PROVIDED BY GLOBAL SECURITIESINFORMATION: GSI is a provider of specialty information services to legal andfinancial professionals involved with corporate finance, securities and mergers andacquisitions. GSI’s flagship service, LIVEDGAR is the premier online SEC research tool.For more information visit GSI’s website at www.gsionline.com or call (800) 669-1154.
For information on PLI’s Scholarships, check the Registration Information sectionof this brochure.
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Suresh T. AdvaniSidley Austin LLPChicago (Chicago)
Paul H. AsofskyWeil, Gotshal & Manges LLPHouston(Beverly Hills & Chicago)
Lawrence M. AxelrodDeloitte Tax LLPWashington, D.C.(New York City)
Pamela BakerSonnenschein, Nath & Rosenthal LLPChicago(Chicago)
James R. BarryMayer, Brown, Rowe & Maw LLPChicago(Chicago)
Andrew N. BergDebevoise & Plimpton LLPNew York City(New York City)
Jerred G. Blanchard, Jr.Ernst & Young LLPHouston(Beverly Hills & Chicago)
Stephen S. BowenLatham & Watkins LLPChicago(Beverly Hills)
Jody J. BrewsterSkadden, Arps, Slate, Meagher
& Flom LLPWashington, D.C.(Beverly Hills & Chicago)
Peter C. CanellosWachtell, Lipton, Rosen & KatzNew York City(New York City)
Linda E. CarlisleWhite & Case LLPWashington, D.C.
Glenn R. CarringtonErnst & Young LLPWashington, D.C.(New York City)
John J. Clair, Jr.Latham & Watkins LLPLos Angeles(New York City)
Bryan P. CollinsDeloitte Tax LLPWashington, D.C.(Chicago)
Jasper L. Cummings, Jr.Alston & Bird LLPRaleigh, North Carolina(New York City)
Andrew J. DubroffErnst & Young LLPWashington, D.C.(New York City)
Danni DunnErnst & Young LLPSan Jose(Beverly Hills & Chicago)
Peter L. FaberMcDermott, Will & Emery LLPNew York City
Kathleen L. FerrellDavis Polk & Wardwell LLPNew York City(New York City)
James P. FullerFenwick & West LLPMountain View
David R. GersonWilson Sonsini Goodrich & Rosati LLPSan Francisco(Beverly Hills)
Kenneth W. GideonSkadden, Arps, Slate, Meagher & Flom
LLPWashington, D.C.
Stuart J. GoldringWeil, Gotshal & Manges LLPNew York City(Beverly Hills)
David P. HaritonSullivan & Cromwell LLPNew York City(New York City)
Thomas A. HumphreysMorrison & Foerster LLPNew York City(Chicago)
Milton B. HymanIrell & Manella LLPLos Angeles(Beverly Hills)
Carl M. JenksJones DayNew York City and Cleveland(New York City & Chicago)
Bruce E. KayleMilbank, Tweed, Hadley & McCloy LLPNew York City(New York City)
Kevin M. KeyesFried, Frank, Harris, Shriver & Jacobson
LLPWashington, D.C.(Beverly Hills)
Edward D. KleinbardCleary, Gottlieb, Steen & Hamilton New York City(Beverly Hills)
Michael A. LawsonSkadden, Arps, Slate, Meagher & Flom
LLPLos Angeles(Chicago)
Don A. LeathermanProfessorUniversity of Tennessee College of LawKnoxville, Tennessee(Beverly Hills)
Jack S. LevinKirkland & Ellis LLPChicago(Chicago)
Philip J. LevineMcDermott Will & Emery LLPWashington, D.C.(Beverly Hills)
Richard M. LiptonBaker & McKenzie LLPChicago(Chicago)
James M. LynchWinston & Strawn LLPChicago(Beverly Hills & Chicago)
C. Ellen MacNeilDeloitte Tax LLPWashington, D.C.(New York City & Beverly Hills)
Gary MandelSimpson, Thacher & Bartlett LLPNew York City(New York City)
Steven K. MatthiasDeloitte & Touche LLPSan Francisco(Beverly Hills)
Todd F. MaynesKirkland & Ellis LLPChicago(Chicago)
Jean M. McLoughlinDavis Polk & WardwellMenlo Park(Beverly Hills)
Chairman:Louis S. FreemanSkadden, Arps, Slate, Meagher & Flom LLP, Chicago
Faculty
Deputy Chief Counsel(Technical)Internal Revenue ServiceWashington, D.C.
Eric SolomonDeputy Assistant Secretary
(Regulatory Affairs)Department of the TreasuryWashington, D.C.
Hal HicksInternational Tax CounselDepartment of the TreasuryWashington, D.C.
Marc A. CountrymanAttorney-Advisor, Tax Legislative
CounselDepartment of the TreasuryWashington, D.C.
Donald L. KorbChief CounselInternal Revenue ServiceWashington, D.C.
William D. AlexanderAssociate Chief Counsel
(Corporate)Internal Revenue ServiceWashington, D.C.
Heather C. MaloyAssociate Chief Counsel
(Passthroughs and SpecialIndustries)
Internal Revenue ServiceWashington, D.C.
Steven A. MusherAssociate Chief Counsel
(International)Internal Revenue ServiceWashington, D.C.
Mark A. SchneiderDeputy Associate Chief Counsel
(Corporate Tax)Internal Revenue ServiceWashington, D.C.
Theresa A. AbellSpecial Counsel to the Associate
Chief Counsel (Corporate)Internal Revenue ServiceWashington, D.C.
John MerrickSpecial Counsel to the Associate
Chief Counsel (International)Internal Revenue ServiceWashington, D.C.
GovernmentSpeakers:
WHAT PAST ATTENDEESHAVE SAID
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William L. McRaeCleary, Gottlieb, Steen &
HamiltonNew York City(Chicago)
Robert H. “Buff”MillerCooley Godward LLPPalo Alto(Beverly Hills)
Audrey NacamuliGE Stamford(New York City)
Andrew W. NeedhamCravath, Swaine & Moore,
LLPNew York City(Chicago)
Erika W. NijenhuisCleary, Gottlieb, Steen &
HamiltonNew York City(New York City)
Paul W. OosterhuisSkadden, Arps, Slate,
Meagher & Flom LLPWashington, D.C.
John B. Palmer, IIIFoley & Lardner LLPChicago(Chicago)
Joseph M. PariDewey Ballantine LLPWashington, D.C.(New York City)
Deborah L. PaulWachtell, Lipton, Rosen &
KatzNew York City(New York City & Chicago)
Richard ReinholdWillkie, Farr & Gallagher LLPNew York City(New York City)
Robert A. RizziO’Melveny & Myers LLPWashington, D.C.(New York City)
Donald E. RocapKirkland & Ellis LLPChicago(New York City)
Stephen D. RoseMunger, Tolles & Olson LLPLos Angeles(Beverly Hills & Chicago)
Matthew A. RosenSkadden, Arps, Slate,
Meagher & Flom LLPNew York City(New York City)
Stuart L. RosowProskauer Rose LLPNew York City(New York City)
Michael L. SchlerCravath, Swaine & Moore
LLPNew York City(New York City & Beverly Hills)
Jodi J. SchwartzWachtell, Lipton, Rosen &
KatzNew York City(New York City & Beverly Hills)
Jeffrey T. SheffieldKirkland & Ellis LLPChicago(Chicago)
Timothy C. SherckMayer, Brown, Rowe & Maw
LLPChicago(Chicago)
David R. SicularPaul, Weiss, Rifkind,
Wharton & Garrison LLPNew York City(New York City)
Mark J. SilvermanSteptoe & Johnson LLPWashington, D.C.
Eric B. SloanDeloitte Tax LLPNew York City(Chicago)
Karen GilbreathSowellErnst & Young LLPWashington, D.C.(Beverly Hills & Chicago)
Lewis R. SteinbergManaging DirectorGlobal Head Strategic Solutions GroupUBS Securities LLCNew York City(Beverly Hills & Chicago)
Linda Z. SwartzCadwalader, Wickersham &
Taft LLPNew York City(New York City)
Raj TandenMorrison & Foerster LLPLos Angeles(Beverly Hills)
Willard B. TaylorSullivan & Cromwell LLPNew York City(New York City & Beverly Hills)
Bernita L. ThigpenKPMG LLPChicago(Beverly Hills & Chicago)
Samuel C. ThompsonUCLALos Angeles(Chicago)
Gordon E. WarnkeDewey Ballantine LLPNew York City(Chicago)
William P. WassermanErnst & Young LLPLos Angeles(Beverly Hills)
Robert H. WellenIvins, Phillips & Barker,
CharteredWashington, D.C.(Beverly Hills)
Stephen E. WellsMcDermott Will & Emery
LLPWashington, D.C.(New York City)
Thomas F. WesselKPMG LLPWashington, D.C.
R. David WheatThompson & Knight LLPDallas(Beverly Hills)
Gary B. WilcoxMorgan, Lewis & Bockius
LLPPhiladelphia and Washington,
D.C.(Beverly Hills)
Robert WillensManaging DirectorLehman Brothers Inc.New York City(New York City & Chicago)
B. John Williams, Jr.Shearman & Sterling LLPWashington, D.C.
Diana L. WollmanSullivan & Cromwell LLPNew York City(New York City)
Philip B. WrightBryan Cave LLPSt. Louis(Beverly Hills)
Mark L. YeciesPotomac, Maryland(New York City)
Lowell D. YoderMcDermott, Will & Emery
LLPChicago(Chicago)
Victor ZonanaKPMG LLP (UK)London
Program Attorney:Stacey L. Greenblatt
COMPELLING REASONSTO ATTEND PLI’S TAX STRATEGIES
“The speakers and course materials were terrific.”— Mark Colabella, General Electric, Plainville, Connecticut
“Excellent program if you want to keep up withthe ever-changing M&A tax rules.”
— James E. Crockard III, Equitable Resources, Inc.,Pittsburgh
“Best overall seminar that I’ve attended.”— Ben Johnson, Dallas
“First rate program as always.”— Steven D. Bortnick, Swidler Berlin Shereff Friedman,
LLP, New York City
1. Learn practical strategies and solutions, not just arecitation of Code Sections and Regulations.
2. Keep up with the cutting-edge by learning aboutthe hottest topics in corporate tax:
• recent developments in tax-freereorganizations and spin-offs
• the consolidated return regulations
• partnership strategies in M&A
• exploring the limits of the evolving economicsubstance and business purpose doctrines
3. Benefit from expanded sessions on:
• compensation strategies in M&A includingeffects of New Section 409A
• international acquisitions
• the tax due diligence process and negotiatingand drafting tax provisions in acquisitionagreements
4. Attend sessions on private equity funds and onstructuring buyouts.
5. Gain insights from an outstanding faculty of morethan 60 experts drawn from Treasury, the IRS,private practice, the Big 4, corporations andacademia.
6. Participate in a discussion of audience-selectedtransactions during a Corporate TransactionsBreakfast and, during a second breakfastprogram, hear about the most “InterestingTransactions of the Past Year.”
7. Join colleagues and faculty at our “IRS Speaks”Luncheon Program chaired by the Deputy ChiefCounsel-Technical and featuring all the majorAssociate Chief Counsels.
8. Learn what is under consideration at Treasury atour Friday Luncheon keynoting a Department ofTreasury policymaker.
9. Receive the opportunity to purchase at a discountthe 27-Volume print version of the CourseHandbook – over 25,000 pages of invaluablecourse materials by more than 200 contributors.
