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Celesq® Attorneys Ed Center

"Business Purpose" And Dividing the Family Corporation: Think Before You Let it Rip (June 26, 2019)

Program Number: 2960

Program Date: 06/26/2019

Description

**** CD's are pre-order only and not available until after the program date - Online Programs are not available until after the program date. If the online purchase button is not showing, then the on-demand program is not yet available. ****

The “family” is sometimes described as the smallest social organization. | Its members often comprise the entire ownership and workforce of another social organization – the business organization.

As in society generally, business organizations, regardless of their size, are owned and operated by individuals whose interests in and visions for the business, though usually aligned, may diverge to the point of jeopardizing the continued health and viability of the organization, not to mention of the family.

In extreme circumstances, one feuding member of the family will try to buy out the other. | Alternatively, they may decide to divide the business between them, with each taking a share. Although such a division may sound like a fairly simple, straightforward operation – in fact, it may be from a transactional perspective – the tax consequences thereof may be debilitating for the business if they are not considered and planned for well in advance.

This program will review the tax consequences attendant on a division of a family-owned business, including the requirements for accomplishing such a division on a tax-deferred basis in the case of a business that is organized as a corporation, and how one requirement in particular – i.e., that the division be undertaken for a business purpose – may be more difficult to establish in the context of a family setting.

The program will also describe and compare the consequences of a division where the business organization is formed as a partnership or LLC.

$95.00Audio CD Add to Cart

Available in states

California, Colorado Eligible, Florida, Georgia, New Jersey Eligible, New York, New York - BOTH New and Experienced Attorneys, Texas Self Study

Credit Information

50 minute credit hour - 1.0 General CLE credit, based on a 50-minute credit hour
60 minute credit hour - 1.0 General CLE credit, based on a 60-minute credit hour

State Program Numbers

Credit Eligible for BOTH Experienced and New Attorneys in NY

Presenters


Louis Vlahos, Esq.

Farrell Fritz

Louis Vlahos practices tax law and has extensive experience in corporate, individual and partnership income taxation, and in estate and gift taxation, including tax planning, ruling requests, and tax controversy.

He advises clients in connection with corporate operations and reorganizations; sales and acquisitions of businesses; corporate distributions, redemptions, liquidations, and spin-offs; shareholder and buy-sell agreements; partnership organizations and transactions; real estate sales, exchanges, and operations; executive and deferred compensation arrangements; estate and succession planning, including the transfer of business interests, and estate and gift tax audits; charitable giving; private foundation, tax exemption, not-for-profit restructuring, charitable gift acceptance, and excess benefit issues. He is a frequent contributor to the firm’s Tax Law for the Closely Held Business blog and also writes for the firm’s New York Trusts & Estates Litigation blog.

Lou counsels not-for-profit corporations in connection with reorganizations. He has advised cultural institutions, hospitals and other nonprofit organizations on their tax-exempt status, corporate restructuring, the creation and operation of supporting organizations (including fundraising entities), the structuring and acceptance of charitable gifts (including charitable trusts), compensation and other excess benefit issues, deferred compensation arrangements, and the taxation of unrelated business income.

Additionally, he has lectured on subjects such as corporate transactions and tax issues in the not-for-profit community and has written for various legal publications.

 

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