| Estate and Gift Tax Issues for Operating Partners and Partnerships
Program Type: Recorded Webinar (Audio, PPT Presentation)
Program Level: Overview
Advanced Preparation: None
Delivery Method: Group Internet-Based
CPE Credits: Two (2) Hours
Fields of Study: Taxes
Shipping Weight: 0lbs. 0oz.
The good news - IRC Subchapter K is a very flexible section.
The bad news - IRC Subchapter K is a very flexible section. The partners must agree!
We will discuss IRC 704, 754, 734, & 743 and their impact on the partner's estate/gift taxes and the partnership as a whole as a result. Importance of the partnership agreement on tax valuation issues, how the state Uniform Partnership Act may impact the estate or gift valuation, what happens if a partner's capital account is negative at death, wWhat difference does the percentage of the estate composed of the partnership interest make in your work, and the iImpact of IRC 170(f)(11) - remember, the Tax Court is a federal court and considers FRCP 26 and FRE 702.
After completing this webinar, attendees will be able to:
- Identify issues when a partner dies or gifts a partnership interest
- Identify sources of information to assist you in resolving issues
Who Should Attend
Valuation practitioners, CPAs, attorneys
P. Dermot O’Neill, CPA, ABV, CFF, CVA, MAFF, ABAR
Mr. P. Dermot O'Neill is president of P. Dermot O’Neill, CPA PC and has over 40 years of experience as a Certified Public Accountant. He has concentrated his practice in the areas of forensic accounting and litigation support, business
valuation, transaction consulting, financial analysis, and income taxation. He has provided consulting and expert witness assistance in cases involving matrimonial issues, oppressed shareholders, personal injury, wrongful death, accounting
malpractice, as well as contract and tort issues. Mr. O’Neill is a CPA and has been awarded the designations Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF®) by the American Institute of Certified Public Accountants® (AICPA®). He has been awarded the Certified Valuation Analyst® (CVA®), Master Analyst in Financial Forensics™ (MAFF®), and Accredited in Business Appraisal Review™ (ABAR™) designations by the National Association of Certified Valuators and Analysts™ (NACVA®).
Mr. O’Neill is a member of the American and Pennsylvania Institutes of Certified Public Accountants (PICPA), and NACVA. Dermot is a committee member of the PICPA Business Valuation Committee, PICPA Forensic and Litigation
Services Committee (2007-2008 Annual Conference Chair), NACVA State Chapters Committee, and Managing Editor of the National Litigation Consultants’ Review™ for which he has written numerous articles. Dermot has been an adjunct
faculty member at Villanova University as well as a member of the National Faculty of the American Institute of Certified Public Accountants (Staff Training; Taxation and Staff Training; Accounting and Auditing) and is currently on the adjunct faculty at Rider University Graduate School of Business.
He has presented seminars sponsored by the Accounting Institutes and Societies in Pennsylvania, Florida, Georgia, Ohio, Utah, and Texas, as well as seminars for local and state bar associations. He has been a guest lecturer at Lehigh University and Widener University Graduate Schools of Business. He has testified as an expert in Pennsylvania, New
Jersey, Delaware, Florida, New York and Virginia, as well as the Chancery Court of Delaware, Federal Bankruptcy Court and Federal District Court.