10. Receive two complimentary CD-ROMs of PLI’snumber one bestseller, Tax Strategies!
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Morning Session: 8:45 a.m. – 12:30 p.m.
8:45 Overview and Strategies inRepresenting SellersStock sale/asset sale strategies; nonliquidationformat; deferral techniques; NationalStarch/Unilever; Tele-Communication/LibertyMedia; MCA/Matsushita; Times Mirror/MatthewBender/Reed Elsevier; effects of Section 351(g)and amended Section 351(e); combinedsale/redemption; corporate inversion,recapitalization, and other techniques;Seagram/DuPont and its aftermath; PetrieStores/Toys “R” Us and its aftermath; anatomy ofan LBO; special securities, monetizationtechniques; contingent payments, convertibles,putables, exchangeables; installment treatment;open transaction treatment; effects of recentlegislation; IRS Business Plan topics.NY, BH & CHI: Louis S. Freeman
10:00 Break
10:15 Selected Seller and Buyer IssuesIncluding the Tax Due Diligence Process,Negotiating and Drafting Tax Provisions inAcquisition Agreements, FinancialAccounting Considerations, and State andLocal Tax IssuesKey allocation issues; the tax due diligenceprocess; negotiating and drafting provisions inacquisition agreements; financial accountingconcerns; reporting requirements; state and localtax considerations; legislative changes and IRSBusiness Plan topics.NY: Peter L. Faber, Richard Reinhold,
Robert WillensBH: Peter L. Faber, James M. Lynch, Raj TandenCHI: Peter L. Faber, James M. Lynch,
Robert Willens
11:45 Tax Accounting Issues in Mergersand AcquisitionsAmortization of intangibles; INDOPCO issues;Section 162(k) and redemptions; break-up fees;evolving time value of money strategies andissues; other tax accounting concerns; legislativechanges and IRS Business Plan topics.NY: Glenn R. Carrington, C. Ellen MacNeilBH: Jody J. Brewster, C. Ellen MacNeilCHI: Jody J. Brewster, John B. Palmer, III
12:30 – 1:45 Lunch Break
Afternoon Session: 1:45 p.m. – 6:00 p.m.
1:45 Section 338(h)(10) StrategiesUse of the election under Section 338(h)(10);concerns and traps; opportunities; regulationsunder Sections 1060 and 338; Section 338(h)(10)and IPOs; the final selectivity regulations;bifurcated purchase of part assets and part stock;selectivity through other devices; unresolvedallocation issues; treatment of contingentconsideration and other special issues.NY: Mark J. Silverman, Mark L. YeciesBH & CHI: Mark J. Silverman,
Karen Gilbreath Sowell
3:00 Contingent Liabilities in AcquisitionTransactionsAssumption and payment of contingent liabilitiesin taxable asset acquisitions (Section 1060 andSection 338(h)(10)), stock acquisitions, and tax-free transactions; basis or deduction to buyer; gain(and offsetting deduction) to seller; timing issues;suggested solutions.NY: Mark L. Yecies, Mark J. SilvermanBH & CHI: Karen Gilbreath Sowell,
Mark J. Silverman
3:45 Break
4:00 Dealing with Restricted Stock, StockOptions and Executive Compensation inCorporate M&A TransactionsImpact of New Section 409A; Impact of unvestedrestricted stock on tax-free qualification ofcorporate reorganizations and Section 351transactions; strategies for dealing withoutstanding compensatory stock options; newexecutive compensation techniques for companiesin the technology sector and other industries;recent regulations and notices.NY: Kathleen L. Ferrell, Robert A. RizziBH: Jean M. McLoughlin, Robert H. “Buff” Miller CHI: Pamela Baker, Michael A. Lawson
5:00 Corporate Tax Strategies andTechniques Using Partnerships, LLCs andOther Strategic AlliancesUse of partnerships and other pass-throughentities as the joint venture format or theacquiring entity; mixing bowl partnerships;leveraged partnerships including the Arco/ArchCoal strategy; treatment of Section 197intangibles in a partnership context; the “Check-the-Box” regulations; single-member LLCs;opportunities, problems and issues on formation,during the operating life and on wind up; exitstrategies; special allocation strategies; legislativechanges.NY: Gary Mandel, Stuart L. Rosow BH: Stephen D. Rose, William P. WassermanCHI: Stephen D. Rose, Eric B. Sloan
Morning Session: 7:00 a.m. – 12:00 p.m.
7:00 Corporate Transactions ContinentalBreakfastParticipate in a discussion of audience-selectedcorporate transactions.NY, BH & CHI: Mark J. Silverman
8:15 Structuring Buyouts/Venture CapitalDealsForm of LBOs; asset acquisitions, recapitalizations,holding companies; structuring layers of debt andequity; tax issues in financing techniques,including debt/equity, Section 279, original issuediscount; effects of legislative changes; venturecapital preferred stock; PIK preferred as “plainvanilla”; the effects of amendments to Section305(c) and Section 305 regulations; strategies inrepresenting management; net exercise warrants.NY: Donald E. Rocap, Deborah L. Paul BH: David R. Gerson, Jodi J. SchwartzCHI: Jack S. Levin
9:15 Tax-Free and Partially Tax-FreeAcquisitive ReorganizationsRecent use of tax-free and partially tax-freestrategies; observations concerning structuringreorganizations in a world without GeneralUtilities; current issues in the reorganization areaand illustrative case studies; multi-stepreorganizations and effects of recent revenuerulings; downstream mergers and groupinversions; all-cash “D” reorganization; issuesinvolving control and continuity; effects of COBEand COI regulations; reorganizations within aconsolidated group; Yoc Heating developments;the “substantially all” requirement; the Bausch &Lomb regulations; triangular reorganization basisregulations; avoiding reorganization treatment;legislative changes and IRS Business Plan topics.NY: John J. Clair, Jr., Peter C. Canellos,
Matthew A. Rosen, William D. Alexander(Associate Chief Counsel (Corporate), InternalRevenue Service)
BH: Stephen S. Bowen, Lewis R. Steinberg,Bernita L. Thigpen, William D. Alexander(Associate Chief Counsel (Corporate), InternalRevenue Service)
CHI: Samuel C. Thompson, Timothy Sherck,Bernita L. Thigpen, William D. Alexander(Associate Chief Counsel (Corporate), InternalRevenue Service)
10:30 Break
Program Schedule Please plan to arrive sufficiently in advance of the conference start time to register. A continental breakfast will be available upon your arrival.
First Day: 8:45 a.m. - 6:00 p.m. Second Day: 7:00 a.m. - 6:00 p.m.
27-Volume Course HandbookTax Strategies for Corporate Acquisitions, Dispositions,Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2006Course Handbook only, $1,995; Course Handbook on CD-ROM only, $1,995; Course Handbook and CD-ROM, $2,095.For information on quantity order discounts, please contactPLI’s Customer Relations Department at (800) 260-4PLI.
Other Relevant Products From PLI:
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10:45 Divisive Strategies — Spin-Offs andSynthetic Spin-OffsTax-free spin-offs, split-offs and split-ups underSection 355; recent examples of divisivetransactions; developing IRS/Treasury views oncurrent topical issues; effects of IRS no-rulingpolicy; business purpose; effects of leveraging up;2004 and 2006 Act changes; aftermath of Viacom;obsoleting of Rev. Rul. 96-30; difficult interpretiveand practical problems raised by Sections 355(d)and (e); combining spin-offs and acquisitivereorganizations after the 1997 Act amendments:surrogates for Morris Trust; cash-rich split-offs; IRSBusiness Plan topics.NY: Joseph M. Pari, Stephen E. Wells,
Thomas F. Wessel, Eric Solomon (DeputyAssistant Secretary (Regulatory Affairs),Department of the Treasury)
BH: Lewis R. Steinberg, Robert H. WellenThomas F. Wessel, Eric Solomon (DeputyAssistant Secretary (Regulatory Affairs),Department of the Treasury)
CHI: Jeffrey T. Sheffield, Lewis R. SteinbergThomas F. Wessel, Eric Solomon (DeputyAssistant Secretary (Regulatory Affairs),Department of the Treasury)
12:00 “Picnic Lunch” Program: “The IRS Speaks”NY, BH & CHI: Deputy Chief Counsel
(Technical), William D. Alexander(Associate Chief Counsel(Corporate)), Heather C. Maloy,(Associate Chief Counsel(Passthroughs & Special Industries))Steven A. Musher (Associate ChiefCounsel (International))
Afternoon Session: 2:00 p.m. – 6:00 p.m.
2:00 Selected Current Issues in M&ANY: Jasper L. Cummings, Jr., Jodi J. Schwartz,
Marc A. Countryman (Attorney-Advisor, TaxLegislative Counsel, Department of the Treasury)
BH: Philip J. Levine, Gary B. Wilcox, Marc A.Countryman (Attorney-Advisor, Tax LegislativeCounsel, Department of the Treasury)
CHI: James R. Barry, Deborah L. Paul, Marc A.Countryman (Attorney-Advisor, Tax LegislativeCounsel, Department of the Treasury)
3:00 Tax Strategies for FinanciallyTroubled Businesses and Other LossCompaniesDebt for debt exchanges and debt modification;effect of Cottage Savings and final Section 1001regulations; issues under the Section 382regulations; guidance on identification of BIG’sand BIL’s; effects of options, convertibles, purchasecontracts, buy-sell arrangements; strategies foracquirers with losses; strategies for targets withlosses; creeping acquisitions of targets coupledwith alienability limiting devices; interplaybetween Section 382 and Section 384; recentstrategies in bankruptcies.NY: Carl M. Jenks, Linda Z. Swartz,
Mark A. Schneider (Deputy Associate ChiefCounsel (Corporate Tax), Internal RevenueService)
BH: Milton B. Hyman, Stuart J. Goldring, Mark A. Schneider (Deputy Associate ChiefCounsel (Corporate Tax), Internal RevenueService)
CHI: Carl M. Jenks, Todd F. Maynes, Mark A. Schneider (Deputy Associate ChiefCounsel (Corporate Tax), Internal RevenueService)
4:00 Break
4:15 Strategies and Issues forInternational AcquisitionsTaxable acquisition of U.S.-owned foreigncorporations – U.S. seller’s treatment; taxableacquisition of foreign corporations – U.S.purchaser’s treatment; taxable acquisition of U.S.corporations – foreign purchaser’s treatment;interest-stripping; impact of the interest allocationrules; foreign targets with U.S. subsidiaries;Section 338 election and Subpart F income; use ofpartnerships; use of hybrid entities and hybridsecurities in the international context.NY, BH & CHI: James P. Fuller
5:00 Cross Border Mergers, VirtualMergers and Other International IssuesMergers with U.S. parent companies; mergerswith foreign parent companies; dual-holdingcompany and DINC structures; exchangeableshare structures; effects of legislative changes; IRS Business Plan topics; miscellaneous currentinternational issues.NY & BH: Paul W. Oosterhuis, Willard B. Taylor,
Hal Hicks (International Tax Counsel,Department of Treasury)
CHI: Paul W. Oosterhuis, Lowell D. Yoder, John Merrick (Special Counsel to AssociateChief Counsel (International), Internal RevenueService)
Morning Session: 8:00 a.m. – 12:00 p.m.
