Attention:

The Tax Fallout of Business Breakups


Level: Advanced
Runtime: 92 minutes
Recorded Date: May 13, 2020
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Agenda

  • Non-Tax Considerations 
  • Tax Issues in Splitting Up/Dividing a Business Enterprise
  • Tax Issues for Partnerships and LLCs
  • Distributions
  • Redemption of Partnership Interest
  • The Tax Effect of Business Breakups

Runtime: 1 hour, 32 minutes
Recorded: May 13, 2020

Description

This seminar will discuss the various tax and planning issues clients will need to face when the business breaks up and how practitioners can help their clients navigate the situation and avoid it becoming more of a mess than it already is.

This program was recorded on May 13th, 2020.

Provided By

American Bar Association

Panelists

Shelby L. Wilson

Partner
Green & Sklarz LLC

Shelby Wilson is a partner with Green & Sklarz LLC. For close to twenty years, Shelby has practiced in the areas of estate planning and tax law, and has advised individuals, families, and closely-held businesses on issues dealing with estate and generation-skipping tax planning, charitable planning, income tax planning, and tax compliance. She has extensive experience in advising closely held business owners in multiple industries on intergenerational business succession issues.

In addition, Shelby maintains a significant estate settlement and trust administration practice, and regularly represents individuals, fiduciaries, and tax-exempt organizations on a wide range of routine and complex matters before Connecticut probate courts, the Internal Revenue Service, and state taxing authorities.

Shelby is a frequent lecturer on the national and local levels on various trusts & estates, tax and closely-held business issues. She is the past chair of the subcommittee on Closely-Held Businesses of the American Bar Association Tax Section, and remains active in its programming. She is also a member of the Executive Committee of the Connecticut Bar Association Tax Section, and is a member of the Estates & Probate Section.

Shelby is a Fellow of the American College of Tax Counsel, an organization in which membership is an honor reserved for those at the top of their chosen profession. The College’s members, called “Fellows,” are recognized for their extraordinary accomplishments and professional achievements and for their dedication to improving the practice of tax law. Fellows must be nominated by their peers for this honor. Self-nomination is not permitted. Each nominee must satisfy the established criteria and pass a rigorous screening process before he or she becomes a Fellow.

A lifelong resident of Orange, Shelby is very active in community affairs. She served as Assistant Town Moderator for several years. She also served on the Hopkins School Alumni Board of Directors. Currently, she sits on the Board of Directors of LifeBridge Community Services, an organization whose mission is to empower individuals in the Greater Bridgeport and New Haven area to build a brighter future.

Shelby received her B.A. from Franklin & Marshall College, her J.D. from the University of Connecticut School of Law, and her LL.M. in in Taxation from Georgetown University Law Center. She is admitted to practice in Connecticut.

Sabrina Conyers

Partner
Nelson Mullins

Sabrina Conyers is a partnership and corporate tax attorney with more than 15 years of experience providing domestic and international tax planning, general corporate, corporate governance, private equity, and real estate finance planning and advisory services to clients.

She has served as lead counsel, negotiator, and facilitator for transactions ranging in value up to $2 billion. Her clients include corporations, investment banks, private equity funds, and private companies (including partnerships, S Corporations and real estate developers). Ms. Conyers represents clients in structuring, negotiating, and documenting the tax consequences of their partnerships and joint ventures, mergers and acquisitions (M&A), real estate and REIT transactions, domestic and cross-border financings and other corporate combinations and reorganizations. Ms. Conyers advises clients on transactions involving limited partnerships, limited liability companies, joint ventures, and other strategic alliances.

James R. Turnipseed

Partner
Armbrecht Jackson LLP

Robert joined the firm as a partner in 2011. Robert is a 1993 graduate of Auburn University, where he received a Bachelor of Arts degree in English, with a concentration in Technical and Professional Communication.

Robert received his law degree in 1996 from the Cumberland School of Law at Samford University, and thereafter received an L.L.M. in Taxation from the University of Alabama School of Law, graduating with High Honors. He served as a law clerk for Justice Reneau Almon of the Alabama Supreme Court in 1996, and has been in private practice since 1997.

Robert's practice focuses primarily in the areas of trusts and estates, business succession planning, business transactions, mergers and acquisitions, bankruptcy, tax planning and probate. He currently serves as Council Director for the Section of Taxation for the American Bar Association (“ABA”), having been appointed the position in 2019. He is also the Past Chair for the Closely Held Business Committee of the ABA Section of Taxation, and has been a speaker or panel participant both locally and nationally on a variety of tax and business planning topics. Robert also currently serves as Vice Chair for the Alabama State Bar Association Tax Section.

Robert is a member of the Estate Planning Council of Mobile and is a current member and past Vice Chair of the Probate Section of the Mobile Bar Association. He is also a member of Class 6 of the Alabama State Bar Leadership Forum (2009) and was recognized as a 'Rising Star' by Alabama Super Lawyers in 2011. He was inducted into the Fellows of the American Bar Association in 2015. In 2019, Robert was elected to the American College of Tax Counsel (“ACTC”), which is a national association of tax lawyers who have been recognized by their peers as making an exceptional contribution to the tax profession.

Robert is licensed to practice in all state and federal courts in Mississippi and Alabama, as well as the Fifth and Eleventh U.S. Circuit Courts of Appeal.

William P. Prescott, Esq.

Member
Wickens Herzer Panza

Mr. Prescott is a member of the Health Care and Corporate and Business Transactions Departments and serves on the Firm’s Board of Directors. Mr. Prescott represents dentists, dental specialists, and other professionals in the areas of developing business and tax structures for co-ownership, associate buy-ins, owner buy-outs, compensation planning, practice sales and acquisitions, dental and dental specialty valuations, group practice and solo group arrangements, dispute resolution, fringe and employee benefits, and business and tax planning. Mr. Prescott is the author of numerous books and articles on the law and dentistry.

Prior to practicing law with the same Firm for 30 years, Mr. Prescott worked in the dental equipment and supply industry for 16-1/2 years as a territory representative, equipment specialist and General Manager, Saslow Dental Company — Northern Ohio.

Martindale-Hubbell has awarded Mr. Prescott an AV rating for preeminent legal ability and having the highest ethical standards. Mr. Prescott has also been elected as a Fellow, American College of Tax Counsel.


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