8:00 Continental Breakfast Program:Interesting Transactions of the Past YearNY: Linda E. Carlisle, Bruce E. Kayle,
Diana L. WollmanBH: Linda E. Carlisle, Philip B. Wright,
R. David WheatCHI: Suresh T. Advani, Linda E. Carlisle,
Thomas A. Humphreys
9:00 Tax Strategies of Private Equity FundsGeneral tax considerations in the formation andstructure of private equity funds; current issuesregarding taxation of the carried interest; avoidingECI and UBTI; tax structuring aspects of Europeanprivate equity transactions.NY: Andrew N. Berg, David R. Sicular,
Victor ZonanaBH: Paul H. Asofsky, Steven K. Matthias,
Victor ZonanaCHI: Paul H. Asofsky, Andrew W. Needham,
Victor Zonana
10:00 Break
10:15 Financial Products and TransactionsTax strategies for swaps and other notionalprincipal contracts; use of caps, floors, collars,options, forwards and other current financialtransactions including DECS, TRUPS, STRYPES,PEPS, PERCS, LYONS, FELINE PRIDES, CHIPS,YEELDS, SAILS, ACES, ELKS, PRIDES, andPRIZES; contingent convertible zeros, contingentswaps, enhanced income or income depositarysecurities, recent regulatory developments; effectsof legislative changes.NY: Erika W. NijenhuisBH: Edward D. KleinbardCHI: William L. McRae
11:15 Exploring the Limits of the EvolvingEconomic Substance and Business PurposeDoctrines and Ethical and Practice IssuesRaised by Recent Tax Shelter Regulationsand Legislation and by Circular 230Recent cases and Notices; the IRS litigationposition; when to apply which test; application tosome tax planning while other tax planningrequires neither substance or business purpose;effects of possible codification; how muchsubstance is enough; effects of factual changes on“ACM-type” and other such transactions;bifurcation of transactions; relative benefitstesting; expansion of anti-tax shelter positions intoordinary tax planning; recent tax shelterregulations and legislation; Circular 230;implications, effects, ethical and practice issues.NY: Kenneth W. Gideon, David P. Hariton,
B. John Williams, Jr., Donald L. Korb (Chief Counsel, Internal Revenue Service)
BH: Kenneth W. Gideon, Kevin M. Keyes,B. John Williams, Jr., Donald L. Korb (Chief Counsel, Internal Revenue Service)
CHI: Kenneth W. Gideon, Richard M. Lipton, B. John Williams, Jr., Donald L. Korb (Chief Counsel, Internal Revenue Service)
12:30 “Treasury” Luncheon Program:Keynote SpeakerNY, BH & CHI: Eric Solomon (Deputy AssistantSecretary (Regulatory Affairs), Department of theTreasury)
Afternoon Session: 2:00 p.m. – 5:00 p.m.
2:00 Consolidated Return Planning andStrategiesThe final intercompany transaction regulations;the final investment adjustment, earnings andprofits and related regulations, the new lossdisallowance regime; effect of recent courtdecisions; reverse acquisitions; consolidatedSection 382 limitations; SRLY regulations; Section1504(a)(5) regulations; making and breakingaffiliation; planning for acquisitions anddispositions; use of single-member LLCs in aconsolidated return context; legislative changesand IRS Business Plan topics.NY: Lawrence M. Axelrod, Andrew J. Dubroff,
Audrey Nacamuli, Michael L. Schler, WilliamD. Alexander (Associate Chief Counsel(Corporate), Internal Revenue Service), TheresaA. Abell (Special Counsel to the Associate ChiefCounsel (Corporate), Internal Revenue Service)
BH: Jerred G. Blanchard, Jr., Danni Dunn, Don A. Leatherman, Michael L. Schler,William D. Alexander (Associate Chief Counsel(Corporate), Internal Revenue Service), TheresaA. Abell (Special Counsel to the Associate ChiefCounsel (Corporate), Internal Revenue Service)
CHI: Jerred G. Blanchard, Jr., Bryan P. Collins,Danni Dunn, Gordon E. Warnke, Marc A. Countryman (Attorney-Advisor, TaxLegislative Counsel, Department of theTreasury), Theresa A. Abell (Special Counselto the Associate Chief Counsel (Corporate),Internal Revenue Service)
Third Day: 8:00 a.m. - 5:00 p.m.
8
ADDITIONAL COURSE HANDBOOK AUTHORS*
PLEASE NOTE: Program Attendees may purchase the27-Volume Course Handbook at the Special DiscountedPrice of $595 — a savings of $1,400. A limited supplyof Course Handbooks will be available for purchase andmust be ordered by November 30, 2006. SeeRegistration/Order Form for details.
Martin B. AmdurWeil, Gotshal & Manges LLPNew York City
Valerie AmerkhailEconomic Consulting Services, LLCWashington, D.C.
Richard E. AndersenArnold & Porter LLPNew York City
Kevin D. AndersonDeloitte Tax LLPWashington, D.C.
Timothy F. AnsonPricewaterhouseCoopers LLPWashington, D.C.
Gordon S. AppellSkadden, Arps, Slate, Meagher & Flom
LLPNew York City
Nairy Der Arakelian-MerhejeNairy Der Arakelian-Merheje Law
OfficeCyprus
Ewout van AsbeckNautaDutilhAmsterdam
Saba AshrafAlston & Bird LLPAtlanta
Jenny A. AustinBaker & McKenzie LLPChicago
Thomas W. Avent, Jr.KPMG LLPAtlanta
Don BakkeErnst & Young LLPWashington, D.C.
David M. BalabanKPMG LLPMiami
Harry BallanDavis Polk & WardwellNew York City
Laurence M. BambinoShearman & Sterling LLPNew York City
Howard J. BarnetCarter Ledyard & Milburn LLPNew York City
Neil BarrDavis Polk & WardwellNew York City
Lily L. BatchelderAssistant Professor of Law & Public
PolicyNew York University School of LawNew York City
Stephen R.A. BatesKPMG LLPSan Francisco
Noah BeckSimpson Thacher & Bartlett LLPNew York City
Michael A. BeckiusOrrick, Herrington, & Sutcliffe LLPSan Francisco
Ann S. BeddingfieldRogut McCarthy Troy LLCCranford, New Jersey
Peter M. BelangerPricewaterhouseCoopers LLPLos Angeles
Debra J. BennettErnst & Young LLPDallas
Mary C. BennettBaker & McKenzie LLPWashington, D.C.
Peter BentleyPricewaterhouseCoopers LLPNew York City
Daniel M. BermanThelen Reid & Priest LLPWashington, D.C.
Roger BernerFreshfields Bruckhaus DeringerLondon
Jean Marie BertrandCadwalader, Wickersham & Taft LLPNew York City
Randall S. BickhamSkyline Advisory Services LLCMenlo Park
John A. BiekMcDermott Will & Emery LLPChicago
Jonathan BillerAlcon Laboratories, Inc.Fort Worth
Nikolaj BjørnholmBech-Bruun DragstedCopenhagen
Jerred G. Blanchard, Jr.Ernst & Young LLPWashington, D.C.
Kimberly S. BlanchardWeil, Gotshal & Manges LLPNew York City
Peter H. BlessingShearman & Sterling LLPNew York City
Salvador M. BorracciaBaker & McKenzie LLPToronto
Theodore R. BotsMcDermott Will & Emery LLPChicago
Chokri BouzidiNauta DutilhLuxembourg
Christopher P. BowersKPMG LLPWashington, D.C.
Daniel BreenCitigroup Global Markets Inc.New York City
Bernard T. “Nardi” BressPricewaterhouseCoopers LLPWashington, D.C.
Katherine M. BristorSkadden, Arps, Slate, Meagher & Flom
LLPNew York City
Richard BromleyFoley & Lardner LLPChicago
Richard J. BronsteinPaul, Weiss, Rifkind, Wharton &
Garrison LLPNew York City
Donald F. BrosnanCooley Godward LLPPalo Alto
Dickson G. BrownSimpson Thacher & Bartlett LLPNew York City
James E. BrownIvins, Phillips & Barker, CharteredWashington, D.C.
Henry P. BubelPatterson, Belknap, Webb & Tyler LLPNew York City
Edward J. BuchholzThompson Coburn LLPSt. Louis
Joseph M. Calianno Grant Thornton LLPWashington, D.C.
James R. CameronBaker & McKenzie LLPNew York City
Guillermo Canalejo LasarteUría & MenéndezMadrid
J. Russell CarrErnst & Young LLPChicago
Robert CassanosFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
Alan T. CathcartKPMG LLPLos Angeles
William G. CavanaghChadbourne & Parke LLPNew York City
Josephine C. ChoyKatten Muchin Rosenman LLPLos Angeles
Steven E. ClemensKirkland & Ellis LLPNew York City
Monica M. CoakleyDewey Ballantine LLPNew York City
Benjamin J. CohenCahill Gordon & Reindel LLPNew York City
Bruce A. CohenBaker & McKenzie LLPPalo Alto
Michel ColletCMS Bureau Francis LefebvreNew York City
Peter J. ConnorsOrrick, Herrington & Sutcliffe LLPNew York City
Michael L. CookJenkens & Gilchrist, A Professional
CorporationAustin
Andrew W. CordonnierGrant Thornton LLPWashington, D.C.
Jeffrey P. Cowan, Jr.KPMG LLPWashington, D.C.
John J. CreedSimpson Thacher & Bartlett LLPNew York City
Laurence E. CrouchShearman & Sterling LLPMenlo Park
Thomas M. Cryan, Jr.Baker & McKenzie LLPWashington, D.C.
Robert A.N. CuddLeBoeuf, Lamb, Greene & MacRae,
L.L.P.New York City
Terence Floyd CuffLoeb & Loeb LLPLos Angeles
David F. CullenBaker & McKenzie LLPChicago
Robert J. CunninghamBaker & McKenzie LLPChicago
Steve CurleyMintz, Levin, Cohn, Ferris, Glovsky &
Popeo P.C.New York City
Tamika S. CushenberrySimpson Thacher & Bartlett LLPNew York City
James L. DahlbergDeloitte Tax LLPWashington, D.C.
Richard D’AvinoSenior Vice President, TaxesGeneral Electric CompanyFairfield, Connecticut
Michael DanilackDeloitte Tax LLPWashington, D.C.
Jeffrey G. DavisMcKee Nelson LLPWashington, D.C.
Robert H. DilworthPricewaterhouseCoopers LLPWashington, D.C.
Samuel J. DimonDavis Polk & WardwellNew York City
Steven R. DixonMiller & Chevalier, CharteredWashington, D.C.
Oliver DoerflerHaarman HemmelrathFrankfurt
D. Kevin DolanSenior Vice President, Head of Global
TaxMerrill Lynch & Co., Inc.New York City
Michael J. DonohueGardere Wynne Sewell LLPDallas
Dennis B. DrapkinJones DayDallas
Carl A. DubertPricewaterhouseCoopers LLPWashington, D.C.
Mark DunsheeAllen & Overy LLPNew York City
Robert N. EcclesO’Melveny & Myers LLPWashington, D.C.
David M. EinhornWachtell, Lipton, Rosen & KatzNew York City
Eric M. ElfmanRopes & Gray LLPBoston
Jonathan ElmanClifford Chance LLPLondon
Maurice S. EmmerDeloitteTax LLPSan Jose
Adam O. EmmerichWachtell, Lipton, Rosen & KatzNew York City
Pamela Lawrence EndrenySkadden, Arps, Slate, Meagher & Flom
LLPNew York City
Brett T. EnzorErnst & Young LLPNew York City
Michael S. FarberDavis Polk & WardwellNew York City
Lucy W. FarrDavis Polk & WardwellNew York City
Robert A. FeinschreiberFeinschreiber & AssociatesKey Biscayne, Florida
Stephen L. FeldmanMorrison & Foerster LLPNew York City
Ilene Hirsch FerenczyThe Law Office of Ilene H. Ferenczy,
LLCAtlanta
Michael D. FernhoffKaye Scholer LLPLos Angeles
Craig B. FieldsMorrison & Foerster LLPNew York City
John G. FinkelsteinArnold & Porter LLPWashington, D.C.
Stuart M. FinkelsteinSkadden, Arps, Slate, Meagher & Flom
LLPNew York City
Thomas P. FitzgeraldWinston & StrawnChicago
Megan R. FitzsimmonsErnst & Young LLPWashington, D.C.
Nicholas E. FordDeloitte Tax LLPNew York City
David B. FriedelPricewaterhouseCoopers LLPWashington, D.C.
Gary M. FriedmanDebevoise & Plimpton LLPNew York City
Simon FriedmanMilbank, Tweed, Hadley & McCloy
LLPLos Angeles
Richard FungErnst & Young LLPLos Angeles
Peter A. FurciDebevoise & Plimpton LLPNew York City
John E. GagginiMcDermott Will & Emery LLPChicago
William GalanisPricewaterhouseCoopers LLPWashington, D.C.
James M. GannonDeloitte Tax LLPWashington, D.C.
Mark GarayDeloitte Tax LLPWashington, D.C.
David C. GarlockErnst & Young LLPWashington, D.C.
William GarofaloVice President for TaxesSwiss Re America Holding Corp.Armonk, New York
Jennifer Britt GiannattasioDeloitte Tax LLPWashington, D.C.
John J. GilesSteptoe & Johnson LLPWashington, D.C.
Ronald J. GilsonCharles J. Meyers Professor of Law
and BusinessStanford University School of LawStanford, California
Martin D. GinsburgProfessor of LawGeorgetown University Law CenterWashington, D.C.
David GlynnA & L GoodbodyDublin
Laurence A. GoldbergKirkpatrick & Lockhart Nicholson
Graham LLPSan Francisco
Gersham GoldsteinStoel Rives LLPPortland, Oregon
Todd D. GolubBaker & McKenzie LLPChicago
Armando GomezSkadden, Arps, Slate, Meagher & Flom
LLPWashington, D.C.
Jared H. GordonDeloitte Tax LLPWashington, D.C.
Robert M. GordonManager, US Tax Planning (Corporate)BP America Inc.Warrenville, Illinois
Alan Winston GranwellIvins, Phillips & Barker, CharteredWashington, D.C.
David A. GrechErnst & Young LLPNew York City
Clifford R. GrossSkadden, Arps, Slate, Meagher & Flom
LLPWashington, D.C.
David A. GrossmanMayer, Brown, Rowe & Maw LLPChicago
Karen F. R. GrotbergMayer, Brown, Rowe & Maw LLPChicago
Pat GrubeSenior ManagerPricewaterhouseCoopers LLPWashington, D.C.
C. Wells Hall IIIMayer, Brown, Rowe & Maw LLPCharlotte, North Carolina
Kevin A. HalloranBunger & RobertsonBloomington, Indiana
Kathryn W. HambrickPatton Boggs LLPWashington, D.C.
Viva HammerAttorney-AdvisorDepartment of the TreasuryWashington, D.C.
Jill-Marie HardingErnst & Young LLPSan Jose
David R. HardyMcDermott Will & Emery LLPNew York City
Mary HarmonGoldman SachsNew York City
John C. HartSimpson Thacher & Bartlett LLPNew York City
L.G. “Chip” HarterPricewaterhouseCoopers LLPWashington, D.C.
Christopher R. HaunschildMcDermott, Will & Emery LLPChicago
Gary HecimovichDeloitte Tax LLPWashington, D.C.
Jack L. HeinbergAllen & Overy LLPNew York City
Kenneth H. HeitnerWeil, Gotshal & Manges LLPNew York City
Christopher K. HeuerStoel Rives LLPPortland, Oregon
Mary B. HevenerBaker & McKenzie LLPWashington, D.C.
Werner HeyvaertStibbeBrussels
John T. HildyMayer, Brown, Rowe & Maw LLPChicago
Michael HirschfeldDechert LLPNew York City
Bobbe HirshLord, Bissell & Brook LLPChicago
J. Brandon HolderSidley Austin Brown & Wood LLPNew York City
Victor HollenderSkadden, Arps, Slate, Meagher & Flom
LLPNew York City
Robert E. HoloSimpson Thacher & Bartlett LLPNew York City
Robert HonigmanErnst & Young LLPWashington, D.C.
Barksdale HortenstineErnst & Young LLPHouston
Matthew C. HouchensMayer, Brown, Rowe & Maw LLPChicago
Gary R. HuffmanMcKee Nelson LLPWashington, D.C.
Michael A. HumphreysNew York City
Terrill A. HydeWilmer Cutler Pickering Hale and
Dorr LLPWashington, D.C.
John L. HynesPaul, Weiss, Rifkind, Wharton &
Garrison LLPNew York City
Leon Andrew ImmermanAlston & Bird LLPAtlanta
Chris IngDirector of Income Tax AccountingHalliburtonHouston
Monte A. JackelMcKee Nelson LLPWashington, D.C.
David O. KahnLatham & Watkins LLPLos Angeles
Jeffrey H. KahnAssistant Professor of LawSanta Clara University School of LawSanta Clara
PLI’S NATIONALLY ACCLAIMED TAX STRATEGIES COURSE HANDBOOKAll program attendees will receive a copy of the 27-Volume Course Handbook on CD-ROMat the program. A second complimentary, fully searchable CD-ROM will be shipped toattendees in the Spring of 2007. (NOTE: Approximately 41 out of 427 Chapters will not beincluded on the CD-ROMs.) Attendees will also receive a Conference Book containingspeaker outlines, overheads and PowerPoint slides for reference at the program.
9
Barbara T. KaplanGreenberg Traurig LLPNew York City
Michael KatzUBS Securities LLCNew York City
Stuart B. KatzSwiss Re American Holding
CorporationArmonk, New York
Warren P. KeanKennedy Covington Lobdell &
Hickman, L.L.P.Charlotte, North Carolina
Victor F. KeenDuane Morris LLPPhiladelphia
Lauren D. KellyChadbourne & Parke LLPNew York City
Alan L. KennardHusch & Eppenberger, LLCSt. Louis
Juliane KepplerNational Director Shareholder
ServicesKPMG LLPNew York City
Margaret KentFeinschreiber & AssociatesKey Biscayne, Florida
Russell KestenbaumMilbank, Tweed, Hadley & McCloy
LLPNew York City
Gregory N. KidderSteptoe & Johnson LLPWashington, D.C.
Christian E. KimballJenner & Block LLPChicago
Rachel D. KleinbergDavis Polk & Wardwell Menlo Park
Michael J. KliegmanPricewaterhouseCoopers LLPNew York City
Alvin D. KnottKPMG LLPNew York City
Neal M. KochmanCaplan & Drysdale, CharteredWashington, D.C.
Glen A. KohlSenior Vice President, Tax & TreasuryElectronic ArtsRedwood City, California
Kenneth H. KralPricewaterhouseCoopers LLPNew York City
Mark A. KullerMcKee Nelson LLPWashington, D.C.
Jeffrey L. KwallLoyola University Chicago School of
LawChicago
Brian LadinErnst & Young LLPLos Angeles
Emily M. LamSkadden, Arps, Slate, Meagher &
Flom LLPWashington, D.C.
Geoffrey B. LanningWhite & Case LLPWashington, D.C.
Stuart LazarThomas M. Cooley Law SchoolLansing, Michigan
Alan S. LedermanAkerman SenterfittMiami
André LeDucSkadden, Arps, Slate, Meagher &
Flom LLPChicago
Carolyn Joy LeeRoberts & Holland LLPNew York City
Mark H. LeedsGreenberg Traurig, LLPNew York City
Anthony R. LeiblerHerzog, Fox & NeemanTel Aviv
Gregg D. LemeinBaker & McKenzie LLPChicago
Bruce N. LemonsOlson Lemons PCSalt Lake City
Marc M. LeveyBaker & McKenzie LLPNew York City
Richard D. LiebmanErnst & Young LLPChicago
Russell S. LightKirkland & Ellis LLPChicago
Jiyeon Lee LimLatham & Watkins LLPNew York City
Leslie H. LoffmanDLA Piper Rudnick Gray Cary LLPNew York City
James H. Lokey, Jr.King & Spalding LLPAtlanta
Robert J. LoweMitchell Silberberg & Knopp LLPLos Angeles
Cym H. LowellGardere Wynne Sewell LLPDallas
Terry LloydManaging DirectorHuron Consulting GroupSan Francisco
Vadim MahmoudovDebevoise & Plimpton LLPNew York City
Thomas MahoneyDeloitte Tax LLPWashington, D.C.
Michael E. MannSidley Austin Brown & Wood LLPNew York City
Gregory J. MarichErnst & Young LLPWashington, D.C.
Laurie S. MarshMcDermott Will & Emery LLPNew York City
Jeannette A. MartinPricewaterhouseCoopers LLPNew York City
Mark R. MartinGardere Wynne Sewell LLPHouston
Michael R. MarynSonnenschein Nath & Rosenthal LLPWashington, D.C.
Robert J. MasonErnst & Young LLPWashington, D.C.
Gregory Evers MayFreshfields Bruckhaus Deringer LLPWashington, D.C.
Kristina MaynardHonigman Miller Schwartz & Cohn
LLPBloomfield Hills, Michigan
David W. MayoPaul, Weiss, Rifkind, Wharton &
Garrison LLPNew York City
Mark F. McDadePricewaterhouseCoopers LLPNew York City
John D. McDonaldBaker & McKenzie LLPChicago
Sandra P. McGillMcDermott Will & Emery LLPChicago
Elizabeth L. McGinleySkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Orlando MedinaLandye Bennett Blumstein LLPPortland, Oregon
Daniel P. MeehanCooley Godward LLPBroomfield, Colorado
Norbert MeisterFreshfields Bruckhaus Deringer LLPFrankfurt
Myron D. MendelowitzErnst & Young LLPLos Angeles
Jeffrey R. MenschDeutsche BankNew York City
Shamir MeraliMorrison & Foerster LLPNew York City
Victor H. MieselNERA Economic ConsultingWhite Plains, New York
Maxwell M. Miller IIISkadden, Arps, Slate, Meagher &
Flom LLPChicago
Michael J. MillerRoberts & Holland LLPNew York City
Stephen G. MillsKing & Spalding LLPNew York City
Nathan M. MintzSutherland Asbill & Brennan LLPWashington, D.C.
Stephan NeidhardtPrager DreifussZurich
David Z. NirenbergOrrick, Herrington & Sutcliffe LLPNew York City
Aaron P. NocjarSteptoe & Johnson LLPWashington, D.C.
Jocelyn F. NollLatham & Watkins LLPNew York City
Richard M. NugentCadwalader Wickersham & Taft LLPNew York City
Ana G. O’BrienLatham & Watkins LLPLos Angeles
Stuart J. OfferMorrison & Foerster LLPSan Francisco
Jon OhrnDeutsche Bank AGNew York City
Pamela F. OlsenSkadden, Arps, Slate, Meagher &
Flom LLPWashington, D.C.
Edward C. Osterberg, Jr.Vinson & Elkins L.L.P.Houston
Irwin B. PanitchDeloitte Tax LLPWashington, D.C.
Robin PanovkaWachtell, Lipton, Rosen & KatzNew York City
James M. PeasleeCleary, Gottlieb, Steen & HamiltonNew York City
Gordon O. Pehrson, Jr.Potomac Capital, LLCWashington, D.C.
John M. Peterson, Jr.Baker & McKenzie LLPPalo Alto
Michael T. PetrikAlston & Bird LLPAtlanta
Barnet Phillips, IVSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Elliot PisemRoberts & Holland LLPNew York City
J. Mark PoerioPaul, Hastings, Janofsky & Walker LLPWashington, D.C.
Lawrence A. PollackKPMG LLPNew York City
Dale L. PonikvarMilbank, Tweed, Hadley & McCloy
LLPNew York City
Sanford C. PresantDLA Piper Rudnick Gray Cary LLPLos Angeles
M. Todd PrewettKing & Spalding LLPAtlanta
Barry J. QuirkeMcDermott Will & Emery LLPChicago
David S. RaabLatham & Watkins LLPNew York City
Joel RabinovitzIrell & Manella LLPLos Angeles
Walter T. RaineriFenwick & West LLPMountain View, California
Rudolph R. RamelliJones, Walker, Waechter, Poitevent,
Carrère & Denègre, L.L.P.New Orleans
Alex RaskolnikovAssociate Professor of LawColumbia Law SchoolNew York City
Yaron Z. ReichCleary Gottlieb Steen & HamiltonNew York City
Melinda L. ReynoldsBaker & Hostetler LLPCleveland
Kevin M. RichardsHenry & Beaver LLPLebanon, Pennsylvania
David M. RievmanSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
Roger M. RittWilmer Cutler Pickering Hale and
Dorr LLPBoston
Gerald RokoffWhite & Case LLPNew York City
Seth L. RosenDebevoise & Plimpton LLPNew York City
H. David RosenbloomCaplan & Drysdale, CharteredWashington, D.C.
Jacob D. RosenfeldKPMG LLPNew York City
Robert P. RothmanDLA Piper Rudnick Gray Cary LLPNew York City
Blake D. RubinArnold & Porter LLPWashington, D.C.
Jeffrey L. RubingerHolland & Knight LLPFort Lauderdale
Stanley C. RuchelmanThe Ruchelman Law FirmNew York City
Irving SalemLatham & Watkins LLPNew York City
Amy SargentErnst & Young LLPWashington, D.C.
Joel ScharfsteinFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
Richard R. Schaul-YoderFoley Hoag LLPBoston
David M. SchizerColumbia University School of LawNew York City
David H. SchnabelDebevoise & Plimpton LLPNew York City
Robert SchneiderSchneider’s Rechtsanwalts-KEGVienna
Willys H. SchneiderKaye Scholer LLPNew York City
Leonard SchneidmanFoley Hoag LLPBoston
Michael L. SchultzMcKee Nelson LLPWashington, D.C.
Jonathan S. SchwarzSweet & Mazwell Ltd.London
Francis Roy SedoreBaker & McKenzie LLPNew York City
Susan P. SerotaPillsbury Winthrop Shaw Pittman LLPNew York City
David I. ShapiroFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
Lawrence W. ShapiroAmerican Standard Companies, Inc.Piscataway, New Jersey
Patrick J.C. ShawEhrenkranz & Ehrenkranz LLPNew York City
Lee SheppardTax AnalystsNew York City
Byron L. ShojiPricewaterhouseCoopers LLPWashington, D.C.
Steven H. SholkGibbons, Del Deo, Dolan, Griffinger &
Vecchione, P.C.Newark
Dean S. ShulmanSkadden, Arps, Slate, Meagher &
Flom LLPNew York City
John F. SimonKPMG LLPAtlanta
Ann SingerWoodmere, New York
Steven A. SiroticSidley Austin Brown & Wood LLPNew York City
Jan SkeltonDeloitte Tax LLPWashington, D.C.
Irwin M. SlomkaMorrison & Foerster LLPNew York City
Andrew P. SolomonSullivan & Cromwell LLPLondon
Richard J. SolwayErnst & Young LLPNew York City
Scott M. SontagWeil, Gotshal & Manges LLPNew York City
James B. SowellDeloitte Tax LLPWashington, D.C.
Barbara Spudis de MarignyOppenheimer, Blend, Harrison and
Tate, Inc.San Antonio
Thomas Kevin SpencerSteptoe & Johnson LLPWashington, D.C.
Claude B. StansburyFreshfields Bruckhaus Deringer LLPWashington, D.C.
Thomas H. SteeleMorrison & Foerster LLPSan Francisco
Andrew W. SteiglederMayer, Brown, Rowe & Maw LLPChicago
Matthew A. StevensSkadden, Arps, Slate, Meagher &
Flom LLPWashington, D.C.
Scott M. StewartMayer, Brown, Rowe & Maw LLPChicago
Philip A. StoffregenDeloitte Tax LLPDetroit
Wayne R. StrasbaughBallard Spahr Andrews & Ingersoll,
LLPPhiladelphia
William P. StrengVinson & Elkins Professor of LawUniversity of Houston Law CenterHouston
Brian J. SullivanDeloitte Tax LLPDetroit
Steven M. SurdellErnst & Young LLPChicago
Dirk J. J. SuringaCovington & BurlingWashington, D.C.
Giles SuttonGrant Thornton LLPWashington, D.C.
John K. SweetKing & Spalding LLPNew York City
Kirt SwitzerErnst & Young LLPSan Jose
Gail W. TaylorPricewaterhouseCoopers LLPLos Angeles
Marc D. TeitelbaumSonnenschein Nath & Rosenthal LLPNew York City
Gary S. TellO’Melveny & Myers LLPWashington, D.C.
Steven B. TeplinskySteptoe & Johnson LLPWashington, D.C.
Joseph K. ToddVice PresidentGoldman, Sachs & Co.New York City
Steven C. TodrysSimpson Thacher & Bartlett LLPNew York City
A. Andy TorosyanDeloitte Tax LLPWashington, D.C.
John A. TownsendTownsend & Jones L.L.P.Houston
Philip TretiakOffice of Chief CounselU.S. Department of the TreasuryInternal Revenue ServicesWashington, D.C.
Dana L. TrierDavis Polk & WardwellNew York City
John B. TruskowskiLord, Bissell & Brook LLPChicago
Arvind VenigallaKPMG LLPWashington, D.C.
Jeffrey L. VogelKPMG LLPWashington, D.C.
Richard A. VollAttorney at LawRidgewood, New Jersey
Karen M. WahleO’Melveny & Myers LLPWashington, D.C.
David A. WaimonErnst & Young LLPChicago
John P. WarnerSilverstein and Mullens, a division of
Buchanan Ingersoll, PCWashington, D.C.
Gordon E. WarnkeDewey Ballantine LLPNew York City
Lisa G. WattsLatham & Watkins LLPNew York City
Stephen R. WegenerDeloitte Tax LLPWashington, D.C.
Andrew J. WeinsteinSteptoe & Johnson LLPWashington, D.C.
David A. WeisbachProfessor of LawThe University of Chicago Law
SchoolChicago
Benjamin G. WellsBaker Botts LLPHouston
Andrea Macintosh WhitewayArnold & Porter LLPWashington, D.C.
James P. WhitmireOlson Lemons PCMidvale, Utah
Richard P. WildDechert LLPPhiladelphia
Rose L. WilliamsErnst & Young LLPWashington, D.C.
Joel V. WilliamsonMayer, Brown, Rowe & Maw LLPChicago
Roger WiseKirkpatrick & Lockhart Nicholson
Graham LLPWashington, D.C.
Richard A. WolfeFried, Frank, Harris, Shriver &
Jacobson LLPNew York City
Glenn H.J. WollBaker & McKenzie LLPNew York City
William S. Woods IIErnst & Young LLPLos Angeles
Robert G. WoodwardKing & Spalding LLPAtlanta
Steven C. WrappeDeloitte Tax LLPWashington, D.C.
Kenneth K. YoonBrown Rudnick Berlack Israels LLPNew York City
Lisa M. ZarlengaSteptoe & Johnson LLPWashington, D.C.
Brenda L. ZentKPMG LLPWashington, D.C.
Thomas M. ZolloKPMG LLPChicago
Eric M. ZoltProfessor of LawUCLA School of LawLos Angeles
Darin A. ZywanMcDermott Will & Emery LLPWashington, D.C.
*These prominent experts, many ofwhom have been prior facultymembers of PLI’s Tax Strategiesprogram, are contributing to thisyear’s Course Handbook.
10
1. General Overview and Strategies in Representing Sellers2. Negotiating the Stock Sale of a Business: Corporate and Drafting
Aspects3. Selling the Private Company4. Structuring the Deal - Taxable, Tax-Free or a Little of Both?5. Representing the Buyer6. SFAS No. 142 Makes Its Debut7. FASB Proposal: FASB Proposes An Overhaul of How We Account For
Business Combinations8. FASB Discloses Proposal to Change the Accounting for Business
Combinations that Feature Contingent Consideration9. FASB Decisions Continue to Erode Goodwill10. FASB’s Proposal for SPEs11. SFAS No. 142 Disclosures are Revealing12. A CEO’s and CFO’s Guide to the Effect of Taxes on Deal Terms and the
Acquisition Agreement13. The Least Fun Part of the Job or A Tax Lawyer’s Guide to Acquisition
Agreements 14. Negotiating Tax Provisions in Merger and Acquisition Agreements15. Tax and Tax-Related Provisions of U.S. Stock Purchase Agreements16. The Tax Due Diligence Process and Negotiating and Drafting Tax
Provisions in Acquisition Agreements17. Negotiating Merger and Acquisition Agreements18. Due Diligence: State and Local Tax Aspects19. Mergers and Acquisitions From A to Z: Overview of State and Local Tax
Considerations20. State and Local Tax Aspects of Corporate Acquisitions21. Impact of Sales and Use Taxes on Corporate Transactions22. State and Local Income and Franchise Tax Aspects of Corporate
Acquisitions23. State Tax and Unclaimed Property Issues Arising in Acquisitions,
Dispositions and Reorganizations of Businesses24. The Impact of Legal Entities On the Mechanics of Unitary Reporting25. Section 33826. Structuring Stock and Asset Acquisitions -- Section 338 and Other
Selected Issues27. Section 338(h)(10)28. Section 338(h)(10)29. Supercharged IPOs: Making a Section 338(h)(10) Election on a Public
Offering30. Purchase Price Allocation Rules: Sections 1060, 338 and 19731. Intangibles 2005: Past, Present, and Future32. Capitalization of Amounts Paid to Acquire or Create Intangibles:
New Treas. Reg. § 1.263(a)-433. Capitalization Issues in Mergers and Acquisitions34. Recent Developments in Tax Accounting35. Emerging Post-INDOPCO Issues: Rationale and Strategies36. Comments Concerning the Treatment of Amounts Required to be
Capitalized in Certain Transactions to which Treas. Reg. §1.263(a)-5Applies Notice 2004-18
37. Deducting Business Expansion Costs IRS Opens a Window on theINDOPCO Door
38. The Final INDOPCO Regulations: An Outline of Their Application in theM&A Context
39. Producing Results: An Analysis of the New Section 199 ProductionActivities Deduction
40. The Treatment of Contingent Consideration in Taxable Acquisitions41. The Tax Treatment of Earnouts in Business Acquisitions42. Traps and Opportunities Involving Contingent Purchase Price
Acquisitions: Why Does Something So Simple Have to be soComplicated?
43. Contingent Consideration and Contingent Liabilities in Acquisitions44. Contingent Liabilities in Taxable Asset Acquisitions45. The Treatment of Contingent Liabilities In Taxable Acquisitions46. The Partnership Union: Opportunities for Joint Ventures and Divestitures47. Joint Venture Topics48. Tax Aspects of the Initial Partnership or LLC Negotiation49. A Personal Perspective on Drafting Partnership and LLC Agreements50. A Layman’s Guide to LLC Incentive Compensation51. Section 83 (b), Section 409A And Subchapter K52. Employee Benefits Considerations in Joint Ventures53. The “Check-The-Box” Regulations: Elective Entity Classification Under
Section 770154. Disregarded Entities in Corporate Transactions55. Use of Limited Liability Companies in Corporate Transactions56. A Disregarded Entity Must be Taken into Account57. IRS Attempts to “Demonize” the Partnership:The Final Section 701
Regulations – Antiabuse Regulations or Simply Abusive Regulations?58. Final Partnership Anti-Abuse Regulations – Key Issues and Examples59. Section 197 and Partnership Transactions60. Final Section 197 Regulations: Application to Partnership Transactions61. Managing Liability Allocations in Partnerships and Limited Liability
Companies62. The New Partnership Liability Regulations – Placing A Premium on
Validity63. What’s in a Name? The Treasury Department’s Revised Definition of
“Liability” and its Applicability to Prepaid Forward Contracts64. Selected Tax Allocation Problems For Partnerships and LLCs65. Some Nuances of Partnership Nonrecourse Deductions66. Selected Operating Agreement Tax Allocation Provisions For Limited
Liability Companies67. Drafting Partnership Allocations68. Avoiding Phantom Income Traps in Real Estate LLCs and Partnerships69. An Analysis of the Rules Governing Partnership Allocations with Respect
to Contributed Properties: The Final Regulations Under Section 704(c)70. Section 704(c) Allocations: Choices and Consequences71. An Analysis of the Rules Governing Disguised Sales to Partnerships:
Section 707(a)(2)(B)
72. Partnership Disguised Sale Rules 73. New Proposed Regulations on Disguised Sales of Partnership Interests74. Report on Disguised Sales of Partnership Interests Responding to Reg-
149519-0375. Controversial Prop. Regs. On Disguised Sales of Partnership Interests—
IRS Jumps Into the Deep End76. Final Regulations Under Sections 704(c)(1)(B), 737, and 731(c)77. Creative Partnership Exit Strategies78. Partnership Mixing-Bowl Issues (slides) 79. Partnership Mergers and Divisions: Planning Under the Final Section
708 Merger and Division Regulations80. Creative Transactional Planning Using The Partnership Merger and
Division Regulations81. Partnership Mergers and Divisions82. Mergers & Divisions of Partnerships83. M & A Transactions Involving Partnerships and LLCs
(Conversions, Mergers and Divisions) 84. Final Regulations Relating to Optional Basis Adjustments
(Sections 734(B), 743(B) and 755)85. New Legislation Tightens Partnership Tax Rules86. Delaware Statutory Trusts and 1031: A Marriage Made in Heaven or Just
a Pipe Dream87. Partnership Workouts88. When Things Go Bad: Writing Off Partner Investments in a Partnership89. Investments by Tax-Exempt Organizations in Pass-Through Entities90. The Application of the Unrelated Business Tax to Securities and Other
Investment By Tax-Exempt Organizations91. Joint Ventures with REITS and Tax-Exempt Entities92. Tax Exempt Investors in Real Estate: Tax Opportunity or Tax Trap? 93. A Guide to Election Year Activities of Section 501(c)(3) Organizations94. State Tax Issues Arising From The Use of Pass-Through Entities to
Structure Transactions95. The S Corporation Rules and the Use of S Corporations as Acquisition
Vehicles96. Special Issues Presented by Acquisitions and Dispositions of S
Corporations97. Using the Qualified Subchapter S Subsidiary in Acquisitions,
Dispositions, and Corporate Structures 98. Tax Considerations for Venture Capital and Technology-Related
Start-Ups99. Revival of the Choice of Entity Analysis: Use of Limited Liability
Companies for Start-Up Businesses100. Federal Income Tax Considerations in Going Private Transactions101. Leveraged Recapitalizations – Tax and Accounting Strategies102. Selected Defense Techniques, Including Leveraged Restructurings103. A Reasonable Approach to Deferred Compensation in the Post-Enron
Climate104. Legal Standards for Adoption of Executive Compensation Programs and
Contracts105. 409A Fundamentals106. Revisiting Golden Parachutes107. Tax-Free Organizations and Restricted Stock108. Restricted Stock and Employee Stock Options in Mergers and
Acquisitions109. A Look Through Section 83 at Restricted Stock in the Context of Tax-
Free Reorganizations and Financing Transactions110. Restricted Stock Notes111. Tax Treatment of Cashless Warrant Exercises112. Employee Benefit Plans in Corporate Acquisitions, Dispositions and
Mergers113. Employee Benefit Plans in an Acquisition Context114. Qualified Plans in Mergers & Acquisitions115. ERISA and Federal Income Tax Aspects of Participant Directed
Investments in Defined Contribution Plans116. Fiduciary Litigation Under ERISA117. New Techniques, Special Features and Enhanced Incentives in Utilizing
ESOPs118. ESOPs: A Case Study119. Design and Purpose of an ESOP: Techniques, Special Features and
Incentives in Utilizing ESOPs120. Federal Tax Aspects of Mergers, Acquisitions, Buyouts, Management
Compensation, Workouts, and Takeovers (PowerPoint Presentation)121. Structuring Corporate Acquisitions – Tax Aspects122. Tax-Free and Partially Tax-Free Acquisitive Reorganizations -- Selected
Topics123. Current Developments in Tax-Free Corporate Reorganizations124. Current Developments in Corporate Taxation125. Corporate Mergers, Acquisitions, and Reorganizations126. An Overview of Certain U.S. Federal Income Tax Considerations
Regarding Taxable and Tax-Free Corporate Acquisition Structures127. Tax-Free Corporate Mergers Have Been Redefined for the LLC Era128. The Evolution of the A Reorganization129. Whither Business Purpose? 130. The Continuity of Interest and Continuity of Business Enterprise
Regulations131. The Continuity of Interest and Continuity of Business Enterprise
Regulations132. Comments on Proposed Regulations on Continuity of Business
Enterprise And Certain Related Issues Under Section 368133. Comments on Proposed Regulations Regarding the Effect of Pre-Closing
Changes in Acquiring Corporation Stock Value on Continuity of Interest134. The New Pre-Reorganization Continuity of Interest Regulations135. Tax Treatment of Pre-Reorganization Distributions136. The Evolution of the Continuity of Interest Test, General Utilities Repeal,
and the Taxation of Corporate Acquisitions137. Asset Push-Ups138. Comments Regarding Proposed Regulations Addressing Transfers of
Assets and Stock Following a Reorganization
139. Underwater Assets and Insolvent Corporations: Reflections on Treasury’sRecently Proposed Regulations and Related Matters
140. Assessing the Value of the Proposed “No Net Value” Regulations141. Liquidations, Reorganizations and Contributions Involving Insolvent
Corporations142. The Direction of a Merger – Federal Income Tax Consequences143. Tax-Free Reorganizations Among Related Corporations144. The “Downstream” Merger: Fact or Fiction145. Triple Taxation146. Seagate’s Potential Other Options, and Other Thoughts on Strategic
“Tax-Advantaged” Transactions147. Acquisitive D Reorganizations148. “D” Reorganizations and Dropdowns: An Uneasy Match149. The Elusive D Reorganization and Other Related Party Transactions150. ‘Cash D’ vs. Sections 304/332: When to Dance the Two-Step?151. The All Cash D Reorganization152. Recent Developments In the Step Transaction Doctrine153. Multiple Step Acquisitions: Dancing The Tax-Free Tango154. Dethroning King Enterprises155. Shareholder Tax Basis Determination in Tax-Free Stock Swaps156. New York State Bar Association Tax Section Report on Proposed
Regulations Regarding Allocation of Basis Under Section 358157. Options and Convertible Securities in Acquisitive Transactions158. Tax Planning with Non-Compensatory Options159. Exchanges of Warrants in Reorganizations160. Dealing with Contingent Stock and Contingent-Liabilities in Tax-Free
Transactions161. Special Considerations in the Mergers and Acquisitions of Regulated
Investment Companies162. REIT Mergers & Acquisitions - Tax Consequences163. Taxation of Real Estate Investment Trusts and Shareholders164. Corporate M&A Transactions with REITs Selected Issues165. Tax Consequences of Raising Capital for a Mutual Insurance Company166. Insuring the Risks of Brother-Sister Corporations: Think Captive167. Insurance Premium Deductibility168. Tax Treatment of Reorganization Costs169. Section 351: Selected Problems Involving Overlap with Other Code
Provisions170. Multiple “Dropdowns” Under Sections 351 and 721 and in Connection
with Reorganizations 171. Organizing the Corporate Venture172. Tax Planning for Section 351 Transactions173. Transfers To Controlled Corporations – Section 351 Revisited174. Section 351(g) – Selected Issues175. Intellectual Property as Transferable Property for Purposes of
Section 351176. Transferring Intellectual Property177. Characterizing Transfers of Intellectual Property178. Whose Liability is it Anyway: Recent Amendments to Section 357179. Liability Assumptions - Section 357(d)180. Assumptions of “Liabilities” in Taxable and Non-Taxable Transactions181. Investment Company Limitations for Corporations and Partnerships182. Exchange Funds: What is Diversification?183. Transfers to Investment Companies: Complexity in a Conundrum184. Corporate Distributions Under Section 355185. Section 355: Divisive Strategies 186. Corporate Divisions Under Section 355187. Tax Free Spin Offs Under Section 355188. The Section 355 Edifice Spin-offs: Past, Present and Future189. Section 355: Tax-Free Spin-Offs, Split-Offs, Split-Ups – Uses and
Requirements190. The Business Purpose Requirement of Section 355191. The Evolving Business Purpose Requirement For Spin-Off Transactions192. Monetization Strategies in Corporate Spin-Offs193. Selected Issues in Spin-Offs, Split-Offs, and Split-Ups194. Allocation of E&P in a Spin-Off by a Consolidated Group: New
Developments Answer Some Questions But Leave Many Unanswered 195. Restructuring in Connection with Tax-Free Spin-Off Transactions196. After the Spin: Preserving Tax-Free Treatment Under Section 355197. The Section 355(d) Regulations: Narrowing the Scope of an Overly
Broad Statute198. Final Regulations Under Section 1.355-6199. Can Section 355(d) Be Avoided in a Cross-Border or Consolidated Group
Spin-Off? 200. “Spin-Offs” The Anti-Morris Trust and Intragroup Spin Provisions201. Who Proceeds and Who Succeeds: Proposed Section 355 (e)(4)(D)
Regulations202. The Tax Consequences of Certain Major Corporate Distributions 203. Intercorporate Dividends Received Deduction 204. Section 304 Transactions205. Selected Issues Involving Preferred Stock, Section 305 and
Recapitalizations206. The Revised Section 305 Regulations: Past, Present and Future 207. Stock Distributions Under Section 305208. Convertible Preferred Stock Investments By Private Funds: A Practical
Guide To Tax Structuring209. Understanding Venture Capital Structure: A Tax Explanation for
Convertible Preferred Stock210. U.S. Private Equity Funds: Common Tax Issues for Investors and Other
Participants211. Selected Tax Issues in Structuring Private Equity Funds212. Bringing Profits Home: Dividend Recapitalizations of Foreign Portfolio
Companies213. The Zero Basis Problem as a Result of the Issuance of Stock or Debt214. Zero Basis in the Taxpayer’s Own Stock or Debt Obligations: Whether
Such Instruments Constitute “Property”215. Summaries by Code Section of Selected Subchapter C Revenue Rulings216. 2004-2005 Corporate Guidance
TAX STRATEGIES 2006 — Tentative Summary Table of Contents
11
217. Tax & Accounting Issues Biannual218. Tracking Tracking Stock219. Virtual Mergers220. Almost a Merger: Achieving Cross-Border Shareholder Unity Without a
Shareholder Exchange221. Canadian Exchangeable Share Transactions and Foreign Transaction
Forms222. Equalization Arrangement or Optimization Arrangement? Partnership
Combinations of U.S. Corporations and Non-U.S. Corporations Residentin Jurisdictions with Integrated Corporate Tax Systems
223. Virtual Distributions: America Is Ready! 224. Taxable Acquisition/Disposition of Foreign Operations by a Domestic
Buyer/Seller225. U.S. Tax Consequences of International Acquisitions226. Global Tax-Free Deals: Mergers, Acquisitions and Spins at Home and
Abroad 227. Proposed Regulations Would Permit Cross-Border “A” Reorganizations
For the First Time in 70 Years228. Coping with a Sandwich Structure: How Does a U.S. Corporate Acquirer
Minimize Tax Costs Where Its Foreign Target Owns a U.S. Company? 229. Tax Strategies for Selling Foreign Subsidiaries230. Section 1248: Taxation of the Disposition of Stock of a CFC 231. Basic U.S. Tax Considerations in Buying or Selling a Non-U.S. Business232. Buyers Electing Section 338 for CFC Targets: Sellers Beware233. Cross-border Acquisition Patterns Implicating §338: Recommendations
for Reform234. Tax Due Diligence for International Operations235. Financing International Operations of U.S. Multinationals236. Cross-Border Business Combinations: Thinking About Spin-Offs,
Globally237. Evaluating Cross Border M&A Transactions Under The Indirect Stock
Transfer Regulations238. Section 367 Update - Including New Regulations and Impact on Foreign
Reorganizations239. Planning for Outbound Transfers Under the New Section 367(a) and
367(b) Regulations, Including Expatriations240. Corporate Inversions: Yesterday, Today, and Tomorrow241. New Section 367(b) Proposed Regs.: Has Treasury’s Fear of Tax-
Attribute Trafficking Resulted in Compliance-Proof Rules? Part 1242. New Section 367(b) Proposed Regs.: Replacing Obsolete E&P Rules for
Section 355 Transactions But Inappropriately Taxing Previously Tax-FreeTransactions. Part 2
243. Section 355 Distributions244. The Application of the “Pre-Transaction” E&P Rule of Proposed
Regulation §1.367(b)-8 to Section 355(e) Gain245. A Quick Guide to Common International Reorganizations Under Section
367246. Carryover of Corporate Tax Attributes in International Reorganizations 247. International Aspects of Section 304 Transactions248. Partnerships Change Everything: Using a Partnership in an Outbound
Stock Acquisition249. Outbound Acquisitions: European Holding Company Structures250. Comparative Analysis of Three Options Available to a Multinational
Corporation for the Development, Ownership, and Use of Intangibles251. Planning Techniques Described in the Treasury’s Subpart F Study 252. Section 965 Update253. Avoiding Subpart F Income Through Manufacturing Services
Arrangements254. Individual Investors in CFCs May Benefit from Electing to Be Taxed as
Corporations255. Section 956: Investment in U.S. Property256. Pledges and Guarantees in Loan Agreements257. Notice 98-35 and the Hybrid Branch Regulations258. The Direct and Indirect Foreign Tax Credit and the Foreign Tax Credit
Limitation259. Deconstructing Section 905(c): An Examination of The Redetermination
Rules After TRA 1997260. Notice 98-5 Foreign Tax Credit Arbitrage261. New York State Bar Association Tax Section Report on Regulation
Section 1.901-2(f)(3) and the Allocation of Foreign Taxes Among RelatedPersons
262. Whose Tax Is It Anyway—Foreign Tax Credits in a Check-the-box World263. Dual Consolidated Losses264. A Company Without a Country: The Ambiguous World of Dual
Consolidated Losses265. Dual Consolidated Losses: A Guide for the Duly Perplexed266. Dual Consolidated Loss Primer267. International Corporate Transaction Planning and Section 482268. Global Transfer Pricing Documentation: Many Considerations269. Transfer Pricing for Services: The New Wave Hits270. Tax Planning for the Provision of Cross-Border Services271. Provisions for Services in the OECD Guidelines, Current U.S.
Regulations, and Proposed U.S. Regulations272. Assignment of Corporate Opportunities- The Migration of American
Intangibles273. Coming Conflicts: Proposed U.S. Transfer Pricing Services Regulations
and the Treatment of Intangibles274. Negotiating an Advance Pricing Agreement275. Contract Manufacturing276. U.S. Distribution Companies Can Present Difficult Transfer Pricing
Issues277. Final Cost Sharing Regulations Issued Under Section 482278. Buy In and Buy Out Requirements Present Unusual Difficult Issues for
Cost Sharing Agreements279. Recent FSAs Take a Hard Line on the Drafting of Cost Sharing
Agreements280. Effective Transfer Pricing as a Planning Tool: A Cost Sharing Case Study281. Tax Court Sends Messages to Taxpayers in DHL282. The Ninth Circuit has a Different View in DHL283. The DHL Case May Prove a Trap or Benefit to Intangible Owners284. Transfer Pricing Canada285. U.S. Issues Guidance on Euro Conversion
286. Sourcing of Income287. Classification of Income in International Electronic Commerce288. Tax Treaties – Fundamentals289. Tax Treaty Interpretation290. The New U.K.-U.S. Income Tax Treaty291. U.S. Income Taxation of Foreign Persons Engaged in a U.S. Trade or
Business292. From Storefronts to Servers to Service Providers: Stretching the
Permanent Establishment Definition To Accommodate New BusinessModels
293. Opportunities for the Foreign Investor in United States Real Estate – IfPlanning Comes First
294. Foreign Portfolio Investment in the United States295. Non-Resident Alien Withholding296. Issuing Bonds to Non-U.S. Investors: Finding the Path Through the Tax
Maze297. U.S. Earnings Stripping Rules in the International Context: Yesterday,
Today and Tomorrow298. RRA ’93 Tightens Earnings Stripping Provisions299. Multinational Joint Ventures300. Joint Ventures in Germany301. Foreign Partnerships Cross-Border Planning302. U.S. Taxation of Foreign Partners303. Check-the-Box Knows No Boundaries (At Least, for the Moment) –
2002 Update304. Cross-Border Acquisition Financing305. Selected Federal Income Tax Issues Arising in Corporate Debt
Restructurings306. Debt Exchanges307. Modifying Debt and Its Consequences308. A Practical Guide to the Tax Considerations and Consequences of
Acquiring Stock and Debt Securities of Financially Troubled Corporations309. Critical Federal Income Tax Issues Relating to Corporate Restructurings310. Worthless Stock and Debt Losses311. Federal Tax Treatment Of Debt Workouts312. Preserving Tax Benefits in Troubled Companies – Navigating Mostly
Uncharted Waters313. Restructuring Troubled Companies314. Selected Federal Income Tax Issues Affecting Cross-Border Debt
Restructurings315. Application of Cancellation of Debt Rules To Consolidated Groups316. Consolidated Return Regulations Governing the Reduction of Tax
Attributes Under Section 108 (b) 317. New Consolidated Attribute Reduction Regulations318. Section 108(b) Attribute Reduction in the Consolidated Return Context-A
Primer319. Filing for Bankruptcy: A Starter Kit for Corporate Tax Advisors320. Tax Attributes in Bankruptcy -- 2005321. Restructuring the Bankrupt Corporation322. Tax Pitfalls and Opportunities In and Out of Bankruptcy Proceedings323. Bankruptcy Abuse Prevention And Consumer Protection Act of 2005
Summary of Tax Provisions324. Fixed and Contingent Claims in Bankruptcy – Liquidating Trusts and
Partnerships325. Preservation and Use of Net Operating Losses and Other Corporate Tax
Attributes326. Section 382 of the Internal Revenue Code of 1986327. Section 382 -- Fluctuation in Value328. Comments Concerning Notice 2003-65 Under Section 382 of the
Internal Revenue Code Regarding the Treatment of Recognized Built-inGains and Losses
329. The Foreign Aspects of Section 382 Searching for Answers in a TroubledGlobal Economy
330. Section 384 of the Internal Revenue Code of 1986331. Issues and Strategies in Corporate Financing and Refinancing332. Selling and Carving Up Interests in Debt Instruments-Distinguishing
Sales from Financings and Debt from Equity333. Debt and Equity: A Cautionary Tale334. Contingency and the Debt/Equity Continuum335. A Brief Primer on Debt Instruments with Contingent Payments336. Contingent Interest Convertible Bonds and the Economic Accrual
Regime337. The Taxation of Contingent Convertibles After Revenue Ruling 2002-31338. The Demise of CoCos and the Tax Consequences of Exchanging
Convertible Debt339. Everything I Know About New Financial Products I Learned From DECS340. Separation Anxiety341. Internal Revenue Service Provides Guidance On Variable Prepaid
Forward Contracts342. Who Should Be Ringing Their Hands Over Phones: Wall Street or
Washington? 343. Tax Consequences of Business and Investment-Driven Uses of Financial
Products344. Tax Issues Relating to Futures, Forward Contracts and Constructive
Sales345. Notional Principal Contracts346. Taxation of Securities Futures Contracts347. Taxing Derivative Financial Instruments348. The Exotic Embraces The Mundane: Total Return Swap Business
Expands To Bank Loans349. Constructive Sales Under Section 1259: The Best is Yet to Come350. Financial Products Exchangeable Into Common Stock: Tax Opportunities
and Issues351. Recent Private Letter Ruling Applies Section 1032(a) To The Cash
Settlement of Stock Purchase Contracts352. Tax Benefits of Merger Arbitrage Survive Code’s Hostility to Rate
‘Conversions’353. Hedging Transactions354. Proposed Straddle and Hedging Regulations Take Steps in the Wrong
Direction355. Structuring Hedges of Financing Transactions to Avoid Adverse Foreign
Tax Credit Limitation Effects
356. ABCs of Cross-Border Derivatives357. Taxation of Equity Derivatives358. The Federal Income Tax Treatment of Credit Derivative Transactions359. Insurance Derivatives: A Tax Angle360. Contextual Analysis of Tax Ownership361. Fundamental Federal Income Tax Considerations In Current United
States Leasing Transactions362. Recent Developments in Taxation of Investment Activities363. Tax Treatment of Structured Finance Transactions364. Selected Tax Issues Affecting Domestic and Cross-Border Securitization
Transactions365. The Way (Securitization) Things Ought to Be366. Corporate Tax Shelters or Plus Ça Change, Plus C’est la Même Chose367. How to Define ‘Corporate Tax Shelter’ 368. Evolving Business Purpose Doctrine369. When is a Partner Not a Partner? When Does a Partnership Exists? 370. Tax Shelters: Evaluating Recent Developments 371. Circular 230 and Tax Shelters in 2005 372. Puzzling Indeed: IRS Rules on When it Will Tax The Completed Puzzle
Instead of the Pieces373. Good Reason, Bad Reason and No Reason at All: IRS Expands Business
Purpose Requirement for Transfers to Corporations374. New Court Decisions Address “Corporate Tax Shelters” 375. New Developments Concerning Corporate Tax Shelters376. Tax Shelter and Tax Shelter Opinion377. The Fifth Circuit’s Compaq Decision: Foreign Taxes are “Taxes” (Nothing
More, Nothing Less)378. New Tax Shelter Decisions Present Further Problems For the IRS379. When Common Sense Failed: The Long Term Capital Management
Decision and Its Implications for Tax Planning380. Lessons from Castle Harbour: The Service Loses Significant Tax Shelter
Case381. Is There Substance to the Sham Transaction Doctrine? 382. Recent Cases Involving the Economic Sham Transaction Doctrine – Or
Whatever They are Calling it Now383. The Pendulum Swings Back: IRS Successfully Challenges Loss Shifting
in Santa Monica Pictures384. Selling the “Non-Economic Loss Doctrine” 385. Corporate Tax Shelter Proposals and Transparency386. Tax Shelter Disclosure: Final Regulations and Pending Legislation387. The Final (2003) Treasury Regulations Relating to Disclosure and Listing
of “Tax Shelters” and Related Statutory Provisions388. The Final Tax Shelter Regulations: A Summary of Significant Changes389. Final Corporate Tax Shelter Disclosure and List Maintenance Regulations
Impose Burdens on Everyone390. Reportable Transactions: Disclosures, List Maintenance and Penalties391. The New Penalty Regime: Proceed With Caution392. Implications of California’s Tough New Anti-Tax Shelter Rules393. New York State Bar Association Tax Section Report on Circular 230
Regulations394. Report of Investigation of Enron Corporation and Related Entities
Regarding Federal Tax and Compensation Issues, and PolicyRecommendations
395. An Issue Spotter’s Guide to Certain Consolidated Return and RelatedIssues in Connection with Subsidiary Acquisitions and Dispositions
396. Buying or Selling a Member of a Consolidated Group II: A Catalogue ofthe Unique Consolidated Return Rules, the Related ContractualProtections and a Model of the Tax Provisions for the AcquisitionAgreement
397. Consolidated Return Issues for Buyers and Sellers in M&A Transactions398. Certain Major Changes to the Consolidated Return Regulations Since
1986 -- An Overview399. The Consolidated Return Investment Basis Adjustment Rules400. The Consolidated Return Investment Basis Adjustment Rules - Study
Problems401. The Consolidated Return Loss Disallowance Rules402. The Consolidated Return Loss Disallowance and Loss Duplication Rules403. The Consolidated Return Stock Loss Disallowance Rule: An Outline of
Current Themes404. Rite Aid: Potentially Historic405. A Primer on § 1.1502-35T406. The Consolidated Return Anti-Loss Duplication Rule407. Consolidated Returns: Basic Intercompany Transactions408. Intercompany Transaction Regulations409. The Regulations Governing Intercompany Transactions Within
Consolidated Groups410. Intercompany Transaction Problems411. Liquidating into Multiple Distributee Members412. Comparison of the Intercompany Obligation Rules Under Treas. Reg. §
1.1502-13(g) & Prop. Reg. §1.1502-13(g)413. The Consolidated Group: Continuation and Termination Issues414. “Anti-Freeze” -- Consolidated Return Anti-Avoidance, Anti-Stuffing, and
Anti-Stripping Rules Designed to Chill Tax Planning415. The Use of Partnerships and LLCs in Structuring Consolidated Groups416. Consolidated Return Planning and Issues Involving Disregarded Entities417. The Section 382 Consolidated Return Regulations418. Application of Section 382 to Consolidated Groups419. Consolidated Return Treatment Of Financially Troubled Members420. Life After the Final Regulations: Consolidated Section 382 and SRLY421. SRLY Loss Regulations422. Tax Indemnity Insurance: A Valuable and Evolving Tool for Managing Tax
Risks423. Ethical Disclosure Requirements in Corporate Tax Representation424. Privileged Communications in the Context of U.S. Tax Practice425. The Tax Adviser’s Privilege in Transactional Matters426. Corporate Income Tax Controversies: Procedures and Strategies for
Audits, Appeals and Trials427. Litigating Transfer Pricing Cases and Tax-Advantaged Transactions
Additional New & Updated Chapters!
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New York City Seminar Location and Hotel Accommodations: Crowne Plaza Manhattan, 1605 Broadway, New York, New York 10019. (212) 977-4000. Please contact the hotel directly at the number listed. Rooms will be held until August 23, 2006. In order to receive the preferred rate, mention PLI and state the name of the program you are attending.All reservations require a credit card at the time of booking.Beverly Hills Seminar Location & Hotel Accommodations: The Beverly Hilton, 9876 Wilshire Boulevard, Beverly Hills,California 90210. (310) 274-7777. Please contact the hotel directly at the number listed. Rooms will be held until October 10, 2006. In order to receive the preferred rate, mention PLI and state the name of the program you areattending. All reservations require a credit card at the time of booking.Chicago Seminar Location & Hotel Accommodations: Hard Rock Hotel, 230 North Michigan Avenue, Chicago, IL 60601.312-345-1000. Please contact the hotel directly at the number listed. Rooms will be held until October 15, 2006. In orderto receive the preferred rate, mention PLI and state the name of the program you are attending. All reservations require acredit card at the time of booking.Payment Policy: Registration fees are due in advance. Attendees may pay by check, Visa, MasterCard, American Expressor Diners Club.Cancellations: All cancellations received 3 business days prior to the program will be refunded 100%. If you do notcancel within the allotted time period, payment is due in full. You may substitute another individual to attend the programat any time.PLI’s Scholarship/Financial Hardship Policy: Full and partial scholarships to attend PLI programs are available to judges,judicial law clerks, law professors, attorneys 65 or older, law students, pro bono attorneys, librarians and paralegals whowork for nonprofit organizations, legal services organizations or government agencies, unemployed attorneys and otherswith financial hardships. To apply, send your request on your employer’s letterhead, stating the reason for your interest,along with the completed registration form on this brochure, to the PLI Scholarship Committee. All applications must beaccompanied by a $25 non-refundable application fee (applicants may pay by check or credit card), and must besubmitted four weeks before the date of the program you wish to attend. Students must submit a copy of their student ID card.PLI Group Discounts: Groups of 4-14 from the same organization, all registering at the same time, for a PLI programscheduled for presentation at the same site, are entitled to receive a group discount. For further discount information,please contact [email protected] or call (800) 260-4PLI.Education Course Credit: States have widely varying regulations regarding Continuing Education credit, therefore, pleasecontact PLI for more information concerning approval.
New York State CLE Credit: In accordance with the requirements of the New York State Continuing Legal EducationBoard, this non-transitional continuing legal education program is NOT approved for the newly admitted attorney withinthe first two years of admission to the Bar. It has been approved for experienced attorneys for a maximum of 31.5 credithours, of which 1.5 credit hours can be applied toward the ethics requirement, and 30.0 credit hours can be appliedtoward the professional practice requirement.California MCLE Credit: PLI is a State Bar of California approved MCLE provider. This activity has been approved forMCLE credit in the amount of 26.5 hours, of which 1.5 hours will pertain to ethics. PLI will retain the required MCLErecords for this program.Continuing Professional Education Course Credit: Recommended CPE Credit: 30.0 hours, in which all will apply toTaxation. Course level: Intermediate. The Practising Law Institute is registered with the National Association of StateBoards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPESponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 FourthAvenue North, Suite 700, Nashville, TN 37219-2417. Web site: www.nasba.org No prerequisites or advance preparation isrequired for CPE credit. Contact [email protected] regarding complaints and refund policy.California Paralegals: You can satisfy your new continuing legal education requirements by attending PLI’s nationallyacclaimed Institutes and Programs!SPECIAL NEEDS: If you have special needs as addressed by the Americans with Disabilities Act, please notify CustomerRelations at least two weeks prior to your program.Sponsorship/Exhibit Opportunities: Practising Law Institute, the leader in continuing legal education for 70 years, drawstop lawyers from major law firms and corporations to over 250 comprehensive programs annually. Don’t miss this chanceto target decision-makers in specific areas of the legal market with sponsorship opportunities from PLI. Sponsor abreakfast, coffee break or luncheon at a PLI program for invaluable opportunities to network with industry leaders. Or, setup an Exhibit of your product/service at a specific program with a display and/or sales representative. Our staff will helpyou choose which option is right for you. Please contact Melissa Katz at 212-824-5862 or email [email protected] to makesure you don’t miss out!PLI Bookstores: Current Publications, Training Materials, Audio/DVD and related products are available for purchase at the PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, NY, and at the PLI California Center, 685 Market Street, San Francisco, CA, Monday to Friday, 10:00 a.m. - 4:00 p.m. All PLI Publications can also bepurchased online at www.pli.eduEmail: [email protected] • Visit Us On The Web: www.pli.edu
New York City, Crowne Plaza HotelSeptember 13-15, 2006
Beverly Hills, Beverly Hilton HotelNovember 1-3, 2006
Chicago, Hard Rock HotelNovember 15-17, 2006
� Please check if you are a PLI Privileged Member.� Please send me information on PLI membership.� Please send me PLI’s catalog of publications.� Please send me PLI’s catalog of Institutes and Programs.
*IMPORTANT NOTE: Program Attendees may purchase the 27-VolumeCourse Handbook at the Special Discounted Price of $595 — a savings of$1,400. Attendees will receive a complimentary copy of the CourseHandbook on CD-ROM.** A limited supply of Course Handbooks will be available for purchase.Course Handbooks must be ordered by November 30, 2006.1 All treatises require prepayment and can be returned within 30 days for a full refund. FREE Shipping and Handling on all Audio/DVD and Treatise purchases. PLI will absorbshipping and handling charges on all pre-paid Course Handbook orders in the United States,U.S. Possessions and Canada. California, Illinois, Maryland, New Jersey, New York, Ohio, Pennsylvania, Rhode Island andVirginia residents please add applicable sales tax to price of publications and audio and DVDproducts.
The information below is required to properly process your CLE certificate:
State: ______ Bar ID# ____________ State: _____________ Bar ID# ___________ State: _________ Bar ID# _________